今日晚间，还有欧福蛋业、拾比佰、大禹生物发布了2025年业绩预告。欧福蛋业预计2025年归属于上市 公司股东的净利润为8000万元~9200万元，同比增长75.44%~101.75%。拾比佰预计2025年业绩同比扭亏 为盈，实现归属于上市公司股东的净利润5000万元~6000万元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：北证资讯 1月26日晚间，又有多家北交所公司披露业绩预告，其中次新股蘅东光预计2025年年度净利润或翻倍增 长。 最新公告显示，蘅东光预计2025年归属于上市公司股东的净利润为2.7亿元~3.1亿元，比上年同期增长 82.95%~110.05%。 蘅东光于2025年12月31日在北交所上市，该股今日收报316.65元/股，目前总市值为63.7亿元。这也是公 司上市后首份年度业绩预告。 资料显示，公司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，主要产品包括光纤连接器、光纤柔性线路产品、配线管 理产品等光纤布线类产品以及多光纤并行无源内连光器件、PON光模块无源内连光器件等内连光器 ...

周一（1月26日），AI赛道普遍回调，但创业板人工智能尾盘强势翻红，主要受IDC数据中心以及CPO 光模块等算力方向带动！IDC概念方面，网宿科技尾盘20CM涨停，光环新网大涨超8%；CPO光模块方 面，锐捷网络大涨近13%，联特科技大涨超7%，天孚通信涨超3%。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）尾盘强势翻红收涨0.56%，收 于所有均线上方，单日放量成交6.28亿元。资金近期猛烈布局，过去10日累计加仓超21亿元！ IDC数据中心方面，当前板块为算力低位方向，多重利好有望催化板块重新定价。国盛证券指出，字节 跳动等国内大厂资本开支规划显著提升，芯片供给端出现边际改善，叠加国产大模型持续迭代，推动国 内大厂数据中心招投标活动重启，当前IDC板块估值和位置均处于底部区间，IDC板块迎来从估值修复 到业绩兑现的投资窗口。* CPO光模块方面，国盛证券表示，光通信行业的旺盛需求已形成共识，市场正在消化过度拥挤的交易结 构。与此同时，反映公司间相对强弱的业绩周期，则通过龙头公司市值比的动态变化，持续为市场提供 微观结构的验证，而从长久来看，光模块龙头公司将凭借先发优势和 ...

Core Viewpoint - The company, Zhiliangfang (301312.SZ), has established orders with multiple customers in the optical module, optical chip, and related industry chain sectors, indicating positive business progress and customer engagement [1]. Group 1 - The company has formed orders with several customers in the optical module sector [1] - The company has also engaged with clients in the optical chip industry [1] - There is ongoing business progress related to the company's customer situation [1]

Group 1 - The core viewpoint of the articles indicates that the optical fiber industry is transitioning from a cost-driven model to a demand-driven model, entering a new phase of high prosperity due to the structural explosion in demand driven by AI computing power construction and supply constraints [1] - Since 2025, the price of mainstream G.652D optical fibers has increased by 20%-30% compared to the beginning of the year, marking a clear upward trend in optical fiber prices [1] - According to Lightcounting, the market size of optical modules, a core product in the global optical communication industry chain, is expected to exceed $20 billion by 2027, with data centers becoming the largest application market [1] Group 2 - The National Communication Index (399389) has its top ten weighted stocks, including companies like Zhongji Xuchuang, New Yisheng, and ZTE, which collectively account for 54.96% of the index [1] - The investment logic in optical communication is shifting from leading companies to high-elasticity, high-barrier, or core-position quality targets as the global AI computing competition intensifies [1] - The Communication ETF (159695) closely tracks the National Communication Index, providing a way for investors to access the optical communication industry chain [2]

Investment Rating - The report maintains a "Buy" rating for key companies in the optical module sector, specifically recommending Zhongji Xuchuang and Xinyi Sheng [11]. Core Insights - The optical communication market is currently influenced by three cyclical forces: supply-demand cycle, chip cycle, and performance cycle, with the chip cycle being the dominant force at this stage [2][21]. - Demand for optical modules remains robust, driven by increased capital expenditures from major North American cloud providers, which are projected to exceed $380 billion by 2025 [3][22]. - The report emphasizes the importance of the supply chain, noting that leading companies have stronger delivery capabilities due to their scale and technological advantages [3][22]. Summary by Sections Supply-Demand Cycle - The demand for optical modules is strong, with major cloud providers like Google, Microsoft, Meta, and Amazon increasing their capital expenditure guidance [3][22]. - The supply side is characterized by leading firms having superior delivery capabilities, which enhances their market position and performance certainty [3][22]. Chip Cycle - The report identifies a phenomenon of "consensus" turning into "crowding," where leading optical module companies have become the market's "ballast" due to their high performance certainty [4][23]. - A rebalancing of the chip structure is occurring, with a decrease in the concentration of holdings in leading companies, which is expected to create a healthier market environment [4][23]. Performance Cycle - The relative value between companies, illustrated by the market capitalization ratio of Xinyi Sheng to Zhongji Xuchuang, serves as a dynamic indicator of market expectations [5][24]. - The report suggests that the performance cycle will continue to provide micro-structural validation for the market, with leading companies expected to maintain their competitive advantages [28]. Investment Recommendations - The report recommends focusing on companies within the optical communication sector, particularly Zhongji Xuchuang and Xinyi Sheng, as well as other related firms in the computing and liquid cooling segments [9][14]. - It also highlights the importance of monitoring the performance of companies in the optical device sector, including Tianfu Communication and Yingweike, as part of the broader investment strategy [9][14].

Investment Rating - The report maintains a "Buy" rating for key companies in the optical module sector, specifically recommending Zhongji Xuchuang and Xinyi Sheng [11]. Core Insights - The optical communication market is currently influenced by three cyclical forces: supply-demand cycle, chip structure, and performance cycle, with the chip cycle being the dominant force at this time [2][21]. - Demand for optical modules remains robust, driven by increased capital expenditures from major North American cloud providers, which are projected to exceed $380 billion by 2025 [3][22]. - The report emphasizes the importance of the supply chain, noting that leading companies have stronger delivery capabilities due to their scale and technological advantages [3][22]. - The report highlights a rebalancing of chip structures, where previously concentrated holdings are becoming more diversified, which is expected to create a healthier market environment [4][23]. - The performance cycle is seen as a dynamic measure of relative value among companies, with ongoing fluctuations in market expectations reflected in the valuation ratios of leading firms [5][24]. Summary by Sections Supply-Demand Cycle - The demand for optical modules is strong, with major cloud companies increasing their capital expenditures [3][22]. - Leading firms are expanding their production capacity and have better supply chain control, ensuring stable delivery amid high demand [3][22]. Chip Cycle - The market has seen a shift from consensus to overcrowding, with leading optical module companies becoming heavily weighted in institutional portfolios [4][23]. - A rebalancing of holdings is occurring, which, while causing short-term price pressure, is setting the stage for a healthier market [4][23]. Performance Cycle - The relative valuation between companies, such as the market cap ratio of Xinyi Sheng to Zhongji Xuchuang, provides insights into market expectations and company performance [5][24]. - The report suggests that as long as the underlying demand and technological advancements remain strong, fluctuations among leading companies will present structural investment opportunities [8][28]. Recommendations - The report continues to recommend investments in the optical module sector, particularly in companies like Zhongji Xuchuang and Xinyi Sheng, as well as other related firms in the computing and cooling sectors [9][14].

本文字数：1398，阅读时长大约2分钟 2026.01. 25 作者 | 第一财经 金叶子 随着人工智能的不断发展，科研和产业界对垂直领域的大模型提出更高需求。 1月25日下午，上海交通大学正式发布光学领域垂直大语言模型——Optics GPT（光学大模型），标 志着我国在人工智能与硬科技交叉融合领域取得重要突破。 该模型如同一位"虚拟光学专家"，能够深度理解光学原理，为科研、设计与教学提供智能化支持。 当前，通用人工智能模型虽功能强大，却难以深入理解如光学等需要深厚专业知识与精密计算的硬科 技领域。上海交通大学"光生未来"项目组打造的这款"光学原生"的专业模型，并非简单改造通用模 型，而是从光学专业数据中"成长"而来，系统学习了光通信、光学设计等领域的核心知识与设计逻 辑。 通俗来讲，如果说ChatGPT这样的通用大模型是"博学的通才"，那么Optics GPT则是"资深的专 才"。它集中精力深度学习一个特定领域的全部知识，从而在该领域内回答更专业、解决更具体的问 题，可靠性也更强。这就像培养一位光学专业的博士生，使其成为该领域的AI专家。 作为完全自研的国产模型，光学大模型具备鲜明的"四大特点"：轻部署、 ...

1）天孚通信公布业绩预告：公司预计 2025 年实现归母净利润约 18.81 亿元-21.5 亿元，同比增长 40%-60%。AI 行业 加速发展与 IDC 建设的推进是公司高速光器件产品需求增长的主因,行业的高景气度得到验证。但由于汇兑损失，财 务费用同比上升；此外我们预计光芯片物料紧缺问题也可能对业绩带来负面影响。2）阿里推动平头哥上市：阿里巴 巴集团正考虑将其芯片设计子公司平头哥分拆为独立公司并推动上市，但具体时间表尚未最终确定。我们认为平头哥 上市有助于增强阿里在 AI 领域的竞争力，持续看好国产 AI 芯片前景。3）OpenAI 在硬件、AI 应用及融资方面动作频 繁：A）OpenAI 或将在 2H26 推出其首款人工智能设备，这款首款由 ChatGPT 驱动的设备可能具备以下特点：口袋大 小、能感知用户周围环境与生活情境，并且完全无屏幕。B）ServiceNow 在周二宣布，已与 OpenAI 达成合作协议，旨 在利用 OpenAI 的先进模型构建语音对话智能体，让用户能够使用其首选语言进行交流并实时触发诸如创建工单或执 行审批等操作。C）OpenAI 计划未来几周在 ChatGPT 的"免费版" ...

Group 1 - The core inquiry from investors pertains to Jiangsu Yirong Optoelectronics Technology Co., Ltd.'s involvement in the optical communication and optical module business [2] - The company confirmed that Jiangsu Yirong Optoelectronics is engaged in the manufacturing of optical communication and optical modules, although the current sales proportion is quite small [2]

AI基金南方创新经济灵活配置混合（001053）披露2025年四季报，第四季度基金利润3620.01万元，加权平均基金份额本期利润0.0422元。报告期内，基金 净值增长率为1.93%，截至四季度末，基金规模为19.57亿元。 该基金属于灵活配置型基金。截至1月22日，单位净值为2.55元。基金经理是章晖，目前管理的5只基金近一年均为正收益。其中，截至1月22日，南方成安 优选灵活配置混合近一年复权单位净值增长率最高，达59.49%；南方创新经济灵活配置混合最低，为53.83%。 基金管理人在四季报中表示，本基金在四季度超配了有色和通信行业，取得了正收益，跑赢了业绩基准，但同样超配的医药行业的下跌也拖累了净值表现。 目前国内宏观整体平稳，叠加流动性较为充裕的支撑，市场外部环境总体较好。我们目前看好的行业主要包括：1.资源，复杂的国际政治经济形势使得实物 资产的价值愈发稀缺，各国资本开支增加也有利于资源品的需求端，根据各主流矿业公司的展望，预计主要资源品的供给增加依然不多。2. 光通信。AI 叙 事可能面临着更多的争议，但仍然有更多的证据表明行业仍在健康发展，在相关子行业中，光通信是目前中国厂商最具备全球比较优 ...