Company Overview - Tianfu Communication Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on July 20, 2005. The company went public on February 17, 2015. Its main business involves the research, design, high-precision manufacturing, and sales of optical passive devices. The revenue composition is 98.91% from optical communication components and 1.09% from other sources [1]. Stock Performance - On September 11, Tianfu Communication's stock rose by 5.07%, reaching a price of 183.77 CNY per share. The trading volume was 4.098 billion CNY, with a turnover rate of 2.92%, and the total market capitalization stood at 142.866 billion CNY [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under Chuangjin Hexin holds a significant position in Tianfu Communication. The Chuangjin Hexin Industry Smart Selection Mixed A Fund (012613) held 379,000 shares in the second quarter, accounting for 2.56% of the fund's net value, making it the eighth-largest holding. The estimated floating profit for today is approximately 3.3581 million CNY [2]. Fund Performance - The Chuangjin Hexin Industry Smart Selection Mixed A Fund (012613) was established on July 28, 2021, with a current scale of 1.04 billion CNY. Year-to-date, the fund has achieved a return of 30.81%, ranking 2101 out of 8175 in its category. Over the past year, it has returned 42.11%, ranking 3572 out of 7982. Since its inception, the fund has experienced a loss of 41.79% [2]. Fund Manager - The fund manager of Chuangjin Hexin Industry Smart Selection Mixed A Fund (012613) is Li You, who has been in the position for 8 years and 316 days. The total asset size of the fund is 3.456 billion CNY. During his tenure, the best fund return was 218.08%, while the worst return was -43.53% [3].

Core Viewpoint - The 26th China International Optoelectronic Exposition (CIOE) showcases over 3,800 global optoelectronic companies, focusing on the integration of "optoelectronics + applications" to drive innovation and development in the industry [1] Group 1: Event Overview - The CIOE 2025 is held in Shenzhen, featuring eight major themes including information communication, precision optics, camera technology, laser and intelligent manufacturing, infrared & ultraviolet, intelligent sensing, new displays, AR & VR, and optoelectronic innovation [1] - The event includes ten special display areas to enhance the integration of technology and applications, aiming for a synergistic effect in the optoelectronic industry [1] Group 2: Dual Exhibition Model - The CIOE is held concurrently with the SEMI-e Shenzhen International Semiconductor Exhibition, creating a dual exhibition model that spans 300,000 square meters [3] - This model facilitates the integration of the optoelectronic and semiconductor industries, providing a platform for efficient communication and collaboration across the supply chain [3] Group 3: Optical Communication Advances - The demand for AI computing power is driving the deployment of 800G and 1.6T technologies, with major companies showcasing their advancements in optical communication at the CIOE [6] - Companies like LightSpeed Technology and Lixun Technology present innovative products and solutions aimed at enhancing AI data centers and optical interconnects [6] Group 4: Intelligent Vision and Optical Innovation - The development of intelligent vision is pushing optical technology innovations across various applications, with companies like Sunny Optical and Phoenix Optical showcasing cutting-edge products [8] - The exhibition highlights advancements in automotive camera modules, AR waveguides, and machine vision systems [8] Group 5: Laser Industry Transformation - The laser industry is undergoing a transformation towards intelligent manufacturing, with AI technologies penetrating the entire laser supply chain [10] - Companies like Han's Laser and Raycus Laser are presenting their latest products and solutions aimed at high-end manufacturing [11] Group 6: Infrared Technology Expansion - The civilian application of infrared technology is entering a period of rapid growth, with a focus on miniaturization and integration alongside AI [13] - Leading companies are showcasing innovative infrared modules and solutions for various sectors, including industrial temperature measurement and security [13] Group 7: Sensor Technology Innovations - The trend of multi-sensor fusion is prominent in the sensor industry, with companies like ams OSRAM and Chipone Technology presenting their latest sensor solutions [15] - Innovations in time-of-flight (ToF) technology and environmental sensing capabilities are highlighted [15] Group 8: New Display Technologies - The new display technology segment showcases diverse applications and innovations, with companies like YG Electronics and Visionox presenting their latest advancements [17] - The exhibition features solutions for semiconductor display vacuum coating and micro-OLED displays [17] Group 9: Research and Industry Collaboration - The event emphasizes the collaboration between industry, academia, and research institutions, showcasing over 20 top research units and their technological breakthroughs [20] - This collaboration aims to bridge the gap between laboratory research and market application, driving high-quality development in the optoelectronic industry [20] Group 10: Forums and Discussions - The CIOE hosts over 90 industry, application, and academic forums, gathering global experts to discuss trends and innovations in the optoelectronic field [21] - Key topics include AI-driven optical transmission technologies and the integration of optical technologies in emerging applications like smart vehicles and AR glasses [21]

财通价值动量混合A（720001）基金经理为金梓才。 截至发稿，金梓才累计任职时间10年300天，现任基金资产总规模46.19亿元，任职期间最佳基金回报 510.72%， 任职期间最差基金回报-1.6%。 从基金十大重仓股角度 9月11日，长飞光纤涨5.47%，截至发稿，报92.40元/股，成交10.47亿元，换手率2.88%，总市值700.30 亿元。 资料显示，长飞光纤光缆股份有限公司位于湖北省武汉市东湖高新技术开发区光谷大道9号,香港铜锣湾 希慎道33号利园1期19楼1918室，成立日期1988年5月31日，上市日期2018年7月20日，公司主营业务涉 及专注于通信行业,聚焦电信运营商和数据通信相关领域,致力于光纤预制棒、光纤和光缆以及数据通信 相关产品的研发创新与生产制造,形成了棒纤缆、综合布线、通信网络工程和其他光通信产品一体化的 完整产业链、相关多元化和国际化的业务模式。主营业务收入构成为：光传输产品64.50%，光互联组 件17.35%，其他15.85%，其他(补充)2.30%。 从长飞光纤十大流通股东角度 数据显示，财通基金旗下1只基金位居长飞光纤十大流通股东。财通价值动量混合A（720001 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2]. Core Views - The company plans to raise up to 3.5 billion yuan through a private placement to expand high-speed optical module capacity and develop cutting-edge technologies like CPO [1][5]. - The company is responding to the exponential growth in AI computing power demand by significantly increasing production capacity for high-speed optical modules, aiming to solidify its industry-leading position [5]. - The strategic focus includes developing CPO optical engines and related optical devices, which are expected to enhance performance in terms of power consumption and connection density [5]. - The company's revenue and profit have shown significant growth in the first half of 2025, driven by the demand for 400G/800G optical modules [5]. - The investment projects are expected to cover the entire scene from "computing terminal - transmission link - backbone network," enhancing the company's competitive edge in vertical integration [5]. Financial Data Summary - The company reported a total revenue of 5.24 billion yuan in H1 2025, a year-on-year increase of 68.6% [5]. - The net profit attributable to the parent company for H1 2025 was 370 million yuan, reflecting a year-on-year growth of 79.0% [5]. - The projected revenues for 2025, 2026, and 2027 are 11.37 billion yuan, 14.67 billion yuan, and 17.47 billion yuan, respectively, with corresponding net profits of 940 million yuan, 1.35 billion yuan, and 1.81 billion yuan [6][12]. - The company’s PE ratios for 2025, 2026, and 2027 are projected to be 55.1, 38.3, and 28.4, respectively [6][13]. Fundraising and Investment Projects - The company plans to allocate 2.08 billion yuan of the raised funds to the construction of a production project for high-speed optical transmission products [7]. - An additional 620 million yuan will be directed towards R&D for high-speed optical interconnection and emerging optoelectronic technologies [7]. - The total investment for these projects is estimated at 4.28 billion yuan, with the remaining funds aimed at supplementing working capital [7].

Group 1 - F5G concept stocks increased by 5.10%, ranking fifth among concept sectors, with 35 stocks rising, including Jin Xin Nuo which hit a 20% limit up [1] - Notable gainers in the F5G sector include Zhongji Xuchuang (up 14.28%), Taicheng Guang (up 11.97%), and Shijia Guangzi (up 9.69%) [1] - The F5G concept sector saw a net inflow of 5.105 billion yuan from main funds, with 23 stocks receiving net inflows, and 10 stocks exceeding 100 million yuan in net inflows [2] Group 2 - The top net inflow stock was Zhongji Xuchuang with 1.734 billion yuan, followed by Jianqiao Technology (734 million yuan), and Huagong Technology (572 million yuan) [2] - The net inflow ratios for Jin Xin Nuo, Jianqiao Technology, and Feiling Kesi were 24.56%, 18.90%, and 12.42% respectively [3] - The trading volume and turnover rates for key stocks in the F5G sector indicate strong investor interest, with Jin Xin Nuo showing a turnover rate of 20.81% [3]

Core Viewpoint - The company focuses on developing and manufacturing optical modules and comprehensive optical interconnection solutions, aiming to support customers in building high-bandwidth, low-power intelligent optical interconnection networks [1] Group 1: Product Offerings - The company provides a full range of 10G/25G/50G CWDM colored optical modules and BIDI module product solutions for wireless front-haul applications [1] - For government and enterprise network applications, the company offers a complete series of 1.25G/3.125G/10G/25G/50G CWDM module product solutions based on colored optical architecture, as well as GPON/XGSPON OLT optical modules and GPON/XGSPON ONU Stick and Micro ONU access optical module product solutions based on PON architecture [1] - In the broadband PON access application area, the company provides GPON/XGPON/XGSPON and COMBO PON OLT module product solutions, and has launched the 50G COMBO PON OLT asymmetric optical module for the next generation of 50G PON "10G optical network" applications, which meets SFP-DD standard packaging requirements [1] - For computing center application scenarios, the company offers a full range of AOC products from 10G to 400G and high-speed optical module products [1] Group 2: Strategic Focus - The company is actively laying out advanced packaging capabilities for CPO to meet the demands of the next generation of high-speed optical interconnection products [1]

Market Overview - The market experienced a strong upward trend with the ChiNext Index and the STAR 50 both rising over 5% [1] - Key sectors such as optical modules and PCB hardware stocks saw significant gains, with Industrial Fulian hitting a new high and several stocks like Shenghong Technology and Zhongji Xuchuang rising over 10% [1] - Semiconductor stocks also surged, with multiple stocks reaching their daily limit [1] Daily Highlights 1. **PCB and Optical Communication** - The PCB sector saw a substantial increase, with stocks like Dongshan Precision and Jingwang Electronics hitting their daily limits, and Shenghong Technology rising over 16% to a historical high [4] - In optical communication, stocks such as Qingshan Paper and Cambridge Technology also reached their daily limits, with Zhongji Xuchuang and Xinyisheng both increasing over 10% [4] - The catalyst for this surge includes NVIDIA's announcement of the Rubin CPX GPU and Vera Rubin NVL144 CPX platform, expected to launch by the end of 2026, which introduces a new architecture for AI computing [4][6] 2. **Domestic Chips** - The domestic chip sector rebounded significantly, with stocks like Haiguang Information and Saiwei Microelectronics hitting their daily limits, and Cambrian Technology rising nearly 10% [9] - Yangtze Memory Technologies registered its third phase with a capital of 20.72 billion yuan, indicating growth in the domestic chip market [10] 3. **Pig Farming** - The pig farming sector saw a notable increase, with stocks like Bangji Technology and Tiankang Biological hitting their daily limits, and Muyuan Foods rising over 5% [14] - The Ministry of Agriculture plans to hold a meeting on pig production capacity regulation, which may lead to improved pricing dynamics in the sector [14][16] Industry Insights - The PCB industry is entering a growth cycle driven by the acceleration of AI applications and increasing demand from consumer electronics and 5G servers, with high-density interconnect (HDI) and multi-layer boards expected to benefit significantly [7] - According to Prismark, the global market for HDI and 18+ layer boards is projected to grow at a CAGR of 6.4% and 15.7% respectively from 2024 to 2029 [8] - The semiconductor market is expected to reach approximately $630.55 billion in sales by 2024, with memory chips accounting for a significant portion of this growth [13]

Core Viewpoint - Huagong Technology's stock reached a limit-up closing price of 72.27 yuan on September 11, driven by strong performance expectations for the first half of 2025 and significant growth in its optical device business [1] Group 1: Company Performance - The company reported a 44.7% year-on-year increase in revenue and a 43% increase in net profit for the first half of 2025, with optical device business revenue surging by 124% [1] - The successful issuance of low-interest sci-tech bonds and approval for large debt financing tools have effectively reduced financial costs, while government subsidies have further enhanced profits [1] - Research and development investment increased by 14.6%, strengthening the company's technological barriers [1] Group 2: Market Dynamics - The overall strength of the optical communication sector contributed to the stock's performance, with related concepts such as CPO and lasers seeing significant gains [1][4] - On the same day, the CPO concept rose by 8.15%, the optical communication concept increased by 6.04%, and the laser concept grew by 4.22% [4] Group 3: Capital Flow - On September 11, the net inflow of main funds was 571 million yuan, accounting for 8.44% of the total trading volume, while retail investors experienced a net outflow of 366 million yuan, representing 5.42% of the total trading volume [1][2] - The stock had a previous closing price of 65.70 yuan on September 10, reflecting a 1.5% increase, with main funds net inflow of 140 million yuan [2]

行 业 研 2025 年 09 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -34% 0% 34% 67% 101% 134% 168% 2024-09 2025-01 2025-05 通信 沪深300 相关研究报告 《OCS 或加速发展，光通信、液冷迎 新机遇—行业点评报告》-2025.9.8 《博通上调四季度指引，新增大客户 XPU 需求旺盛，全球 AI 景气度持续上 行—行业周报》-2025.9.7 《英伟达 Rubin 开启生产，阿里财报 亮眼，重视国产算力、液冷、光通信 投资机会—行业周报》-2025.8.31 Rubin CPX 或大幅提升光模块和液冷需求 ——行业点评报告 | 蒋颖（分析师） | 雷星宇（联系人） | | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124040002 | leixingyu@kysec.cn 证书编号：S0790124040002 Rubin CPX 亮相，强化推理性能，有望带来更多互联需求 2025 年 ...

Core Viewpoint - The article discusses the recent volatility in the technology sector, particularly in AI-related stocks, and highlights the divergence in performance among actively managed equity funds that are heavily invested in these sectors [1][3][10]. Group 1: Fund Performance and Adjustments - Recent fluctuations in the technology sector have led to significant performance divergence among actively managed equity funds, especially those heavily invested in AI and computing power stocks [1][3]. - Funds like Yongying Technology Select and Dongwu Mobile Internet, which had high concentration in specific tech stocks, experienced notable declines in their top holdings, yet their net asset value (NAV) did not reflect the same level of decline [3][4]. - The average decline of the top ten holdings in the Yongying Technology Select fund exceeded 11%, while the fund's NAV only dropped by less than 6% [3]. Group 2: Market Trends and Investor Sentiment - The article notes that the recent adjustments in the technology sector may indicate a healthy market correction after months of growth, as funds begin to digest valuation bubbles [10][11]. - There is a shift in focus towards AI applications, with fund managers increasingly looking at opportunities in areas such as smart driving, AI hardware, and humanoid robots [11]. - The market is witnessing a transition from small-cap growth stocks to large-cap growth stocks, influenced by both market expectations and capital inflows [10]. Group 3: Specific Fund Examples - The Nordex New Trend fund, while still focused on the AI sector, saw its NAV drop significantly despite some of its holdings performing well during market corrections [7]. - The Qianhai Kaiyuan Cycle Select fund also experienced a discrepancy between estimated and actual NAV changes, indicating potential adjustments in their investment strategies [8]. - The Huashang Yuanheng fund, despite having a lower concentration in tech stocks, still faced significant NAV fluctuations, reflecting broader market volatility [4].