据港交所8月25日披露，纳真科技公司(Ligent Technologies, Inc.)向港交所主板递交上市申请，花旗和中信证券为其联席保荐人。据招股书，纳真科技是全球 领先的光通信与光连接解决方案的全栈式供应商，为AI算力网络提供最关键的光通信产品。公司亦是全球少数同时拥有光模块和光芯片研发及量产能力的 企业之一。 招股书提到，根据弗若斯特沙利文的资料，2024年，按全球光模块收入计，纳真科技在全球所有专业光模块厂商中排名第五;按中国光模块收入计，公司在 全球所有专业光模块厂商中排名第三。此外，根据同一资料来源，2024年，按全球数通光模块收入计，公司在全球所有专业光模块厂商中排名前五，按全球 FTTx光模块收入计，公司在全球所有专业光模块厂商中排名前三，按中国光网络终端盒子收入计，公司在全球所有专业光网络终端盒子厂商中排名前三。 光模块产品方面，纳真科技向覆盖数通和电信领域的主要客户提供多样化的创新型光模块解决方案。在数通解决方案领域，根据弗若斯特沙利文的资料，公 司是中国首批成功开发并批量生产800G光模块以及交付1.6T光模块产品样品以供客户验证的光模块制造商之一。截至最后实际可行日期，公司已向客户 ...

国产替代加速从下游向上游传导。 | 作者 | | 白猫 | | --- | --- | --- | | 编辑 | | 小白 | 近期，仕佳光子（688313.SH）以业绩飙升百倍的表现，再度引发市场对光芯片产业发展前景的聚 焦。 （市值风云APP） 光芯片是光模块的核心价值环节。作为光通信产业链的上游，主要为中游光模块厂商提供有源光芯片 以及无源光芯片（主要包括PLC和AWG芯片）。 光模块厂商将光芯片嵌入到光器件后，再将其与其他结构部件组合封装制成光模块，下游广泛分布在 数据中心、5G 基站和承载网、光纤接入及新兴产业等领域。 （仕佳光子招股说明书） 在AI浪潮驱动下，光芯片产业迎来持续催化。 根据 Light Counting 预测，光通信芯片组市场预计将在2025-2030年间以17%的CAGR增长，总销售额 将从2024年的约35亿美元增至2030年的超110亿美元。 从产业链来看，光通信产业链国产化替代加速从下游向上游传导。 下游设备商，中国头部企业已占据全球百分之六七十的份额，而光模块领域在过去十年依托工程师红 利和快速响应能力等因素也快速完成了国产化替代，上游主要是高端光芯片亟待国产替代的进一步 ...

Group 1 - The A-share market has been very active recently, particularly the computing power sector, which has shown strong performance since mid-August, with AI chips, AI servers, optical modules, and liquid cooling technology being standout hardware segments [1] - The strong performance of the computing power sector is driven by three main factors: first, the capital expenditure plans disclosed by major overseas cloud vendors exceeded expectations, maintaining high growth in global computing infrastructure investment; second, OpenAI's recent announcement of GPT-5 has attracted industry attention, with plans to double the scale of computing clusters in the next five months; third, feedback from the supply chain indicates robust demand for computing power, supported by new technological iterations that have spawned multiple high-growth sub-sectors [1] - Looking ahead, the demand for computing power is expected to grow exponentially due to breakthroughs in AI model performance, the evolution of multimodal technologies, and the rapid deployment of AI Agent applications, indicating a long-term high prosperity in the industry [1] Group 2 - Specific investment opportunities include GPU and ASIC chips, optical modules, optical chips, and fiber optic connectors, which are expected to continue benefiting from the growth in computing power [1] - Additionally, the rising demand for AI servers will lead to increased usage of PCBs, high-power power supply systems, and liquid cooling solutions, marking significant opportunities in these emerging fields [1]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector has seen a 6.96% increase in the 33rd week of 2025, ranking second among major industries in the Yangtze River region. Year-to-date, the sector has risen by 30.93%, also ranking second [2][4]. - China's total computing power is rapidly expanding, with a projected year-on-year growth of 20% for general computing power and 43% for intelligent computing power in 2025. The daily token consumption in China has surged from approximately 1 trillion at the beginning of 2024 to over 30 trillion by mid-2025, indicating a dramatic increase in computing demand [5]. - Lumentum and Coherent have both reported significant revenue growth in optical communication, with Lumentum achieving $480 million in revenue for FY25Q4, a 56% year-on-year increase, and Coherent reporting $1.53 billion, a 16.4% increase [6][7]. Summary by Sections Market Performance - The communication sector's performance in the 33rd week of 2025 shows a 6.96% increase, with notable individual stock performances including Hengbao Co. (+49.2%), Guangku Technology (+48.9%), and Shengke Communication (+38.9%) [4]. Computing Power Expansion - China's computing power is expected to reach a total scale that ranks second globally, with a consistent annual growth rate of about 30% over the past five years. The demand for AI applications has skyrocketed, with token consumption increasing over 300 times in just a year and a half [5]. Optical Communication Revenue - Lumentum's optical module revenue exceeded expectations, with a significant contribution from cloud computing and networking, while Coherent's communication business also saw substantial growth, despite challenges in its industrial segment [6][7]. Investment Recommendations - The report recommends several companies across various segments, including operators like China Mobile, China Telecom, and China Unicom, as well as optical module manufacturers such as Zhongji Xuchuang and Xinyi Sheng [8].

Domestic Market Overview - The domestic market experienced a rise in both volume and price, breaking previous highs. The Shanghai Composite Index closed at 3683.46 points, up 0.48%, while the Shenzhen Component Index closed at 11551.36 points, up 1.76%. The ChiNext Index rose by 3.62% [1][9] - Among the 30 sectors tracked, 21 sectors saw gains, with telecommunications, non-ferrous metals, and electronics leading the increases. Conversely, banking, coal, and textile sectors experienced significant declines [1][9] - The total trading volume for the A-share market reached 21752 billion, continuing to rise compared to the previous day [1][9] Overseas Market Overview - The three major U.S. stock indices all closed higher, with the Dow Jones Industrial Average rising by 1.04% and the S&P 500 Index reaching a new closing high. Notably, UnitedHealth Group and Nike led the gains in the Dow [2] - Chinese concept stocks generally saw an increase, with Newegg rising over 24% and Lingzhong Portal up more than 18% [2] Key Economic Indicators - In July, the social financing scale increased by 9% year-on-year, with a cumulative increase of 23.99 trillion yuan in the first seven months of the year, which is 5.12 trillion yuan more than the same period last year. The increase in RMB loans was 12.87 trillion yuan [10][12] - As of the end of July, M2 grew by 8.8% year-on-year, while M1 increased by 5.6% [10][12] Industry Developments - The Ministry of Commerce announced countermeasures against two EU financial institutions, UAB Urbo Bankas and AB Mano Bankas, in response to sanctions imposed by the EU on Chinese financial institutions [13] - Guangdong Province introduced the first systematic judicial guarantee document for carbon emission quota pledge financing in the country, aiming to support green finance development [15]

Market Overview - A-shares experienced a significant rally on August 13, with all three major indices rising, including the Shanghai Composite Index surpassing its 2024 high, reaching a new three-year high [1][2] - The total market turnover reached 2.18 trillion yuan, marking a five-month high and the first time exceeding 2 trillion yuan in over five months [2] Fund Flows - There has been a notable inflow of financing funds, with the margin balance increasing by over 240 billion yuan since May, reaching a ten-year high [1][5] - The net inflow of main funds into the CSI 300 index was nearly 5 billion yuan on August 13, indicating strong institutional interest [1][7] Sector Performance - Key sectors such as CPO, optical chips, and high-frequency PCBs showed strong performance, with the communication sector leading the gains [3][4] - The top contributors to the Shanghai Composite Index included major companies like Industrial Fulian and WuXi AppTec, while the ChiNext Index saw significant contributions from companies like Ningde Times and NewEase [3] Investment Sentiment - Analysts attribute the market's upward movement to three main factors: ample liquidity, supportive policies, and reduced external disturbances [4][8] - The overall market sentiment is optimistic, with individual investors showing increased risk appetite as evidenced by the rise in margin trading [5][9] Future Outlook - The market is expected to continue its upward trend, supported by macroeconomic recovery and favorable policies, although short-term adjustments may be necessary [8][9] - Investment strategies are likely to focus on growth sectors such as technology and defense, with an emphasis on new technologies and undervalued stocks [9]

Market Performance - The A-share market saw all three major indices rise, reaching new highs for the year on August 12, with the Shanghai Composite Index closing at 3665.92 points, just below the previous high of 3674.40 points from October 2024 [2][3] - The market experienced significant trading volume, with a total turnover of 1.91 trillion yuan, marking an increase of 553 billion yuan from the previous trading day [3] Sector Performance - The semiconductor sector led the market rebound, with stocks like Shanghai Hejing and Cambrian Technology hitting the daily limit of 20% increase, and others like Shengke Communication and Yuanjie Technology also showing strong gains [3][4] - Other active sectors included CPO, stablecoins, and electronics, while sectors like rare earths and lithium mining saw adjustments [3] Financing and Investment Trends - As of August 11, the A-share margin trading balance reached 20.12 billion yuan, marking a ten-year high, with an increase of over 1.58 billion yuan since the beginning of the year [4][5] - The financing balance for the electronic, non-bank financial, and computer sectors was notably high, with respective balances of 232.79 billion yuan, 163.38 billion yuan, and 154.08 billion yuan [4] Future Outlook - Analysts suggest that the A-share market is likely to maintain its strong performance due to accumulating internal and external favorable factors, with expectations for the index to gradually rise [7][8] - The market is anticipated to transition to an earnings-driven phase, supported by policies aimed at economic recovery and liquidity improvement [6][8]

The provided content does not include any specific quantitative models or factors, nor does it detail their construction, evaluation, or backtesting results. The documents primarily focus on market performance, sector and concept index movements, market sentiment, capital flows, ETF premiums/discounts, block trading, and institutional activity. These are descriptive analyses and do not involve the development or testing of quantitative models or factors.

（文章来源：每日经济新闻） 上海证券8月11日发布研报称，给予源杰科技（688498.SH，最新价：245.8元）买入评级。评级理由主 要包括：1）订单催化营收/利润双端成长，产品结构加速改善；2）技术壁垒获关键认证，国产替代仍 为主要成长逻辑；3）AI产业浪潮驱动，光芯片产业迎来持续催化。风险提示：AI大模型商用化不及预 期；北美云厂商投资不及预期；网络架构转变；宏观经济不及预期等。 ...

Core Viewpoint - The optical chip industry in China does not face significant "bottleneck" issues or development obstacles from a manufacturing perspective, with domestic equipment manufacturers increasing in number and improving product quality to approach international top levels [2]. Group 1 - The deputy general manager of Yuanjie Technology, Cheng Shuo, stated that there are no apparent manufacturing bottlenecks in the optical chip industry [2]. - The number of domestic equipment manufacturers has been increasing over the past two years, leading to improved product quality [2]. - The quality of domestic products is gradually approaching the standards of international top-tier products [2].