从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，国泰基金旗下1只基金重仓长飞光纤。国泰金鹿混合（020018）三季度持有股数5.81万股， 占基金净值比例为4.94%，位居第七大重仓股。根据测算，今日浮盈赚取约25.39万元。 责任编辑：小浪快报 11月26日，长飞光纤涨5.4%，截至发稿，报85.37元/股，成交11.79亿元，换手率3.45%，总市值647.02 亿元。 国泰金鹿混合（020018）基金经理为赵大震。 资料显示，长飞光纤光缆股份有限公司位于湖北省武汉市东湖高新技术开发区光谷大道9号,香港铜锣湾 希慎道33号利园1期19楼1918室，成立日期1988年5月31日，上市日期2018年7月20日，公司主营业务涉 及专注于通信行业,聚焦电信运营商和数据通信相关领域,致力于光纤预制棒、光纤和光缆以及数据通信 相关产品的研发创新与生产制造,形成了棒纤缆、综合布线、通信网络工程和其他光通信产品一体化的 完整产业链、相关多元化和国际化的 ...

作为全国政治、科技与总部经济的核心，北京以 49843 亿元 GDP（接近 5 万亿）稳居亚洲第三，其底气首先来自 "首都战略定位 京津冀协同" 的双重红利。 这里聚集了超 100 家央企总部，仅中石油、国家电网等企业的年度营收总和就占北京 GDP 的 35%；中关村示范区的科技企业贡献了全市 60% 的发明专利， 华为北京研究院主导的 5G 通信专利，直接支撑了全国数字经济的底层技术。大兴机场年旅客吞吐量突破 7000 万人次，加上 "轨道上的京津冀" 高铁网，让 北京的资源辐射力覆盖整个华北 —— 这种 "总部集群 科技枢纽" 的模式，既巩固了其经济量级，也让它成为亚洲高端产业的 "定盘星"。 当亚洲城市的经济版图在政策与区位的双重推力下持续重构，最新出炉的亚洲 20 强城市 GDP 排名，正藏着区域竞争的新逻辑：东京以 6.68 万亿稳居榜 首，中国城市占据半壁江山，而北京近 5 万亿的体量、苏州与香港的 "贴身追赶"、武汉在中部的突围，更成了这场洗牌里的焦点 —— 这些城市的增长内 核，到底藏着怎样的发展密码？ | 排名 | 城市 > | GDP(亿元) 国家 | | | --- | --- | -- ...

Core Insights - The article discusses the rise of Changfei, a Chinese optical fiber company, which has successfully broken the monopoly of American firms in the optical fiber market through innovation and competitive pricing [1][9][22]. Company Background - Changfei was established in May 1988 as a joint venture, facing the challenge of American dominance in the optical fiber sector [1]. - By 1990, the U.S. optical fiber market was worth $1 billion, accounting for one-third of the global market, leading to high import costs for countries like China [3]. Innovation and Development - Changfei opted for independent research and development, leading to the production of its first mass-produced optical fiber in 1991, marking a significant milestone for China [5]. - The company developed three manufacturing technologies for optical fiber preform, becoming the only global enterprise to cover all these processes and achieve industrialization [7]. Market Impact - In 2023, the Chinese optical fiber communication market reached a total scale of 150 billion yuan, with Changfei's overseas revenue hitting a historical high [9]. - The reduction in optical fiber prices from over 2000 yuan per kilometer to around 30 yuan has significantly increased global orders for Changfei's products [12][22]. Global Expansion - Changfei's products are now available in over 90 countries, with many nations previously reliant on American products now opting for Changfei's offerings due to better performance and lower prices [14]. - The company has established six production bases in countries like Indonesia and Brazil, enhancing local employment and reducing costs [16]. Financial Performance - In the first half of 2024, Changfei's revenue was approximately 5.348 billion yuan, with diversified business contributing 40% and increasing overseas revenue [16]. - Despite a year-on-year revenue decline of 13.31% in the first nine months of 2024, the net profit attributable to the parent company was 573 million yuan, indicating ongoing structural optimization [28]. Future Outlook - The global demand for optical fibers is expected to grow at an annual rate of 6.2%, with the Chinese market projected to recover with a growth rate of 2.3% [26]. - Changfei is also exploring new technologies like hollow-core optical fibers, which have attracted interest from major companies like Microsoft, indicating a promising market potential [20][29].

Group 1 - The core viewpoint of the news is that Changfei Fiber has seen a significant increase in its stock price, rising 5.05% to 85.30 CNY per share, with a total market capitalization of 646.49 billion CNY and a trading volume of 8.22 billion CNY [1] - Changfei Fiber's stock has experienced a continuous increase for four days, with a cumulative growth of 3.77% during this period [1] - The company specializes in the telecommunications industry, focusing on telecom operators and data communication, and has established a complete industrial chain involving the research, innovation, and production of optical fiber preforms, optical fibers, and cables [1] Group 2 - According to data from the top ten holdings of funds, Guotai Fund has a significant position in Changfei Fiber, with the Guotai Jinlu Mixed Fund holding 58,100 shares, accounting for 4.94% of the fund's net value [2] - The Guotai Jinlu Mixed Fund has generated a floating profit of approximately 238,200 CNY today, with a floating profit of 171,400 CNY during the four-day increase [2] - The fund has a total asset size of 1.19 billion CNY and has achieved a year-to-date return of 20.03%, ranking 4068 out of 8138 in its category [2]

Core Viewpoint - Optical fiber communication plays a crucial role in modern communication networks, utilizing light waves as signal carriers and glass fibers as transmission media, allowing for high capacity and low loss transmission [1]. Group 1: Optical Fiber Production Process - The production of optical fibers primarily involves two core processes: preform preparation and fiber drawing [1]. - Preform is the "mother body" of optical fibers, and its manufacturing methods can be categorized into chemical vapor deposition (CVD) and external deposition methods [3]. Group 2: Preform Preparation Techniques - CVD methods include: - MCVD (Modified Chemical Vapor Deposition): Uses a quartz glass tube as a substrate to deposit silica on the inner wall through hydrogen-oxygen flame heating [4]. - PCVD (Plasma Chemical Vapor Deposition): Utilizes plasma instead of hydrogen-oxygen flame, offering higher deposition rates but with more complex equipment [4]. - VAD (Vapor Axial Deposition): Forms a porous body on a rotating seed rod, suitable for large preform production [4]. - OVD (Outside Vapor Deposition): Deposits silica powder on the outer surface of the seed rod, achieving high purity and low cost, although it has a lengthy process and high energy consumption [5][6]. Group 3: Natural Quartz Processing - PSOD (Plasma Solid Deposition): Uses high-purity quartz sand to produce thick-walled quartz tubes without introducing hydroxyl groups or toxic gases, providing significant cost advantages [8]. - Hydrogen-oxygen melting method: A simpler process but results in larger size fluctuations and higher hydroxyl content [9]. - Electric melting method: Utilizes electricity to melt quartz sand, with various sub-methods like vacuum electric melting and continuous melting, but commercial applications are limited [11]. Group 4: Fiber Drawing Process - Fiber drawing involves heating the preform above 2000°C and precisely controlling temperature and tension to draw fibers with a diameter of approximately 125 micrometers [14]. - Polarization-maintaining fibers require the introduction of stress rods into the preform, increasing the complexity of the process [14]. Group 5: Requirements for Quartz Materials - Optical fiber quartz glass is categorized into natural and synthetic quartz materials, with synthetic quartz being preferred due to its high purity and low hydroxyl content [16]. - The purity of quartz materials is critical, as impurities can lead to excessive fiber attenuation and signal distortion [16]. - A new standard for high-purity quartz sand for optical fiber processing has been proposed, applicable to both main and auxiliary materials [16][17].

Core Viewpoint - Changfei Fiber's stock price has experienced significant fluctuations, with a year-to-date increase of 173.18% but a recent decline of 11.08% over the past five trading days [1] Company Overview - Changfei Fiber Optic Cable Co., Ltd. is located in Wuhan, Hubei Province, and was established on May 31, 1988, with its listing date on July 20, 2018 [2] - The company focuses on the telecommunications industry, particularly in the fields of telecom operators and data communication, offering a complete industrial chain including optical fiber preform, optical fibers, cables, and related products [2] - The revenue composition is as follows: optical transmission products 60.25%, optical interconnection components 22.61%, and others 17.13% [2] Financial Performance - For the period from January to September 2025, Changfei Fiber achieved operating revenue of 10.275 billion yuan, representing a year-on-year growth of 18.18%, while the net profit attributable to shareholders decreased by 18.02% to 470 million yuan [2] - Since its A-share listing, the company has distributed a total of 2.129 billion yuan in dividends, with 943 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 112.91% to 48,200, with an average of 0 circulating shares per person [2] - The top ten circulating shareholders include new entrants such as Debon Xinxing Value A, holding 3.7323 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 2.7622 million shares [3]

Core Viewpoint - Changfei Fiber is a leading global supplier of optical fiber preforms, optical fibers, and cables, maintaining the largest market share since 2016 [1] Group 1: Business Performance - In Q3 2025, Changfei Fiber reported revenue of 10.275 billion RMB, ranking third among 12 companies in the industry, with the top competitor, Hengtong Optic-electric, at 49.621 billion RMB [2] - The company's net profit for the same period was 541 million RMB, also ranking third, with Hengtong Optic-electric leading at 2.537 billion RMB [2] - The main business segments included optical transmission products at 3.847 billion RMB (60.25%), optical interconnection components at 1.444 billion RMB (22.61%), and other products at 1.094 billion RMB (17.13%) [2] Group 2: Financial Ratios - As of Q3 2025, Changfei Fiber's debt-to-asset ratio was 53.61%, higher than the industry average of 44.07% [3] - The gross profit margin for the same period was 28.83%, exceeding the industry average of 24.18% [3] Group 3: Management and Shareholder Information - Chairman Ma Jie has been in position since December 2013, while President Zhuang Dan's salary decreased by 212,100 RMB in 2024 compared to 2023 [4] - As of July 20, 2018, the number of A-share shareholders was 72,500, with an average holding of 1,045.3 shares [5] Group 4: Market Opportunities and Strategic Developments - In H1 2025, the company achieved revenue of 6.384 billion RMB, a year-on-year increase of 19.38%, while net profit decreased by 21.71% to 296 million RMB [5] - The company is focusing on high-end multimode fibers and expanding into data center markets, with strategic opportunities in G.654.E fiber deployment [5] - Huatai Securities initiated coverage with a "Buy" rating, highlighting the rapid development of G.654.E fiber and the company's vertical and horizontal expansion strategies [6]

Core Viewpoint - Changfei Fiber's stock price has shown significant volatility, with a year-to-date increase of 208.89%, but a recent decline of 20.63% over the past 20 days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Changfei Fiber Optic Cable Co., Ltd. is located in Wuhan, Hubei Province, and was established on May 31, 1988, with its listing date on July 20, 2018. The company focuses on the telecommunications industry, particularly in the fields of telecom operators and data communication [2]. - The company has a complete industrial chain involving the research, innovation, and manufacturing of optical fiber preforms, optical fibers, and cables, with a diversified and international business model [2]. - The main revenue composition includes optical transmission products (60.25%), optical interconnection components (22.61%), and other products (17.13%) [2]. Financial Performance - For the first half of 2025, Changfei Fiber achieved an operating income of 6.384 billion yuan, representing a year-on-year growth of 19.38%. However, the net profit attributable to shareholders decreased by 21.71% to 296 million yuan [2]. - Since its A-share listing, the company has distributed a total of 2.129 billion yuan in dividends, with 943 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Changfei Fiber was 22,600, a decrease of 11.76% from the previous period. The average circulating shares per person remained at 0 [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.9496 million shares, an increase of 1.8554 million shares from the previous period. New entrants include China Europe Value Discovery Mixed A and Fengtong Value Momentum Mixed A [3].

Core Insights - Changfei Fiber's stock increased by 5.01% to 94.39 CNY per share, with a trading volume of 1.271 billion CNY and a turnover rate of 3.37%, resulting in a total market capitalization of 71.539 billion CNY [1] Company Overview - Changfei Fiber Optic Cable Co., Ltd. is located in Wuhan, Hubei Province, and was established on May 31, 1988, with its listing date on July 20, 2018 [1] - The company focuses on the telecommunications industry, particularly in areas related to telecom operators and data communication, specializing in the R&D and manufacturing of optical fiber preforms, optical fibers, and cables [1] - The company's revenue composition includes: 60.25% from optical transmission products, 22.61% from optical interconnection components, and 17.13% from other sources [1] Shareholder Insights - The top circulating shareholder of Changfei Fiber is the Caifeng Value Momentum Mixed A Fund (720001), which entered the top ten circulating shareholders in the second quarter with 1.6368 million shares, representing 0.22% of circulating shares [2] - The fund has achieved a year-to-date return of 63.95%, ranking 431 out of 8226 in its category, and an annual return of 80.12%, ranking 187 out of 8099 [2] Fund Manager Profile - The fund manager of Caifeng Value Momentum Mixed A is Jin Zicai, who has been in the position for 10 years and 346 days, managing a total fund size of 4.319 billion CNY [3] - During his tenure, the best fund return was 639.78%, while the worst return was -1.6% [3] Fund Holdings - Caifeng Value Momentum Mixed A Fund holds 1.6368 million shares of Changfei Fiber, accounting for 3.17% of the fund's net value, making it the tenth largest holding [4]

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 新华稳健回报灵活配置混合发起（001004）成立日期2015年5月29日，最新规模5259.59万。今年以来收 益17.45%，同类排名4596/8154；近一年收益21.54%，同类排名3503/8025；成立以来收益45.01%。 新华稳健回报灵活配置混合发起（001004）基金经理为俞佳莹。 截至发稿，俞佳莹累计任职时间1年155天，现任基金资产总规模5259.68万元，任职期间最佳基金回报 23.47%， 任职期间最差基金回报21.96%。 10月24日，长飞光纤涨5.29%，截至发稿，报90.00元/股，成交8.37亿元，换手率2.35%，总市值682.11 亿元。 资料显示，长飞光纤光缆股份有限公司位于湖北省武汉市东湖高新技术开发区光谷大道9号,香港铜锣湾 希慎道33号利园1期19楼1918室，成立日期1988年5月31日，上市日期2018年7月20日，公司主营业务涉 及专注于通信行业,聚焦电 ...