Summary of Key Points from Conference Call Industry Overview - The conference highlighted the rapid development of AI technology and its impact on the optical module market, with the OCPR conference actively promoting related technologies [1][2] - The satellite internet sector is experiencing accelerated investment and construction, with multiple companies launching new satellite constellations [1][5] - Liquid cooling technology is gaining attention, with significant profit contributions expected from overseas markets in the coming year [1][6] Company-Specific Insights ZTE Corporation - ZTE's switching chips and CPUs are currently undervalued, with the next-generation 51.2T switching chip and 5nm Summit CPU expected to significantly increase revenue and profit upon mass production in 2026 [1][3] - ZTE's current valuation is around 20 times earnings, with potential to rise to 30 times as new product sales scale up [3] - The company has shown strong performance in the optical communication sector, with a notable increase in net profit for its subsidiary, exceeding 30% year-on-year [3][13] Yilink Network - Yilink Network's third-quarter performance showed growth, with expectations of over 3 billion profit in 2026, corresponding to a PE ratio of less than 15, making it a stable investment option [1][8] Invek - Invek's third-quarter results indicated an increase in gross margin and net profit, with a focus on profitability despite a slowdown in revenue growth [1][6] Market Trends - The optical module market is expected to see an increase in demand and pricing in 2026, despite recent volatility due to US-China trade tensions [2] - The global liquid cooling market is projected to reach a scale of 100 billion RMB, with companies like Invek, Shenling, and Yishite being key players [1][6] - The overseas computing sector is rapidly evolving, with the OCP conference setting hardware update goals that reflect increasing demands for power, connectivity, and liquid cooling [1][9] Technological Developments - The OCP conference established a new organization to promote standardization in multi-modal technology, which is expected to expand significantly in 2026 [1][10] - OpenAI has updated its shopping feature and plans to release new products in December, indicating ongoing advancements in AI applications [1][12] - Google's model testing has progressed, with the upcoming release of the Gemini 3.0 model being closely monitored [1][14] Conclusion - The conference underscored the robust growth potential in the optical communication, satellite internet, and liquid cooling sectors, with specific companies like ZTE and Yilink Network positioned for significant gains in the near future [1][3][8][13]

Summary of OCP Conference Insights and Industry Trends Industry Overview - The conference focused on the optical communication sector, highlighting significant investment opportunities in optical modules and chip companies, driven by increased capital expenditures from major firms like ByteDance, Alibaba, and Tencent [1][3][4]. Key Insights and Arguments - **Data Center Trends**: The construction of ultra-large data centers is becoming mainstream, which is expected to drive non-linear growth in the AI supply chain, including optical modules and liquid cooling solutions [1][5]. - **Decoupling in Data Centers**: A trend towards decoupling CPU, GPU, storage, and switches is anticipated to gain focus post-2027-2028, aiming for more efficient data processing and resource utilization [1][7][8]. - **Importance of Optical Interconnects**: Optical interconnects are increasingly vital in data centers, with Broadcom launching commercial 800G network cards, indicating the maturation of the 1.6T supply chain and promoting growth in network equipment and optical module markets [1][9]. - **Flexible Resource Allocation**: Data center resource allocation is evolving towards more flexible and efficient management, allowing for decentralized management of GPUs and CPUs, which enhances operational efficiency and environmental adaptability [1][10]. Emerging Technologies and Developments - **New Technology Signals**: The OCP conference revealed positive signals regarding advancements in 400G, 800G, and 1.6T modules, with ongoing technological developments boosting market confidence in AI [2][3]. - **Upcoming Google Gemini 3 Model**: The anticipated release of Google's Gemini 3 model, which boasts strong visual processing capabilities and long-context understanding, is expected to drive hardware infrastructure investments and demand growth [3][11][12]. - **Rising Demand for 1.6T Optical Modules**: The demand for 1.6T optical modules is projected to increase significantly in 2026, supported by advancements in NVIDIA's LOBBY architecture and TSMC's capacity enhancements [3][13]. Investment Opportunities - **Core Domestic Companies**: There are strong investment opportunities in domestic core companies such as ZTE and Ruijie Networks, which are expected to benefit from the ongoing trends in the optical communication sector [1][4]. - **Supply Chain Beneficiaries**: Companies like Zhongji Xuchuang and Xinyi Communication are likely to benefit from the rising demand for 1.6T optical modules and the maturation of related technologies [3][13]. Additional Noteworthy Updates - **NPO Industry Developments**: The NPO (Non-Profit Organization) sector continues to see robust orders, particularly for ultra-small MPO connectors, which are essential for high-density access in data centers [14]. - **Overall Market Outlook**: The overall outlook for the industry remains positive, with increasing demand for 1.6T optical modules and no apparent ceiling in sight, despite stock price adjustments due to international conditions [15].

本报讯 （记者毛艺融）近日，爱柯迪股份有限公司（以下简称"爱柯迪"）发布发行股份购买资产并配 套募资实施情况报告书，其中披露收购标的卓尔博71%股权已于9月底过户至上市公司名下，10月10 日，用于购买标的股权发行的新增股份已完成登记。数据显示，三季度以来，一批沪市公司重大资产重 组实施完毕，为增厚全年业绩奠定基础。 三季度内多单重组"落地" 分析人士指出，"并购六条"明确提出，要加大产业整合支持力度，引导更多资源向优势企业和前沿领域 集中。在产业同质化竞争加剧、资源配置效率亟待提升的背景下，这一政策有效推动了行业集中度提升 和资源的优化配置。过去一年，沪市重大资产重组中，基于产业逻辑的并购整合占据主流，涉及同行业 并购的合计77单，占比超七成，对应金额超过2200亿元。 此外，转型类重组因为公司的迫切意愿也进展迅速，为未来发展赢得更多空间。除了作别煤炭业务的江 钨装备，广西广电也实施了类似重组。公司将广电主业置出，置入北投集团所持交科集团51%股权，实 现了亏损业务的剥离，公司的重组已于8月底实施完毕。而最早见效的案例当属广东松发陶瓷股份有限 公司，公司置出传统陶瓷制品业务，置入恒力重工集团有限公司，实现向 ...

国产AI芯片龙头寒武纪的业绩表现同样引人注目，实现跨越式增长。公司前三季度实现营业收入46.07 亿元，同比大幅增长23倍；实现归母净利润16.05亿元，同比增长321.49%。据公司介绍，业绩增长主要 系在报告期内市场的持续拓展，以及公司积极助力人工智能应用落地。截至三季度末，公司预付款项、 存货规模分别达到6.90亿元、37.29亿元，其中存货较二季度末环比增长近4成，再创历史新高。 随着三季报陆续披露，多家科创板企业业绩亮眼。具体看，AI算力芯片、光通信等新兴产业的科创板 企业延续了上半年业绩的良好增势，量子计算、新能源领域的多家企业则大方披露前沿技术的商业化进 展，凸显了科创板在培育战略新兴及未来产业、形成新质生产力中的引领作用。 芯片设计领域国产生态日趋完善，AI商业化加速落地 作为当前最具颠覆性的技术浪潮，人工智能正通过与各行业的深度融合，不断催生新质生产力，为未来 产业培育创造肥沃土壤。海光信息、寒武纪2家芯片设计企业，三季度业绩表现突出，多个财务指标向 好，成为我国人工智能产业算力基础构建的重要参与方。 国产高端处理器龙头海光信息第三季度展现了强劲的增长动力。公司前三季度实现总营业收入94.9 ...

Core Viewpoint - The recent quarterly reports from various companies listed on the Sci-Tech Innovation Board (STAR Market) show strong performance, particularly in emerging industries such as AI computing chips and optical communication, indicating the board's role in fostering strategic emerging and future industries [1] Group 1: AI Computing Chip Industry - The domestic AI chip design ecosystem is becoming increasingly robust, with companies like Haiguang Information and Cambricon Technologies showing significant financial improvements, contributing to the foundational construction of China's AI industry [2][3] - Haiguang Information reported a total revenue of 9.49 billion yuan for the first three quarters, a year-on-year increase of 54.65%, and a net profit of 1.96 billion yuan, up 28.56% [2] - Cambricon Technologies achieved a remarkable revenue of 4.607 billion yuan, a year-on-year increase of 2300%, and a net profit of 1.605 billion yuan, up 321.49% [3] Group 2: Optical Communication Industry - Optical communication is identified as a key infrastructure for future information industries, with companies like Shijia Photonics and Tengjing Technology showing impressive growth [4] - Shijia Photonics reported a revenue of 1.56 billion yuan for the first three quarters, a year-on-year increase of 113.96%, and a net profit of 299 million yuan, up 727.74% [4] - Tengjing Technology achieved a revenue of 425 million yuan, a year-on-year increase of 28.11%, and a net profit of 64 million yuan, up 15.00% [4] Group 3: Future Technology and Energy Materials - Companies are strategically positioning themselves in frontier technologies, with notable performances in quantum technology and future energy sectors [5][6] - GuoDun Quantum reported a revenue of 190 million yuan, a year-on-year increase of 90.27%, and a net loss of 26 million yuan, a reduction of 51.98% [5] - Rongbai Technology announced advancements in solid-state battery materials, achieving ten-ton level shipments of high-nickel and ultra-high-nickel solid-state cathode materials, with production expected to commence in mid-2026 [6]

Core Viewpoint - The report highlights the completion of significant asset restructuring among several companies in the Shanghai Stock Exchange, which is expected to enhance their annual performance and facilitate industry consolidation [1][2]. Group 1: Asset Restructuring Developments - Aikodi has successfully transferred 71% of the equity of the acquisition target, Zhaolbo, to the listed company by the end of September, with the new shares issued for the acquisition registered by October 10 [1]. - At least eight companies, including Zongyi Co., Guangxi Broadcasting, Anfu Technology, and Anyuan Coal Industry, have completed their restructuring processes in the third quarter [2]. - Anfu Technology's acquisition of a 31% stake in Anfu Energy through share issuance and cash payment has increased its ownership from 62.25% to 93.26%, projecting a rise in net profit from 168 million to 253 million yuan for 2024 [2]. Group 2: Industry Consolidation and Synergy - The positive impact of acquisitions on financial performance is complemented by the long-term benefits of industrial integration, as seen in the cases of Aikodi, Changying Tong, and Huahai Chengke, which enhance their respective supply chains and market shares [3]. - The "Six Guidelines for Mergers and Acquisitions" emphasize the need for increased support for industrial integration, directing resources towards leading enterprises and cutting-edge sectors, which has led to a rise in industry concentration and resource optimization [3]. - Over the past year, more than 70% of significant asset restructurings in the Shanghai market have been based on industrial logic, with over 220 billion yuan involved in 77 transactions within the same industry [3].

三季度以来，包括综艺股份、广西广电、安孚科技等在内的至少8家沪市公司宣布重组实施完成。从已 取得重大进展的案例看，产业整合仍为主线。比如，爱柯迪收购卓尔博，进一步完善汽车零部件供应链 布局；长盈通收购生一升光电，实现光通信业务的上下游协同；华海诚科收购衡所华威，通过强强联合 提升环氧塑封料行业市场份额，均为产业整合的代表性案例。分析人士指出，"并购六条"明确提出，要 加大产业整合支持力度，引导更多资源向优势企业和前沿领域集中。在产业同质化竞争加剧、资源配置 效率亟待提升的背景下，这一政策有效推动了行业集中度提升和资源的优化配置。过去一年，沪市重大 资产重组中，基于产业逻辑的并购整合占据主流，涉及同行业并购的合计77单，占比超七成，对应金额 超过2200亿元。 ...

【光模块的本质：技术驱动型产品，非标准大宗品】 市场对光模块价格变动存在诸多误解，认为光模块价格会随着供需关系、 产能周期发生变动。光模块不像面板、电子元器件这样的标准元器件是大 宗商品，而是典型的技术驱动型产品，其价格变动遵循着独特的行业规律。 证券研究报告 | 行业周报 gszqdatemark 2025 10 19 年 月 日 通信 如何看待当下的光模块行情？ 在 AI 算力需求持续爆发的驱动下，光模块市场正经历着高速增长与技术 迭代的双重变奏。光模块价格的变动反映了该行业健康发展的本质——价 格变动不是简单的供求博弈，而是技术迭代速度、成本控制能力与产品结 构优化三者共同驱动。 与大宗商品的"供需-价格"波动机制不同，光模块价格遵循"新品高毛 利→规模化后平滑下降→技术迭代"的健康规律。 每一代新产品上市初期 都因技术壁垒而享有溢价，随后随着量产规模扩大、良率提升和成本优化， 价格呈现渐进式、可预测的平滑下降。800G 和 1.6T 光通信的迭代周期从 传统 3-4 年缩短至 1-2 年，800G 光模块已实现大批量出货，1.6T 光模块 开始逐步放量，预计 2026 年将开始规模商用。这种持续的技术 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The OCP summit showcased advancements in optical communication, liquid cooling, and power supply sectors, indicating accelerated development in these areas [10][11] - TSMC raised its capital expenditure guidance due to strong AI demand, projecting a total capital expenditure of USD 40-42 billion for 2025, up from the previous guidance of USD 38-42 billion [12] - The report emphasizes three main investment lines: optical communication, liquid cooling, and domestic computing power [5] Summary by Sections 1. Weekly Investment Insights - The OCP summit highlighted significant developments in optical communication, liquid cooling, and power supply sectors [10] - TSMC's capital expenditure guidance was raised, reflecting robust AI demand [12] - Investment suggestions focus on the computing power supply chain and AI applications [13][14] 2. Communication Data Tracking - As of August 2025, China had 4.646 million 5G base stations, with a net increase of 395,000 stations from the end of 2024 [24] - The number of 5G mobile phone users reached 1.154 billion, a year-on-year increase of 19.46% [24] - 5G mobile phone shipments in June 2025 were 18.436 million units, accounting for 81.6% of total shipments, but showed a year-on-year decline of 16.7% [24] 3. Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached CNY 56.1 billion, up 11.3% year-on-year; China Telecom's cloud revenue was CNY 57.3 billion, up 3.8%; and China Unicom's cloud revenue was CNY 37.6 billion, up 4.6% [39] - The ARPU values for the three major operators remained stable, with slight decreases noted for China Unicom [39][42]

Core Insights - The A-share IPO review maintained a "full approval" pace from October 13 to 17, with three companies successfully passing the review, highlighting a focus on hard technology enterprises [2][3][4] Recent Approvals - **Tiansu Measurement**: On October 16, Tiansu Measurement's IPO application was approved after four previous suspensions. The company projects steady revenue growth from CNY 597 million in 2023 to CNY 800 million in 2025, with net profits increasing from CNY 84.39 million to CNY 111 million during the same period [2] - **Angrui Microelectronics**: Approved on October 15, Angrui Microelectronics aims to raise CNY 2.067 billion for the development of 5G RF front-end chips and related projects. The company specializes in RF and analog integrated circuit design [3] - **Yuxun Technology**: Yuxun Technology's IPO was approved after a previous deferral. The company focuses on optical communication chips and plans to raise CNY 809 million for various development projects, with projected revenues growing from CNY 313 million in 2023 to CNY 411 million in 2024 [4] New Listings - **Changjiang Energy Technology**: Listed on the Beijing Stock Exchange on October 16, with a share price increase of 254.03%. The company raised CNY 160 million for expanding production capacity and R&D in energy equipment [5] - **Yunji Technology**: Listed on the Hong Kong Stock Exchange on October 16, with a first-day price increase of 26.05%. The company raised approximately HKD 660 million, with significant oversubscription [6] - **Xuanzhu Biopharmaceutical**: Listed on October 15, with a first-day increase of 126.72%. The company focuses on innovative drug development in the biopharmaceutical sector [7] Recent Filings - **Shouchuang Securities**: Filed for a dual listing on the Hong Kong Stock Exchange, reporting total revenues of approximately CNY 2.519 billion in 2022, with a projected growth trend [8] - **Shuanglin Co.**: Recently submitted a prospectus for listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 2.525 billion in the first half of 2025, with a 20.1% year-on-year growth [9] - **Tambor Group**: Filed for a listing on the Hong Kong Stock Exchange, focusing on outdoor apparel with a revenue of approximately CNY 732 million in 2022 [10] - **Chengyi Biotech**: Submitted a prospectus for a Hong Kong listing, focusing on developing new oral small molecule drugs for cardiovascular and metabolic diseases [11] - **Dongpeng Beverage**: Filed for a listing on the Hong Kong Stock Exchange, reporting a revenue of CNY 8.5 billion in 2022, with a leading market position in the functional beverage sector [12]