9月4日，永赢基金管理有限公司（下称"永赢基金"）发布公告称，旗下今年以来业绩领跑全市场的主动 权益基金——永赢科技智选混合型发起式证券投资基金（下称"永赢科技智选"）将于9月5日起进一步收 紧申购额度，单日单个基金账户申购（含定期定额投资及转换转入）金额上限从100万元下调至1万元。 这是该基金自8月27日实施首次限购后，一个月内第二次加码管控，引发市场对热门赛道基金规模管理 与投资者理性参与的广泛关注。 | 基金名称 | | 永赢科技智选混合型发起式证券投资基金 | | --- | --- | --- | | 基金简称 | | 永赢科技智选混合发起 | | 基金主代码 | | 022364 | | 基金管理人名称 | | 永赢基金管理有限公司 | | 公告依据 | | 《公开募集证券投资基金信息披露管理办法》、 | | | | 《永赢科技智选混合型发起式证券投资基金基金 合同》、《永赢科技智选混合型发起式证券投资 | | 暂停大额申购(含定期定额投 | | 基金招募说明书》等相关文件的规定。 | | 暂停相关 | | 2025年9月5日 | | 资)起始日 | | | | 暂停大额转换转入起始日 | | ...

Group 1 - The Co-Packaged Optics (CPO) sector experienced a decline of 5.74%, ranking among the top losers in the concept sector, with stocks like Tongfu Microelectronics, Huagong Technology, and Cambridge Technology hitting the daily limit down [1][2] - Major funds saw a net outflow of 14.876 billion yuan from the CPO sector today, with 98 stocks experiencing net outflows, and 33 stocks seeing outflows exceeding 100 million yuan [2][3] - The stock with the highest net outflow was Zhongji Xuchuang, with a net outflow of 2.003 billion yuan, followed by Xinyi Sheng and Tianfu Communication with net outflows of 1.778 billion yuan and 1.147 billion yuan respectively [2][3] Group 2 - The top gainers in the CPO sector included Luxshare Precision and Feilixin, which rose by 2.71% and 2.44% respectively [1][5] - The overall market sentiment was negative, with several other sectors also experiencing declines, such as the AI sector and advanced packaging, which fell by 5.11% and 4.09% respectively [2][3] - The trading volume for the CPO sector was significant, with stocks like Zhongji Xuchuang and Xinyi Sheng showing high turnover rates of 8.49% and 11.77% respectively [3][4]

Core Viewpoint - The company, Guangxun Technology (002281.SZ), has announced its capability for mass delivery of immersion optical modules, with the actual ramp-up progress dependent on market and customer demand [1] Group 1 - The company possesses the ability for bulk delivery of immersion optical modules [1] - The ramp-up schedule for these modules is contingent upon market conditions and customer requirements [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [9]. Core Insights - The company is projected to achieve significant revenue growth, with FY26 revenue expected to reach $985 million, representing a 125.5% year-over-year increase. For FY27 and FY28, revenues are forecasted at $1.362 billion and $1.710 billion, respectively, with growth rates of 38.3% and 25.6% [5][9]. - The company has diversified its customer base, with three customers contributing over 10% of revenue in FY26Q1, and anticipates additional large cloud vendor clients entering the market [8]. - The AEC (Application-Specific Integrated Circuit) solutions are expected to benefit from the growing demand in AI and cloud services, leading to increased sales and market share [9]. Financial Summary - For FY24, the company is expected to generate revenue of $193 million, with a projected EBITDA of -$8.97 million. By FY26, revenue is expected to reach $985 million with a positive EBITDA of $286.78 million [5][12]. - The company is expected to turn profitable by FY26, with a projected net profit of $250 million, increasing to $458 million by FY28 [5][12]. - The projected earnings per share (EPS) for FY26 is $1.45, increasing to $2.65 by FY28 [5]. Performance Analysis - In FY26Q1, the company reported revenue of $223 million, a 274% increase year-over-year, and a GAAP net profit of $63.4 million, indicating a turnaround from previous losses [7]. - The company expects continued revenue growth in FY26Q2, with guidance of $230 to $240 million [7]. Market Position - The company is positioned as a leader in the AEC market, with expectations of benefiting from the increasing demand for high-speed data solutions driven by AI and cloud computing [9]. - The growth in GPU and ASIC shipments is anticipated to further enhance the demand for the company's AEC products [9].

（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：请问该公司生产的光通信模块产品有没有为华为和中 际旭创供货？ 中瓷电子（003031.SZ）9月4日在投资者互动平台表示，公司光通信器件外壳传输速率已覆盖2.5Gbps、 10Gbps、25Gbps、100Gbps、200Gbps、400Gbps、800Gbps、1.6Tbps，并均已实现量产。出于商业保护 和与客户协议的约定，公司不方便透露具体客户名称，敬请理解。 ...

Market Overview - The market experienced a significant decline, with the ChiNext index leading the drop, falling over 6%. The Shanghai Composite Index closed down 1.25%, while the Shenzhen Component Index fell 2.83% and the ChiNext Index dropped 4.25% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.54 trillion yuan, an increase of 180.2 billion yuan compared to the previous trading day, with nearly 3,000 stocks declining [2] Sector Performance - Consumer stocks showed resilience, with companies like Guoguang Chain hitting the daily limit, and Agricultural Bank of China reaching a historical high. Solar energy and energy storage stocks also surged, with An Cai High-Tech hitting the daily limit [3][17] - In contrast, computing hardware and semiconductor stocks faced significant declines, with companies like Cambrian Technology and New Yisheng dropping over 10% [4][5] Chip Sector Analysis - Cambrian Technology saw a sharp decline of over 14%, closing at 1,202 yuan per share, with a total trading volume exceeding 28 billion yuan [5] - The recent adjustment of the STAR 50 Index by the Shanghai Stock Exchange and China Securities Index Co. may lead to selling pressure on Cambrian Technology, with an estimated outflow of around 10 billion yuan from index funds [6][9] CPO Concept Stocks - On September 4, CPO (光模块) and related stocks experienced a significant pullback, with New Yisheng and Zhongji Xuchuang dropping over 15% [11][13] - The recent quarterly review by FTSE Russell included companies like BeiGene and New Yisheng, while removing others, indicating a shift in market focus [15] Solar and Energy Storage Sector - The solar energy sector continued to perform well, with An Cai High-Tech and other companies seeing substantial gains. CPIA forecasts that global new solar installations could exceed 570-630 GW by 2025, a year-on-year increase of approximately 13% [18][20] - The solar glass market is also experiencing price increases, which may lead to improved profitability for leading companies in the sector [21] Banking Sector - Banking stocks showed a positive trend, with Agricultural Bank of China rising over 5%, and other banks like Postal Savings Bank and CITIC Bank also seeing gains [22][25]

Group 1 - The core viewpoint of the article highlights a significant adjustment in the optical module CPO concept stocks, with companies like New Yisheng, Tianfu Communication, and Zhongji Xuchuang experiencing declines of over 10% [1] - As of 10:18 AM, the Huaxia ETF tracking the AI sector on the ChiNext board saw a drop of over 5%, with trading volume exceeding 300 million yuan, indicating a strong profit-taking behavior after previous gains [1] - Huachuang Securities suggests that the communication sector has solid fundamentals and growth attributes, predicting it will continue to be a preferred allocation for excess returns in the future [1] Group 2 - The Huaxia ETF (159381) tracks the ChiNext AI Index (970070.CNI) and focuses on leading companies in the AI industry chain, particularly in high-demand AI computing modules, with over 50% weight in optical module CPO stocks [1] - The top three weighted stocks in the ETF are New Yisheng (20.3%), Zhongji Xuchuang (18.8%), and Tianfu Communication (6.5%) [1] - The ETF has achieved an impressive cumulative increase of over 80% this year, significantly outperforming similar AI indices such as CS Artificial Intelligence and Sci-Tech Innovation AI [1]

Core Viewpoint - FTSE Russell announced quarterly review changes for multiple indices, effective after the close on September 19, 2025, with significant implications for the FTSE China A50 Index [2][5]. Group 1: Index Changes - The FTSE China A50 Index will include stocks such as BeiGene-U, NewEase, WuXi AppTec, and Zhongji Xuchuang, which are primarily from the pharmaceutical and AI computing sectors [3][6]. - Stocks removed from the FTSE China A50 Index include China Nuclear Power, China Unicom, Guodian Nari, and Wanhua Chemical [6][7]. - The FTSE China A50 Index consists of the 50 largest stocks listed on the Shanghai and Shenzhen exchanges, reviewed quarterly [7]. Group 2: Stock Performance - BeiGene-U has doubled in value this year, with a growth rate of 102.51%, and a market capitalization of approximately 466.4 billion [7]. - WuXi AppTec also experienced a doubling in its stock price, while NewEase surged over three times, and Zhongji Xuchuang increased by over 240%, with a market cap exceeding 470 billion [7]. Group 3: Market Trends - The inclusion of stocks in the FTSE Russell indices often leads to significant buying pressure from index-tracking funds, particularly around the effective date of the changes [8]. - The AI computing sector is expected to see explosive growth in demand as it plays a crucial role in the AI industry, impacting various segments of the supply chain [11]. - The pharmaceutical sector is experiencing a shift towards innovation-driven growth, with a focus on value creation through new drug models, which is anticipated to result in greater market capitalization increases compared to previous cycles [11].

Group 1 - The core viewpoint is that AI is expected to be the largest industrial opportunity since cloud computing, with hardware components like GPUs and ASICs driving growth in the North American computing power industry [1] - The North American cloud service providers are experiencing a resonance between cloud revenue growth and capital expenditure, indicating a clear upward trajectory for AI development [1] - The optical module market is anticipated to maintain high prosperity due to ongoing investments in computing infrastructure, with optical modules accounting for 50% of the communication ETF, which has a scale exceeding 12 billion [1][2]

Core Viewpoint - The CPO concept sector leads the market with a rise of 2.24%, indicating strong investor interest and potential growth in this area [1] Group 1: Stock Performance - Tiantong Co., Ltd. saw a significant increase of 10.0% [1] - Guangku Technology experienced an 8.21% rise [1] - Robotec Co. reported a 6.2% increase [1] - Changfei Optical Fiber, Dekeli, and Liante Technology all rose over 5% [1]