Core Viewpoint - The Shanghai Stock Exchange has scheduled a listing review meeting for Xiamen Youxun Chip Co., Ltd. on September 19, 2025, marking a significant step in the company's IPO process [2] Group 1: Company Overview - Youxun Chip was accepted for listing on June 26, 2023, and has quickly progressed to the review stage within three months, undergoing two rounds of inquiries regarding its products, technology, control, performance fluctuations, and fundraising projects [4] - The company is recognized as a "national champion enterprise" in the optical communication sector, focusing on the research, design, and sales of optical communication front-end transceiver chips [4] Group 2: Financial Performance - The total assets of Youxun Chip are projected to reach 8.174 billion yuan by December 31, 2024, up from 5.874 billion yuan in 2023 and 4.228 billion yuan in 2022 [5] - The company's operating revenue is expected to grow from 3.391 billion yuan in 2022 to 4.105 billion yuan in 2024, while net profit is projected to increase from 81.3984 million yuan in 2022 to 77.8664 million yuan in 2024 [5] - The net profit margin after excluding non-recurring gains and losses is expected to be 685.71 million yuan in 2024, compared to 549.14 million yuan in 2023 [5] Group 3: Shareholding Structure - Youxun Chip has a dispersed shareholding structure, with no single shareholder holding more than 30% of the voting rights, indicating the absence of a controlling shareholder [7] - The actual controllers of the company are identified as Ke Binglan and Ke Tenglong, who collectively control 27.13% of the voting rights, with Ke Binglan holding 10.92% directly [7] - The company has experienced two changes in its actual controller since its establishment, with the current control being stable and clear, despite a low direct shareholding percentage [8]

Summary of Conference Call on Optical Module Industry Industry Overview - The optical module industry is expected to benefit significantly from the advent of the optical CPU era, which will lead to a substantial increase in the number of board-level connection interfaces, thereby improving supply and demand dynamics in the industry [1][2] - The optical communication market is projected to expand significantly in the coming years, potentially reaching a market capacity of several hundred billion yuan, driven by new technologies such as Ruby, Ultra, and FIMAN [1][8] Key Companies - Leading companies like Yizhongtian are well-positioned to capitalize on ecosystem development and demand growth, solidifying their market position [1][2] - Yizhongtian and other top manufacturers possess strong delivery capabilities and are expected to continue to perform well in their quarterly reports [1][5] - These companies are becoming crucial players in the global optical communication supply chain, with their market share steadily increasing due to supply-demand tightness [1][10] Competitive Advantages - Yizhongtian and other leading firms have significant competitive advantages, including superior data transmission capabilities, strong delivery capacity, and effective supply chain management [1][4] - The self-developed silicon photonic chips are anticipated to enhance profit margins for leading manufacturers by reducing costs and improving product performance [1][6] Technological Developments - The Ruby architecture update is expected to expand the scale-up space in the optical communication industry, increasing card quantities and accelerating iteration speed [1][7] - Recent technological advancements showcased at the Optical Expo, including optical switching and silicon photonics, indicate a positive trend in the industry, with improved yield rates [1][11] Market Dynamics - The demand for 800G and 1.6T products is optimistic for 2026, with delivery capability becoming a critical factor for manufacturers [1][17] - Companies with strong material support and production capacity, especially those with overseas capabilities, are likely to gain market share [1][17] Emerging Trends - The concept of space computing is gaining traction, utilizing inter-satellite and ground communication to address energy supply and heat dissipation issues on Earth [1][18][19] - Companies like StarCloud are planning to launch satellites equipped with NVIDIA H100 chips by 2025, indicating a growing interest in space-based computing solutions [1][23] Conclusion - The optical module industry is on the brink of significant growth, driven by technological advancements and increasing demand for high-capacity data transmission solutions. Leading companies are well-positioned to leverage these trends, while emerging concepts like space computing present new opportunities for innovation and expansion [1][25]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies Core Insights - The explosive growth of AI computing power has led to a surge in traffic demand, accelerating the deployment of 800G technology and advancing the maturity of 1.6T technology, driving the implementation of new technologies such as LPO and CPO [30][31] - The commercialization of 1.6T optical modules has entered its first year, intensifying competition in the industry, with leading manufacturers showcasing their capabilities [38] - The industry is characterized by accelerated technological generation leaps, significant market differentiation, diversified technical routes, and the emergence of new technologies [40][41] Summary by Sections Event - AI computing power growth is driving traffic demand, leading to faster deployment of 800G and maturity of 1.6T technology, with new technologies like LPO and CPO being implemented [30] Company Insights - Accelink Technologies is redefining AI optical interconnection through full-stack independent R&D and scenario-based innovation, showcasing a 1.6T OSFP224 module and a new-generation CPO co-packaging solution [31][34] - Luxshare Technology focuses on AI intelligent computing data center needs with an "optics-copper synergy" strategy, proposing a "light active" technology concept to address power consumption challenges [35][36] - Other leading manufacturers like New H3C and InnoLight are also advancing in the 1.6T space, with significant shipments and development capabilities [38][39] Industry Characteristics - The industry is experiencing accelerated product iteration cycles, with the shift from 3-4 years to 1-2 years, and 1.6T becoming standard for supercomputing centers [40] - Market differentiation is evident, with overseas cloud providers dominating 1.6T demand while domestic markets focus on 800G upgrades [41] - Diverse technical routes are emerging, with silicon photonics and copper cables being key breakthroughs, offering strong cost-effectiveness [41]

IPO Review and Registration Progress - Two companies, Weite Environment and Yatu High-tech, successfully passed the IPO review and plan to list on the Beijing Stock Exchange [2] - Weite Environment focuses on water resource pipeline leakage control technology consulting and construction, with projected revenues of 303 million yuan, 293 million yuan, and 329 million yuan from 2022 to 2024 [2] - Yatu High-tech specializes in high-performance industrial coatings, with revenues expected to grow from 557 million yuan in 2022 to 742 million yuan in 2024 [3] - Three companies, Yuanchuang Co., New Guangyi, and Youxun Co., are scheduled for IPO review this week [4] - Yuanchuang Co. has experienced revenue fluctuations, with 2023 revenue at 1.141 billion yuan, down 9.45% year-on-year [4] - New Guangyi's revenue is projected to increase from 455 million yuan in 2022 to 657 million yuan in 2024, with a high customer concentration [5][6] - Youxun Co. focuses on optical communication chips, with 2025 revenue expected to be 238 million yuan [6] New Stock Listings and Subscription Dynamics - Two new stocks were listed last week, with Sanxie Electric's share price increasing by 785.62% on its debut [9] - Sanxie Electric specializes in control motors, reporting a revenue of 256 million yuan for the first half of 2025 [9] - Aifenda, which focuses on electric towel racks, saw its share price rise by 170.03% on its first day of trading, with a revenue of 505 million yuan for the first half of 2025 [10] - This week, five new stocks are scheduled for subscription, including Jinhua New Materials with an issue price of 18.15 yuan per share [11] - Jinhua New Materials specializes in ketoxime fine chemicals, with a revenue of 571 million yuan in the first half of 2025 [12] - Yunhan Chip City, focusing on electronic components distribution, reported a revenue of 1.44 billion yuan in the first half of 2025 [12]

Core Viewpoint - The article highlights the breakthrough of Huagong Technology's subsidiary, Huagong Zhengyuan, in developing a single-wave 400G optical engine, which is a key component of the 3.2T optical module, showcased at the 26th China International Optoelectronic Exposition in Shenzhen [1] Company Summary - Huagong Zhengyuan has successfully developed a single-wave 400G optical engine, which is compared to an engine providing power for a high-speed data transmission module [1] - The optical engine utilizes domestically produced silicon photonic chips, filling a critical gap in China's silicon photonics industry [1] - The 3.2T optical module can enhance the training and inference efficiency of AI large models by four times compared to the 800G optical module under the same conditions [1] Industry Summary - The advancements in optical technology, particularly in the development of high-capacity optical modules, are crucial for improving data transmission speeds and efficiency in AI applications [1] - The introduction of the 3.2T optical module represents a significant step forward in the optical communication industry, potentially reducing wait times for data exchanges among AI platforms [1]

资料显示，中际旭创股份有限公司位于山东省龙口市诸由观镇驻地，成立日期2005年6月27日，上市日 期2012年4月10日，公司主营业务涉及电机定子绕组制造装备的研发、设计、制造、销售与服务;光模块 设备制造。主营业务收入构成为：光通信收发模块97.58%，汽车电子1.74%，光组件0.67%。 9月15日，中际旭创跌5.62%，截至发稿，报398.38元/股，成交69.60亿元，换手率1.54%，总市值 4426.47亿元。 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。 责任编辑：小浪快报 凯石澜龙头经济持有期混合（006430）成立日期2018年12月5日，最新规模8471.74万。今年以来收益 109.81%，同类排名28/8246；近一年收益155.92%，同类排名63/8054；成立以来收益136.3%。 凯石澜龙头经济持有期混合（006430）基金经理为李琛、许迟。 截至发稿，李琛累计任职时间194天，现任基金资产总规模9901.65万元，任职期间最佳基金回报 ...

Core Viewpoint - This week, three companies are scheduled for IPO meetings, indicating ongoing market activity and interest in new listings [1] Group 1: Upcoming IPOs - Yuan Chuang Co., Ltd. plans to list on the Shenzhen Main Board [2] - Youxun Co., Ltd. aims for an IPO on the Sci-Tech Innovation Board [2] - Xin Guang Yi plans to list on the Growth Enterprise Market [2] Group 2: Fundraising Details - Youxun Co., Ltd. is expected to raise the most funds, with an estimated amount of 808 million yuan, allocated for next-generation access networks, high-speed data center chip development, and other projects [2] - Xin Guang Yi and Yuan Chuang Co., Ltd. plan to raise 638 million yuan and 485 million yuan, respectively [2] Group 3: Company Profiles - Yuan Chuang Co., Ltd. specializes in the research, production, and sales of rubber track products [4] - Xin Guang Yi focuses on high-performance special functional materials, including anti-overflow special films and high-resistance special films [5] - Youxun Co., Ltd. is recognized as a "national manufacturing champion" in the optical communication field, concentrating on the research, design, and sales of optical communication front-end transceiver chips [6] Group 4: Underwriters - Both Youxun Co., Ltd. and Xin Guang Yi are sponsored by CITIC Securities [3]

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **optical communication industry** and its investment opportunities, particularly in the context of **AI** and **data center interconnect (DCI)** technologies [1][2][3]. Core Insights and Arguments - **AI Investment Surge**: There is a significant increase in investment expectations in the AI sector in North America, leading to a rise in demand for optical modules. Oracle's financial results exceeded expectations, indicating a positive outlook for future revenue and capital expenditures [1][2]. - **Transition to Higher Speeds**: The industry is witnessing a clear trend of upgrading orders from **800G to 1.6T** and even higher speeds, which is expected to benefit related companies in the long term [1][2]. - **OCS Development**: The **Optical Circuit Switching (OCS)** market is accelerating, with companies showcasing upgraded port counts from **128×128 to 576×576**. Revenue projections for OCS are optimistic, with estimates of several million dollars by **2025-2026** [1][4]. - **MEMS Technology**: The **MEMS** solution is becoming mainstream in OCS due to its advantages such as low latency, moderate specifications, and lower costs. Companies like **赛微电子** are expanding their MEMS OCS chip production lines, which is expected to reduce costs and enhance OCS capabilities [1][4]. - **Hollow Fiber Technology**: Companies like **Amazon** and **Microsoft** are actively promoting hollow fiber technology for DCI applications, with significant deployments planned. The technology is noted for its potential to reduce latency and improve system efficiency [15][16]. Noteworthy Developments - **China Mobile's Procurement**: The procurement of a hollow fiber cable project by **China Mobile's Ningxia branch** marks a milestone as it is the first public tender for DCI hollow projects by domestic cloud vendors, indicating recognition of domestic capabilities [21][22]. - **Government Support for Satellite Communication**: The issuance of satellite communication licenses by the Ministry of Industry and Information Technology to **China Unicom** signifies a clear government stance on the commercialization of low-orbit satellite communication, which is expected to drive industry growth [25][26]. - **Emerging Technologies**: New technologies such as **air fiber** and **laser solutions** are gaining attention, with companies like **中金公司** and **兴业证券** being highlighted for their growth potential [5]. Companies to Watch - Companies with low valuations and high growth certainty, such as **中金公司** and **兴业证券**, are recommended for investment. Additionally, companies like **天孚**, **华工**, and **光迅** are noted for their significant marginal changes and order demand certainty [3][5]. Conclusion The optical communication industry is poised for growth driven by advancements in AI, increased demand for higher-speed optical modules, and the development of new technologies. Companies that are actively participating in these trends, particularly those involved in OCS and hollow fiber technologies, are expected to benefit significantly in the coming years.

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call primarily discusses the **AI industry**, focusing on **domestic chip supply**, **liquid cooling technology**, and **optical communication** advancements. Key companies mentioned include **Oracle**, **Broadcom**, **NVIDIA**, **Cambricon**, and **Hygon**. Core Insights and Arguments 1. **Strong Performance of Oracle and Broadcom**: Their recent strong earnings have bolstered market confidence, indicating a positive trend in the tech sector [2][4][5]. 2. **NVIDIA's Vera Rubin NWL 144 Cabinet**: The introduction of this cabinet configuration with CX9 network cards is expected to significantly increase demand for 1.6T optical module chips and modules, potentially exceeding a ratio of 1:4 [2][5]. 3. **Emergence of Silicon Photonics**: The recent China International Information and Communication Exhibition showcased the arrival of the silicon photonics era, with high-speed optical modules predominantly utilizing silicon photonic solutions. New technologies like OCS, hollow optical fibers, and lithium phosphate films are maturing, presenting new investment opportunities [2][5]. 4. **Liquid Cooling Technology Growth**: Liquid cooling technology is experiencing a surge, with orders doubling and expectations for further penetration rate increases by 2026. This sector is viewed as having significant growth potential [2][6]. 5. **Domestic Computing Power Advancements**: Cambricon's recent funding approval and Hygon's stock incentive plan indicate a turning point for domestic computing power. Alibaba Cloud's Q1 growth and capital expenditure exceeded expectations, signaling a recovery in the domestic AI industry [2][4][7]. 6. **Century Internet's 40 MW ITC Order**: This order, located in Beijing's Gu'an ITC park, will be delivered in phases, indicating a return to normalcy in bidding volumes among major players [2][8]. 7. **Improvement in Domestic Chip Supply**: The supply of domestic chips is expected to improve significantly in the second half of the year, which will not only stimulate demand in the domestic AI industry chain but also drive liquid cooling demand due to higher power consumption [2][8][9]. Other Important but Potentially Overlooked Content 1. **AIDC Market Demand**: The demand for AI Data Centers (AIDC) is projected to increase significantly, with estimates suggesting that 10 million 700W AI chips could exhaust China's AIDC resources. The bidding process is progressing normally, but it remains contingent on chip supply [9][10]. 2. **Investment Recommendations**: It is advised to focus on domestic chip supply chains, including companies like Cambricon, Hygon, ZTE, and SMIC, as well as supporting service providers. The AIDC and switching network chains are showing signs of recovery, with growth dependent on chip supply [3][10][12]. 3. **Future of AIDC and Switching Network Chains**: The AIDC chain includes companies related to data centers and power supply, while the switching network chain comprises manufacturers of switches and optical modules. The development of these sectors is closely tied to the availability of chips and the overall demand for computing power [11][13].

Summary of Key Points from Conference Call Industry Overview - The conference focused on the consumer electronics industry, particularly advancements in AR/VR technology, traditional mobile phones, AIoT products, and optical communication technologies [1][2][3][4][5][6][9]. Core Insights and Arguments AR/VR Technology - The Shenzhen Optical Expo in 2025 saw high investor participation, with significant attention on AR/VR glasses technology. Companies like Sunny Optical launched a 0.74 mm thick color waveguide, emphasizing lightweight and long battery life. AR glasses are expected to enter mass production after 2027 [1][4]. - Over 30 companies showcased AR/VR technologies at the expo, indicating a strong market interest [3]. Traditional Mobile Phones and AIoT Products - Traditional mobile phones received low attention at the expo, attributed to a stagnant market. However, companies like Sunny Optical and AAC Technologies made notable advancements in lens modules [1][5]. - AIoT products, particularly action cameras, panoramic cameras, and drones, saw a significant demand increase, with Chiu Tai's camera module shipments rising by 180% year-on-year in August [1][5]. Automotive and Robotics Trends - In the automotive lens sector, Sunny Optical reported a 22% year-on-year increase in shipments in August. The potential for intelligent driving technology is highlighted as an area for investor focus [1][6]. iPhone 17 Market Response - The iPhone 17 exceeded sales expectations, with some models experiencing a 3-4 week wait time for orders. The standard version's sales improved due to increased memory at stable prices, enhancing its cost-performance ratio [1][7]. Optical Communication Technologies - The CPO switch gained attention, with expectations of over 10,000 units supplied by 2026. The CPC solution received industry recognition, and the OCS optical switch, primarily using MEMS technology, is projected to reach a shipment level of 10,000 units by 2026 [1][10][12][13]. Storage Sector Trends - The storage sector is experiencing price increases, with DRAM prices rising significantly (80-90% for consumer-grade, 30-40% for PC-grade). NAND prices are also expected to rise due to strong enterprise SSD demand [20][21]. - Companies like Jiangbolong are expected to see significant growth in enterprise SSD business, with a notable increase in capital expenditures from major players like Alibaba [20][21]. Other Important Insights - The conference highlighted a shift in market focus from traditional mobile phones to optical communication and AIoT products, reflecting changing consumer and technological trends [2][9]. - The Chinese government's investigation into discriminatory practices in the U.S. semiconductor industry may benefit domestic companies like Naxin and SIRUI, as they have the potential to replace affected products [18][19]. - The emergence of new technologies such as hollow fibers and coherent light technology is expected to enhance the competitive landscape for leading firms in the optical communication sector [15][16]. This summary encapsulates the key points discussed during the conference, providing insights into current trends and future opportunities within the consumer electronics and optical communication industries.