Core Viewpoint - The recent leadership change at Jinziham (金字火腿) with the appointment of 90s-born Zheng Hu as president raises questions about the company's future direction and potential growth under new management [4][5]. Group 1: Leadership Transition - Zheng Hu, born in 1991, has taken over as president of Jinziham after a brief tenure of 5 months by the previous president, Guo Bo, who resigned for personal reasons [4][5]. - Zheng Hu's background includes significant experience in the luxury car sector, having worked with Aston Martin for 7 years, which may influence his strategic vision for Jinziham [5]. - The transition marks a generational shift in leadership, with Zheng Hu representing the second generation of the Zheng family in the company [6]. Group 2: Strategic Investments - Jinziham has diversified its investments, including a 300 million yuan stake in Zhongsheng Microelectronics, a company focused on optical communication chips [4][8]. - The company has established two wholly-owned semiconductor subsidiaries, indicating a strategic pivot towards high-tech industries [8]. - Zhongsheng Microelectronics has developed core chips for high-speed optical modules, which are crucial for the growing demand in AI and telecommunications [9]. Group 3: Market Trends - The optical communication industry is experiencing significant growth, with a projected compound annual growth rate of 17% from 2025 to 2030 [9]. - The domestic optical communication market is expected to reach approximately 147.3 billion yuan in 2024, with a compound annual growth rate of 5.67% from 2019 to 2024 [9]. - The shift towards domestic alternatives in high-end optical chips is accelerating, driven by policy support for self-sufficiency [9]. Group 4: Generational Shift in Business Leadership - The rise of "second-generation" entrepreneurs is notable, with many 90s and 00s born leaders stepping into significant roles, bringing fresh perspectives and strategies [13][14]. - These new leaders often have international educational backgrounds and diverse experiences, leading to a willingness to invest in high-growth sectors like AI, semiconductors, and biotechnology [14]. - The transition poses challenges, including the need to balance traditional business cash flow with long-term investments in technology [15].

近日，"火腿第一股"金字火腿（002515.SZ）管理层迭代正式落定。公司公告称，上任仅5个月的总裁郭 波因个人原因辞职，实控人郑庆昇之子、90后副总裁郑虎正式接棒总裁一职。这使得这场"闪电换帅"， 距离90后郑虎做副总裁一职仅半年时间。 在此之前，这家金华老字号已悄然跨界，以3亿元入股光通信芯片公司中晟微电子。那么，父子携手之 下，金字火腿完成二代权力交接的同时，新上任的90后二代能否将金字火腿带到新的高度？ 90后"少帅"火速上位 对于这位新上任的90后，外界或许有点陌生。履历显示，出生于1991年的郑虎，是典型的"企二代"，拥 有本科学历。但若是提起顶级豪车——阿斯顿・马丁，关注该领域的人可能会有点印象，这位90后已经 与该百年豪车品牌绑定了7年。 阿斯顿・马丁成立于1913年，是一家英国老牌豪车品牌，因007系列电影中詹姆斯·邦德的座驾而闻名全 球。自2018年起，郑虎便在上海阿斯顿马丁汽车销售有限公司担任董事一职，参与该品牌在国内的经销 业务。 作为父亲，郑庆昇也是这家公司绝对的实控人。2010年，郑庆昇牵头成立上海阿斯顿马丁汽车销售公 司，前者以900万元出资持有90%的股份，经营着该品牌在华东市 ...

金字火腿股份有限公司（简称"金字火腿"）近日再度发生人事变动。上任刚5个月的金字火腿总裁郭波 辞任，总裁一职由金字火腿新实际控制人郑庆昇之子、"90后"郑虎接替。 从稀土、银行、电商，再到新能源汽车、医疗健康、算力，在肉制品主业发展缓慢的背景下，跨界求突 破已成为金字火腿的惯性动作。只是多次尝试收效甚微，甚至一度拖累公司业绩。新东家到来后，对跨 界仍有执念——设立半导体子公司、以近百倍高溢价收购准独角兽企业股权。然而，这次跨界半导体会 成为金字火腿的转型契机，还是又一次重蹈覆辙？ 金字火腿"换血" 郑庆昇接手金字火腿后的首要任务，便是搭建契合其战略意图的管理团队。7月，金字火腿迎来管理 层"换血"，完成董事会换届，郑庆昇出任董事长；郭波接替周国华出任总裁，同时担任副董事长；郑庆 昇之子郑虎出任副总裁。 值得注意的是，上述高管经历与金字火腿的主业食品鲜有关联。其中，郭波在进入金字火腿前，于2020 年至2021年担任渤海证券投行总部高级副总裁，2021年起担任清禾私募基金管理（珠海）有限公司董事 长、总经理。1991年出生的郑虎，从业轨迹多追随父亲脚步，2018年至今任上海阿斯顿马丁汽车销售有 限公司董事，随后 ...

"火腿第一股"金字火腿再换总裁，这次由实控人之子接棒。12月15日，金字火腿发布公告称，公司总裁 郭波因个人原因辞职，辞职后仍担任副董事长及董事会战略委员会委员职务。同时，聘任郑虎为公司总 裁，任期至第七届董事会任期结束。 金字火腿主营火腿及火腿制品、特色肉制品、定制品牌肉等肉类产品的研发、生产和销售。2025年上半 年，公司火腿业务实现营收1亿元，同比下降9.1%；特色肉制品业务营收为4210.95万元，同比下降 2.94%；品牌肉业务收入为1015.57万元，同比下降35.25%；火腿制品营收为308.67万元，同比下降 19.08%。 詹军豪认为，跨界新领域时，公司应循序渐进。金字火腿前期充分调研评估半导体行业，明确自身优势 与定位，合理分配资金，优先保障火腿主业运营，以稳定营收和市场份额。发展上，先小范围试点半导 体业务，积累经验后再逐步扩大规模，如此既能探索新增长点，又能稳住火腿主业基本盘。 就年内两次更换总裁、跨界半导体等相关问题，北京商报记者向金字火腿发去采访函，但截至发稿未收 到回复。 入主金字火腿后，郑庆昇将目光瞄向了半导体领域，7月，金字火腿成立了两家从事芯片业务的全资子 公司，即金字芯（ ...

郑庆昇的儿子郑虎则是一名"90后"，1991年出生，本科学历。郑虎除在金字火腿任职之外，其也在上海 阿斯顿马丁汽车销售有限公司任职。自2018年起，其任上海阿斯顿马丁汽车销售有限公司董事。 新实控人入主半年后，金字火腿管理层又有新变动，1991年生实控人之子成为上市公司新总裁。 12月15日晚间，金字火腿公告指出，公司总裁郭波因个人原因申请辞去总裁职务，辞职后仍继续担任公 司副董事长、董事会战略委员会委员职务；另外，郑虎被聘任为公司总裁。 值得一提的是，今年6月，福建莆田富豪郑庆昇从"牛散"任贵龙手中获得金字火腿控制权；今年7月，董 事会换届选举完成，至今仅过去5个月。彼时，郑虎被聘任为公司副总裁。 随着郑虎成为上市公司新总裁，郑氏父子两人分别担任董事长、总裁两大关键职位。在郑氏家族的带领 下，老字号品牌金字火腿又会有何变化呢？ 69岁莆田富豪跨界接手 金字火腿新实控人郑庆昇，1956年生，今年已经69岁。回看履历，不难发现其并没有什么食品公司工作 经验，其旗下产业主要涉及房地产、汽车销售等。 金字火腿此前披露的资料显示，郑庆昇现任福建亿昇房地产有限公司执行董事、福建挺虎置业集团有限 公司执行董事兼总经理、上 ...

Core Insights - The second CPO and silicon photonics technology exhibition will be held in Wuxi on December 11-12, 2025, highlighting the current relevance of silicon photonics and CPO technology in addressing the energy consumption and bandwidth bottlenecks of ultra-high-speed interconnects [1] - The industry trend indicates that suppliers of optical chips, such as Changguang Huaxin, are expected to benefit significantly from these developments [1] Industry Developments - The company leverages its IDM full-process platform to enhance its vertical and horizontal integration across the entire industry chain, covering chip design, epitaxial growth, wafer processing, and packaging testing [2] - As one of the few IDM enterprises capable of mass production of high-power semiconductor laser chips, the company has established a diversified product matrix extending from high-power single-bar chips to VCSEL and optical communication chips [2] - This vertical integration not only strengthens its advantages in traditional fields like fiber laser pump sources but also facilitates entry into emerging high-growth sectors such as data center communications, LiDAR, 3D sensing, and smart manufacturing [2] Technological Advancements - The company has achieved significant breakthroughs in core technologies, with high-power single-bar chip continuous power surpassing 132W and 50W products entering mass production [3] - The efficiency of VCSEL chips has reached 74%, and the company has secured automotive-grade certification, while 100G EML has entered mass production and 200G EML is in the sampling phase, establishing a domestic replacement advantage for high-end chips [3] Market Positioning - The company is positioned to benefit from the explosion of AI computing power and supply chain restructuring, with high-end optical communication chips entering a phase of capacity release and technological iteration [4] - The company has begun mass delivery of 100G EML chips since Q2 2025, with 200G EML in customer validation, and is poised to capture market share due to the supply-demand gap in 100G EML driven by AI computing infrastructure [4] - The establishment of Suzhou Xingyao Photonics aims to secure a foothold in the silicon photonics integration sector, creating a comprehensive competitive edge from current domestic high-end replacements to future CPO evolution [4] Financial Outlook - The company's net profit forecasts for 2025-2026 have been revised upward from 19.91 million and 68.15 million yuan to 36.80 million and 72.82 million yuan, respectively, with a new forecast for 2027 net profit at 150 million yuan, reflecting year-on-year growth rates of 136.9%, 97.88%, and 106.57% for 2025-2027 [4]

据上证报报道，12月11日，一场聚焦行业未来的思想盛宴2025算力产业生态高质量发展大会，即将拉开 帷幕。 公司方面，瑞芯微：智能应用处理器芯片具有可靠性高，抗干扰性强等特点。 中科曙光：布局建设全国一体化算力服务平台，提供端到端全栈算力生产服务。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 本次大会由中国通信工业协会数据中心委员会主办，旨在深入算力生态的肌理，解码智能时代的发展新 范式。 中银证券认为，当前AI算力硬件特别是光模块领涨市场，谷歌大模型升级，TPU产量预期增长再度催化 市场预期，光通信芯片可能面临短缺，2026年具备涨价逻辑，光模块行情有望延续。春躁行情启动，科 技弹性为先，AI算力硬件先行，关注具备技术进展带动需求增长的TPU产业链，特别是光模块， PCB,OCS,光纤供应商等，此外关注硬件端紧缺环节的存储芯片。 公司方面，据上证报表示， ...

格隆汇12月9日丨聚灿光电(300708.SZ)在互动平台表示，公司已对光模块业务中的光通信芯片进行技术 储备，鉴于当前战略上聚焦于少数细分领域，公司目前暂未涉足光模块业务。 ...

Core Insights - The article highlights the significance of the Munich Shanghai Optical Expo as a pivotal event for the global optoelectronics and semiconductor industry, featuring over 1,200 leading companies and attracting hundreds of thousands of professional attendees, emphasizing the theme of "technological iteration + ecological integration" [2] Group 1: Policy Alignment - The forum aligns closely with the "14th Five-Year Plan," focusing on the critical role of laser technology in supporting 6G/5G-A, targeting key areas such as compound semiconductors, EDA tools, and optical communication chips, and aims to create a collaborative ecosystem through "policy - technology - capital" synergy [2][4] Group 2: Technical Focus - The forum emphasizes a comprehensive technology logic covering the entire supply chain from "materials - tools - chips - devices - components - applications," showcasing hard-core achievements from leading companies in critical areas like compound semiconductor mass production processes and AI-enabled optical chip design [3] Group 3: Demand-Supply Coupling - The forum effectively links the supply side, represented by leading technology firms like Silan Micro and Xizhi Technology, with the demand side, including major telecom operators and cloud service providers, creating a high-efficiency closed loop of "technology output - demand feedback - cooperation landing" [4] Group 4: Key Participants - Major telecom operators such as China Mobile, China Unicom, and China Telecom are participating to address 6G network architecture and 5G-A deployment needs, while leading cloud service providers like Alibaba Cloud and Tencent Cloud are seeking solutions for high-speed data transmission and green data center construction [6] Group 5: Final Opportunities - The article emphasizes the urgency of securing the last three sponsorship seats for the forum, highlighting the scarcity of resources and the potential for significant market engagement, with a focus on connecting with decision-makers from major telecom and cloud service companies [7][9]

Core Insights - The China-France Future Industry Cooperation Forum was held in Nanjing, focusing on innovation and collaboration in future industries [1] - Major French industrial companies, including Schneider Electric and Dassault Systèmes, participated, highlighting the importance of digital transformation and 3D virtual twin technology [1][2] - Nanjing aims to accelerate the development of future industries, with a projected 20% growth in future industry business revenue by 2025 [2] Group 1: Industry Collaboration - The forum emphasized the collaboration between local high-tech companies in Nanjing and leading French firms, showcasing the potential for partnerships in aerospace, green energy, and future energy sectors [2] - Nanjing Tianyi Aerospace Electronics Technology Co., a high-tech company focused on commercial satellite technology, is set to test its satellite communication services by the end of the year [3] - The forum resulted in a three-year agreement for continued China-France future industry cooperation in Nanjing, indicating a long-term commitment to collaboration [3] Group 2: Investment and Economic Impact - Nanjing has established a strong foundation for investment, with 114 approved French investment projects and actual foreign capital usage reaching $1.16 billion [3] - The presence of a French semiconductor company launching an 8-inch silicon carbide chip production line in China demonstrates the competitive edge of Chinese manufacturing in terms of cost and technology [3] - The forum highlighted the importance of building relationships and networks in the future industry landscape, with a focus on mutual benefits and shared growth [2]