内容概要：高速铜缆是指利用铜作为导体，通过先进的电缆设计、屏蔽技术和连接器工艺，在极短距离 内（通常小于10米，特别是3-5米）实现超高数据速率（如400Gbps、800Gbps甚至1.6Tbps）传输的电缆 组件。随着下一代通信技术如6G的研发和部署，受AI服务器及算力中心对高速率、低迟延传输的需求 不断上升，对通信电缆的传输速率和容量要求将进一步提高，高速通信电缆市场迎来快速扩张。高速铜 缆是目前算力中心机架内及机架间短距离互连的理想解决方案，它成为伴随投资扩张长期增长的板块， 而非短期波动的设备需求。2025年全球高速通信电缆市场规模约为4亿美元，其中，高速铜缆市场规模 1.9亿美元，占高速通信电缆市场的47.50%；预计2026年全球高速通信电缆市场规模有望增长至5.8亿美 元，其中，高速铜缆市场规模约2.7亿美元，约占高速通信电缆市场的46.55%。 上市企业：蘅东光[920045]、兆龙互连[300913]、新亚电子[605277]、香农芯创[300475]、意华股份 [002897]、沃尔核材[002130]、宝胜股份[600973]、华脉科技[603042]、精达股份[600577]、瑞可达 ...

日前，美克家居（600337）发布公告，拟以"股份+现金"方式收购算力领域的深圳万德溙光电科技有限 公司（以下简称"万德溙"）100%股权，并同步募集不超交易对价100%的配套资金。公司股票已于1月5 日开市起复牌，开盘即涨停，收盘价3.21元。 行业高速发展 美克家居此次跨界，精准切入了一个正处于爆发前夜的黄金赛道。在AI算力集群内部，尤其是GPU服 务器之间7米以内的极短距离互联场景，高速铜缆具有不可替代的优势。这类产品具有极高的成本效 益，成本仅为光模块的1/3至1/5，并且无需光电转换带来的低功耗、低延迟优势。 随着全球AI军备竞赛白热化，算力规模呈指数级扩张。单个AI服务器的高速铜缆用量呈数倍提升，行 业分析预测，2025年全球高速铜缆需求将超过2亿条，市场正迎来爆发期。市场研究机构的报告指出， 全球高速铜缆市场年复合增长率预计超过25%，到2028年市场规模有望达到60亿美元。与此同时，中 国"东数西算"国家工程的全面推进，为国产高速互联产品提供了巨大的市场与政策红利。 并购标的核心竞争优势强 此次并购的核心标的万德溙，在高速铜缆领域是不折不扣的"隐形冠军"。这家公司专注于数据中心内部 短距、高速 ...

净利连续亏损、营收规模不断缩窄，美克家居的财务数据反映出公司当下的经营困境。12月17日晚，美 克家居祭出大动作，将目光投向跨界，欲购高速铜缆龙头企业深圳万德溙光电科技有限公司（以下简 称"万德溙"）控制权。 资本市场上，A股公司跨界并购比比皆是，但也出现不少整合效果不尽如人意的案例。另外，截至今年 前三季度末，美克家居控股股东美克投资集团有限公司（以下简称"美克集团"）所持公司近34%的股份 仍处于满仓质押状态。美克家居本次跨界并购能否解困并缓解实控人冯东明的压力，还是未知数。 标的去年估值3.6亿元 由于筹划并购万德溙控制权，美克家居股票自12月18日起开始停牌，预计停牌时间不超过10个交易日。 2018年5月成立的万德溙总部位于深圳，公司研发、生产并销售应用于AI算力集群和数据中心的全系列 高速互连线缆组件及模块，主要产品为传输速率25G—800G的各种类型的铜缆产品，包括无源直连铜 缆、有源直连铜缆以及环回测试模块。美克家居则系家居巨头，主要从事家具及配套家居产品的生产及 销售，不难看出，此次收购也构成跨界。 年度净利亏损加剧 跨界并购背后，近年来美克家居净利接连亏损，并且年度净利亏损加剧。 美克家居 ...

净利连续亏损、营收规模不断缩窄，美克家居（600337）的财务数据反映了公司当下的经营困境。12月17日晚间，美克家居祭出大动作，将目光盯向了跨 界，欲购高速铜缆龙头企业深圳万德溙光电科技有限公司（以下简称"万德溙"）控制权。 据露笑科技彼时公告，万德溙投前估值为3亿元，增资完成后标的公司估值为3.6亿元。 天眼查显示，截至最新，深圳万德亚盛科技企业（有限合伙）、露笑科技分别系万德溙第一大、第二大股东，持股比例分别为83.33%、16.67%。 对于标的目前的盈利能力，美克家居在公告中并未过多介绍。不过，露笑科技当时公告中披露数据显示，截至2024年6月30日，万德溙资产总额为2878.9万 元，负债总额为2338.71万元，净资产为540.19万元，上半年营业收入为1701.65万元，净利润为90.87万元，上述数据均未审计。 资本市场上，A股公司跨界并购比比皆是，但整合效果不尽如人意的也有不少案例。另外，截至今年前三季度末，美克家居控股股东美克投资集团有限公司 （以下简称"美克集团"）所持公司近34%的股份仍处于满仓质押状态。美克家居的这次跨界并购，能否解开公司困局、疏解实控人冯东明的压力，结果还是 个未 ...

来源：粤股8 连年亏损的局面下，曾经的"高端家居第一股"美克家居（600337）抛出跨界收购计划。 昨日晚间，美克家居发布公告称，公司正在筹划以发行股份及支付现金的方式收购深圳万德溙光电科技 有限公司控制权，并募集配套资金。目前，公司已经与部分主要交易对方签署了《股权收购意向性协议 书》，初步达成购买资产意向。公司股票将于12月18日开市起停牌，预计停牌时间不超过10个交易日。 昨日晚间，美克家居发布公告称，公司正在筹划以发行股份及支付现金的方式收购深圳万德溙光电科技 有限公司控制权，并募集配套资金。目前，公司已经与部分主要交易对方签署了《股权收购意向性协议 书》，初步达成购买资产意向。公司股票将于12月18日开市起停牌，预计停牌时间不超过10个交易日。 双方在增资协议中约定，若万德溙光电发展达到预期，露笑科技"可能对其控股权进行收购"。根据公 告，若万德溙2025年1-6月母公司合并报表，扣除非经常性损益前后孰低净利润达到1500万元以上，或 2025年度业绩达到协议约定相应年度的承诺业绩，露笑科技有权（但无义务）按照约定通过增资或者受 让原股东股权的方式成为万德溙的控股股东。增资或者股权受让价格为投前估值 ...

面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里 一堆专业术语不知道算利好还是利空？请看智通财经公司新闻部《速读公告》栏目，我们派 驻全国的记者们将于公告当晚为您带来准确、快速、专业的解读。 智通财经12月17日讯（记者 方彦博）连年亏损的局面下，曾经的"高端家居第一股"美克家居 （600337.SH）抛出跨界收购计划。 双方在协议中约定，本次增资万德溙的投前估值为3亿元，露笑科技增资完成后万德溙估值为3.6亿元。 万德溙承诺，在2025年度-2027年度，公司经审计合并报表扣除非经常性损益前后孰低净利润分别为 3000万元、4000万元、5000万元，双方还就上述约定签订了业绩差额补偿及股权回购协议。 值得注意的是，双方在增资协议中约定，若万德溙光电发展达到预期，露笑科技"可能对其控股权进行 收购"。 根据公告，若万德溙2025年1-6月母公司合并报表，扣除非经常性损益前后孰低净利润达到1500万元以 上，或2025年度业绩达到协议约定相应年度的承诺业绩，露笑科技有权（但无义务）按照约定通过增资 或者受让原股东股权的方式成为万德溙的控股股东。增资或者股权受让价格为投前估值不低 ...

Market Overview - The market experienced a collective slight decline, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 0.51%, 0.78%, and 1.12% respectively, as over 3,800 stocks declined and more than 1,400 stocks rose [3] Aerospace Industry - The Zhuque-3 rocket successfully entered orbit but failed its recovery test, which was highly anticipated as a milestone for China's space program, potentially making it the second country after the U.S. to master reusable rocket technology [6][7] - Following the recovery failure, the aerospace sector saw a decline, with stocks like Superjet Co., Qianzhao Optoelectronics, and others experiencing significant drops, while Shanghai Hanxun surged, leading to a partial rebound in the sector [8][9] Consumer Sector - Xiangpiaopiao saw a sudden surge, hitting the daily limit after two rounds of increases, attributed to its popular advertising slogan and the current market trend favoring abstract concepts amid a lack of strong mainstream themes [13][14] - Hebai Group experienced a direct rise in the morning but fell back by the end of the day, closing up 5.42%, driven by the popularity of its products in Guangde, which has sparked a cross-province consumption trend [16] AI and Technology - Zhaoxin Co. announced a new product line related to AI smartphones, but the products were merely cleaning agents, leading to skepticism about the company's marketing strategy [19]

Market Overview - The market experienced a slight V-shaped recovery despite overall poor performance, with storage chip concepts seeing significant gains, including stocks like Demingli and Chengbang shares reaching their daily limit [3] - The Shanghai Composite Index and Shenzhen Component Index closed down by 0.18% and 0.29% respectively, while the ChiNext Index rose by 0.21%, with over 4,200 stocks declining and more than 1,100 stocks rising [4] Technology Sector - The technology sector saw a boost from comments made by the Chairman of the China Securities Regulatory Commission, indicating that the market's technology component has risen to over 25% of the A-share market capitalization, surpassing that of banking and real estate [7] - Nvidia's announcement of a potential $100 billion investment in OpenAI also catalyzed interest in tech stocks, although many experienced a decline after an initial surge [7] - Despite the downturn, the market was lifted in the afternoon by stocks related to lithography machines, which helped the ChiNext Index recover [7] IPO Concepts - Unicorn IPO concept stocks performed strongly, with notable gains in stocks like Heertai and Unicom Holdings, which achieved consecutive daily limits [9][10] - The market is witnessing a pattern where IPO approvals lead to significant price increases in related concept stocks, followed by subsequent declines [11] ST Stocks - Creative Information, which faced a revenue inflation scandal, saw its stock hit the daily limit down after resuming trading, while ST Sicor also experienced a decline of 12.3% [15] - ST Huatuo reached a historical high, with a significant increase of 600% from its lowest point last year, and is expected to apply for delisting from ST status around November [18] Shanghai Construction - Shanghai Construction experienced volatility, with a drop of over 22% in three trading days, followed by a recovery that saw the stock rise by 7.7% [22] - The stock's performance has attracted attention on social media, with discussions around individual investors' strategies and experiences during the fluctuations [22]

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1]. Core Insights - The upgrade of AI cluster network architecture is driving demand for optical modules, switches, network cards, and fiber optic cables due to the need for enhanced backend networking to support increased east-west traffic [2][12]. - The upcoming release of NVIDIA's GB300 is expected to significantly boost the demand for 1.6T optical modules, as the new architecture requires a higher number of upgraded optical modules compared to its predecessor [2][67]. - The trend towards self-developed ASICs by major players like Google, AWS, Meta, and Microsoft is anticipated to further increase the demand for optical modules and AEC connections [2][69]. Summary by Sections AI Cluster Network Architecture Upgrade - Traditional network architectures are inadequate for AI computing, primarily due to high latency and bandwidth limitations [11][12]. - The AI network architecture necessitates the addition of backend networks, which increases the demand for switches and optical modules [12][34]. NVIDIA H100 and NVL72 Cluster Network Architecture - The report details the network architecture for NVIDIA's H100 and NVL72 clusters, highlighting the differences in optical module requirements between the GB200 and GB300 models [47][66]. - The GB300 model requires a significant number of 1.6T dual-port optical modules, reflecting a shift in optical module demand as network speeds increase [67][68]. North American Leading CSP Network Architecture - The report discusses the network architecture of leading cloud service providers in North America, emphasizing the importance of efficient interconnectivity and the role of optical modules in supporting large-scale AI operations [74][78]. Investment Recommendations - The report recommends leading companies in the optical device and module sector, such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, while also suggesting attention to companies like Huilv Ecology and Zhaolong Interconnect in the high-speed copper cable segment [2][113].

Industry Overview - The high-speed copper cable sector has seen significant stock price increases, with the index rising by 7.86% from June 23 to June 30 [1] - High-speed copper cables are characterized by low cost, high transmission speed, low energy consumption, and strong substitutability, primarily used for short-distance interconnects in data centers [1] - The high-speed copper cable market is projected to exceed 10 billion yuan in 2025 and 20 billion yuan by 2028, with global AEC sales expected to grow at a compound annual growth rate of 45% from 2024 to 2028 [2] Product Segmentation - High-speed copper cables can be categorized into three types: passive copper cables (DAC), active copper cables (ACC), and active electrical cables (AEC), with AEC offering longer transmission distances and improved signal quality [1][2] - Active cables are expected to see increased market share due to their advantages in transmission distance, thickness, and latency, aligning with the needs of AI clusters [2] Company Insights - Shenzhen Walden Materials Co., Ltd. is experiencing increased demand for its products due to the rapid growth of AI and data center construction, benefiting the entire supply chain [3] - Suzhou Ruikeda Connection Systems Co., Ltd. is focusing on expanding into AI data centers while continuing to serve the automotive and communication sectors, driven by steady demand growth in the connector industry [3]