新易盛 20250716 摘要 新易盛受益于人工智能算力投资增长和产品结构优化，高速产品需求占 比提升，推动公司股价大涨，打消了投资者疑虑。收入大幅增长，利润 率保持相对稳定，小幅波动。 2024 年上半年，新易盛 800G 产品出货量及销售占比持续提升，增长 明显，同时 400G 产品也继续出货。预计今年下半年 1.6T 产品的需求 量会有所增加。 新易盛泰国二工厂进展迅速，已于 2024 年底建成，上半年处于快速扩 产阶段，具备承托更多产能及客户需求的条件，并根据市场和客户需求 进行产能准备。 新易盛重视硅光模块领域，通过收购 IPI 及自身团队进行大量投入，预计 未来硅光模块占比将增加，客户端硅光产品需求明显提升，认证进展顺 利。 新易盛供应链管控较好，能够有效应对紧张局面，保障业绩释放节奏稳 定，未因物料短缺影响生产或交付，整体情况可控。 新易盛预计今年下半年至明年行业景气度仍然很高，需求旺盛，公司也 在根据客户需求扩充产能，对行业前景持乐观态度。 新易盛将持续扩展产能，1.6T 产线根据不同客户定制化要求布置。扩产 进展顺利，并按计划满足客户未来产品和交付需求。 Q&A 新易盛公司在 2025 年上 ...

中际旭创 20250716 摘要 中集旭创受益于 AI 基础设施资本开支增加，2025 年上半年 800G 和 400G 光模块需求大幅增长，公司作为主要供应商充分受益，二季度 800G 收入占比提升，硅光解决方案应用增多，推动收入和毛利率提升。 展望 2025 年下半年，中集旭创预计客户需求持续增长，1.6T 新产品需 求逐步提升，硅光方案获得更多认可，良率和生产效率不断提高，预计 盈利能力将保持环比向上趋势。 为满足市场对 800G 及 1.6T 产品的高涨需求，中集旭创正在持续推进 产能扩张计划，特别是在海外产能建设方面。 2025 年二季度，中集旭创利润同比增长约 75%，环比增长约 53%，主 要源于收入增加、毛利率与净利润改善。预计行业内大客户将继续加大 AI 数据中心投入，光模块需求保持高涨。 中集旭创预计 2025 年和 2026 年硅光模块的收入占比将显著提升，硅 光技术发展加速，更多客户通过硅光方案认证测试，并加快 800G 硅光 导入，同时在 1.6T 上加大硅光方案投入。 Q&A 2025 年上半年，中集旭创的财务表现如何？ 2025 年上半年，中集旭创的归母净利润和扣非净利润较去年同 ...

新易盛（300502）在投资者关系记录表中提到，预计2025年下半年起，1.6T产品将逐渐起量，预计今年 下半年到明年，硅光方案的产品占比将进一步提升。 ...

成都新易盛通信技术股份有限公司 投资者关系活动记录表 证券代码：300502 证券简称：新易盛 | 时间 | 2025 年 7 月 16 日（周三）下午 15:00 | | --- | --- | | 地点 / | | | | 副总经理、董事会秘书：王诚先生 | | 上市公司接待人员姓名 | 财务总监：林小凤女士 | | | 一、 公司高管对经营情况介绍 | | | 公司发布 2025 年半年度业绩预告，预计 2025 年上半年归属于上市 | | | 公司股东的净利润为 亿元人民币，同比增长 327.68%-385.47%。 37-42 | | | 主要受益于人工智能相关算力投资的持续增长，同时公司继续优化产品 | | | 结构，高速率光模块产品的占比持续提升，公司预计 2025 年上半年销售 | | | 收入和净利润同比保持大幅增长。 | | | 二、 投资者问答环节 | | | 业绩来看，净利 1、公司在过去几个季度利润率有明显提升，目前从 Q2 | | | 率和收入水平是什么情况？ | | | 利润率及销售收入具体的数据还请关注公司即将披露的 年半 2025 | | | 年度报告。公司在 2025 年上 ...

7月15日，深圳国资系上市公司特发信息（000070.SZ）发布2025年半年度业绩预告，预计2025年1月1日 至2025年6月30日归属于上市公司股东的净利润为450万元至640万元，上年同期为亏损258.99万元；扣 除非经常性损益后的净利润为350万元至500万元，上年同期为亏损5103.26万元。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利:450万元 - 640万元 | 亏损:258. 99万元 | | 扣除非经常性损 益后的净利润 | 盘利:350万元 - 500万元 | 亏损:5,103.26万 元 | | | 查利:0.0050元/股 - 0.0071元/ | | | 基本每股收益 | 慶 | 亏损:0.0029元/股 | 来源：特发信息 特发信息表示，报告期内，公司归属于上市公司股东的净利润实现扭亏为盈，主要得益于主业线缆板块 营业收入及毛利率的增长。公司充分利用全球AI人工智能基础设施建设市场机遇，扩大了线缆板块收 入规模。同时，公司通过加强成本管控和生产工艺改进，有效降低了运营成本，提升了整体盈利能力。 ...

Market Performance - On July 16, A-shares saw a slight decline, with the Shanghai Composite Index down 0.03% to 3503.78 points, the Shenzhen Component Index down 0.22% to 10720.81 points, and the ChiNext Index down 0.22% to 2230.19 points [1] Fund Manager Changes - In the past 30 days (June 16 - July 16), 440 fund managers have left their positions, with 8 announcements made on July 16 alone. Reasons for departure include job changes and personal reasons [3] - Notable fund manager Li Yuanbo from Fortune Fund has managed assets totaling 3.298 billion yuan, with a highest return of 121.90% on the HSBC Jintrust Technology Pioneer Stock Fund during his tenure [3] New Fund Managers - New fund manager Gui Zhenghui from Bosera Fund manages assets totaling 7.143 billion yuan, with a highest return of 77.93% on the Bosera CSI 300 Index C Fund over a tenure of 9 years and 174 days [4] Fund Research Activity - Bosera Fund conducted the most company research in the past month, engaging with 41 listed companies, followed by Jiashi Fund and Huaxia Fund, each with 39 companies [6] - The automotive parts industry was the most researched sector, with 143 instances, followed by communication equipment with 141 instances [6] Individual Stock Research - In the past month, Lexin Technology was the most researched stock, with 95 fund management companies participating, followed by Zhongji Xuchuang and Taotao Automotive with 75 and 63 respectively [8] - In the past week (July 8 - July 15), Zhongji Xuchuang led with 29 fund institution inquiries, followed by Shengshi Technology and Kefu Medical with 27 and 26 respectively [7]

随着基金二季报陆续披露，多只基金产品规模呈现爆发式增长，部分"迷你基"上演惊人逆转。其中，长 城医药产业精选混合基金规模从一季度末的0.36亿元猛增至二季度末的11.32亿元，增幅超30倍，成为当 季耀眼黑马之一。 面对二季度震荡行情，主动权益基金经理普遍选择提升进攻性。长城医药产业精选混合权益仓位从 72.48%升至75.89%，重点加码创新药板块，三生制药、石药集团新晋前十大重仓股。同泰远见混合权 益仓位从78.65%提升至85.74%，前十大重仓股均为北交所上市公司。 重仓股"大换血"成为多家基金公司的共同选择。永赢基金旗下产品操作尤为激进：永赢科技智选的前十 大重仓股全部换新，持仓名单包括新易盛、中际旭创、天孚通信、胜宏科技、源杰科技、长芯博创、沪 电股份、工业富联、太辰光、深南电路。 永赢医药健康同样大幅调整持仓，最新前十大重仓股分别为舒泰神、热景生物、益方生物、泰恩康、奥 赛康、康辰药业、荣昌生物、神州细胞、迪哲医药、汇宇制药。舒泰神、热景生物、益方生物等创新药 企跻身前十。 值得注意的是，中欧数字经济混合前十大重仓股更换显著，新易盛再度被重点配置——该股曾在2024年 第三季度成为其第一大重仓股 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 210 CNY per share [1][9]. Core Insights - The company is expected to achieve a net profit of 3.6 to 4.4 billion CNY in the first half of 2025, representing a year-on-year growth of 52.6% to 86.6% [9]. - The growth is driven by strong demand for high-end optical modules, particularly the 800G modules, due to ongoing capital expenditures from major cloud service providers [9]. - The introduction of the 1.6T optical module is anticipated to further boost revenue, with initial shipments expected in Q4 2025 and a gradual increase in adoption in 2026 [9]. - The company has regained sales of its H20 product in China, alleviating previous concerns regarding tariffs and trade disputes, which is expected to stabilize and enhance growth [9]. - The company holds a leading position in the optical module market, with its 1.6T and silicon photonics technologies progressing well, ensuring its competitive edge in the AI-driven market [9]. Financial Summary - The company forecasts net profits of 8.32 billion CNY, 12.68 billion CNY, and 17.28 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 60.9%, 52.3%, and 36.4% [11]. - Earnings per share (EPS) are projected to be 7.42 CNY, 11.31 CNY, and 15.42 CNY for the same years, reflecting significant growth [11]. - The price-to-earnings (P/E) ratios are expected to be 24, 15, and 11 for 2025, 2026, and 2027 respectively, indicating a favorable valuation [11].

Summary of Corning's Q1 2025 Earnings Call Company Overview - **Company**: Corning Inc. - **Quarter**: Q1 2025 - **Sales**: $3.7 billion, a 13% year-over-year increase - **EPS**: 54 cents, up 42% year-over-year - **Operating Margin**: Expanded by 250 basis points to 18% [2][11] Key Financial Highlights - **Sales Growth**: Expected to continue with Q2 sales guidance of approximately $3.85 billion [2] - **EPS Guidance for Q2**: 55 to 59 cents, reflecting the impact of tariffs and production ramp costs [2][11] - **Operating Margin Target**: Aiming for 20% by the end of 2026 [2][11] Tariff Impact and Strategy - **Direct Financial Impact of Tariffs**: Estimated at 1 to 2 cents per quarter, primarily from U.S.-China tariffs [3][5] - **Manufacturing Strategy**: Locating operations close to customers mitigates tariff impacts [3][4] - **U.S. Manufacturing Footprint**: Nearly 90% of U.S. revenue comes from products made in the U.S. [4] - **China Sales**: 80% of sales in China are produced locally, minimizing tariff exposure [4][5] Springboard Plan - **Sales Growth Target**: Aiming to add over $4 billion in annualized sales by the end of 2026 [6][17] - **Risk Adjustment**: A $2 billion risk adjustment accounts for potential macroeconomic downturns [6][7] - **High Confidence Plan**: Internal plan projects a $19 billion sales run rate by 2026, with a focus on innovation and market access [6][7] Industry Trends and Innovations - **Optical Communications**: Sales grew 46% year-over-year, driven by demand for Gen AI products [12] - **Solar Market**: Expected to grow from $1 billion in 2024 to $2.5 billion by 2028, with strong customer commitments [9][15] - **Automotive Segment**: Anticipating nearly tripled sales by 2026 due to increased in-vehicle content [10][14] - **Display Market**: Projected stable demand with price increases supporting profitability [12][26] Customer Engagement and Market Dynamics - **Customer Demand**: Strong interest in U.S.-made innovations, particularly in optical communications and solar [5][23] - **Data Center Spending**: Continued strong demand from hyperscale customers, with expectations for growth [21][26] - **Flexibility in Plans**: Solar and optical plans are designed to be resilient against macroeconomic fluctuations [24][25] Capital Allocation and Shareholder Returns - **CapEx**: Expected to invest approximately $1.3 billion, maintaining a strong balance sheet [16][27] - **Share Buybacks**: Continued commitment to share repurchases, with $100 million bought back in Q1 2025 [16][27] Conclusion - **Overall Outlook**: Corning is optimistic about its growth trajectory, driven by strong secular trends in Gen AI and solar, while effectively managing risks associated with tariffs and potential economic downturns [17][24]

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **光通信 (Optical Communication)** industry and its related technologies, including **光模块 (Optical Modules)** and **激光芯片 (Laser Chips)**. Core Points and Arguments 1. **Market Trends and Indices**: The focus is on the **北正五零 (Beijing Stock Exchange 50)** index, which is considered a benchmark for new generation productivity and plays a significant role in IPO activities [1] 2. **Market Sentiment**: There is a noticeable shift in market sentiment, with a warning against chasing high prices as the risk-reward ratio diminishes [2][3] 3. **Performance of 光通信 Sector**: The 光通信 sector is highlighted for its valuation and growth potential, particularly in the context of the ongoing trade war affecting the North American supply chain [4] 4. **Domestic Production Growth**: The rapid pace of domestic production in 光芯片 (Optical Chips) is emphasized, with significant market share gains noted for PRC modules and high-power laser chips [5] 5. **Business Segmentation**: The company’s primary business is in telecommunications, with a smaller focus on data communication, which limits its exposure to AI-driven economic growth [6] 6. **Future Product Launches**: Anticipation for the launch of 300mW CW laser chips in Q4 2025 is noted, indicating a strategic focus on high-performance products [7] 7. **Quarterly Performance**: The first quarter showed a revenue growth of over 40%, with a significant contribution from CW laser products, which have a high gross margin [8] 8. **Market Dynamics**: The discussion includes insights on market dynamics, such as the need for catalysts to drive stock performance and the importance of aligning earnings with market expectations [9][10] 9. **Military and Semiconductor Insights**: There is a mention of military technology and semiconductor sectors, with a focus on potential growth driven by government contracts and AI-related developments [11][12] 10. **Investment Strategy**: The strategy emphasizes identifying certainty and elasticity in investments, particularly in semiconductor and AI sectors, with a cautionary note on market volatility [12][13] Other Important but Possibly Overlooked Content 1. **Pressure Points in the Market**: The concept of pressure zones in stock performance is discussed, indicating potential areas for upward movement [21] 2. **Technological Advancements**: The importance of technological advancements in solid-state batteries and AI applications is highlighted, suggesting a future focus on these areas [13][14] 3. **Investor Sentiment**: The need for investor sentiment to align with performance metrics is emphasized, indicating that market reactions may lag behind actual performance [9][10] 4. **Sector Rotation**: The potential for sector rotation is mentioned, with a focus on how different sectors may perform based on market conditions and technological developments [16][20] This summary encapsulates the key insights and discussions from the conference call, providing a comprehensive overview of the current state and future outlook of the 光通信 industry and related sectors.