（责任编辑：康博） 中国经济网北京8月28日讯 天孚通信(SZ:300394)今日股价涨停，截至收盘报180.01元，涨幅 20.00%，总市值1399.43亿元。 ...

Core Viewpoint - The communication equipment industry is experiencing strong growth driven by the deep integration with AI, with the communication equipment index showing a daily increase of over 8% as of 14:45 [3]. Group 1: Growth Drivers - The communication equipment sector has nearly doubled in value over the past year, primarily due to the explosive demand for AI computing power, which has created a "hardware infrastructure dividend" [6]. - The capital expenditure from internet and cloud companies is increasingly focused on upstream components such as optical modules, switches, and servers, with an estimated investment of hundreds of billions of dollars translating into orders and revenue for leading suppliers [6]. - The virtuous cycle of "investment - profit - reinvestment" is being reinforced by the anticipated rollout of various AI applications from 2024 to 2025, further strengthening market demand [6]. Group 2: Index Composition and Weighting - The communication equipment index consists of 50 upstream equipment manufacturers in the communication field, reflecting the industry's development comprehensively [7]. - Approximately 70% of the index's weight is concentrated in the optical communication sector, including optical modules, optical devices, and supporting chips, highlighting the core role of optical communication in current infrastructure [7]. - The index allocates about 10% to IoT terminals and modules, covering popular applications such as new energy vehicles and smart homes, while less than 10% is allocated to offshore wind cable segments [7]. Group 3: Valuation Analysis and Investment Outlook - The current valuation of the communication equipment index is at the 80th percentile over the past decade, indicating a high static valuation but not yet at a bubble level [8]. - It is expected that the valuation will be absorbed by performance over the next 2 to 3 quarters, suggesting significant growth potential for the industry [8]. - The government's "Artificial Intelligence + Action Plan" aims to accelerate the construction of intelligent networks and computing infrastructure, providing significant benefits to the communication sector and acting as a direct catalyst for the index's rise [8]. - Anticipation of new product launches from tech giants, such as Apple's upcoming fall event, is expected to drive demand for AI terminal applications and high-speed communication modules, benefiting leading companies in the optical module and equipment sectors [8].

Group 1: Market Performance - The communication equipment sector has seen significant gains, with Tianfu Communication reaching a 20% limit up [1] - Communication ETFs and communication equipment ETFs have increased by over 9%, while the Communication ETF from Southern has risen by over 8% [1] - Year-to-date, communication ETFs and communication equipment ETFs have surged over 80% [2] Group 2: ETF Performance Details - The Communication ETF (515880.SH) rose by 9.33% today and has an annual increase of 87.32% [4] - The Communication Equipment ETF (159583.SZ) increased by 9.19% today with an annual growth of 82.36% [4] - Other ETFs such as 5GETF and 5G Communication ETF also showed significant daily and yearly gains, with increases ranging from 6.87% to 7.75% [4] Group 3: Industry Insights - The Communication ETF tracks the Guozheng Communication Index, with key stocks including Zhongji Xuchuang, Xinyi Sheng, and China Telecom [6] - The Communication Equipment ETF follows the communication equipment theme index, reflecting the performance of 50 listed companies in communication equipment manufacturing and services [6] - The Ministry of Industry and Information Technology has issued guidelines to optimize business access and promote the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [6] Group 4: Company Performance - Tianfu Communication reported a net profit of 899 million yuan for the first half of 2025, significantly up year-on-year, driven by AI development and global data center construction [7] - The demand for optical devices is being driven by the virtual economy, cloud computing, and AI, leading to a stable demand in the telecom market [7] - The company is maintaining R&D investments in high-speed optical modules and new products, with several projects underway targeting future market needs [8]

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [1][45]. Core Insights - Nvidia is set to launch the Spectrum-XGS Ethernet DCI product, which aims to redefine "scale across" for connecting geographically dispersed data centers, facilitating the creation of AI super factories with a power capacity exceeding one billion watts [3][15]. - The release of DeepSeek V3.1 enhances intelligent agent capabilities and is optimized for the next generation of domestic FP8 chips, indicating a significant improvement in performance and efficiency [4][16]. - The market is experiencing accelerated rotation among AI computing sectors, with expectations for continued highs, suggesting a focus on individual stock performance and strategic entry points during market corrections [5][17]. Summary by Sections Industry Dynamics - Nvidia's Spectrum-XGS product addresses the limitations of traditional scaling methods for AI demands, utilizing advanced algorithms and hardware-software optimizations to mitigate communication delays and congestion in GPU clusters [3][15]. - The introduction of the GSE standard by China Mobile aims to enhance bandwidth stability between data centers, highlighting potential investment opportunities in companies involved in network cards, switching chips, and optical modules [3][15]. Market Performance - The overall market performance for the week of August 18-22, 2025, showed varied results, with the STAR Market index rising by 13.31%, the Shenwan Communication Index by 10.84%, and the ChiNext Index by 5.85% [5][17]. - The top-performing sectors included the Internet of Things (+17.5%), optical modules (+16.3%), and cloud computing (+14.0%), indicating strong investor interest in these areas [5][17]. Recommended Companies - Key companies to watch include: - DCI: Dekor, Guangku Technology, Zhongji Xuchuang, New Yi Sheng, Changfei Fiber, Hengtong Optic-Electric - OCS: Guangku Technology, Lingyun Optics, Tengjing Technology, Saiwei Electronics, Tianfu Communication, Changxin Bochuang - Domestic Super Nodes: Shengke Communication, Luxshare Precision, Huiju Technology, Huafeng Technology, Wolong Nuclear Materials, Ruikeda, ZTE Corporation - Commercial Aerospace: Xinke Mobile, Shanghai Huanxun, Tongyu Communication, Zhenlei Technology, Tianyin Machinery, Shanghai Port Bay [6][18].

大家好，我是天弘基金张戈，关注通信设备指数投资机会伙伴，欢迎一起交流讨论~ 值得注意的是，该指数高度剔除运营商等下游应用，突出 "硬件卖铲人" 属性，使得相关企业能够在行 业扩张中共享红利，无论 AI 大模型最终花落谁家，其资本支出均须流向光模块、服务器、交换机等上 游基础设施。 在当前科技浪潮中，通信设备行业正凭借其与 AI 的深度融合，展现出强劲的发展势头。今日通信设备 指数再度成为市场焦点，延续了近年来的优异表现，截止下午14:45，日涨幅超8%。这背后有着深刻的 行业逻辑和市场驱动因素。 近一年来，通信设备板块涨幅近倍，核心动力源自 AI 算力需求爆发带来的 "硬件基础设施红利"。大模 型训练与推理对 GPU 并行算力的需求呈指数级扩张，这促使互联网及云厂商纷纷将资本开支向光模 块、交换机、服务器等上游环节集中。据估算，千亿美金级别的投入正直接转化为少数龙头供应商的订 单与收入。 以 2023 年底至 2024 年初的资本开支为例，这些投入已在当前逐渐显现成效，而 2024 - 2025 年各类 AI 应用的落地进一步强化了市场需求，从而形成了 "投入 — 盈利 — 再投入" 的良性飞轮效应。 二、通 ...

新华财经北京8月28日电（罗浩）沪深两市三大股指28日早间普遍小幅低开，各股指盘初整理后震荡上 扬，午间收盘前涨幅收窄，午后小幅调整，13时35分后开启一波持续上扬行情，至收盘时普遍显著上 涨。当日科创50指数大涨7.23%。 盘面上，科技类核心资产普遍大幅上涨，中芯国际收涨17.45%，寒武纪收涨15.73%，新易盛收涨 15.12%，胜宏科技收涨19.59%，中际旭创收涨10.44%，中兴通讯收涨7.53%，工业富联收涨7.04%，海 光信息收涨6.80%，拓维信息、领益智造、天孚通信、澜起科技、北方华创、瑞芯微、东山精密等科技 股当日亦有大幅上涨。板块方面，通信设备、半导体、铜缆高速连接、CPO概念、元器件、6G概念、 先进封装、光刻机、PCB概念、存储芯片等板块均有较大幅度上涨。 截至收盘，沪指报3843.60点，涨幅1.14%，成交额约12652亿元；深成指报12571.37点，涨幅2.25%，成 交额约17056亿元；创业板指报2827.17点，涨幅3.82%，成交额约8398亿元；科创综指报1617.46点，涨 幅4.29%，成交额约3552亿元；北证50指数报1554.43点，涨幅0.26%， ...

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3843.60 points, up 1.14%, and a trading volume of 12651.86 billion yuan [1] - The Shenzhen Component Index closed at 12571.37 points, up 2.25%, with a trading volume of 17056.17 billion yuan [1] - The ChiNext Index closed at 2827.17 points, up 3.82%, with a trading volume of 8301.15 billion yuan [1] Sector Performance Top Performing Sectors - The components sector led the gains with an increase of 4.93%, totaling a trading volume of 2687.53 million hands and a transaction value of 904.81 billion yuan, with a net inflow of 84.30 billion yuan [2] - The communication equipment sector rose by 4.11%, with a trading volume of 4116.66 million hands and a transaction value of 1765.66 billion yuan, showing a net inflow of 69.75 billion yuan [2] - The semiconductor sector increased by 4.07%, with a trading volume of 4329.86 million hands and a transaction value of 2710.20 billion yuan, and a net inflow of 143.30 billion yuan [2] - The electronic chemicals sector saw a rise of 3.29%, with a trading volume of 1301.03 million hands and a transaction value of 282.86 billion yuan, along with a net inflow of 20.97 billion yuan [2] Underperforming Sectors - The agriculture and forestry sector declined by 1.69%, with a trading volume of 1309.90 million hands and a transaction value of 80.87 billion yuan, experiencing a net outflow of 12.16 billion yuan [2] - The aquaculture sector fell by 0.79%, with a trading volume of 1282.96 million hands and a transaction value of 126.54 billion yuan, resulting in a net outflow of 9.38 billion yuan [2] - The automotive services sector decreased by 0.73%, with a trading volume of 421.29 million hands and a transaction value of 65.31 billion yuan, with a net outflow of 5.26 billion yuan [2]

Market Performance - Major A-share indices experienced slight fluctuations in the morning, followed by a surge in the afternoon, with the Shanghai Composite Index rising by 1.14% to close at 3843 points, the Shenzhen Component Index increasing by 2.25%, and the ChiNext Index up by 3.82% [1] - The total trading volume for the day reached 3 trillion yuan, a decrease of 196.9 billion yuan compared to the previous trading day, with over 2800 stocks rising across the market [1] Sector Performance - The CPO concept saw explosive growth, with stocks like Tianfu Communication and Woge Optoelectronics hitting the daily limit [1] - The copper cable high-speed connection sector also performed well, with Yidong Electronics reaching a 20% limit up [1] - F5G and 6G concepts surged, with Tefa Information hitting the daily limit [1] - The satellite internet sector was active, with Wantong Development and Xingwang Yuda reaching the daily limit [1] - The semiconductor sector saw significant gains, with SMIC rising over 17% and Cambrian Technology increasing over 15%, becoming the new stock king in A-shares [1] - Other sectors with notable gains included optical communication modules, PCB, lidar, and AIPC [1] - Conversely, the transgenic sector declined, with Topcloud Agricultural falling over 7%, and the Alzheimer's sector weakened, led by Kangyuan Pharmaceutical [1] - The viral prevention sector also saw declines, with Aladdin dropping over 8%, while the automotive services, grain concepts, and real estate services sectors experienced the largest declines [1] Top Gainers and Fund Inflows - The top gainers included the communication equipment sector, which rose by 7.31%, and the semiconductor sector, which increased by 6.15% [2] - The electronic components sector also saw a rise of 4.88% [2] - In terms of net fund inflows over the past five days, the diversified financial sector gained 2.99%, while computer hardware and basic funds increased by 2.74% and 2.02%, respectively [2]

Market Overview - The Shanghai Composite Index experienced slight fluctuations, briefly falling below the 3800-point mark, but closed at 3803.08 points, up 0.07% [1] - The Shenzhen Component Index rose by 0.56%, the ChiNext Index increased by 1.26%, and the STAR 50 Index surged by 3.67% [1] - The total trading volume across the Shanghai and Shenzhen markets reached 1.8084 trillion yuan [1] Sector Performance - Strong sectors included semiconductors, communication equipment, electronic chemicals, components, small metals, photovoltaic equipment, travel and hotels, and military electronics [2] - Weaker sectors comprised agriculture and forestry, aquaculture, education, and rail equipment [2] - Notable concept stocks that saw gains included CPO concept, optical communication, copper cable high-speed connections, automotive chips, and advanced packaging [2] Economic Outlook - The market has continued to rise over the past month due to multiple factors, including rising expectations for a Federal Reserve interest rate cut, ongoing technological catalysts, and a positive feedback mechanism from incremental capital [3] - The technology TMT sector has shown strong performance, with improved sentiment in the midstream manufacturing industry [3] - Looking ahead to September, expectations for a Federal Reserve interest rate cut are increasing, and there are early signs of a halt in PPI decline [3] Investment Recommendations - Key areas to focus on include electronics (semiconductors, consumer electronics), computers (computer equipment, software development), non-bank financials, power equipment (batteries, photovoltaic equipment, wind power equipment), machinery (automation equipment, engineering machinery), and beauty care [3]

核心结论：大盘上涨后的回撤，在回撤日表现坚挺的龙头，后续一个月无论 是平均、中位数，都有正超额。但这一超额主要发生在回撤日的一周内，说 明投资者对"聚焦主线"很快就会达成一致预期。反过来，"非主线"相对 大盘的累计超额，在后续 1、3、5、10、15、20 交易日数学期望虽均为负。 但这一负超额在回撤日后 1-2 周内计提，到了 T+20 就基本没有负超额了， 说明在回撤发生的两周内"非主线"或偏弱，但两周至一个月或会轮动修复。 8/27 的指数调整，除指数收中阴线外，结构上也有鲜明的"缩圈主线"特征。 为了讨论后续"聚焦主线"的问题，我们： 1）找出历史上指数快速上涨的，期间有超涨极其明显的主线板块的行情段； 找出这种行情段中第一个上证跌 1.5%以上的中阴。 2）把这一中阴定义为"回撤日"，将中阴线前 20 交易日涨跌幅排名前三的 行业，在中阴线当日依然表现排名前十（申万行业 124 个，大约相当于前 8%）， 称"龙头主线"，然后看后续 1、3、5、10、15、20 交易日这些主线和行业 表现。 3）量化实操上，我们标准为选取上证指数 20MA 乖离率指标大于 7%以找出 指数上涨段、将回撤日前 20 ...