苏州天孚光通信股份有限公司（下称"天孚通信"）预计，受全球人工智能浪潮和数据中心扩张驱动，公司2025年全年净利润将实现显著跃升。 1月21日，天孚通信发布公告，预计2025年归属于上市公司股东的净利润将在18.81亿元至21.50亿元（人民币，下同）之间，较上年同期的13.44亿元大幅增 长。作为衡量主营业务盈利能力的关键指标，扣除非经常性损益后的净利润预计落在18.29亿元至21.08亿元区间，同比增长39.19%至60.40%。 此外，非经常性损益对净利润的贡献有所增加。公司预计2025年非经常性损益对净利润的影响约为4200万元至5200万元，而去年同期这一数字为2953.74万 元。尽管这部分收益不代表核心业务能力，但其增长在一定程度上增厚了最终的报表业绩。 此次业绩预喜反映了全球算力需求激增对光通信行业的直接利好。天孚通信指出，人工智能行业的加速发展以及全球范围内数据中心建设的推进，带来了高 速光器件产品需求的持续稳定增长。这一趋势有效抵消了部分宏观因素的不利影响，不仅带动了营收规模扩大，也验证了行业的高景气度。 尽管汇率波动带来了一定的财务费用上升压力，但公司凭借有源与无源产品线的双重增长及智能 ...

苏州天孚光通信股份有限公司（下称"天孚通信"）预计，受全球人工智能浪潮和数据中心扩张驱动，公司2025年全年净利润将实现显著跃升。 1月21日，天孚通信发布公告，预计2025年归属于上市公司股东的净利润将在18.81亿元至21.50亿元（人民币，下同）之间，较上年同期的13.44亿 元大幅增长。作为衡量主营业务盈利能力的关键指标，扣除非经常性损益后的净利润预计落在18.29亿元至21.08亿元区间，同比增长39.19%至 60.40%。 | 项目 | | 本会计年度 | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司 | | 188, 093. 11 | 214, 963. 56 | 134, 352. 22 | | 股东的净利润 | 比上年同期增长 | 40. 00% | 60.00% | | | 扣除非经常性损 | | 182,893.11 | 210, 763. 56 | 131.398.48 | | 益后的净利润 | 比上年同期增长 | 39. 19% | 60. 40% | | 此次业绩预喜反映了全球算力需求激增对光通信行业的直接利好。天孚通信指 ...

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。 智通财经APP讯，天孚通信(300394.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 18.81亿元至21.5亿元，同比增长40%至60%;扣除非经常性损益后的净利润18.29亿元至21.08亿元，同比 增长39.19%至60.40%。 ...

格隆汇1月21日丨天孚通信(300394.SZ)发布2025年度业绩预告，预计归属于上市公司股东的净利润为 18.81亿元-21.50亿元，比上年同期增长40.00%-60.00%。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。 ...

Core Viewpoint - Tianfu Communication (300394) expects a net profit attributable to shareholders of 1.881 billion to 2.15 billion yuan for 2025, representing a year-on-year growth of 40% to 60% [1] Group 1: Performance Drivers - The growth in net profit is driven by the accelerated development of the artificial intelligence industry and the ongoing construction of global data centers, which have led to a stable increase in demand for high-speed optical device products [1] - The company's continuous cost reduction and efficiency improvement through smart manufacturing have also contributed to revenue growth across both active and passive product lines [1] Group 2: Financial Impact - Financial expenses have increased year-on-year due to foreign exchange losses, which have had a negative impact on the current period's performance growth [1]

Core Viewpoint - Tianfu Communication expects a significant increase in net profit for the year 2025, driven by the growth in the artificial intelligence industry and global data center construction, despite facing some financial challenges due to exchange losses [1] Financial Performance - The company forecasts a net profit attributable to shareholders of 1.88093 billion to 2.14964 billion yuan for 2025, representing a year-on-year increase of 40% to 60% [1] - The expected net profit excluding non-recurring gains and losses is projected to be 1.82893 billion to 2.10764 billion yuan, reflecting a year-on-year growth of 39.19% to 60.40% [1] Industry Impact - The growth in demand for high-speed optical components is attributed to the accelerated development of the artificial intelligence sector and the ongoing construction of global data centers [1] - The company's revenue growth in both active and passive product lines is supported by continuous cost reduction and efficiency improvements in smart manufacturing [1] Non-Recurring Gains and Losses - The impact of non-recurring gains and losses on net profit attributable to shareholders is estimated to be around 42 million to 52 million yuan, compared to 29.5374 million yuan in the same period last year [1]

【 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]