中际旭创总部位于山东烟台，2024年前三季度营收约71亿元，净利润11.3亿元，同比分别增长28%和 38%。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网讯：1月7日，光模块制造商中际旭创拟于本月向港交所递交上市申请，启动港股二次上市进程， 谋求A+H两地上市。 ...

1月建议关注如下配置思路：1.伴随AI技术与应用扩散，关注光模块、云计算基础设施，应用端关注机 器人、消费电子、智能驾驶等。2.有色金属部分细分行业受益于全球货币秩序重构及供需不均。3.以地 产链和泛消费为代表的顺周期行情仍偏左侧，综合考虑产能周期与企业出海拓宽市场的诉求，关注化 工、电网设备、工程机械、白色家电、商用车等。4.中长期资金入市是长期趋势，从优质现金流、波动 率及分红确定性出发，布局高股息龙头公司。5.资本市场风险偏好改善提振非银金融业绩表现，关注保 险、券商。 人民财讯1月7日电，中金指出，12月市场风险偏好改善，春季行情有望延续。12月A股市场风险偏好改 善，开启跨年行情，风格仍然偏向成长。中外流动性宽松周期共振，大宗商品作为利率敏感资产普遍上 涨，美元弱势与国内结汇共同导致人民币升值。展望后市，行业产能周期变化、成长产业高景气带动A 股上市公司业绩预期改善，2026年是"十五五"时期第一年，中央经济工作会议已经针对扩大内需、着力 稳定房地产市场等做出较为积极的表述，2026年"两新"补贴力度和范围有所调整、"两重"建设项目提前 批已发布。配置方面，当前时点仍重点关注大盘成长风格，伴随着稳增 ...

格隆汇1月2日｜入选逻辑：首先，AI芯片多元化催生光模块需求激增，全球AI服务器芯片向ASIC等多 元架构转型，2025-2027年ASIC占比逐步提升至45%，其单芯片算力低，需3-5个光模块配套(远超GPU 的2-3个)，公司作为800G/1.6T光模块领军企业直接受益。 其次，光模块速率向800G/1.6T迭代，800G成 2025年市场主流，1.6T已启动部署，公司先发优势显著，产品结构升级形成"技术领先一份额提升一盈 利优化"循环。 最后，硅光技术替代EML，毛利率更高，可对冲行业10%-20%的价格下行压力，同时出 口管制影响逐步缓解。 ...

AI算力爆发的本质，是"计算+传输"的双重革命——当全球AI服务器进入规模化部署期，光模块 已从AI算力"辅助配套"升级为"性能核心"，成为不可或缺的核心基建。 在这场传输革命中，中际旭创（300308.SZ）早已超越"光模块龙头"的单一标签，以 800G/1.6T赛道全球领军者的姿态，从AI时代的"算力传输者"进化为定义高速光通信标准的"核 心掌舵者"。 从 2021年到2024年，这家企业用四年时间完成跨越式增长：营收从77亿元飙升至239亿元， 年复合增长率40%；净利润从9亿元暴涨至53亿元，年复合增长率高达55%，毛利率从25.6% 提升至37.8%，用实打实的业绩证明：每一次算力时代的迭代，都将诞生一位传输领域的绝对 王者。 PC时代依赖有线传输，移动时代聚焦无线连接，而AI时代，高速光模块的统治力，正由中际旭 创书写。 01 算力传输革命：全球+国内双轮驱动，需求呈指数级爆发 中际旭创的行业统治力，并非偶然的产品成功，而是需求爆发、技术壁垒、产品迭代三重共振的 必然结果，更契合 AI芯片多元化与全球云厂商算力扩产的行业趋势，成为AI算力基建中无可替 代的核心。 AI算力需求正以指数级爆发，直接驱 ...

光模块过往为劳动密集型产业，技术迭代+海外扩产催生自动化需求 光模块过往为劳动密集型产业。过往光模块生产工序中的贴片、涂胶、外壳组装、检测等工序主要依靠 人工完成。以中际旭创和新易盛为例，截至2024年底，二者员工总数分别为8542人和5212人，其中生产 人员分别为5625人和4335人，分别占比66%和83%。东吴证券判断跟随①技术升级②需求快速放量③海 外扩产三大发展趋势，光模块领域引入自动化设备为必然趋势。 智通财经APP获悉，东吴证券发布研究报告称，伴随算力需求持续上升，2026年对光模块需求已上修至 千万级别，通过人工扩产速度逐步难以满足如此高的产能需求，自动化设备稳定高效，未来将成为光模 块行业扩产首选。重点推荐有相关产品布局的企业：光模块耦合设备建议关注罗博特科(300757.SZ)， AOI检测设备建议关注奥特维(688516.SH)、天准科技(688003.SH)、快克智能(603203.SH)，贴附设备建 议关注博众精工(688097.SH)，自动化组装设备建议关注凯格精机(301338.SZ)，光纤阵列单元(FAU)建议 关注杰普特(688025.SH)。 AI算力服务器需求持续上修， ...

今年AI算力行情启动的核心因素是什么？在AI的板块里面需要关注哪些细分领域会更加具备长期价 值？ 从今年以来全球范围内的AI催化是比较明显的，它的发展也迎来了一波加速。不管是国内还是北美， 我们都看到了今年整个AI的发展速度应该是比较快的。但其中比较主要的支撑，一个是前两年的技术 积累，另一个就是最近的算力紧缺的程度可能有一定的缓解，尤其是今年英伟达的Blackwell卡处在了 加速放量的时期里面。 从软件端去看，不管是海外像谷歌Gemini 3 Pro、GPT-5这样的模型都在陆续发布，国内一些头部互联 网厂商也在持续更新他们的模型，且这些模型在性能，比如各类榜单成绩上正以肉眼可见的速度快速提 升。在这个过程中，部分模型在性能提升的同时，成本还在持续下降，而这种性价比的提升主要源于算 力底层硬件在成本端的改善。 从A股的算力链厂商的业绩去看，他们今年的业绩成长也是比较明显的，尤其是在Q2的时候。为什么A 股的这些算力厂商业绩能有如此显著的涨幅呢？今年Q2部分核心光模块或者PCB企业的业绩同比增速 达到百分之大几十甚至一两百，这印证了该领域景气度极高的情况。 基金资产投资于科创板和创业板股票，会面临因投资标的 ...

Core Insights - The first batch of floating fee rate funds has shown significant performance differentiation, highlighting the varying capabilities of fund managers in terms of positioning, sector allocation, and market judgment [1][9] Performance Overview - As of December 16, 2025, out of 26 funds, 19 achieved positive returns while 7 reported negative returns. The top performer, Huashang Zhiyuan Return A, delivered a remarkable return of 58.90%, followed by Xin'ao Advantage Industry A at 36.86% and E Fund Growth Progress A at 34.98% [2][10] - Other notable performers include Jiashi Growth Win A and Invesco Great Wall Growth, both exceeding 23% returns. Conversely, funds like Guangfa Value Steady A and Yinhua Growth Smart A reported negative returns of -8.32% and -3.35%, respectively [2][10] - The overall distribution of fund returns is characterized by a "middle large, both ends small" pattern, with most funds yielding between -0.1% and 7% [2][10] Fund Size and Performance Relationship - Notably, high-performing funds are not exclusively large. Huashang Zhiyuan Return A, with a size of 2.838 billion yuan, is the largest, while Jiashi Growth Win A, with a size of 406 million yuan, achieved a return of 32.88%, demonstrating the agility of smaller funds in volatile markets [2][10] Investment Strategies - Top-performing funds tend to focus on high-growth sectors. For instance, Huashang Zhiyuan Return A has concentrated holdings in AI computing-related stocks, with significant contributions from stocks like Zhongji Xuchuang and Shijia Photon, which saw increases of 45.39% and 40.17% over the past three months [3][11] - Xin'ao Advantage Industry A has a high concentration in semiconductor storage, with key stocks like Demingli and Jiangbolong rising by 55.43% and 119.02%, respectively. However, this strategy also led to volatility, as some holdings experienced declines of 13% to 21% [5][13] - E Fund Growth Progress A adopts a more balanced approach, diversifying across sectors such as optical communication and consumer electronics, successfully capturing gains from leading stocks [6][15] Underperforming Funds - Underperforming funds often remain focused on traditional industries or deviate from market trends. Guangfa Value Steady A has a significant allocation to liquor stocks, which have generally declined over 10% in the past three months, contrasting sharply with the strong performance of technology sectors [7][16] - Yinhua Growth Smart A is heavily invested in the real estate sector and certain pharmaceutical stocks, with some holdings experiencing declines as steep as 44.58%, indicating a lack of timely adjustments to market shifts [8][17] Conclusion - The short-term performance of the first batch of floating fee rate funds reflects a collision of different investment strategies and market styles in 2025. Funds aligned with the technology growth narrative performed strongly, while those focused on traditional value or balanced strategies lagged behind [9][17]

Summary of Innolight (300308.SZ) Conference Call Company Overview - **Company**: Innolight (300308.SZ) - **Industry**: Optical modules and silicon photonics Key Points Growth Drivers - **Specification Upgrade**: Transition towards 800G and 1.6T is expected to enhance the company's average selling price (ASP) and gross margin (GM) [1][2] - **AI Server Demand**: Anticipated ramp-up in AI server shipments, particularly ASIC AI servers, will increase the need for optical modules, outpacing traditional GPU requirements [1][2] - **Technology Transition**: Shift from EML to SiPh optical modules is projected to improve gross margins due to lower costs associated with SiPh technology [1][2] Market Demand - **End Market Demand**: Positive outlook on end market demand driven by the increase in AI server shipments, with expectations of growth from 19,000 racks in 2025 to between 50,000 and 67,000 racks in 2026 [2] - **Chipset Diversification**: The diversification of chipset platforms in AI servers, especially in the second half of 2026, is expected to further support demand for optical modules [2] Supply Chain Dynamics - **Improved Supply**: Anticipation of better supply conditions in the coming years due to foundries expanding silicon photonics chip capacity and normalization of InP substrate supply from mainland China [3] - **Revenue Recovery**: Monthly revenues for InP epiwafer and CW laser suppliers, LandMark and VPEC, are showing gradual recovery, indicating easing impacts from export controls [3] New Opportunities - **NPO (On-board Optics)**: Concerns regarding Innolight's value addition in NPO are addressed, emphasizing that pricing is still driven by speed and that competition is healthy due to the need for PIC design capabilities [4] Financial Projections - **Price Target**: The 12-month price target is set at Rmb762, based on a P/E ratio of 31x for the period of 2H26-1H27E [8] - **Market Capitalization**: Estimated market cap is Rmb690.8 billion ($97.7 billion) with projected revenues increasing from Rmb23.86 billion in 2024 to Rmb94.13 billion by 2027 [9] Risks - **Key Risks**: Potential risks include slower-than-expected demand for 800G and 1.6T products, margin instability, geopolitical risks, and supply chain constraints [8] Financial Metrics - **Revenue Growth**: Projected revenue growth from Rmb23.86 billion in 2024 to Rmb94.13 billion in 2027, with EBITDA expected to rise from Rmb6.54 billion to Rmb36.93 billion in the same period [9] Conclusion - **Investment Recommendation**: Maintain a "Buy" rating with a target price reflecting a potential upside of 23.7% from the current price of Rmb616 [9]

Group 1 - The article highlights that a specific component has become an "invisible bottleneck" in optical modules, with a 90% monopoly structure, indicating that the window for domestic substitution has opened, creating investment opportunities and potential for revaluation of leading suppliers [1] - It discusses the ongoing "public utility transformation" of thermal power, noting that public fund holdings are at a ten-year low, and the sector exhibits significant characteristics of both offense and defense, suggesting a focus on the third round of investment opportunities in thermal power [1]

创50ETF（159681），联接基金（A类 018482，C类 018483，I类 023024） 关联个股： 券商研究方面，国盛证券指出AI算力需求驱动全球光模块产业加速向800G/1.6T升级，光隔离器关键材 料法拉第旋光片供应短缺成为产能扩张瓶颈，催化CPO概念股走强。创50指数成分股受行业技术升级及 供需格局影响显著上涨，带动创50ETF同步上行。光模块技术迭代与上游材料短缺形成的结构性机会成 为短期市场关注焦点。 "超强宽基"创50ETF囊括CPO核心标的+固态电池链龙头+互联网券商，估值分位在主流宽基中处于低 位，景气高增有望迎来双击！ 关联产品： 截至12月08日13:15，创50ETF（159681.SZ）上涨3.16%；主要成分股中，中际旭创上涨6.93%，新易盛 上涨7.55%，天孚通信上涨20.00%，宁德时代上涨1.25%，胜宏科技上涨6.22%。 消息面上，Marvell发布财报，本季度营收20.75亿美元，较公司8月给出的指引中点高出1500万美元，略 超市场预期；该公司同日宣布，将以约32.5亿美元的现金和股票交易方式，收购开发下一代CPO的人工 智能初创公司Celestial ...