Group 1: Market Expansion and Business Strategy - The company is focusing on the AI market, with significant growth in demand for optical modules as a foundational material for AI applications [1] - The company plans to deepen its investment in high-speed products and expand its customer base both domestically and internationally [1] - The optical communication business is a global focus, with Malaysia serving as a key base for international development [2] Group 2: Financial Performance and Orders - The company reports a positive trend in current orders, with clients from the internet, equipment manufacturers, and ecological partners [2] - The utilization rate of production capacity in Malaysia and Hefei is high, with ongoing expansion efforts [2] - The revenue contribution from high-speed copper cables is expected to increase as the products are gradually introduced to the market [3] Group 3: Strategic Direction and Acquisitions - The company has completed the acquisition of 51% of Wuhan Junheng Technology, which focuses on high-speed optical modules [4] - The company is considering further acquisitions of Junheng Technology's remaining shares based on business performance and market outlook [4] - The company aims to establish a value management system to protect the interests of stakeholders and enhance market performance [4]

Core Insights - The semiconductor industry is experiencing a true ecological synergy with AI, driven by technological advancements, which presents more certain investment opportunities in the future [1][2][3] Group 1: Investment Opportunities - The National Industry Fund's third phase has just entered the market about a year ago, indicating that more certain investment opportunities may arise in the semiconductor sector [1][2] - Recent years have seen significant opportunities in specific segments such as optical modules and liquid cooling, although their market performances have diverged [1][2] - Liquid cooling is expected to have a larger future market potential due to increasing demand in data center construction, as highlighted by NVIDIA's CEO [2] Group 2: Market Dynamics - The semiconductor sector is influenced by emotional market sentiments, especially under international circumstances, leading to significant market fluctuations [3] - The explosion of the AI industry has attracted substantial capital to both secondary and primary markets, resulting in a large increase in market metrics like price and market capitalization [3] - The actual development of the industry may not keep pace with market enthusiasm, suggesting that investors should focus on specific segments with greater growth potential [3]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the overseas computing power demand, particularly focusing on the optical communication industry and related companies involved in chip production and optical modules. Core Insights and Arguments - The overseas demand for 800G in 2026 is projected to exceed 3000 watts, indicating a significant growth in the market [1] - Meta's incremental demand is notably increasing, with expectations to surpass 800 watts in 2026, primarily driven by single-mode technology [2] - Companies like Xuchuang and NewEase are accelerating their chip production capacity bookings for 2025-2026, highlighting a shortage in silicon photonic sources [3] - Meta's performance has exceeded expectations, leading to an upward revision of its capital expenditure for 2025 from $60 billion to $65 billion [4] Key Companies Mentioned - Optical Modules: Zhongji Xuchuang, NewEase, Huagong Technology, Guangxun Technology, Liante Technology, Cambridge Technology, Dekoli, and Huilv Ecology [5] - High-Speed Copper Cables: Not specifically detailed in the document [6] - CPO/Silicon Photonics: Taicheng Technology, Tianfu Communication, Shijia Photonics, Bochuang Technology, Yuanjie Technology, Guangku Technology, Changfei Optical Fiber, Changguang Huaxin, and Tengjing Technology [7] - PCB & Switches: Ruijie Networks, Hudian Co., Shenzhen South Circuit, and Unisplendour [8] Additional Important Information - The document emphasizes the tight supply of silicon photonic sources, which could impact the production capabilities of the mentioned companies [3] - The upward revision of Meta's capital expenditure reflects a broader trend of increasing investment in infrastructure to support growing demand in the optical communication sector [4]

Summary of Key Points from Conference Call Records Industry Overview - The optical module industry is experiencing rapid growth, with 800G technology becoming a key growth driver. Global demand for 800G is expected to reach 30 million units, with a market size of 100 billion RMB, indicating that "whoever masters 800G will dominate the market" [1][4] - The industry is characterized by a stable structure, dominated by companies such as Coherent, Lumentum, and domestic player Xinyi Yisheng. Upstream chip companies like Broadcom and Marvell have strong pricing power, with potential opportunities emerging in the 3.2T era [1][7] Core Insights and Arguments - **800G Demand**: The anticipated demand for 800G is expected to remain robust, with industry confidence growing after a period of adjustment. This mirrors market behavior observed in mid-2024 [3] - **CSP Technology**: While CSP technology is gaining attention, pluggable optical modules remain the mainstream choice. The development of CSP technology will take time, and pluggable products will continue to dominate in the near future [1][5] - **Passive Products**: Companies like Shijia Photon, Bochuang, and Taicheng are showing strong performance in passive products, indicating ongoing growth potential in this segment [1][6] - **Photon Penetration**: Increased photon penetration is driving industry growth, with discussions among major companies like Nvidia and Broadcom highlighting the advantages of Optical IO in terms of cost and power consumption [1][8][9] Additional Important Insights - **Distributed Construction Demand**: There is a growing need for distributed construction in both North America and China to meet low-latency inference requirements, benefiting companies like Corning, Ciena, and Lumentum [1][10][11] - **Impact of AI Chip Policies**: New U.S. policies limiting HBM bandwidth and IO bandwidth are expected to weaken AI chip performance, favoring domestic graphics card alternatives. Domestic graphics cards are projected to start shipping in Q3 2025, improving market conditions [2][13][14] - **Market Sentiment**: The recent market performance of optical modules reflects a more rational long-term view of industry progress, driven by advancements in AI models and sustained capital expenditures [1][16] This summary encapsulates the key points from the conference call records, providing a comprehensive overview of the optical module industry and related developments.

Summary of Conference Call Records Industry Overview - **Industry**: Optical Modules and Humanoid Robots - **Key Players**: Nvidia, Shijia Photon, Xinyi Technology, Songyan Power, Xin Yi Sheng, Xinjie Electric, and others Key Points on Optical Modules - Nvidia has open-sourced multiple code reasoning models, which are expected to accelerate the development of high-speed optical modules. The company has successfully launched the latest 800G/1.6T optical module products based on single-wave 200G optical devices [1] - The optical module industry is entering a phase of technological selection and demand restructuring. The 800G remains the mainstream product, while the 1.6T production cycle is longer than expected. CPO is unlikely to replace pluggable solutions in the short term, and the passive device market is undergoing a value reassessment [2] - Shijia Photon’s CWDMAWG and LANWDMAWG components are widely used in major global optical module companies, holding a significant position in the supply of components for 100G to 800G high-speed optical modules. Products for 400G, 800G, and 1.6T MT-FA are in various stages of application and customer validation [2] - New Yi Sheng has launched the latest 800G/1.6T optical module products based on single-wave 200G optical devices, with a product portfolio that includes VCSEL/EML, silicon photonics, and thin-film lithium niobate technology solutions [2] Key Points on Humanoid Robots - Songyan Power has released a new generation of humanoid robots with a female appearance, featuring multi-modal embodied interaction, high degrees of freedom (32 DOF), and near-human facial expressions. The company has already surpassed 1,000 units in orders for its N2 robot [3] - The global humanoid robot industry is expected to reach a scale of $32.4 billion by 2029. Institutions predict that Tesla's humanoid robot, Optimus, will gradually clarify its mass production rhythm, alongside continuous layouts from major players like Nvidia, Huawei, and others, indicating a potential acceleration in the humanoid robot industry [3] - Xinjie Electric is actively developing components for humanoid robots, including hollow cup motors and frameless torque motors, and is planning production lines for these technologies. The company has successfully developed a ball screw product for humanoid robot dexterous hands and is in the process of customer validation [4] Additional Insights - The optical module industry is experiencing a return to a 2-3 year iteration rhythm for industry chain upgrades, and the secondary market should rationally view technological evolution and performance realization [2] - The humanoid robot sector is seen as a significant opportunity for industrial upgrades, with expectations for explosive growth starting in 2025 [3] - The market has shown a mixed performance, with a decrease in the number of stocks exceeding 1 billion in trading volume, particularly in the chip and robot sectors [9] Conclusion - The optical module and humanoid robot industries are poised for significant growth driven by technological advancements and increasing demand. Key players are actively innovating and expanding their product offerings, indicating a robust market outlook.

● 本报记者 王婧涵 从通用大模型到智能体，人工智能技术的升级一直是市场关注焦点。从2024年年报看，人工智能产业链 公司业绩大幅增长，应用场景不断落地赋能千行百业，为上市公司提供新发展动能。 AI赋能千行百业 作为未来社会的发展基础，人工智能对传统行业及新兴行业均产生显著影响。不少上市公司通过人工智 能技术赋能生产经营，或是围绕人工智能应用场景开拓新的业务，打造企业第二增长曲线，实现了高质 量发展并提升公司业绩。 在视源股份"未来一节课"体验区，记者体验了人工智能辅助自动生成课件、教案；智能反馈课堂情况、 智能分析学生学情等丰富的教育教学产品。 2024年，视源股份总收入同比提升11.05%，公司围绕视觉、听觉、触觉及数据四大方向推进以人工智 能为核心的技术布局，落地人工智能+教育、人工智能+办公等应用场景，在智能控制部件和智能终端 及应用上实现业绩增长。 视源股份未来教育集团（希沃）副总裁魏振水表示，数智化赋能课堂教学是时代要求，对重构新型教学 关系有重要意义，公司希沃品牌将秉持数智化教育使命，扎根校园、深入校园，通过人工智能和数智化 技术为消除教育行业的数字鸿沟尽一份力。 不仅教育行业，消费、能源、交通 ...

Core Viewpoint - Zhongji Xuchuang (300308.SZ) benefits from the continuous growth in AI computing infrastructure and related capital expenditures, leading to rapid growth in operating performance [1][3]. Financial Performance - In Q1 2025, Zhongji Xuchuang achieved operating revenue of 6.674 billion yuan, a year-on-year increase of 37.81%, and a net profit of 1.583 billion yuan, up 56.83% year-on-year [2][3]. - The annual report for 2024 shows revenue and net profit of 23.862 billion yuan and 5.171 billion yuan, respectively, representing year-on-year growth of 122.64% and 137.93% [1][3]. - The company reported that Q1 2025's revenue, net profit, and net profit excluding non-recurring gains all set single-quarter historical highs [3]. Growth Drivers - The significant increase in sales of 800G and 400G high-end optical modules, along with continuous optimization of product structure, contributed to the rapid growth in performance [1][3]. - The ongoing construction of computing power infrastructure by end customers and strong capital expenditures are key factors driving the sales increase [3][5]. Dividend Announcement - For 2024, the company announced a cash dividend of 5 yuan per 10 shares, totaling 552 million yuan, with no bonus shares or capital reserve conversion [4]. R&D Investment - Zhongji Xuchuang integrates R&D, design, packaging, testing, and sales of high-end optical communication transceiver modules, providing solutions for cloud data centers and telecom equipment manufacturers [5]. - The company has seen a continuous increase in R&D investment, with amounts of 792 million yuan, 809 million yuan, and 1.333 billion yuan from 2022 to 2024 [6]. Market Outlook - The global market for optical modules is expected to grow at a compound annual growth rate of 22% from 2024 to 2029 [6]. - Zhongji Xuchuang aims to focus on core markets such as cloud computing data centers and 5G networks, increasing investment in high-speed optical modules [6].

Group 1: Impact of Tariffs - The company is currently researching relevant tariff policies, including evaluating the proportion of product value eligible for tariff exemptions and will submit applications if requirements are met [3] - Overseas customers have not adjusted any demands or orders since the imposition of additional tariffs, nor have they requested changes to existing trade terms [3] - The company has the capability to produce optical modules at its Thailand factory and can deliver products accordingly [3] Group 2: Investor Q&A Highlights - The company sources high-end optical chips from both the US and other countries, and can ship imported chips directly to its Thailand factory for production [4] - The overall supply of EML optical chips is still tight in Q1, but is expected to ease in Q2 and the second half of the year due to increased output from chip manufacturers [4] - The shipment volume of 1.6T products is expected to increase from Q2, but overall demand has decreased compared to the previous year due to customer demand being deferred [4] Group 3: Market Trends and Future Outlook - The demand for 800G and 400G modules remains strong as global CSP manufacturers adopt Ethernet switch technology for AI data centers [7] - The CPO technology is still in the early stages of development and will take time for widespread acceptance and deployment [7] - There is an expectation for larger-scale deployment of 1.6T products in 2026, driven by increasing demand for computing power in AI applications [7]