中信证券表示，对A股而言，稳健回报导向的绝对收益资金持续入市在增强市场的内在稳定性，在 增量资金越来越多的以左侧稳健型资金为主的资金生态下，A股/港股未来可能更多地像美股一样出 现"急跌慢涨"。对需要增配权益的投资者而言，当下风险的提前释放给了年末重新增配A股/港股、布局 2026年的契机。 天风证券指出，A股盈利周期底部拐点或已迈，25Q3盈利指标回升概率较大，A股盈利底渐明，展 望2026，基本面角度盈利复苏弹性或更值得关注。25年中报以来，A股盈利指标逐渐底部企稳，三季度 全A两非EPS同比降幅收窄，ROE的企稳反弹迹象也较为明确，盈利能力角度关键指标正蓄势向上。随 着"反内卷"、提升内需等政策在供需两端的发力，A股盈利周期有望更进一步，从稳预期走向扩弹性， 从估值修复到基本面驱动的攻坚牛。 11月26日，A股光模块、消费电子、服务器等概念持续走强。受权重板块带动，截止13点37分， A500ETF基金（512050）上涨0.88%，成交额超46亿元，居可比基金第一。盘面上，持仓股中际旭创、 迈为股份、沪电股份、新易盛、天孚通信等领涨。资金加速布局A股核心资产，近10日，A500ETF基金 （51205 ...

Core Insights - The AI optical module market is experiencing rapid growth, driven by the increasing demand for high-speed interconnects in data centers due to the rise of generative AI technologies [1][4] - The global AI optical module market is projected to reach 42.8 billion yuan in 2024, an increase of 23.8 billion yuan from 2023, and is expected to grow to 71.6 billion yuan by 2025 [1][4] - China's AI optical module market is also expanding, with a forecasted growth to 17.8 billion yuan by 2025, up from 10.6 billion yuan in 2024 [1][5] Industry Definition and Barriers - AI optical modules are essential for meeting the ultra-high bandwidth and low latency requirements of AI computing clusters, acting as the "nervous system" of the AI era [2][4] - The market barriers include technological research and development, supply chain management, product comprehensiveness, customer loyalty, and globalization [4] Current Industry Status - The AI optical module market is a hot sector within the semiconductor and communication fields, with sustained high demand due to the ongoing global AI arms race [4] - The rapid development of generative AI technologies has significantly increased the demand for optical modules in data centers [4] Industry Chain - The upstream of the AI optical module industry includes optical devices, chips (optical and circuit chips), PCB boards, and structural components [5] - The midstream involves the production and system integration of AI optical modules, while the downstream consists of cloud service providers utilizing these modules in AI data centers [5] Cost Structure - The cost structure of AI optical modules shows that optical devices account for 74% of the total cost, followed by integrated circuit chips at 19% and printed circuit boards (PCBs) at 4% [7] Development Environment and Policies - The Chinese government has implemented various policies to support the AI optical module industry, recognizing its importance in the AI computing infrastructure [9] - Key policies include initiatives aimed at enhancing network infrastructure, computing power layout, technological research, and application scenarios [9] Competitive Landscape - The Chinese AI optical module market is characterized by significant differentiation among companies, with leading firms such as Zhongji Xuchuang and NewEase occupying dominant positions [11][12] - Major companies in the sector include Wuhan Guangxun Technology Co., Ltd., Zhongji Xuchuang Co., Ltd., and Huagong Technology, among others [12][13] Future Trends - The demand for AI optical modules is expected to grow explosively due to the increasing competition in artificial intelligence and the unprecedented requirements for data transmission rates and bandwidth in data centers [14][15] - Continuous innovation and commercialization in technology will further drive the growth of the AI optical module market [14][15]

汇绿生态（001267.SZ）11月18日在投资者互动平台表示，关于武汉钧恒1.6T的光模块已在排产准备。 关于800G及1.6T相关出货数据在现阶段存在不确定性，公司暂无法提供具体出货量预测。公司将在定 期报告中披露相关产品的整体经营情况。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司的1.6t光模块测试数据怎么样？没有获得大客 户的认证通过？什么时候能量产？预计2026年800g和1.6t出货占比预期目标是多少？ ...

Group 1 - The AI hardware and software sectors are experiencing simultaneous growth, with notable stock increases such as BlueFocus and Dongfang Guoxin rising by 13%, and Zhongji Xuchuang by 2%, contributing to a 1.82% rise in the Huaxia AI ETF [1] - Warren Buffett's investment in Google, now his tenth largest holding, is interpreted as a positive signal for the future of AI, alleviating concerns about an AI bubble. Zhongji Xuchuang is identified as a core supplier of optical modules for Google's data centers [1] - Alibaba has officially launched the public beta of its Qianwen App, aiming to penetrate the AI to C market by creating the best personal AI assistant using advanced models [1] - Reports indicate that overseas giants are proactively raising prices and securing orders for optical modules. Northeast Securities anticipates high visibility in optical module demand for next year, with continuous upward revisions in order guidance, leading to a supply-demand imbalance becoming a norm in the industry [1] - Current AI models are entering a phase of application penetration, with exponential growth in token usage. The demand for computing hardware is still in its early stages, suggesting that there is no need for excessive pessimism regarding hardware demand [1] Group 2 - The Huaxia AI ETF (159381), which has the highest CPO content and lowest fee rate in the AI index, has increased by 1.82%. Key weighted stocks include Xinyi Sheng (optical modules), Zhongji Xuchuang (optical modules), Tianfu Communication (optical devices), and Runze Technology (IDC/cloud computing), with CPO content exceeding 50% [2]

业绩表现：前三季度营收同比增206% 子公司贡献核心利润 调研中，公司披露了2025年前三季度核心财务数据。公告显示，汇绿生态2025年前三季度实现营业收入 10.81亿元，同比大幅增长206.15%；归母净利润5171.88万元，同比增长96.96%。 投资者活动基本信息投资者关系活动类别：特定对象调研、其他（券商策略会）时间：2025年11月11 日-13日地点：汇绿生态会议室参与单位名称：易方达基金、中信证券、开源证券、淡水泉投资、广发 证券、东北证券、招银理财、南方基金、中信股衍、煜德投资、宁银理财、聚鸣投资、立心资产、美阳 投资、昊青投资、止于至善投资（共16家机构）公司接待人员姓名：董事会秘书严琦、证券事务代表方 铂淳、IR房宗亿 11月11日至13日，汇绿生态科技集团股份有限公司（下称"汇绿生态"）在公司会议室接待了易方达基 金、中信证券、淡水泉投资等多家机构的特定对象调研及券商策略会。公司董事会秘书严琦、证券事务 代表方铂淳等接待人员向投资者介绍了公司基本情况，并就财务数据、子公司经营、技术研发等核心问 题回应了市场关注。 作为公司重要子公司，武汉钧恒科技有限公司（下称"武汉钧恒"）业绩表现突 ...

Core Viewpoint - Cambridge Technology (603083.SH) has announced that its 1.6T optical module products are performing at a level comparable to leading companies in the industry, with some products entering small batch supply phase and expected to achieve mass shipments by Q1 2026 [1] Group 1: Product Development - The development and mass production of the 1.6T optical module are based on the company's technological reserves and market demand [1] - The optical module products primarily utilize silicon photonics technology, with the 1.6T optical module employing advanced technology that matches the performance of industry leaders [1] Group 2: Customer Collaboration - The company is deeply binding core customers through the JDM model, ensuring supply chain stability [1] - There is strong demand for both 800G and 1.6T optical modules, and the company is advancing product validation with multiple new customers [1] Group 3: Capacity Expansion - The company is continuously expanding production capacity, with the Jiaxing and Malaysia factories gradually releasing capacity [1] - The construction of the production base in Mexico is also being promoted, with annual capacity targets to be adjusted and increased based on customer demand [1]

Core Viewpoint - Zhongji Xuchuang, a leading provider of optical module solutions in China, is planning to raise at least $3 billion (HKD 234 billion) through a potential listing in Hong Kong [1] Group 1: Company Plans - The company is in the process of selecting investment banks for its Hong Kong listing, collaborating with firms such as CICC, GF Securities, Goldman Sachs, and Morgan Stanley [1] - Zhongji Xuchuang's board has authorized management to initiate preparations for the H-share listing, with a timeframe of 12 months from the board's approval [1] - Specific details regarding the issuance scale and listing timeline are still in preliminary stages and may change [1] Group 2: Industry Position - Zhongji Xuchuang is recognized globally as a major supplier of optical modules, providing high-end optical communication transceiver modules [1] - The company offers high-speed optical modules such as 400G, 800G, and 1.6T for cloud data center clients, as well as optical modules for 5G transmission and core network applications [1] - It maintains a leading position in terms of shipment volume and market share within the industry [1]

Core Viewpoint - Zhongji Xuchuang, a leading provider of optical module solutions in China, is planning to raise at least $3 billion (HKD 234 billion) through a Hong Kong IPO, currently in the early stages of collaboration with investment banks [1] Group 1: IPO Plans - The company is in discussions with several investment banks, including CICC, GF Securities, Goldman Sachs, and Morgan Stanley, regarding the potential listing [1] - The details regarding the issuance scale and listing timeline are still preliminary and may change [1] - The board of directors has authorized the management to initiate preparatory work for the H-share listing, with a timeframe of 12 months from the board's approval [1] Group 2: Company Overview - Zhongji Xuchuang is recognized globally as a major supplier of optical modules, integrating R&D, design, packaging, testing, and sales [1] - The company provides high-speed optical modules such as 400G, 800G, and 1.6T for cloud data center clients, as well as optical modules for telecom equipment manufacturers related to 5G transmission [1] - It maintains a leading position in terms of shipment volume and market share within the industry [1]

Core Insights - Zhongji Xuchuang (300308.SZ) reported significant growth in its Q3 2025 financial results, with revenue reaching 25 billion yuan, a year-on-year increase of 44.4%, and net profit of 7.13 billion yuan, up 90.1% [1][3][4] Financial Performance - For the first three quarters of 2025, Zhongji Xuchuang's revenue was 25 billion yuan, with a net profit of 7.13 billion yuan, and a non-GAAP net profit of 7.08 billion yuan, reflecting increases of 44.4%, 90.1%, and 90.5% respectively [1][3] - In Q3 alone, the company achieved revenue of 10.22 billion yuan, a 56.8% increase year-on-year, and a net profit of 3.14 billion yuan, up 125% [3] - Cash received from sales and services reached 23.09 billion yuan, a 50.5% increase, while operating cash flow net amount surged by 314.54% to 5.455 billion yuan [4] Product Demand and Market Position - The demand for 800G orders has been consistently increasing since Q1 2025, with expectations for continued growth in shipment volumes [1][3] - The company is preparing for large-scale orders in 2026-2027 by expanding domestic and overseas production capacity [1][8] - Zhongji Xuchuang's main clients include major global tech companies such as Nvidia, Google, and Microsoft, indicating a strong market position [8] Capacity Expansion and Investment - As of Q3 2025, the company's construction projects increased significantly from 100 million yuan to nearly 1 billion yuan, primarily due to expansion investments [2][9] - Total assets reached 39.726 billion yuan, a 37.6% increase from the previous year, while net assets grew by 37.9% to 26.389 billion yuan [9] Research and Development - R&D expenses for the first three quarters of 2025 amounted to 9.45 billion yuan, a 27.41% increase, with an R&D expense ratio of 3.78% [9] - The company holds 385 patents, including 201 invention patents, maintaining its position as the world's leading optical module manufacturer [10] Stock Performance - Zhongji Xuchuang's stock price reached a historical high of 542.01 yuan per share in 2025, reflecting a year-to-date increase of 717.51% from a low of 66.3 yuan [7]

Sector Report Summary: Technology Industry Overview - The report focuses on the technology sector, specifically the demand for optical modules in AI and cloud computing, driven by major players like Nvidia, Google, and AWS [1][8]. Key Points and Arguments 1. **Demand Forecast for Optical Modules**: - Total demand for 800G and 1.6T optical modules is projected to reach 43 million and 30 million units in 2026, respectively, an increase from previous estimates of 37 million and 15 million [1][8]. - This growth is attributed to: - Increased demand from Nvidia, Google, and AWS for accelerators [1][8]. - Rising GPU/ASIC scale-out bandwidth, which enhances the GPU/ASIC-to-optical module ratio [1][8]. - Google's transition to large-scale clusters in 2026, which will likely adopt optical interconnects [1][8]. 2. **Nvidia's Impact**: - Nvidia's new Rubin GPU is expected to significantly increase the scale-out bandwidth, with each GPU equipped with two CX9 NIC chips, doubling the bandwidth compared to the previous Blackwell architecture [3]. - The ratio of 1.6T optical modules to GPUs has improved from 1:2.5 to 1:5 [3]. 3. **Google's Transition**: - Google is anticipated to fully transition to large-scale clusters in 2026, with a projected TPU-to-optical module ratio of approximately 1:4 [3]. - Expected TPU shipments for Google are 4 million, leading to a demand for 6 million to 10 million units of 800G/1.6T optical modules in 2026 [3]. 4. **Beneficiaries of Increased Demand**: - Companies like Tower Semiconductor (TSEM), Broadcom (AVGO), and LITE are expected to benefit from the upward revision in demand for 1.6T optical modules [4]. - LITE is well-positioned to capitalize on the transition towards scale-up architectures in optical communications [4]. 5. **Market Dynamics**: - The report highlights the expected total shipment of Optical Communication Systems (OCS) to be 15,000 and 30,000 units in 2025 and 2026, with LITE projected to capture a 30% market share in 2026 [4]. Additional Important Insights - **CPO/OIO Updates**: - Nvidia's CPO switch is expected to see shipments of 2,000, 20,000, and 35,000 units in 2025, 2026, and 2027, respectively [5]. - Starting from 2027, both Nvidia and ASIC players are expected to introduce OIO-related solutions, which will drive demand for CW lasers and optical engines [5]. - **Risks**: - Potential risks include AI demand deceleration, geopolitical uncertainties, and increased competition within the sector [6][12]. Conclusion - The technology sector, particularly in optical modules for AI and cloud computing, is poised for significant growth driven by major players like Nvidia and Google. The upward revisions in demand forecasts indicate a robust market opportunity, although risks remain that could impact future performance.