每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 11月19日，A股科技板块延续回暖，光模块CPO概念早盘领涨市场，联特科技涨超10%，长芯博 创、中际旭创、源杰科技、太辰光、新易盛、天孚通信等多股走强。热门ETF中，截至9：45，光模块 CPO概念股权重占比超54%的创业板人工智能ETF华夏（159381）、聚焦AI算力硬件龙头的5G通信 ETF（515050）均涨超1%。 当地时间周二，Alphabet旗下的谷歌宣布发布其最新的人工智能(AI)模型Gemini 3，在与OpenAI等 公司的竞赛中加快追赶步伐。Alphabet首席执行官桑达尔·皮查伊表示，新AI模型将针对更复杂的问题提 供更优答案。"用户只需更少的提示，即可获得所需结果。"据了解，新模型在编程、应用开发与图像生 成方面的能力也大幅增强。此外，Gemini 3将被整合进Gemini应用、谷歌的AI搜索 ...

虽然如此，科技大厂的基本面整体依旧强劲，并且鉴于我们仍处于AI的早期阶段，资本开支的趋势有 望得以延续，"FOMO"的情绪依旧较强。同时，在海外算力产业链中，A股光模块相关标的作为上游供 应商，业绩保持增长及兑现的确定性较强。 消息面，今日盘后英伟达将发布Q3财报。受消息催化，光模块占比超50%的通信ETF（515880）开盘拉 升超2%，资金布局踊跃，近20日净流入超37亿元。 今年以来通信ETF（515880）在A股表现优异，在AI发展叙事的助力下，截至写稿年内涨幅超91%，居 全市场ETF涨幅第一。 英伟达将发布财报，海外算力链投入持续加速 消息面，英伟达将发布Q3财报。市场普遍预计英伟达业绩将再次超预期，在可以预期的将来，投资者 将愈发关注AI的投资回报比，除非商业模式或技术发生根本性的变化。 光模块持续受到算力主线催化。一方面受惠于计算芯片放量，配套的光模块出货量水涨船高，另一方面 光模块800G/1.6T技术升级明确，渗透率或持续提高。总体上处于量价齐升状态，市场规模迅速扩容， 增速明年或比今年更高。据长江证券测算，2025年～2027年数通100G+模块市场规模同比增长54%、 69%、34%， ...

Core Insights - The A-share AI industry chain has shown a strong rebound, particularly in the optical module sector, with the retail price of 1.6T optical modules rising significantly from approximately $1200 at launch to over $2000 currently, indicating a substantial price increase [1] Group 1: Market Performance - The ChiNext Index rose by 0.59% as of November 19, 2025, with notable increases in constituent stocks such as Zhongji Xuchuang (up 3.93%) and Hunan Youneng (up 2.94%) [1] - The ChiNext ETF (159908) increased by 0.56%, with a latest price of 2.87 yuan, and has seen a cumulative increase of 4.55% over the past month [1] - The latest scale of the ChiNext ETF reached 1.198 billion yuan, closely tracking the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity [3] Group 2: Industry Dynamics - There is a limited number of manufacturers capable of mass-producing 1.6T optical modules, primarily concentrated among leading companies like Zhongji Xuchuang and Xinyi Sheng, resulting in a supply-demand imbalance due to rapidly increasing downstream computing power needs [2] - The high technical barriers and slow capacity ramp-up for 1.6T optical modules have led to a significant supply shortage, driving retail prices up quickly [2] - The shift in the multimodal industry towards "native multimodal" architectures is seen as a pivotal point for driving industry value, with implications for both foundational infrastructure and application layers [2]

Core Viewpoint - The strength of optical module CPO and other computing hardware is highlighted, with significant gains in related stocks and ETFs, indicating a bullish trend in the AI and computing sectors [1][3]. Group 1: Stock Performance - LianTe Technology led the gains with over 13% increase, followed by Changxin Bochuang with over 5%, and several other stocks like Guangku Technology, Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication rising over 2% [1]. - The AI-focused ETF (159363) that contains over 54% optical module CPO saw an increase of nearly 2%, achieving a transaction volume exceeding 100 million CNY [1]. Group 2: Market Trends - The demand for 800G optical modules is expected to continue its rapid growth, with significant increases projected for 1.6T shipments and the commencement of 3.2T optical module development [3]. - The market is advised to focus on the first AI ETF tracking the ChiNext AI Index, which has a substantial allocation towards optical module leaders, capturing the AI theme effectively [3].

Core Viewpoint - The global optical module market is experiencing rapid growth due to the construction of computing centers, benefiting companies like Huamao Technology, which is seeing a significant increase in the shipment volume of its optical module PCBA [1] Group 1: Industry Insights - The optical module market is currently benefiting from the development of computing centers, leading to a faster growth rate [1] - The demand for optical modules is increasing, indicating a positive trend in the industry [1] Group 2: Company Performance - Huamao Technology has reported a rapid increase in the shipment volume of its optical module PCBA [1] - Specific details regarding production, sales, and revenue should be referenced in the company's disclosed documents [1]

证券日报网讯汇绿生态（001267）11月18日在互动平台回答投资者提问时表示，武汉钧恒拥有自己的品 牌以及业务拓展，但也根据客户需求，提供多种合作模式，包括ODM/JDM/OEM的业务合作。武汉钧 恒始终以行业趋势、应用需求和研发项目为导向，聚焦高速光模块的开发设计，已构建覆盖光学耦合、 高速电互联等关键环节的技术平台，并形成从10G到1.6T的全速率产品矩阵。依托深厚的技术积累，武 汉钧恒在硅光集成(拥有相关专利)、自研自动化耦合平台及高良率量产工艺等方面具备显著优势，累计 拥有专利200余项。通过持续的自主创新，公司不断优化产品性能、降低生产成本、提升交付能力，有 效支撑了高质量发展与市场竞争力的持续增强。 ...

Group 1 - The core viewpoint of the news is the significant rise in the computing power sector, particularly highlighted by the performance of the cloud computing ETF, Huatai-PineBridge (159273), which surged by 2% with a trading volume exceeding 20 million yuan [1] - Notable stocks within the ETF include Huasheng Tiancheng, which hit the daily limit, and Xinyisheng, which rose over 3%, while Alibaba-W and Unisoc both increased by over 2% [1] - The trading activity indicates a strong interest in the cloud computing sector, with the ETF's trading volume surpassing that of the previous day [1] Group 2 - Alibaba has launched the "Qianwen" project, a public beta version of its app, which is based on the open-source model Qwen3, aiming to compete in the personal AI assistant market against ChatGPT [3] - The app is positioned to integrate various life scenarios and will gradually add AI functionalities to enhance shopping experiences on platforms like Taobao [3] - The international version of the Qianwen app is also in development, leveraging the Qwen model's influence to attract overseas users [3] Group 3 - CITIC Securities emphasizes that the singularity of the multimodal industry lies in understanding rather than generation, with mainstream models shifting from "modular" to "native multimodal" architectures [4] - This shift raises the barrier for building foundational models, allowing major players like OpenAI and Google to create vertically integrated ecosystems [4] - The report suggests focusing on both foundational and application layers, recommending attention to the inference computing power supply chain and vertical application opportunities [4]

每经AI快讯，11月18日，光模块(CPO)指数盘中上涨2%，成分股中剑桥科技涨8.22%，源杰科技涨 5.83%，东山精密涨4.85%，德科立涨4.32%，长芯博创涨3.51%。 （文章来源：每日经济新闻） ...

汇绿生态（001267.SZ）11月18日在投资者互动平台表示，武汉钧恒的生产基地为武汉、合肥、鄂州及 马来西亚。在产能扩建方面，武汉钧恒现位于鄂州的一期新产线于近期投产，新增年产能规划为150万 只，产品以400G和800G高速光模块为主。二期项目新增产能为300万只/年，预计将于2027年正式投 产。海外方面，马来西亚也布局了新的光模块生产基地。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司旗下钧恒科技有哪些生产基地？各生产基地 的产能规划如何？新建或扩产的光模块项目进展或量产出贷情况如何？麻烦介绍一下。 ...

国海证券认为，此次阿里AI应用布局向C端市场的倾斜意味着未来一到两年内，千问APP有望被打造成 新的高频超级入口，并与阿里电商、文娱、本地生活深度协同。考虑到阿里积累的深厚用户基本盘与大 规模AI基建规划，我们认为相关AI应用及算力产业链将持续受益。 18日早盘，创业板人工智能再度走强，光模块等算力硬件重回强势，新易盛涨超4%，天孚通信涨超 2%。AI应用同样延续活跃，易点天下领涨超5%，万兴科技、昆仑万维、蓝色光标等多股涨超1%。 热门ETF方面，双线布局算力+AI应用的创业板人工智能ETF（159363）场内续涨超1%，冲击两连阳， 实时成交额超1亿元。 | | 分时 多日 1分 5分 15分 30分 · | | | | | F9 盘前盘后 盛加 九转 西线 工具 (9 (2) | | | 创业板人工智能ETF华宝 | 159363 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.849 | | | | 159363[创业板人工智能ETF华富] 09:54 价 0.843 深跌 0.007(0.84%) 均 ...