Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - The demand for AI computing power is driving the growth of the optical communication industry, with significant advancements in silicon photonics technology, which is becoming the mainstream solution for 1.6T high-speed optical modules [4] - The partnership between OpenAI and NVIDIA aims to deploy at least 10GW of AI data centers, which is expected to double NVIDIA's GPU shipments in 2025, indicating a strong market demand for AI infrastructure [3][4] - The introduction of NVIDIA's Rubin CPX GPU is anticipated to enhance AI application inference and increase demand for liquid cooling solutions, thereby benefiting the liquid cooling sector [5][6] Summary by Sections Industry Overview - The optical communication network is undergoing continuous upgrades, with a focus on new technologies such as OCS, hollow-core fibers, thin-film lithium niobate, and CPO, which are gaining attention and maturity [4] Market Opportunities - The competitive advantages of leading companies in the optical module sector are expected to strengthen, with rising demand for CW lasers and certain passive components [4] - The launch of the Rubin CPX GPU is projected to create additional liquid cooling demand, as it significantly increases processing capabilities and total power consumption [5][6] Recommended Stocks - Strong recommendations for leading companies in the optical module and liquid cooling sectors include: Zhongji Xuchuang, Xinyi Sheng, Yingweike, Tianfu Communication, and Yuanjie Technology [6]

Core Viewpoint - Zhongshengwei, a company founded in 2019 by core R&D personnel from overseas optical communication chip design firms, has been recognized as a top investment value innovation enterprise in Zhejiang and has been listed in the "China Future Unicorn TOP100" for 2024 and 2025 [1][2]. Group 1: Company Overview - Zhongshengwei focuses on the R&D and design of high-speed optical module core chips, including TIA and Driver chips, for 400G, 800G, and 1.6T and above [4]. - The company's products are widely used in AI, cloud computing, 5G/5.5G access networks, telecom metropolitan area networks, and backbone networks, serving various high-speed interconnection systems in data centers and computing power centers [4]. - Zhongshengwei aims to become an internationally leading provider of comprehensive solutions for high-speed interconnects, leveraging optical technology in the era of the Internet of Everything [4]. Group 2: Investment and Strategic Moves - Jinzi Ham, through its wholly-owned subsidiary Fujian Jinzi Semiconductor Co., Ltd., plans to acquire up to 20% equity in Zhongshengwei via capital increase, recognizing the market potential of the AI and optical communication industries [2][5]. - The investment will occur in two rounds, with the first round valuing Zhongshengwei at 1 billion to 1.3 billion yuan before investment [5]. - The second round of investment is contingent upon the successful verification of Zhongshengwei's single-wave 200G TIA/Driver chip [5].

Investment Rating - The report indicates a positive outlook for the communication industry, suggesting a potential shift towards a "stronger gets stronger" dynamic due to technological and capital barriers [1]. Core Insights - The communication industry is experiencing a transformation driven by technology and policy support, with a shift in demand from traditional to emerging services [1][39]. - The industry is expected to enter a recovery phase in Q3 2025, with capital expenditure expansion driven by technological breakthroughs and new infrastructure initiatives [39]. - The demand for AI computing power, accelerated commercialization of 5G-A, breakthroughs in 6G technology, and the rise of the "low-altitude economy" are key factors driving the industry's upgrade [1][39]. Supply Capacity Analysis - The report highlights the growth in the optical communication sector, particularly in high-speed optical modules, driven by AI computing demand and increased capital expenditure from global cloud service providers [3][10]. - The domestic penetration rate of traditional optical fiber and cable is nearing saturation, prompting companies to accelerate international expansion [5][4]. - The communication equipment integration market is recovering, with the Asia-Pacific region leading in 5G system integration and services [6]. Demand Matching Capability Analysis - The demand for optical modules, especially high-speed products for data centers, is robust, with a projected shipment increase from 6.4 million units in 2023 to over 31.9 million units by 2025 [3]. - The communication equipment market is experiencing strong growth, with a year-on-year revenue increase of 18.9% in Q2 2025, despite a contraction in 5G investment [11]. - The telecommunications service sector is seeing a shift towards emerging businesses, with significant growth in AI computing and quantum communication services [15][30]. Industry Chain Position Analysis - The communication industry is characterized by a high degree of market concentration, particularly among leading companies in optical communication and equipment integration [24][27]. - The report notes that traditional communication services are facing saturation, with new business areas becoming the core of competitive differentiation [28]. Innovation Capability Analysis - The report emphasizes the importance of policy support for technological advancements, particularly in AI, 6G, and satellite communication [31][32]. - Significant R&D investments are being directed towards AI and 6G technologies, with major companies like China Mobile leading initiatives in these areas [34]. Credit Rating Situation Analysis - The communication industry is witnessing a favorable credit environment, with a total bond issuance of 17.35 billion yuan in Q2 2025, primarily from leading companies [36][37]. - The report indicates that the dual barriers of technology and capital for leading firms will become more pronounced, reinforcing the trend towards market consolidation [36]. Cycle Development Outlook - The communication industry is expected to see revenue and profit growth, with cash flow recovery anticipated in Q3 2025 [38]. - The report forecasts a transition to an expansion phase driven by new infrastructure investments and a focus on domestic demand [39]. Key Segment Development Trends - The optical communication sector is evolving towards ultra-high-speed, intelligent, and integrated solutions, supporting the AI computing network [40]. - The commercialization of 5G-A and advancements in 6G technology are expected to enhance the capabilities of communication equipment integrators [41]. - Telecommunications services are anticipated to diversify, with new opportunities arising from the low-altitude economy and satellite internet developments [42].

截至2025年9月23日 10:48，国证通信指数下跌0.28%。成分股永鼎股份领涨10.00%，传音控股上涨 5.78%，中际旭创上涨3.74%；德科立领跌，东土科技、光库科技跟跌。通信ETF(159695)逆势红盘， 冲 击6连涨。 流动性方面，通信ETF盘中换手10.61%，成交3158.80万元。拉长时间看，截至9月22日，通信ETF近1月 日均成交5111.86万元。 规模方面，通信ETF近2周规模增长3514.76万元，实现显著增长，新增规模位居可比基金第一。资金流 入方面，通信ETF最新资金净流出1743.84万元。拉长时间看，近10个交易日内，合计"吸金"1010.09万 元。 截至9月22日，通信ETF近1年净值上涨113.58%，指数股票型基金排名252/3021，居于前8.34%。从收益 能力看，截至2025年9月22日，通信ETF自成立以来，最高单月回报为33.97%，最长连涨月数为4个月， 最长连涨涨幅为76.09%，上涨月份平均收益率为8.01%。 消息面上，美东时间周一，英伟达与OpenAI签署意向书确立达成战略合作，英伟达计划对OpenAI投资 最高1000亿美元。OpenAI ...

【环球网财经综合报道】蘅东光通讯技术（深圳）股份有限公司主业聚焦于光通信领域无源光器件产品的研发、制造 与销售，主要业务板块包括无源光纤布线、无源内连光器件及相关配套业务三大板块，目前该公司正在申请在北交所 上市。 | 项目 | 员工人数(人) | 占员工总数比例 | | --- | --- | --- | | 本科及以上 | 377 | 10. 63% | | 大专 | 388 | 10. 94% | | 中专及其他 | 2, 783 | 78. 44% | | 合计 | 3, 548 | 100. 00% | 经营信息还显示，公司的第一大客户一直都是AFL，2025年上半年的销售占比进一步提升到58.22%，对蘅东光的经营 可持续性构成重大影响。与此同时，《审核问询函的回复》披露，公司境内销售业务和境外销售业务毛利率差异巨 大，2023年前者仅为10.09%，而后者则高达29.95%。 《第一轮审核问询函的回复》第104页还披露，报告期内，除主要境外客户AFL、Coherent、Jabil、Telamon、CCI 外其 他客户的综合毛利率分别为22.41%、20.35%、17.77%和19.67%，整体毛 ...

Summary of Zhaochi Co., Ltd. Conference Call Industry Overview - Zhaochi Co., Ltd. operates in the optical communication industry, covering the entire supply chain from optical chips and devices to modules, with product lines ranging from 10G low-speed to 400G/800G high-speed [2][3] Key Points and Arguments - **Revenue Projections**: By 2026, Zhaochi expects low-speed optical module revenue to reach approximately 1 billion yuan, high-speed products to exceed 500 million yuan, totaling over 1.5 billion yuan in revenue with a net profit margin of 15%, contributing over 200 million yuan in profit [2][3] - **Production Capacity**: The company has a well-established production layout, with a monthly production capacity of 1 million pieces planned for its Nanchang base, currently achieving 600,000 to 700,000 pieces, and a planned capacity of 200,000 pieces for high-speed modules [2][3] - **Vertical Integration**: Zhaochi enhances its competitiveness through vertical integration, achieving cost advantages and strong quality control in automated mass production [7] - **Market Competition**: The 100G and below low-speed optical module market is competitive, with Zhaochi achieving a gross margin of about 30%, higher than the industry average, aiming to capture one-third of the market share, with projected revenue of 1 billion yuan by 2026 [4][9] - **High-Speed Market Demand**: The 400G/800G high-speed optical module market is currently in high demand, with Zhaochi's products undergoing customer testing, expecting revenue to exceed 500 million yuan by 2026 [4][11] - **Traditional Business Performance**: Zhaochi's traditional business, including TV OEM and LED full industry chain, is expected to contribute 1.7 to 1.8 billion yuan in profit by 2026, indicating strong operational efficiency [6][12] Additional Important Insights - **R&D Facilities**: The company has a research and development headquarters in Shenzhen with over 7,000 square meters of cleanroom space, primarily serving Huawei orders [5] - **Customer Relationships**: Zhaochi has established strong partnerships with leading domestic telecom manufacturers such as Huawei, ZTE, and others, while also exploring overseas markets [8] - **Investment Considerations**: Investors are advised to consider the timing of their investments, as the second half of the year may show weaker performance, but long-term prospects remain positive with expected improvements in 2026 [13][14]

Group 1 - The core point of the news is the significant increase in the stock price of Zhongji Xuchuang, which rose by 7.18% to 448.00 CNY per share, with a trading volume of 11.375 billion CNY and a turnover rate of 2.32%, leading to a total market capitalization of 497.781 billion CNY [1] - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, and was established on June 27, 2005, with its listing date on April 10, 2012. The company specializes in the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment [1] - The main business revenue composition of Zhongji Xuchuang includes optical communication transceiver modules at 97.58%, automotive electronics at 1.74%, and optical components at 0.67% [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has a significant position in Zhongji Xuchuang, with its Dachen Technology Innovation Mixed A Fund (008988) holding 224,400 shares, accounting for 9.98% of the fund's net value, making it the second-largest holding [2] - The Dachen Technology Innovation Mixed A Fund was established on April 29, 2020, with a latest scale of 157 million CNY. It has achieved a return of 110.51% this year, ranking 47 out of 8172 in its category, and a return of 161.56% over the past year, ranking 76 out of 7995 [2] - The fund manager, Guo Weiling, has been in position for 4 years and 242 days, with a total asset scale of 328 million CNY. The best fund return during his tenure is 62.76%, while the worst is -20.74% [2]

截至发稿，杨旭累计任职时间10年255天，现任基金资产总规模1244.75万元，任职期间最佳基金回报 61.12%， 任职期间最差基金回报-92.46%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，山证资管旗下1只基金重仓新易盛。山证资管创新成长混合发起式A（018281）二季度持有 股数5000股，占基金净值比例为5.1%，位居第二大重仓股。根据测算，今日浮盈赚取约10.89万元。 山证资管创新成长混合发起式A（018281）成立日期2023年8月28日，最新规模1235.6万。今年以来收益 45.8%，同类排名1321/8172；近一年收益83.41%，同类排名1130/7995；成立以来收益66.21%。 山证资管创新成长混合发起式A（018281）基金经理为杨旭。 9月23日，新易盛涨6.35%，截至发稿，报364.78元/股，成交104.14亿元，换手率3.26%，总市值3625.81 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成 ...

Market Overview - The three major indices opened higher, with the ChiNext Index up by 1.02% [1] - As of the market opening, the Shanghai Composite Index was at 3830.14 points, up 0.04%; the Shenzhen Component Index was at 13246.93 points, up 0.68%; and the ChiNext Index was at 3139.50 points, up 1.02% [1] Monetary Policy and Regulatory Updates - The People's Bank of China Governor Pan Gongsheng stated that the monetary policy will focus on domestic conditions while considering external factors, ensuring ample liquidity through various tools [2] - The Chairman of the China Securities Regulatory Commission, Wu Qing, noted that the market capitalization of the A-share technology sector exceeds 25%, and there will be further improvements in listing and merger regulations to support innovation and quality enterprises [2] - The Shanghai Stock Exchange emphasized the need to attract long-term capital to stabilize and activate the capital market, better serving the development of new productive forces [2] Company Announcements - Tianqi Lithium announced a supply cooperation agreement with Ruipu Lanjun for 800,000 tons of electrolyte [3] - Oriental Pearl plans to invest 244 million yuan to establish an advanced computing phase II fund and acquire equity in Super Fusion Digital Technology Co., Ltd. [4] - Hangzhou Dianzi announced that its optical communication business is currently in a loss state, while its copper foil business is still in the early stages [5] - Zhongtian Technology confirmed that its wholly-owned subsidiary has subscribed to a fund holding equity in Moore Threads [6] - Xiangcai Co. reported that the audit and due diligence work related to the acquisition of Da Zhi Hui has been largely completed [11] Financial Performance and Projections - Changchuan Technology expects a net profit of 827 million to 877 million yuan for the first three quarters, representing a year-on-year increase of 131% to 145% [8] - The market is anticipated to experience steady upward movement, with a focus on policy, capital flow, and external market changes [12]

Core Viewpoint - The company Jinzi Ham (002515) plans to invest up to 300 million yuan in Zhongsheng Microelectronics (Hangzhou) Co., Ltd. through capital increase and expansion to seize opportunities in the AI and optical communication industries [1] Investment Details - The investment will occur in two rounds, aiming to acquire no more than 20% equity in Zhongsheng Microelectronics, with the first round based on a pre-investment valuation of 1 billion to 1.3 billion yuan [1] - The specific amount and shareholding ratio will be finalized after due diligence and negotiations [1] Company Background - Zhongsheng Microelectronics, established in 2019, focuses on the R&D and design of high-speed optical module core chips for applications in AI, cloud computing, and 5G/5.5G [1] - The company has a top-tier design team and has been listed in the "China Future Unicorn TOP100" for 2024 and 2025 [1] Strategic Rationale - The investment aims to broaden investment channels and align with the trends of the digital economy, providing new opportunities for the company's future business growth [1] - The company's main business has been slow due to consumer market factors, and this cross-industry investment is expected to boost performance and achieve sustainable development in the medium to long term [1] Financial Considerations - Zhongsheng Microelectronics has not yet turned a profit, reporting a loss of 20.37 million yuan in the first seven months of the year, indicating uncertainty in future profitability [2] - The first round of investment is based on a pre-investment valuation of 1 billion yuan, which could imply a significant appreciation rate of 9710% by the end of 2024 if calculated from the lower end of the valuation range [2] - The company has acknowledged past unsuccessful investments, highlighting the risks associated with this cross-industry investment [2]