2月2日，中际旭创跌5.04%，截至发稿，报616.30元/股，成交162.44亿元，换手率2.31%，总市值 6847.82亿元。 路博迈中证A500指数增强A（023325）成立日期2025年3月20日，最新规模4.65亿。今年以来收益 4.07%，同类排名3315/5579；成立以来收益28.1%。 路博迈中证A500指数增强A（023325）基金经理为魏晓雪、韩羽辰。 截至发稿，魏晓雪累计任职时间13年83天，现任基金资产总规模9.76亿元，任职期间最佳基金回报 263.65%， 任职期间最差基金回报-18.07%。 韩羽辰累计任职时间2年185天，现任基金资产总规模12.14亿元，任职期间最佳基金回报21.78%， 任职 期间最差基金回报-16.96%。 责任编辑：小浪快报 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%。 从基金十大重仓股角度 数据显示，中 ...

Summary of Zhongji Xuchuang's Conference Call Company Overview - **Company**: Zhongji Xuchuang - **Industry**: Optical Communication and Silicon Photonics Key Financial Performance - **Q4 2025**: Revenue increased by approximately 30% quarter-on-quarter, reflecting stable shipment growth [2][3] - **Gross Margin**: Improved by nearly 2 percentage points due to increased shipments of high-end and silicon photonic products; gross profit absolute amount grew by about 30-35% [2][3] - **Expenses**: Absolute expenses increased by 55-60% due to one-time costs, R&D, and foreign exchange losses [2][3] - **Net Profit**: Consolidated net profit increased by approximately 20% quarter-on-quarter, with minority shareholders' share of net profit around 8% in Q4 [3][20] Product and Market Insights - **800G and 1.6T Products**: Continued growth in 800G shipments; 1.6T products began rapid ramp-up, with silicon photonic products accounting for over half of the total shipments [2][5][10] - **Customer Demand**: Strong demand from key customers, with some placing orders for the entire year of 2026; visibility extends to Q4 2026, with potential orders for 2027 being discussed [2][7][8] - **Silicon Photonics**: Expected to increase in proportion, significantly contributing to gross margin improvement [2][13][17] Supply Chain and Material Availability - **Material Supply**: Tight supply of optical chips, but the situation is expected to improve in H1 2026; the company has secured supply agreements with major manufacturers [11][14][16] - **Impact on Delivery**: Despite material shortages, the company anticipates maintaining strong delivery capabilities due to proactive inventory management [14] Technological Developments - **Optical Module Pricing**: Prices are expected to continue declining annually due to increasing demand from large customers [15] - **CPO (Co-Packaged Optics)**: While there is some technical reserve, the application of CPO is still maturing and has not yet reached rapid growth compared to pluggable solutions [22][34] - **Future Technologies**: Development of 3.2T products is ongoing, but significant market introduction is not expected until later [24] Strategic Outlook - **Market Position**: Zhongji Xuchuang aims to leverage its experience in traditional optical modules to maintain its market position while exploring new opportunities in emerging applications [30] - **Profitability Outlook**: The company believes it can sustain and enhance gross margins by focusing on high-technology content and effective management practices [31][32] Additional Insights - **Scale-Up Market**: The demand for scale-up products is expected to grow significantly, with NPU and pluggable modules remaining the mainstream solutions [34] - **Customer Base Expansion**: The company is actively engaging with major customers for joint development projects in the cabinet market, indicating potential for expanded customer coverage [21][22] This summary encapsulates the key points from Zhongji Xuchuang's conference call, highlighting financial performance, product developments, market insights, supply chain dynamics, and strategic outlook.

大成创业板人工智能ETF发起式联接A（025652）成立日期2025年10月21日，最新规模2384.17万。今年 以来收益15.57%，同类排名329/5579；成立以来收益36.39%。 大成创业板人工智能ETF发起式联接A（025652）基金经理为刘淼。 截至发稿，刘淼累计任职时间5年220天，现任基金资产总规模186.71亿元，任职期间最佳基金回报 94.13%， 任职期间最差基金回报-48.84%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月2日，长芯博创跌5.04%，截至发稿，报153.84元/股，成交20.56亿元，换手率4.80%，总市值448.54 亿元。 资料显示，长芯博创科技股份有限公司位于浙江省嘉兴市南湖区亚太路306号，成立日期2003年7月8 日，上市日期2016年10月12日，公司主营业务涉及光通信领域集成光电子器件的研发、生产和销售。主 营业务收入构成为：数据通信、消费及工业互联市场81.3 ...

Summary of Earnings Call Records Companies and Industries Involved - **Meta**: Technology and social media company - **Microsoft**: Technology company focusing on cloud services and AI - **Corning**: Technology company specializing in glass and ceramics, particularly in optical fibers - **Silicon Photonics**: Emerging technology in optical communication - **Liquid Cooling**: Technology related to cooling systems in data centers and electronics Key Points and Arguments Meta - **Q4 2025 Revenue**: Reported revenue of $59.893 billion, exceeding analyst expectations of $58.42 billion, representing a year-over-year growth of 24% [1] - **Q1 2026 Revenue Guidance**: Expected revenue between $53.5 billion and $56.5 billion, also above analyst expectations of $51.27 billion [1][1] Microsoft - **Q2 FY2026 Revenue**: Achieved revenue of $81.273 billion, a 17% year-over-year increase, driven by intelligent cloud services [2] - **Intelligent Cloud Revenue**: Revenue from the intelligent cloud segment grew by 26% to $51.5 billion, marking a significant milestone of surpassing $50 billion [2] - **Capital Expenditure**: Capital expenditure reached $37.5 billion, a 66% increase year-over-year, primarily invested in GPU and CPU technologies to meet AI and cloud demands [2][2] Corning - **Q4 2025 Core Sales**: Reported core sales of $4.41 billion, a 14% year-over-year increase, with core earnings per share of $0.72, up 26% [4] - **Q1 2026 Guidance**: Management anticipates a further acceleration in growth, with core sales expected to increase by approximately 15%, reaching between $4.2 billion and $4.3 billion [4] Investment Opportunities - **Silicon Photonics**: Recommended stocks include Zhongji Xuchuang, Xinyi Technology, and Yuanjie Technology [3] - **Liquid Cooling**: Recommended stock is Invec, recognized as a leader in the liquid cooling supply chain [2] - **Optical Fiber**: Recommended stocks include Hengtong Optic-Electric and Zhongtian Technology, with beneficiaries such as Changfei Optical Fiber and Yongding Co. [5] Additional Important Content - **Capital Expenditure Trends**: Meta's capital expenditure for Q4 2025 was $22.14 billion, with a total of $72.22 billion for the year, exceeding initial guidance of $60-65 billion [2] - **Market Outlook**: The overall sentiment in the technology sector remains optimistic, particularly in AI-driven applications and optical communication technologies, indicating potential growth and investment opportunities in these areas [1][2][4]

Summary of Earnings Forecasts and Industry Insights Company: 中际旭创 (Zhongji Xuchuang) - **Earnings Forecast**: The company announced its fiscal year 2025 earnings forecast, projecting a net profit attributable to shareholders between 9.8 billion and 11.8 billion yuan, representing a year-on-year growth of 89.5% to 128.17% with a midpoint of 10.8 billion yuan, which is 5% higher than previous estimates of 10.3 billion yuan [1] - **Optical Module Business**: Excluding share-based payment expenses, the net profit from the optical module business is expected to be between 10.8 billion and 13.1 billion yuan, indicating a year-on-year growth of 90.8% to 131.4% [1] Quarterly Performance - **Q4 2025 Net Profit**: The forecast for the fourth quarter of 2025 indicates a net profit between 2.67 billion and 4.67 billion yuan, showing a year-on-year increase of 88% to 229% and a quarter-on-quarter growth of 15% to 49%, with a midpoint of 3.67 billion yuan, which is 16% higher than previous expectations [2] - **Market Demand**: The robust quarter-on-quarter growth is attributed to the sustained demand for 800G and 1.6T optical modules, with the company's leading market position aiding in the acquisition of key components like optical chips despite a tight supply chain [2] - **Technological Advancements**: The accelerated adoption of 1.6T optical modules and the transition to silicon photonics technology are expected to drive continuous quarter-on-quarter growth and margin improvement [2] Industry Insights - **Supply Chain Challenges**: Insights from industry research indicate that suppliers such as COHRUS and Granbo Optoelectronics are facing supply constraints, which may lead to new bottlenecks in the industry, particularly for isolators and core components like Faraday rotators [2] - **Investment Rating**: The company maintains a "Buy" rating with a target price of 799 yuan, based on an expected earnings per share of 22.8 yuan for fiscal year 2026, corresponding to a price-to-earnings ratio of 35 times, aligning with the median expected P/E ratio for the optical communication sector in China [2] - **Current Valuation**: The stock's expected P/E ratio for fiscal year 2026 is currently 28.5 times [2] Company: 天孚通信 (Tianfu Communication) - **Earnings Forecast**: Tianfu Communication, another optical module supplier targeting the global AI data center market, also released its fiscal year 2025 earnings forecast, estimating a net profit between 9.4 billion and 9.9 billion yuan, reflecting a year-on-year growth of 231.2% to 248.9%, with a midpoint of 9.65 billion yuan, which is 7% higher than the consensus estimate of 8.99 billion yuan [3] - **Q4 2025 Performance**: The forecast for the fourth quarter of 2025 suggests a net profit between 3.07 billion and 3.57 billion yuan, indicating a quarter-on-quarter growth of 28.9% to 49.8% [3] - **Market Sentiment**: The acceleration in profit growth in the fourth quarter following moderate growth in the third quarter may alleviate market concerns regarding weak demand in the optical module market [3]

2月2日，新易盛涨8.99%，截至发稿，报457.22元/股，成交82.15亿元，换手率2.01%，总市值4544.81亿 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都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 截至发稿，周谧累计任职时间7年337天，现任基金资产总规模53.02亿元，任职期间最佳基金回报 112.22%， 任职期间最差基金回报15.34%。 吴秋松累计任职时间4年333天，现任基金资产总规模31.72亿元，任职期间最佳基金回报26.01%， 任职 期间最差基金回报-7.99%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，东方阿尔法基金旗下1只基金重仓新易盛。东方阿尔法优势 ...

Market Overview - The Shanghai Composite Index fell by 0.96% to 4117.95 points, while the Shenzhen Component Index decreased by 0.66% to 14205.89 points. In contrast, the ChiNext Index rose by 1.27% to 3346.36 points [1] - A total of 2360 stocks rose and 2703 stocks fell in the Shanghai and Shenzhen markets, with a total transaction volume of 2.84 trillion yuan, a decrease of approximately 394.47 billion yuan compared to the previous day [1] Sector Performance - The telecommunications equipment sector saw a net inflow of 6.534 billion yuan, while the non-ferrous metals sector experienced the largest net outflow of 10.049 billion yuan [1] - The genetically modified sector led the gains with an increase of 4.19%, followed by the optical fiber concept sector at 3.94%. Conversely, the silver sector fell by 10%, and the precious metals sector decreased by 8.92% [1] Company Highlights - TBEA's market attention is attributed to its comprehensive advantages as a leading enterprise in the power equipment sector, with a strong performance and sufficient order reserves. The company is actively expanding into AI computing power and solid-state transformers [2] - Hongbaoli's market heat stems from its improved fundamentals and the overall performance of the chemical sector. The company's epoxy propylene project is set to significantly enhance capacity [2] - LEO's increased attention is due to its dual business layout in "smart pumps and systems" and "digital marketing," along with its expansion into AI applications and liquid cooling servers [3] - Tiandi Online is gaining market attention for its forward-looking layout in AI applications and virtual digital fields, despite adjustments in its acquisition plans [3] - Tongding Interconnection's popularity is driven by the rising prosperity of the optical communication industry and its comprehensive business layout [3] - BlueFocus is benefiting from the high prosperity of the AI marketing industry and multiple thematic catalysts, including collaborations with various platforms [4] - Tianqi's focus is on advancements in humanoid robots and lithium battery recycling, with significant progress in its joint projects [4] - The silver sector's market performance is bolstered by strong precious metal prices and the company's strategic business layout [5] - Agricultural Development Industry's attention is heightened by its profit forecast and multiple favorable factors, including a projected net profit increase of over 60% [5] - Hengtong Optic-Electric is gaining market interest due to the recovery of the optical communication industry and the company's technological breakthroughs [6]

Core Viewpoint - The article highlights the successful completion of nearly 100 million RMB in Series D financing for "San Shiyuan Technology," a leading company in the optical communication device sector, particularly in Optical Circuit Switch (OCS) technology, which is rapidly advancing in commercialization [5][7]. Financing Information - Financing Round: Series D - Financing Amount: Nearly 100 million RMB - Investors: Led by CITIC Jinshi and Guanghe Venture Capital, with participation from Lishi Venture Capital, existing shareholders including Zhongnan Venture Capital, Jing Shui Hu Venture Capital, Xiyang Capital, and Zhuhai Technology Group [7]. Company Overview - Established: 2015 - Location: Zhuhai, Guangdong - Key Products: OCS, circulators, high-power & polarization-maintaining laser devices, multi-core fiber devices, and integrated devices for optical amplifiers. These products are widely used in data centers, LiDAR, industrial lasers, measurement, backbone network relays, coherent transmission, 5G base stations, optical detection, and medical optics [10]. Market Potential - The OCS market is projected to reach at least $2.5 billion by 2029, driven by the expansion of AI and data center deployments. The circulator market is expected to grow over 15 times in the next five years, reaching several billion RMB [12]. - Cignal AI's report indicates that OCS has evolved from a single Google project to a multi-vendor market with actual deployments and procurement orders, indicating a robust growth trajectory [12]. Company Performance - "San Shiyuan Technology" has achieved a tenfold increase in revenue over the past five years, with a compound annual growth rate (CAGR) exceeding 60%. The company has been recognized as a unicorn seed enterprise and a national-level "specialized and innovative" small giant [14]. Team Background - The founder, Chen Xiangyang, has 20 years of experience in the optical communication industry and has previously led significant sales efforts at Zhuhai Guanglian. The core team also possesses extensive experience from leading international companies [16]. Future Development Goals - The company aims to maintain an annual growth rate of 60%-70% and plans to establish subsidiaries in Shanghai and Singapore, as well as a production base in Southeast Asia, to attract high-end and international talent [20].

近期，光模块龙头企业密集发布2025年度业绩预告。 例如，中际旭创股份有限公司（以下简称"中际旭创"）预计2025年实现归属于上市公司股东的净利润98 亿元至118亿元，同比增长89.5%至128.17%；成都新易盛通信技术股份有限公司预计2025年净利润同比 增长231.24%至248.86%；苏州天孚光通信股份有限公司预计2025年净利润同比增长40%至60%。 中国银河证券在研报中表示，相关龙头公司业绩普遍超预期，光模块景气度"仍旧处于上升通道中"。 1.6T上量时代开启 "1.6T光模块在2025年第三季度开始正式向重点客户出货，第四季度上量更加迅速，开启了1.6T上量的 时代。"在2月1日披露的投资者关系活动记录表中，中际旭创方面这样描述其最新高端产品的销售进 展。 具体来看，光模块是数据中心内部实现服务器、交换机等设备间高速互联的核心部件，其速率（如 800G、1.6T）决定了每秒能传输多少数据。近年来，800G光模块已成为全球大型云厂商建设AI算力集 群的主流选择，而1.6T光模块正是这条技术路径的下一个里程碑。 中际旭创方面预计，今年1.6T光模块需求规模较去年将出现"较大增长"，公司一季度订 ...

本报记者 王僖 中国银河证券在研报中表示，相关龙头公司业绩普遍超预期，光模块景气度"仍旧处于上升通道中"。 1.6T上量时代开启 "1.6T光模块在2025年第三季度开始正式向重点客户出货，第四季度上量更加迅速，开启了1.6T上量的 时代。"在2月1日披露的投资者关系活动记录表中，中际旭创方面这样描述其最新高端产品的销售进 展。 具体来看，光模块是数据中心内部实现服务器、交换机等设备间高速互联的核心部件，其速率（如 800G、1.6T）决定了每秒能传输多少数据。近年来，800G光模块已成为全球大型云厂商建设AI算力集 群的主流选择，而1.6T光模块正是这条技术路径的下一个里程碑。 中际旭创方面预计，今年1.6T光模块需求规模较去年将出现"较大增长"，公司一季度订单增长迅速，且 有望保持环比增长趋势。对于未来的价格趋势，中际旭创方面认为，随着客户需求规模不断提升，光模 块产品价格年降仍是行业的普遍规律。 中国银河证券分析师表示，今年国内光模块需求侧将从400G向800G、1.6T升级，叠加人工智能应用端 发展带来的算力需求提升，带动光模块需求量能提升；海外端当前景气度较高，主流云厂商今年资本开 支规模持续高预期 ...