Group 1 - The core point of the news is the performance of newly listed stocks and the current state of the market, particularly focusing on the underperformance of KaiDe Commercial REIT and the upcoming listings in the Beijing Stock Exchange [1][3]. - Aomen Sen was listed on October 10, with KaiDe Commercial REIT closing at a gain of only 12.63% and a turnover rate of 41.08%, indicating a low annualized return of approximately 2.6% based on a 5-day capital cost [1]. - The reverse repurchase agreement interest rate for 9 days is low, remaining below 1.8%, suggesting limited short-term investment opportunities [1]. Group 2 - In the Beijing Stock Exchange, there are currently six stocks in the final registration phase, including TaiKaiYing and DanNa Biology, which are expected to issue shares after the National Day holiday [3][4]. - The main products of Hengdongguang, which is set to be reviewed on September 25, 2025, include fiber optic connectors and related products, indicating a high-tech focus that has attracted significant market attention [3]. - Upcoming listings on the main board include Yunhan Xincheng and Ruili Kemi, with no subscription opportunities available for investors [4].

Core Viewpoint - The stock of Shijia Photon has shown significant volatility, with a year-to-date increase of 342.23%, but recent declines in the short term raise questions about future performance [1][2]. Group 1: Stock Performance - As of September 29, Shijia Photon shares rose by 2.01% to 72.22 CNY per share, with a trading volume of 7.76 billion CNY and a turnover rate of 2.39%, resulting in a total market capitalization of 331.35 billion CNY [1]. - Year-to-date, the stock has increased by 342.23%, but it has experienced a decline of 7.43% over the last five trading days and 13.50% over the last 20 days [1]. - The stock has been on the "龙虎榜" (a list of stocks with significant trading activity) five times this year, with the most recent appearance on April 25, where it recorded a net purchase of 41.81 million CNY [1]. Group 2: Company Overview - Shijia Photon, established on October 26, 2010, and listed on August 12, 2020, is located in Hebi City, Henan Province, and specializes in optical chips and devices, indoor optical cables, and cable materials [2]. - The company's revenue composition includes 70.52% from optical chips and devices, 15.11% from indoor optical cables, and 12.66% from polymer cable materials [2]. - As of June 30, the number of shareholders increased by 5.31% to 24,800, with an average of 18,470 circulating shares per shareholder, a decrease of 5.04% [2]. Group 3: Financial Performance - For the first half of 2025, Shijia Photon reported a revenue of 999.3 million CNY, representing a year-on-year growth of 121.12%, and a net profit attributable to shareholders of 217 million CNY, reflecting a staggering growth of 1712.00% [2]. - The company has distributed a total of 77.34 million CNY in dividends since its A-share listing, with 49.81 million CNY distributed over the past three years [3]. Group 4: Shareholder Composition - As of June 30, 2025, notable new institutional shareholders include Hong Kong Central Clearing Limited, holding 13.55 million shares, and two mutual funds, with holdings of 6.08 million and 3.57 million shares respectively [3].

Group 1 - The company, Hengtong Optical Communication Technology (Shenzhen) Co., Ltd., has officially started the IPO process on the Beijing Stock Exchange, with the review meeting scheduled for September 25, 2025 [1] - Hengtong focuses on the research, manufacturing, and sales of passive optical devices, with major business segments including passive optical fiber cabling, passive internal connection devices, and related supporting businesses [3] - From 2021 to June 2025, the company's operating revenue showed a consistent upward trend, with revenues of 396.98 million, 475.35 million, 613.36 million, 1.315 billion, and 1.021 billion yuan respectively [3] Group 2 - The main source of revenue for Hengtong comes from passive optical fiber cabling products, which accounted for approximately 66.13% to 73.36% of the main business income from 2021 to June 2025 [4] - The passive optical fiber cabling products include optical fiber connectors, which are widely used in fiber transmission lines, fiber distribution frames, testing instruments, and data center cabling [6] - The MPO optical fiber connector market is expected to exceed 6 billion USD by 2029, driven by the rapid development of data centers and the increasing demand for high-speed optical modules [6] Group 3 - Currently, there is a shortage of overall MPO optical fiber production capacity in China, with a 35% year-on-year increase in fiber imports as of May 2025 [7] - Companies like Hengtong are involved in various types of optical fiber connectors, including LC, SC, and MPO/MTP, although specific category proportions have not been disclosed [7]

Core Points - Panduit held the opening ceremony for its fiber laboratory in Wuxi on September 19, 2025, attended by over 50 industry guests [2][6] - The new laboratory will be built in three phases, with an initial investment of 15 million, covering an area of 200 square meters, focusing on comprehensive validation of fiber optic connectors, patch cords, and splitters [6] - The laboratory adheres to international standards such as EIA/TIA, IEC, and Telcordia, and is equipped for various testing capabilities including end face geometry, insertion loss, return loss, environmental reliability, and mechanical performance [6] - This investment reflects Panduit's confidence in the Chinese market and aims to enhance product consistency and reliability, shorten development cycles, and respond agilely to customer demands in the face of increasing global AI and data center optical communication needs [6]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company has deepened its focus on precision manufacturing and has established a key position in the gaming console manufacturing sector by closely serving major clients like Sony and Meta. The sales of gaming consoles are cyclical, but with new products launched by core clients, the company is expected to benefit continuously as new materials are introduced [1]. - The optical communication business has seen rapid growth since the company entered the fiber connector market in 2019, becoming a qualified supplier for SENKO in 2020. This segment is anticipated to experience a surge in demand due to the acceleration of global computing infrastructure [2]. - The company plans to acquire Hengyang Data, which specializes in intelligent computing and data processing solutions. This acquisition aims to transition the company from a component supplier to a "light + computing" solution provider, thereby expanding its customer base [3]. Summary by Sections 1. Company Overview - The company has been deeply involved in precision manufacturing since its establishment in 2009 and has expanded its business into the optical communication and automation equipment sectors. It has established a solid foundation by collaborating with major clients like Foxconn and has diversified its product offerings [14][24]. 2. Gaming Console Components - The gaming console market is stable, with the Nintendo Switch2 experiencing strong sales. The company has been providing various precision components for major clients, including N Company and Sony, and is well-positioned to benefit from the sales of new generation gaming consoles [38][50][55]. 3. Optical Fiber Connectors - The company has developed a comprehensive range of optical fiber connector products and has established a strong partnership with SENKO. The demand for these products is expected to rise significantly due to the ongoing expansion of computing clusters and advancements in new technologies [63][79]. 4. Financial Forecast and Valuation - The company is projected to achieve revenues of 1.012 billion, 1.813 billion, and 2.201 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 3.84%, 79.20%, and 21.42%. The net profit attributable to shareholders is expected to be 223 million, 204 million, and 248 million yuan for the same years [4][9].

Group 1 - The core viewpoint of the article is that Hengtong Optical Communication Technology (Shenzhen) Co., Ltd. is preparing for its IPO on the Beijing Stock Exchange, scheduled for September 25 [1] - Hengtong Optical focuses on the research, manufacturing, and sales of passive optical devices in the optical communication field, with three main business segments: passive optical fiber cabling, passive internal connection devices, and related supporting businesses [1] - The company plans to raise approximately 494 million yuan through the IPO, which will be invested in the expansion of its Guilin manufacturing base, the expansion of its Vietnam production base, the construction of its optical research and development center, and to supplement working capital [1] Group 2 - The main products of Hengtong Optical include optical fiber connectors, flexible optical fiber line products, and cabling management products, as well as multi-fiber parallel passive internal connection devices and PON optical module passive internal connection devices [1] - The IPO process for Hengtong Optical was accepted on December 30, 2024, and entered the inquiry stage on January 22, 2025 [1]

Core Insights - The global fiber optic connector market is projected to reach approximately $5.56 billion in 2024, reflecting a year-on-year growth of 7.2% driven by increasing demand for high-capacity data transmission and next-generation communication networks [3]. Market Overview - The fiber optic connector is defined as a passive optical device that enables detachable connections between optical fibers, ensuring minimal impact on system performance and reliability [1]. - The small square fiber optic connectors hold a significant market share, accounting for nearly 35% of the global fiber optic connector market [6]. Regional Analysis - North America is identified as the largest demand region for fiber optic connectors, capturing about 31% of the global market share, followed by Europe with a 27% share [8]. Industry Trends - The industry is witnessing a trend towards high-speed and high-density solutions, particularly in the context of 5G and future communication networks, where the demand for fiber optic connectors is expected to surge due to the increasing number of base stations [13]. - The integration of intelligent technology into fiber optic connectors is enhancing their capabilities, allowing for self-monitoring and diagnostics, which is crucial for maintaining communication stability and reliability in complex networks [13].

Core Viewpoint - The deep-sea waterproof connector is a critical component designed for extreme underwater environments, ensuring stable transmission of electrical and optical signals while maintaining mechanical reliability and durability. The market for these connectors is expected to grow significantly due to increasing demand in various sectors such as oil and gas, military, and deep-sea research [1][8]. Market Outlook - The global market for deep-sea waterproof connectors is projected to reach $1,256.21 million by 2031, with a compound annual growth rate (CAGR) of 6.82% from 2025 to 2031 [1]. Industry Competition - The market is currently dominated by a few technologically advanced companies from Europe and the United States, which hold approximately 65% of the international market revenue. However, as countries like China increase their demand for marine resource development, local manufacturers are expected to enhance their technological capabilities and manufacturing capacity, potentially altering the market landscape [4][1]. Product Segmentation - Fiber optic connectors represent the largest product segment, accounting for about 48% of the revenue share in the deep-sea waterproof connector market [5]. Application Segmentation - The oil and gas sector is the primary source of demand for deep-sea waterproof connectors, contributing approximately 45% to the revenue share [7]. Driving Factors - The performance of deep-sea waterproof connectors has been significantly improved by the application of polymer sealing materials, seawater-resistant alloys, and ceramic insulation technologies. The ongoing expansion of global marine resource development provides a stable market demand for these connectors [8]. Challenges - One of the main challenges in using deep-sea waterproof connectors is ensuring their long-term waterproof status. Harsh underwater environments can lead to connector damage or corrosion, resulting in leaks or failures. Frequent and costly maintenance increases operational costs and limits the widespread adoption of these connectors [9]. Industry Development Challenges - The safety and reliability of deep-sea connectors are directly related to the performance testing, industry certification, and customer validation processes. High reliability standards and complex certification processes create significant barriers to entry for new players, requiring them to gain experience and trust before securing large-scale project orders [10].

Core Viewpoint - The AI computing power sector is experiencing renewed attention driven by performance and policy support, with a focus on the sustainability of this trend in the long term [1][4]. Group 1: Market Performance - On August 27, the domestic computing power leader, Cambricon, saw its stock price peak at 1464.98 CNY, surpassing Kweichow Moutai, before closing at 1372.10 CNY, a rise of 3.24% [3]. - Cambricon's half-year report revealed a revenue of 2.881 billion CNY, a year-on-year increase of 4347.82%, and a net profit of 1.038 billion CNY, reversing a loss from the previous year [3]. - NewEase, another key player, experienced a stock price increase of 15% during the day, reaching a historical high of 324.42 CNY, before closing up 9.32% [3]. Group 2: Industry Trends - The AI computing power sector has seen significant growth across various sub-sectors this year, with companies like Shenghong Technology and NewEase experiencing year-to-date increases of 416.63% and 274.99%, respectively [4]. - Fund managers believe that the current market fluctuations are primarily driven by emotional responses, with profit-taking and portfolio adjustments being normal market behavior [4]. - The long-term outlook for the "selling shovel" model in the AI industry remains positive, with expectations of sustained high demand for computing power [4][5]. Group 3: Future Prospects - Fund managers anticipate that the demand for computing power will grow exponentially due to advancements in AI models and applications, with specific benefits expected for GPU and ASIC chips, optical modules, and related technologies [5][6]. - The AI industry is currently in a rapid expansion phase, with computing power as a foundational infrastructure expected to be a key beneficiary over the next three to five years [6]. - Despite challenges such as U.S.-China trade tensions, the domestic AI chip market is projected to grow, with the localization rate expected to rise from under 20% to over 40% [7]. Group 4: Policy Impact - The recent government policy document emphasizes the integration of AI across various sectors, aiming for widespread adoption of new intelligent terminals and applications by 2030 [8]. - The policy is seen as a comprehensive framework that will benefit multiple sectors, including big data, financial technology, and smart manufacturing [8][9]. - The focus on AI infrastructure, such as cloud services and data management, is expected to create a ripple effect throughout the industry, similar to the impact of mobile internet [9].

Group 1 - The AI computing power sector is experiencing renewed interest driven by performance and policy support, with companies like Cambricon and NewEase becoming market focal points [1][2] - Cambricon's stock price reached a peak of 1464.98 CNY per share, reflecting a nearly 10% increase during trading, but closed with a gain of 3.24%, valuing the company at 574 billion CNY [2] - NewEase also saw significant stock movement, peaking at 324.42 CNY per share with a 15% increase before closing up 9.32%, bringing its market cap to 306.4 billion CNY [2] Group 2 - Cambricon reported a staggering 4347.82% year-on-year increase in revenue for the first half of the year, totaling 2.881 billion CNY, and a net profit of 1.038 billion CNY, reversing a loss from the previous year [2] - NewEase attributed its revenue growth to sustained high industry demand, increased orders, and improved delivery capabilities, indicating a positive outlook for future industry conditions [2][4] - The AI computing power sector has seen substantial gains across various segments, with companies like Shenghong Technology and NewEase experiencing year-to-date increases of 416.63% and 274.99%, respectively [3] Group 3 - Fund managers express confidence in the long-term growth potential of the computing power sector, viewing it as a stable investment within the AI industry [3][4] - The upcoming release of the DeepSeek-R2 model is expected to stimulate demand for computing power, benefiting upstream sectors like chip design and wafer fabrication [5] - The recent government policy document emphasizes the integration of AI across multiple sectors, suggesting a broadening of the AI market beyond just computing power [6][7] Group 4 - The AI infrastructure, including cloud services and data solutions, is seen as a key beneficiary of policy support, with potential for significant industry transformation [7] - Fund managers recommend exploring underpriced segments within the technology growth sector, indicating that the current AI market expansion is still in its early stages [7]