（原标题：光模块"三剑客"崛起：AI算力革命下的确定性赛道？） 触顶还是盘整？今天来聊聊A股一度炙手可热的大明星，"易中天"。当然我们不是要讲"三国"，而是A股光通信板块出现的"三剑客"——新易盛、 中际旭创、天孚通信，来看看他们为何股价经历狂飙之后，今年却出现震荡下行的势头。 执行统筹： 祝乃娟 监制：洪晓文 曾婷芳 编辑：洪晓文 这三家到底什么来头？先来看下，他们的主营业务都是光模块。光模块这个东西，主要是实现光电信号的相互转换，包括了光电子器件、功能电 路和光接口，是光通信产业链上游核心环节。听着是不是有点复杂？我们不妨把它理解为网络信号的翻译器和加速器，能够提高海量数据的传递 和处理速率。 说到这大家可能心里有数了，什么业务需要海量高效的数据处理？AI大模型啊！光模块的主要下游客户是阿里、腾讯这样的云计算厂商以及通信 运营商，它们的AI大模型应用的训练及推理，都要依赖光模块来进行。所以，在我国人工智能迅猛发展的背景下，算力需求成倍增长，光模块这 样的底层硬件就站上了"风口"，板块上相关的公司也就成为市场追逐的焦点。 当然，光模块"三剑客"不断兑现的业绩，也是市场关注的焦点。作为英伟达的核心供应商，中际 ...

截至发稿，宋方云累计任职时间2年262天，现任基金资产总规模5770.83万元，任职期间最佳基金回报 20.37%， 任职期间最差基金回报-39.29%。 9月10日，太辰光涨5.01%，截至发稿，报110.66元/股，成交20.05亿元，换手率9.64%，总市值251.34亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，深圳太辰光通信股份有限公司位于广东省深圳市坪山区坑梓街道秀新社区锦绣中路8号太辰 光通信科技园-101(1、2、3号楼)(一照多址企业)，成立日期2000年12月12日，上市日期2016年12月6 日，公司主营业务涉及光器件的研发、生产和销售。主营业务收入构成为：光器件产品98.02%，其他 1.81%，光传感产品0.17%。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓太辰光。中银证券优选行业龙头混合A（009640）二季度持有股 数3万股，占基金净值比例为5.01%，位居第四大重仓股。根据测算，今日 ...

Group 1 - The core point of the news is that LianTe Technology's stock price dropped by 5.04% to 99.05 CNY per share, with a trading volume of 225 million CNY and a turnover rate of 3.28%, resulting in a total market capitalization of 12.851 billion CNY [1] - LianTe Technology, established on October 28, 2011, is located in Wuhan and specializes in the research, production, and sales of optical communication transceiver modules, with 98.29% of its revenue coming from optical modules and 1.71% from material sales and leasing [1] Group 2 - Among the top ten circulating shareholders of LianTe Technology, a fund under Southern Fund has increased its holdings in the Southern CSI 1000 ETF (512100) by 94,300 shares in the second quarter, now holding 483,500 shares, which accounts for 0.71% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has a current scale of 64.953 billion CNY and has achieved a return of 22.9% this year, ranking 1832 out of 4222 in its category, with a one-year return of 59.53%, ranking 1314 out of 3795 [2] Group 3 - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 307 days, managing a total fund asset size of 94.976 billion CNY, with the best fund return during the tenure being 137.42% and the worst being -17.29% [3]

Group 1 - The CPO concept stocks in the A-share market experienced a collective decline, with notable drops in several companies [1] - Zhongji Xuchuang (300308) fell over 11%, while Xinyi Sheng (300502) dropped more than 10% [1][2] - Other companies such as Changfei Fiber (601869) approached the limit down, and Tianfu Communication fell over 8% [1] Group 2 - The market capitalization and year-to-date performance of the affected companies are as follows: - Zhongji Xuchuang: Market cap of 401.9 billion, YTD increase of 194.03% [2] - Xinyi Sheng: Market cap of 311.9 billion, YTD increase of 281.68% [2] - Changfei Fiber: Market cap of 61.5 billion, YTD increase of 172.43% [2] - Tianfu Communication: Market cap of 132.2 billion, YTD increase of 162.05% [2] - Other companies also showed significant declines, with market caps ranging from 12.9 billion to 395 billion [2]

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300308 | 中际旭创 | 1 | -11.13 | 4019亿 | 194.03 | | 300502 | 新易盛 | � | -10.14 | 3119亿 | 281.68 | | 601869 | 长飞光纤 | + | -9.75 | 615亿 | 172.43 | | 300394 | 天孚通信 | 体 | -8.96 | 1322亿 | 162.05 | | 300620 | 光库科技 | 彩 | -6.99 | 232亿 | 92.33 | | 688313 | 任佳光子 | 中 | -6.45 | 326亿 | 334.51 | | 300548 | 长芯博创 | | -5.51 | 341亿 | 152.72 | | 300570 | 太辰光 | ﮨ | -5.37 | 241亿 | 47.10 | | 301205 | 联特科技 | | -5.00 | 129亿 | 31.31 | | 688205 | 德科立 | 策 | -4.98 ...

Core Viewpoint - The article highlights the significant growth and investment potential of New Yisong, a leader in AI-era computing infrastructure, particularly in the optical module business, which has seen a remarkable increase in revenue and stock price due to the rising demand for AI technologies [5][8][9]. Group 1: Company Performance - New Yisong achieved a revenue of 10.437 billion yuan in the past six months, representing a year-on-year growth of 282.64%, with net profit soaring by 355.68% to 3.942 billion yuan [9]. - The operating cash flow net amount increased fourfold to 953 million yuan, indicating strong cash generation capabilities [9]. - The company is expected to see its performance triple in 2024, with optical module production volumes reaching 9.79 million and 8.73 million units [13]. Group 2: Market Position and Products - New Yisong specializes in optical modules, which are essential for data transmission infrastructure, serving major clients like Nvidia, Microsoft, and Amazon [11]. - The company has been at the forefront of innovation, launching the industry's first low-power 400G optical module in 2018 and subsequently introducing 800G and 1.6T products [13]. - The demand for optical modules is driven by the explosive growth of AI technologies, leading to a competitive landscape where New Yisong is well-positioned to capitalize on the increasing need for high-bandwidth data transmission [13][23]. Group 3: Leadership and Background - The founder, Gao Guangrong, started his career in the optical communication industry at a young age and founded New Yisong in 2008 after nearly 20 years of experience [16][18]. - Under his leadership, New Yisong has transformed from a domestic-focused company to a significant player in the global supply chain for cloud giants [18]. Group 4: Investment Landscape - The stock structure of New Yisong is relatively dispersed, with the top two shareholders holding 14.53% of the shares, while several funds occupy half of the top ten shareholder positions [21]. - Institutional investors are optimistic about New Yisong, contributing to its soaring valuation and substantial returns for those who invested early [22][25]. - The article notes the emergence of other companies in the AI computing space, such as Cambrian and Industrial Fulian, which have also seen significant stock price increases, indicating a broader trend in the hard technology sector [24].

Summary of Key Points from Conference Call Records Industry Overview - The optical communication industry is performing strongly, with many companies exceeding expectations and maintaining low valuation levels, projected to be within 20 times by 2026 [1][4] - New technologies such as CPO, OCS, OOL, silicon photonics, and thin-film filters are expected to drive industry growth [1][4] - The upcoming Shenzhen Optical Expo is anticipated to further stimulate market interest in the optical communication sector [1][4] Company Performance - Broadcom reported a 63% year-over-year increase in AI-related revenue, reaching $5.2 billion, and secured a $10 billion custom AI chip order from its fourth large-scale customer [1][6] - The leading company in the high-speed copper cable (AEC) sector, Crypto, reported Q1 FY26 revenue exceeding $220 million, with a quarter-over-quarter growth of over 30% and a year-over-year net profit increase of over 70% [3][14] Market Trends - North American capital expenditures are significantly increasing, particularly in AI infrastructure, with plans to invest $17 trillion over the next few years [1][7] - AI-related revenue growth is expected to surpass capital expenditure growth, with projections for 2025 indicating total revenue could reach between $100 billion and $200 billion [1][8] Competitive Landscape - The communication industry is characterized by a stable competitive landscape, with leading companies holding significant market shares and high information advantages [10] - Second-tier companies have opportunities for rapid growth by securing new customers or entering new markets, with some lesser-known companies potentially achieving significant progress [10][11] Future Outlook - The outlook for the optical communication market is optimistic, with companies actively expanding production and securing materials to meet explosive demand growth [5][9] - The AEC industry is expected to continue its rapid growth, with new hyper-scale customers anticipated to contribute significantly to revenue [14][16] Emerging Technologies - The application of silicon carbide (SiC) materials in the AI industry is gaining traction, with potential shifts in chip manufacturing processes expected by 2027 [15] - The optical fiber segment within the optical supply chain is particularly noteworthy, with increasing demand in the financial sector and AI applications [12] Conclusion - The overall sentiment in the optical communication and AI sectors is positive, with strong growth prospects driven by technological advancements and increasing capital investments. The upcoming events and market dynamics are likely to create further investment opportunities.

Investment Rating - The report maintains an "Overweight" rating for the optical communication sector [4]. Core Insights - The optical communication sector has experienced significant volatility recently, but strong demand and large orders in the overseas AI computing field indicate that the fundamentals of the optical module industry remain solid. The AI-driven computing expansion cycle is far from over, and the recent market adjustments provide a better investment opportunity for long-term investors [1][26]. - The core logic driving long-term growth in the optical module industry remains unchanged, with exponential growth in AI computing demand necessitating faster and more efficient data transmission capabilities. Major overseas cloud service providers have significantly increased their capital expenditures, reflecting high industry prosperity [3][28]. Summary by Sections Investment Strategy - The report emphasizes the importance of focusing on the optical communication sector, particularly recommending leading companies in the optical module industry such as Zhongji Xuchuang and NewEase, as well as other related firms [10][11][18]. Market Review - The communication sector has seen a decline, with the optical communication segment performing relatively well compared to other sub-sectors. The report notes that the optical communication index increased by 0.1%, while other indices experienced declines [22][25][23]. AI Computing Infrastructure - Major global AI companies are accelerating their computing infrastructure development through large-scale collaborations and self-developed chip deployments. Companies like Google and Meta have significantly raised their capital expenditure forecasts for AI infrastructure [2][8][30]. Demand for Optical Modules - The demand logic for optical modules remains intact, driven by the ongoing need for enhanced data transmission capabilities due to the exponential growth in AI computing requirements. This is evidenced by substantial increases in capital expenditures from major cloud service providers [3][30]. Short-term Market Adjustments - Recent adjustments in the A-share optical communication sector are attributed more to market sentiment and fund flow changes rather than fundamental shifts in the industry. The report suggests that these adjustments do not hinder the long-term demand logic driven by AI [9][31]. Key Recommendations - The report recommends focusing on the optical communication sector and related companies, highlighting specific firms such as Zhongji Xuchuang, NewEase, and Tianfu Communication, among others. It also suggests monitoring domestic computing supply chains, particularly in liquid cooling segments [10][11][18].

Core Viewpoint - The company maintains profit forecasts, raises target price, and retains a buy rating, with strong performance in the first half of the year leading to a turnaround in profitability and revenue growth [1][2]. Financial Performance - The company reported a revenue of 214 million yuan for the first half of 2025, a year-on-year increase of 68.08%, and a net profit attributable to shareholders of 8.97 million yuan, marking a return to profitability [2]. - In Q2 alone, the company achieved a revenue of 120 million yuan, a year-on-year growth of 59.98% and a quarter-on-quarter increase of approximately 30%, with a net profit of 16.47 million yuan, up 171.53% year-on-year [2]. Technological Innovation - The company has made significant breakthroughs in high-power products and VCSEL technology, with a single-tube chip achieving a continuous power of 132W, surpassing the previous maximum of 100W [3]. - The efficiency of VCSEL chips has improved to 74%, with applications in consumer electronics, optical communications, and automotive laser radar [3]. - The company has developed capabilities in three types of optical communication chips: EML, VCSEL, and CW Laser, with 100G EML already in mass production and 200G EML samples being sent out [3]. Catalysts - The acquisition process is progressing smoothly, and the company has received orders for CW products [4].

Group 1 - The core point of the article is that Sega Technology has approved a capital increase plan to acquire a stake in Guangcai Xincheng Technology Co., Ltd. to expand its presence in the optical communication sector [2] - The capital increase plan was approved on August 3, 2025, based on the strategic development needs and the promising market outlook of the optical communication sub-industry [2] - Sega Technology will prepay a total of RMB 80 million to Guangcai Xincheng, with the first payment of RMB 50 million due within two working days of the agreement's signing, and the second payment of RMB 30 million due within ten working days [2] Group 2 - The prepayment of the capital increase will not affect the normal production and operation activities of the company and will not have a significant impact on its main business [3] - The company's main business will not become significantly dependent on Guangcai Xincheng [3]