Core Viewpoint - The stock of Zhongji Xuchuang (300308) closed at 583.2 yuan on January 9, 2026, reflecting a decline of 2.06% with a turnover rate of 3.49% and a trading volume of 385,700 hands, amounting to a total transaction value of 22.201 billion yuan [1]. Trading Information Summary - On January 9, the net outflow of main funds was 2.034 billion yuan, while speculative funds saw a net inflow of 2.034 billion yuan, and retail investors experienced a slight net outflow of 50,430 yuan [2][5]. - There was one block trade on January 9, with institutions net selling 13.1844 million yuan [3][5]. Company Communication - The company’s secretary responded to investor inquiries, confirming that their products do not involve commercial aerospace and that specific production capacity data will be disclosed in periodic reports [4]. - The company is focusing on mainstream technology directions and will adhere to regulatory requirements for disclosing annual performance forecasts [4].

Group 1 - The report highlights the issuance of the "Artificial Intelligence + Manufacturing" action plan, which aims for China to achieve a leading position in AI core technologies and industry scale by 2027, with specific tasks outlined for innovation, product breakthroughs, and enterprise cultivation [3][13][14] - The report identifies 40 companies in the AI + industrial information sector, including key players like Hengtong Optic-Electric and Parallel Technology, which are expected to benefit from the action plan [2][3][20] - Hengtong Optic-Electric (920045.BJ) focuses on the R&D and manufacturing of passive optical devices, reporting a revenue increase of 91.38% year-on-year for Q1-Q3 2025 [22][24] Group 2 - The information technology sector experienced an average weekly increase of 7.33%, with notable performance in high-end equipment and chemical new materials sectors [4][36] - The average P/E ratio for the information technology sector rose to 79.7X, with companies like Zhongcheng Technology and Xingtum Measurement Control showing significant stock price increases [4][39] - The report indicates that the total market capitalization of the technology new industry increased from 502.61 billion to 533.32 billion, with a median market cap rise from 2.27 billion to 2.39 billion [5][60] Group 3 - The report notes that 143 out of 159 companies in the technology new industry saw stock price increases, with a median increase of 4.60% [5][54] - Parallel Technology (920493.BJ), a leading provider of supercomputing cloud services, reported a revenue growth of 69.25% year-on-year for Q1-Q3 2025 [23][26] - Xingtum Measurement Control (920116.BJ), a national-level specialized enterprise in aerospace measurement and control, achieved a revenue increase of 15.57% year-on-year for Q1-Q3 2025 [27][32]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights significant advancements in AI infrastructure, particularly with the launch of NVIDIA's Vera Rubin and AMD's MI455X, which are expected to accelerate demand for liquid cooling, optical modules, and CPO [12][15] - The domestic AIDC sector is showing signs of recovery, which may indicate an uptick in the domestic AI industry's performance [19] - The report emphasizes the importance of three core tracks: AIDC, liquid cooling, and domestic computing power, suggesting a robust investment outlook for these areas [21][22] Summary by Sections Weekly Investment Insights - NVIDIA's launch of the Vera Rubin cabinet and AMD's MI455X cabinet, both utilizing liquid cooling technology, is expected to drive demand in related sectors [12][15] - xAI has completed a $20 billion E-round financing, indicating strong backing from major players like NVIDIA and Cisco, which will support the expansion of AI computing infrastructure [17] - The Ministry of Industry and Information Technology is promoting the integration of AI and manufacturing, which is likely to boost demand for AI computing power [18] Communication Data Tracking - As of November 2025, China has 4.83 million 5G base stations, with a net increase of 579,000 stations from the end of 2024 [32] - The number of 5G mobile phone users reached 1.193 billion, reflecting a year-on-year growth of 19.06% [32] - 5G mobile phone shipments totaled 27.614 million units, accounting for 91.6% of total shipments, with a slight year-on-year increase of 1.08% [32] Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, up 11.3% year-on-year, while China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% [51] - The ARPU values for the three major operators remained relatively stable, with slight decreases noted for China Unicom [56][59][62] Investment Recommendations - Recommended stocks in the AIDC sector include companies like Dazhi Technology, Guanghuan New Network, and Aofei Data, while beneficiaries include Century Internet and WanGuo Data [21] - For liquid cooling and power supply, recommended stocks include Yingwei Ke and beneficiaries like Kehua Data and Highlan [21] - In the optical network segment, recommended stocks include Zhongji Xuchuang and New Yi Sheng, with beneficiaries such as Ruijie Networks and Huafeng Technology [21]

Summary of Key Points Core Viewpoint The North Exchange has seen a significant fluctuation in trading volume and value, with new companies entering the market and others undergoing various stages of the IPO process. The overall market activity reflects both challenges and opportunities for investors. Trading Activity - As of January 4, 2026, the North Exchange has 288 listed companies with a total share capital of 39.744 billion shares and a circulating share capital of 25.334 billion shares [2] - For the week of December 29 to December 31, the trading volume was 2.394 billion shares, a decrease of 48.33% from the previous week, while the trading value was 58.316 billion yuan, down 41.65% [3] - The average trading price increased by 12.94% to 24.36 yuan [3] - The North Exchange 50 Index fell by 1.55% to 1440.43 points, with 19 stocks rising and 30 falling [3] New Listings and IPOs - One company, Hengtong Communication Technology Co., Ltd., was listed on December 25, 2025, becoming the 288th company on the North Exchange, with a first-day closing price of 309 yuan, up 277.41% [9] - As of January 4, 2026, there are 167 companies awaiting approval for listing, with 51 accepted, 93 in inquiry, and 11 having passed the listing committee [6] - During the week of December 29 to January 4, four companies received IPO registration approvals, including Tongling Technology and Haiseng Medical [16][22][26][31] Financial Performance of Listed Companies - Hengtong Communication reported revenues of 4.75 billion yuan, 6.13 billion yuan, and 13.15 billion yuan from 2022 to 2024, with net profits of 55.33 million yuan, 64.53 million yuan, and 148 million yuan respectively [13] - Tongling Technology's revenue for the first three quarters of 2025 decreased by 5.47% to 714 million yuan, while net profit increased by 20.87% to 119 million yuan [21] - Haiseng Medical's revenue for the first half of 2025 grew by 22.56% to 156 million yuan, with a net profit increase of 27.11% to 35.49 million yuan [25] Upcoming IPOs and Market Trends - Several companies, including MoSen Tech and Senfeng Laser, have received approval for their IPO applications, indicating a robust pipeline for new listings [47][49] - The market is witnessing a trend of companies focusing on high-tech and innovative sectors, such as automotive components and medical devices, which may attract investor interest [19][24][26]

Group 1 - The company has developed a core material for optical communication, known as GP, which possesses several technical advantages including a high extinction ratio, wide light reception angle, excellent heat resistance, chemical stability, and ease of cutting [2] - The GP material is already being supplied to users of optical isolators [2] Group 2 - The announcement was made in response to investor inquiries on the company's interactive platform [2] - The focus on self-developed technology highlights the company's commitment to innovation in the optical communication sector [2]

中国共产党优秀党员，中国科学院院士，光通信、光交换、光传感及光电子器件领域著名科学家、教育 家，我国光纤通信领域的主要奠基人和开拓者，北京交通大学杰出教授简水生同志，因病医治无效，于 2026年1月8日18时56分在北京逝世，享年97岁。 简水生院士，1929年10月生于江西萍乡，1984年加入中国共产党，1995年当选中国科学院院士。1950年 考入北京铁道学院（现北京交通大学），1957年赴莫斯科电信工程学院学习，1960年回国在北京铁道学 院任教，1987年创建北方交通大学光波技术研究所并任所长。先后被授予全国"五一"劳动奖章、国家级 有突出贡献科技专家、北京市劳动模范、全国铁路优秀教师、全国优秀教育工作者等称号。曾获全国科 技大会奖、铁道部重大奖励、全国首届茅以升铁道科技奖等国家和省部级奖励十余项，为国家创造了显 著的经济效益与社会效益。 1月8日深夜，北京交通大学官网突发讣告，沉痛悼念简水生院士！ 简水生院士在进行内屏蔽对称电缆研究。 简水生院士为我国通信事业奋斗70余年。他始终以面向国际科学前沿、服务国家重大需求为己任，首 创"消除螺旋效应的屏蔽理论""准均匀铠装防护方法"，发展了抗干扰理论，建立 ...

Group 1 - The CPO concept stocks in the A-share market experienced a widespread decline, with significant drops in several companies [1] - Jingwang Electronics saw a decrease of 4%, while Ruijie Networks, Changxin Bochuang, Hengdongguang, Zhongji Xuchuang, and Xinyi Sheng all fell by over 3% [1] Group 2 - The market capitalization of Jingwang Electronics is 72.8 billion, with a year-to-date increase of 1.15% [2] - Ruijie Networks has a market capitalization of 65.3 billion, with a year-to-date decline of 7.49% [2] - Changxin Bochuang's market capitalization stands at 38.5 billion, with a year-to-date decrease of 7.11% [2] - Zhongji Xuchuang has a market capitalization of 640.1 billion, with a year-to-date decline of 5.57% [2] - Xinyi Sheng's market capitalization is 395.1 billion, with a year-to-date decrease of 7.76% [2]

Group 1 - The CPO concept experienced a volatile decline in early trading, with several companies in the sector facing significant drops in stock prices [1] - New Yi Sheng, Dong Tian Wei, Hui Lv Ecology, and Heng Dong Guang all saw declines exceeding 5% [1] - Other companies such as Zhong Ji Xu Chuang, Teng Jing Ke Ji, Yuan Jie Ke Ji, and Tai Chen Guang also followed the downward trend [1]

Investment Rating - The report maintains an "Outperform" rating for the Beijing Stock Exchange (BSE) [5] Core Insights - The BSE has seen a rebound in trading activity, with a total of 288 listed companies and a total market capitalization of 869.44 billion yuan, reflecting a 5.1% increase in total market value and a 3.6% increase in circulating market value month-on-month [13][12] - The BSE's trading volume reached 19.344 billion shares and a transaction amount of 438.402 billion yuan in December, with a month-on-month increase of 13.9% in trading volume and 16.4% in transaction amount [17][20] - The BSE 50 Index's price-to-earnings ratio (PE-TTM) is 43.78, placing it at the 56.73 percentile over the past two years, while the price-to-book ratio (PB-MRQ) is 8.85, at the 85.09 percentile [25][26] - The BSE 50 Index experienced a cumulative increase of 3.80% in December, indicating a strong upward trend [29] Market Overview - The BSE added three new companies in December: Hengdongguang (920045.BJ), Jiangtian Technology (920121.BJ), and Jingchuang Electric (920035.BJ) [13][3] - The average daily margin balance in December was 7.739 billion yuan, showing a slight decrease of 0.64% compared to the previous month [22] Industry Performance - The report highlights that the performance across various industries on the BSE was mixed, with significant gains in sectors such as non-ferrous metals, automotive, telecommunications, and media, while sectors like utilities, social services, beauty care, agriculture, and defense saw declines [33][34] - The top-performing stocks for the month included Hengdongguang, Jingchuang Electric, and Jiangtian Technology [38] Policy and Important Events - The BSE has shown positive dynamics in listing reviews, institutional research, thematic funds, and new stock performance, indicating a clear policy direction aimed at enhancing market vitality and service efficiency [4]

Core Viewpoint - Corning's development in China represents a transition from "product introduction" to "ecosystem cultivation," collaborating deeply with local optical module manufacturers and system integrators to establish high-density connection standards suitable for the Chinese market [1][37]. Group 1: Industry Trends and Challenges - The evolution of data centers is shifting from Scale-out (horizontal expansion) to Scale-up (vertical expansion), necessitating high-speed interconnections within single cabinets due to the exponential increase in GPU counts [11]. - The demand for high-density connections is driven by the need for efficient data exchange among thousands of GPUs, where traditional copper cables are becoming inadequate due to their physical limitations [12][5]. - The power consumption of AI cabinets has surged, with some exceeding 130 kilowatts, creating challenges for space and cooling solutions in data centers [12]. Group 2: Corning's Solutions and Innovations - Corning's expansion in Shanghai aims to introduce high-density optical connection technology for AI computing centers, significantly reducing the physical size of fibers and connectors to optimize space and improve data transmission efficiency [7][9]. - The SMF-28® Contour fiber can reduce the outer diameter from 250 microns to 190 microns, allowing for more connections in the same physical space, thus addressing engineering challenges in crowded computing clusters [13][15]. - Corning's MMC connectors produced in the Shanghai factory have a density 36 times that of traditional LC connectors, enhancing interconnectivity in data centers [15]. Group 3: Local Manufacturing and Supply Chain Strategy - The expansion of Corning's factory in Jiading signifies a deep integration of high-end manufacturing capabilities in China, enabling rapid response to local market demands [19][26]. - The local production model allows for "fast delivery" and "co-design," where Corning's technical team collaborates closely with clients to customize solutions, significantly improving deployment speed by 70% [28][30]. - This localized approach not only enhances supply chain efficiency but also positions Corning to quickly adapt to technological trends in the Chinese market [31]. Group 4: Future Outlook and Strategic Investments - Corning's ongoing investments in advanced optical communication manufacturing in China are expected to contribute to regional economic development and support the growing digital infrastructure [34][35]. - The company is preparing for future demands in long-distance data transmission, particularly with the "East Data West Computing" initiative, by developing multicore fiber technology to increase transmission capacity [35]. - Corning's proactive approach to technology cycles ensures its continued relevance and leadership in the optical communication sector, regardless of evolving technological pathways [36].