人民财讯1月21日电，天孚通信（300394）1月21日发布业绩预告，预计2025年归母净利18.81亿元—21.5 亿元，同比增长40%—60%。报告期内，得益于人工智能行业加速发展与全球数据中心建设，带动了高 速光器件产品需求的持续稳定增长，叠加公司智能制造持续降本增效，共同促进了公司有源和无源产品 线营收增长。另一方面，受汇兑损失影响，财务费用同比上升，对本期业绩增长产生一定负向影响。 ...

南财智讯1月21日电，"天孚通信"发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 188093.11万元—214963.56万元，同比预增40.00%—60.00%；预计2025年全年归属于上市公司股东的扣 除非经常性损益的净利润为182893.11万元—210763.56万元，同比预增39.19%—60.40%，1、本报告期 预计净利润较上年同期上升。主要得益于人工智能行业加速发展与全球数据中心建设，带动了高速光器 件产品需求的持续稳定增长，叠加公司智能制造持续降本增效，共同促进了公司有源和无源产品线营收 增长。另一方面，报告期内受汇兑损失影响，财务费用同比上升，对本期业绩增长产生一定负向影响。 2、本报告期公司预计非经常性损益对归属于上市公司股东的净利润影响约为4200万元—5200万元，去 年同期为2953.74万元。 ...

【 导读 】 一批绩优基金四季报披露 中国基金报记者 曹雯璟 随着公募四季报陆续披露，一些绩优基金经理的调仓换股"跃然纸上"。 去年四季度，不少绩优基金聚焦人工智能、云计算、机器人等投资方向。多位基金经理表 示，展望2026年，对资本市场整体环境保持相对乐观，科技产业仍将是结构性行情的重要方 向。 也有基金经理进行提示风险，科技板块具有高成长性和高波动率，应该先讲风险，再谈收 益，建议进行分散投资。 任桀：继续重点布局全球云计算产业 重点关注通信领域中的光通信及PCB方向 1月21日，由任桀管理的永赢科技智选披露四季报。该基金成立于2024年10月底，在2025 年度取得233.29%的单位净值增长率，不仅在主动权益基金业绩榜单上名列第一，更是摘得 年度公募基金全市场冠军，且领先优势明显。 最新季报显示，截至2025年四季度末，该基金规模达154.68亿元，环比增长34.26%。该基 金四季度股票仓位有所下降，从持仓情况看，其股票市值占基金总资产比例为78.76%，较三 季度末减少了13个百分点。 任桀在季报中表示，去年四季度，该基金继续聚焦全球云计算产业投资，在三季度判断的基 础上（基于2027年新技术的兑 ...

Group 1 - The AI computing hardware sector has shown a strong rebound, leading the market with significant gains in related stocks [1] - The AI ETF Huaxia (159381) rose over 2% during trading, with holdings such as Zhishang Technology and Liante Technology increasing by over 10% [1] - The optical communication industry is characterized as a high-certainty and high-prosperity sector, with growth narratives deepening from leading companies to specific segments of the industry [1] Group 2 - The commercialization of silicon photonics/CPO technology is expected to create unique technological barriers, allowing companies with deep ties to leading clients to continue leading the new industry cycle [1] - Companies in the optical communication sector are anticipated to experience sustained growth due to their strong market positioning and technological advancements [1]

Core Viewpoint - The report highlights significant changes in the investment strategies of Ruiyuan Fund's star fund managers, with notable adjustments in stock holdings and performance metrics for the fourth quarter of 2025. Group 1: Fund Performance and Adjustments - Ruiyuan Growth Value Mixed Fund experienced a net redemption of 136.2 million shares, marking the second-highest redemption in its history, with total net assets decreasing from 23.629 billion yuan to 21.087 billion yuan [3][4] - The fund's stock allocation increased slightly from 89.93% to 90.48%, while the proportion of Hong Kong stocks in the fund's net value decreased from 27.92% to 20.14% [3][4] - Ruiyuan Balanced Value Three-Year Holding Fund's stock allocation reached a three-year high of 90.66%, with a slight increase in the proportion of Hong Kong stocks to 41.99% [10] Group 2: Stock Holdings and Changes - The top ten holdings of Ruiyuan Growth Value Mixed Fund included New Yisheng, Shenghong Technology, and Ningde Times, with New Yisheng seeing a 22.73% reduction in holdings [4][5] - Ruiyuan Balanced Value Three-Year Holding Fund saw significant changes, with the re-entry of Midea Group into the top ten holdings and reductions in holdings of companies like Lixun Precision and China Ping An [10][12] - The fund managers noted a shift in focus towards sectors like photovoltaic and semiconductor high-end equipment manufacturing, while reducing exposure to companies with weak fundamentals [6][10] Group 3: Future Outlook and Strategy - The fund managers expressed optimism about the market, anticipating that the return on equity assets will remain attractive compared to other asset classes, with potential returns exceeding 10% for leading companies [11][13] - They plan to focus on companies with strong fundamentals and competitive advantages, particularly those expanding overseas, as this is expected to drive future growth [13][14] - The report indicates a structural market environment with limited risks of significant downturns, while opportunities for excess returns remain [8][13]

Group 1 - The core index for optical modules (CPO) increased by 2% during trading, indicating a positive market trend for the sector [1] - Major constituent stocks experienced significant gains, with Robotech rising over 10%, Shengke Communication-U up by 3.85%, Yuanjie Technology increasing by 3.83%, Xinyi Technology up by 3.58%, and Cambridge Technology rising by 3.12% [1]

Summary of Conference Call on Optical Communication Sector Industry Overview - The optical communication sector has underperformed compared to popular sectors since the beginning of the year, but there is an optimistic performance trend expected from Q4 2025 to Q1 2026, with demand remaining relatively positive through 2027-2028 [1][1] - The supply side is currently under tension, particularly in components such as isolators, optical chips, DSPs, and other critical parts [1][1] Key Insights and Arguments - The supply capability of leading companies is strong, while second and third-tier companies face greater supply pressures [2][2] - The current supply shortage is accelerating the adoption of new technologies such as silicon photonics and LPO, which can mitigate shortages of core components [2][2] - The PIC segment within silicon photonics is identified as the most valuable part, with leading companies like Xuchuang and Xinyi developing their own PICs, which will reshape the value distribution in the optical module industry [2][2] Elastic Targets in Optical Communication - Four elastic targets in the optical communication sector were identified: - **Dongtian Micro**: Recognized for its isolator segment, which is currently in high demand due to supply shortages exacerbated by Sino-Japanese trade issues [2][2] - **Kechuan Technology**: Focused on the silicon photonics PIC segment, expected to benefit from the rising value of PICs [2][2] - **Huilv Ecology**: An OEM for overseas manufacturers, has achieved significant growth due to capacity and material support amid supply constraints [2][2] - **Zhishang Technology**: Engaged in CPU connection solutions for Nvidia's ecosystem, providing production services [2][2] Performance Logic and Configuration - There is a shift in market focus back to performance metrics, with an emphasis on companies with real earnings and reasonable valuations [3][3] - The optical communication sector is expected to show significant valuation advantages compared to overseas competitors, with strong earnings certainty [4][4] - The upcoming optical communication exhibition in March 2026 is anticipated to showcase next-generation products and facilitate discussions on long-term demand and capacity planning [4][4] Market Dynamics - The appreciation of the RMB is expected to have a manageable negative impact on sector profits, with an anticipated acceleration in customer orders in Q4 [5][5] - Leading companies in the optical communication sector, such as Xinyi, have confirmed no supply chain issues affecting product delivery [6][6] - The core investment logic in the optical communication sector is to prioritize leading companies that exhibit both earnings growth and valuation advantages [7][7] Domestic Computing Power Guidance - Nvidia has temporarily halted the procurement of H200P PCBs, indicating that the company will not release older generation products on a large scale as previously expected [8][8] - The domestic computing hardware supply remains primarily reliant on local graphics cards, with any future Nvidia products expected to be limited in scale [8][8] - The domestic computing sector is projected to follow a development rhythm similar to that of optical modules in 2025, with leading companies gradually delivering computing cards and realizing earnings [8][8] Regulatory and Market Trends - Regulatory bodies and state media are guiding the market back to companies with real earnings and core technologies, which are seen as quality long-term investment choices [10][10]

Core Viewpoint - LianTe Technology (301205.SZ) plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and competitiveness in the overseas market [1][2]. Group 1: Company Overview - LianTe Technology was established in 2011 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market in September 2022 [1]. - The company specializes in the research, production, and sales of optical communication transceiver modules, mastering key technologies in optoelectronic chip integration, optical devices, and optical module design and manufacturing [1]. - LianTe's product speed ranges from 10G to 1.6T, widely used in data centers, long-distance transmission, wireless networks, and fixed network access [1]. Group 2: Product Development - The company has developed a complete product portfolio for 1.6T and is conducting preliminary research on next-generation data center interconnection solutions under the guidance of core customers [1]. - The 1.6T products are currently in the critical market validation phase, with samples sent to several key customers for testing, receiving positive feedback [1]. Group 3: H-Share Listing Plans - The board of directors has authorized the management to initiate the preparatory work for the H-share listing, with a timeframe of 12 months from the board's approval [2]. - The specific details of the H-share issuance and listing are yet to be finalized and will require approval from various regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the near term [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 320-370 million yuan in 2025, representing a year-on-year increase of 344.01%-413.39%. The net profit after deducting non-recurring gains and losses is projected to be 305-355 million yuan, reflecting a year-on-year growth of 429.50%-516.30% [1]. - The company has established a long-term stable supply relationship with Google in the MPO field, which is expected to drive demand for MPO products as Google aims to double its computing capacity every six months over the next four to five years [2]. - The company has made significant advancements in active optical cable (AOC) products, with a product range from 10G to 800G and has initiated research and development in silicon photonics, which is anticipated to open up growth opportunities in the North American market [3]. Financial Summary - The company's projected revenues for 2025-2027 are 34.52 billion yuan, 69.92 billion yuan, and 120.22 billion yuan, respectively, with net profits of 370 million yuan, 1.094 billion yuan, and 1.905 billion yuan for the same years [3][5]. - The earnings per share (EPS) is expected to increase from 1.27 yuan in 2025 to 6.53 yuan in 2027, indicating strong growth potential [5][12]. - The company’s net profit margin is projected to improve from 10.7% in 2025 to 15.8% in 2027, reflecting enhanced profitability [12].

格隆汇1月20日丨环联连讯(01473.HK)宣布，集团近期签订一系列销售合约，获得总值超过2.8亿美元的 销售订单。其中包括来自数间全球顶尖光模块及主动式光缆(AOC)制造商(「全球制造商」)的重大订 单，该等公司均为全球领先的人工智能及数据中心光学解决方案供应商。该等全球制造商为行业内发展 成熟的市场领导者，占有重大市场份额。于该等全球制造商中，对销售合约项下所获订单贡献最大的一 间制造商为中国内地公司，其股份为多项主要指数的成分股，包括沪深300指数、创业板指数、深圳证 券交易所综合指数及MSCI中国指数等。 该等全球制造商被公认为光收发器开发及供应领域的行业领导者。彼等拥有全面高速光学解决方案产品 组合，服务全球通信网络，尤其专注满足全球顶级数据中心营运商及云端服务供应商在人工智能及数据 中心应用方面的先进需求。此外，彼等亦为全球企业数据网络、城域及长途传输，以及移动接入网络应 用提供光收发器解决方案。 取得该等销售合约乃环联的重要里程碑，彰显其致力与引领数据基建未来之先驱企业合作。透过销售合 约，环联将确立自身作为该等全球制造商在光收发器产品及解决方案方面之主要关键供应商地位，相关 产品及解决方案包 ...