光纤光缆龙头，AI 算力与空芯光纤双重驱动 长飞光纤(601869) 长飞光纤深度研究 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | 本报告导读： 全球领先的光纤预制棒、光纤、光缆及综合解决方案提供商，在空芯光纤相关研发 中取得突破，受益于 AI 算力竞争驱动下光纤需求爆发。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 13,353 | 12,197 | 12,911 | 18,441 | 19,852 | | (+/-)% | -3.5% | -8.7% | 5. ...

Group 1 - The company, Shenyu Co., Ltd., primarily engages in the research, development, production, and sales of RF coaxial cables [2] - The products of the company are mainly used for the reception and transmission of RF signals [2] - The company does not supply products directly to end customers [2]

Group 1 - The company primarily engages in the research, development, production, and sales of RF coaxial cables, which are mainly used for receiving and transmitting RF signals [2] - The company's products are not supplied directly to end customers [2] - The inquiry about the company's involvement in brain-computer interface technology was addressed, confirming that it does not have related business [2]

Group 1 - The core point of the news is that Shenyu Co., Ltd. experienced a decline of 5.02% in its stock price, reaching 40.29 yuan per share, with a trading volume of 468 million yuan and a turnover rate of 9.13%, resulting in a total market capitalization of 7.229 billion yuan [1] - Shenyu Co., Ltd. is located in Jiangyin City, Jiangsu Province, and was established on August 6, 2003, with its listing date on November 14, 2016. The company's main business involves the research, development, production, and sales of RF coaxial cables [1] - The revenue composition of Shenyu Co., Ltd. is as follows: coaxial cables account for 81.83%, other supplementary products for 9.78%, and gold wire products for 8.39% [1] Group 2 - From the perspective of the top ten circulating shareholders of Shenyu Co., Ltd., a fund under Huaxia Fund ranks among the top shareholders. The Huaxia CSI Hong Kong and Shanghai Gold Industry Stock ETF (159562) entered the top ten shareholders in the third quarter, holding 243,800 shares, which represents 0.2% of the circulating shares [2] - The Huaxia CSI Hong Kong and Shanghai Gold Industry Stock ETF (159562) was established on January 11, 2024, with a latest scale of 2.409 billion yuan. Year-to-date returns are 12.92%, ranking 530 out of 5579 in its category; the one-year return is 103.46%, ranking 82 out of 4225; and since inception, the return is 152.78% [2] - The fund manager of the Huaxia CSI Hong Kong and Shanghai Gold Industry Stock ETF (159562) is Hualong, who has been in the position for 3 years and 152 days, with a total asset scale of 35.957 billion yuan. The best fund return during the tenure is 152.78%, while the worst return is -15.08% [2]

Group 1 - The core point of the news is that Shenyu Co., Ltd. experienced a stock price increase of 5.93%, reaching 40.90 CNY per share, with a trading volume of 321 million CNY and a turnover rate of 6.57%, resulting in a total market capitalization of 7.339 billion CNY [1] - Shenyu Co., Ltd. is located in Jiangyin City, Jiangsu Province, and was established on August 6, 2003. It was listed on November 14, 2016. The company's main business involves the research, development, production, and sales of RF coaxial cables, with revenue composition as follows: coaxial cables 81.83%, others 9.78%, and gold wire products 8.39% [1] Group 2 - From the perspective of major circulating shareholders, a fund under Yongying Fund ranks among the top shareholders of Shenyu Co., Ltd. The Gold Stock ETF (517520) increased its holdings by 556,000 shares in the third quarter, holding a total of 1.2324 million shares, which accounts for 0.99% of the circulating shares. The estimated floating profit today is approximately 2.8222 million CNY [2] - The Gold Stock ETF (517520) was established on October 24, 2023, with a latest scale of 11.669 billion CNY. Year-to-date return is 13.37%, ranking 423 out of 5525 in its category; the one-year return is 104.71%, ranking 58 out of 4208; and since inception, the return is 132.55% [2] Group 3 - The fund manager of the Gold Stock ETF (517520) is Liu Tingyu, who has a cumulative tenure of 2 years and 156 days. The current total asset scale of the fund is 21.354 billion CNY, with the best fund return during his tenure being 119.5% and the worst being -1.14% [3][5] Group 4 - From the perspective of the fund's top heavy positions, a fund under Yongying Fund holds Shenyu Co., Ltd. as a significant position. The Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (020411) held 100 shares in the third quarter, ranking as the second-largest heavy position. The estimated floating profit today is approximately 229 CNY [4] - The Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (020411) was established on February 1, 2024, with a latest scale of 634 million CNY. Year-to-date return is 12.72%, ranking 494 out of 5525 in its category; the one-year return is 96.69%, ranking 118 out of 4208; and since inception, the return is 122.4% [4]

Group 1 - The core viewpoint of the news is that Shen Yu Co., Ltd. is experiencing a decline in both revenue and net profit, alongside changes in shareholder structure and financing activities [1][2]. Group 2 - On January 6, Shen Yu's stock price fell by 0.97%, with a trading volume of 317 million yuan. The financing buy-in amount was 37.77 million yuan, while the financing repayment was 48.41 million yuan, resulting in a net financing buy-in of -10.64 million yuan [1]. - As of January 6, the total balance of margin trading for Shen Yu was 349 million yuan, with the financing balance accounting for 5.28% of the circulating market value, which is below the 40th percentile level over the past year [1]. - The company’s main business involves the research, production, and sales of radio frequency coaxial cables, with revenue composition being 81.83% from coaxial cables, 9.78% from other products, and 8.39% from gold wire products [1]. Group 3 - As of September 30, the number of shareholders for Shen Yu was 41,800, a decrease of 5.28% from the previous period, while the average circulating shares per person increased by 5.58% to 2,971 shares [2]. - For the period from January to September 2025, Shen Yu reported operating revenue of 621 million yuan, a year-on-year decrease of 3.28%, and a net profit attributable to shareholders of 53.31 million yuan, down 20.86% year-on-year [2]. - Since its A-share listing, Shen Yu has distributed a total of 185 million yuan in dividends, with 106 million yuan distributed over the past three years [2]. Group 4 - As of September 30, 2025, the top ten circulating shareholders included the Golden Stock ETF (517520) as the third-largest shareholder, increasing its holdings by 556,000 shares to 1.2324 million shares. The Hong Kong Central Clearing Limited entered as a new shareholder, holding 1.1785 million shares [2].

Core Insights - The convertible bond market is expected to see a slight increase in valuation during the spring season due to strong expectations for underlying stocks and seasonal effects [2][16] - The China Convertible Bond Index reached a new high of 496 points since July 2015, indicating a positive trend in the market despite a decrease in ETF shares [2][16] - The average conversion premium for convertible bonds has increased, reflecting a shift from passive to active investment strategies as investors selectively identify opportunities [2][16] Market Performance - The convertible bond market saw a decline in most individual bonds, with the China Convertible Bond Index down by 0.27% and an average price drop of 0.50% [1][7] - The average parity price decreased by 0.75%, while the overall market conversion premium increased by 0.74% compared to the previous week [1][7] - Specific bonds such as Tianchuang, Maolai, Libo, Hongwei, and Hongtu showed significant gains, while others like Haohan, Jiamei, Huayi, and Kaisheng experienced notable declines [1][11] Sector Analysis - In the stock market, sectors such as commercial aerospace and precision optics performed well, while the electric power sector faced significant adjustments due to lower-than-expected long-term electricity prices [7][8] - The overall sentiment in the bond market was weak, influenced by factors such as the end-of-year financial assessments and a general decline in market activity [8][14] - The average implied volatility for convertible bonds stands at 45.91%, indicating a high level of market uncertainty [17][22] Investment Strategy - Investors are advised to focus on convertible bonds with strong underlying stock performance and consider participating in bonds nearing maturity [2][16] - The report suggests targeting sectors with high earnings elasticity, such as lithium battery materials, semiconductor equipment, and power semiconductors, which are expected to benefit from increased demand [2][16] - For absolute return strategies, it is recommended to look at industry leaders with valuations at historical lows, particularly in sectors like livestock farming and utilities [2][16]

Core Viewpoint - Shen Yu Communication Technology Co., Ltd. has experienced a stock price decline of 1.03% as of December 31, with a current share price of 36.63 yuan and a total market capitalization of 6.573 billion yuan [1] Company Overview - Shen Yu Communication Technology Co., Ltd. was established on August 6, 2003, and went public on November 14, 2016. The company specializes in the research, production, and sales of radio frequency coaxial cables [1] - The revenue composition of the company is as follows: coaxial cables account for 81.83%, other products for 9.78%, and gold wire products for 8.39% [1] Shareholder Information - The top circulating shareholder of Shen Yu is a fund under Yongying Fund, which increased its holdings in the Golden Stock ETF (517520) by 556,000 shares in the third quarter, holding a total of 1.2324 million shares, representing 0.99% of the circulating shares [2] - The Golden Stock ETF (517520) was established on October 24, 2023, with a current size of 11.669 billion yuan. It has achieved a year-to-date return of 91.97%, ranking 58 out of 4189 in its category [2] Fund Performance - The fund manager of the Golden Stock ETF (517520) is Liu Tingyu, who has been in the position for 2 years and 141 days. The fund's total asset size is 21.354 billion yuan, with the best return during his tenure being 104.58% and the worst being -1.68% [3][5] - The Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (020411) is another fund that holds Shen Yu shares, with 100 shares held as the second-largest position. This fund was established on February 1, 2024, with a current size of 634 million yuan and a year-to-date return of 84.82%, ranking 116 out of 4189 [4]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From December 22 - 26, the A - share market was active with continuous gains for five days. The commercial aerospace and precious metals sectors performed well. The bond market was weak on Monday but improved on Tuesday, with the 10 - year Treasury bond rate at 1.84% on Friday, up 0.68bp from the previous week. The convertible bond market was strong, with the CSI Convertible Bond Index rising 1.64% and the price median increasing 1.52%. [1][7][8] - From December 29 - 31, the convertible bond market was still strong, with the CSI Convertible Bond Index hitting a new high. The market price median was close to the August high, and the premium rates in all price - range convertible bonds were above the 95% historical percentile. In the future, the convertible bond market has support from the expected spring rally and institutional buying, but risks from annual report disclosures and high - gain hot - topic bonds should be noted. [3][17] Summary by Related Catalogs Market Focus (December 22 - 26) Stock Market - The A - share market had five consecutive days of gains. The commercial aerospace sector was boosted by policies and industry development, and precious metals were strong. The trading volume increased, and different sectors were active on different days. By industry, most Shenwan primary industries rose, with non - ferrous metals, national defense and military industry leading, and beauty care, social services lagging. [7][8] Bond Market - On Monday, the bond market was weak due to the disappointment of LPR cut expectations and the strong equity market. On Tuesday, Treasury bond futures and spot bonds improved. The central bank's Q4 monetary policy meeting had little impact. The 10 - year Treasury bond rate closed at 1.84% on Friday, up 0.68bp from the previous week. [1][7][8] Convertible Bond Market - Most convertible bond issues rose. The CSI Convertible Bond Index rose 1.64%, the price median increased 1.52%, and the arithmetic average parity increased 2.42%. The overall conversion premium rate decreased by 0.21%. By industry, national defense and military industry, building materials led in gains, while commercial retail, beauty care led in losses. In terms of individual bonds, Jiamei, Zai 22, etc. had large gains, while Huati, Saili, etc. had large losses. The total trading volume was 3928.17 billion yuan, with an average daily volume of 785.63 billion yuan, higher than the previous week. [2][8][11] Views and Strategies (December 29 - 31) - The convertible bond market was strong last week, with the CSI Convertible Bond Index hitting a new high. The market price median was close to the August high, and the premium rates in all price - range convertible bonds were at high historical levels. [3][17] - In the future, the convertible bond market has support from the expected spring rally and institutional buying in January. However, in January, with the annual report disclosures and high - gain hot - topic bonds, some individual bonds with performance pressure may face challenges. [3][17] - Currently, the convertible bond market valuation is at a historical high, and overall opportunities are scarce. Relative - return investors are advised to allocate small - position, well - balanced non - redeemable and appropriately - priced equity - biased convertible bonds in sectors such as power, storage, etc. Absolute - return investors are advised to focus on high - volatility underlying stocks below 130 yuan or industry leaders with historically low valuations. [3][17] Valuation Overview - As of December 26, the average conversion premium rates of equity - biased convertible bonds in different price ranges were at high historical percentile levels. The average YTM of debt - biased convertible bonds with a parity below 70 yuan was - 4.44%, at a low historical percentile. The average implied volatility of all convertible bonds was 44.43%, at a high historical percentile, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 3.3%, also at a high historical percentile. [18] Primary Market Tracking Last Week (December 22 - 26) - Shuangle Convertible Bond and Jin 05 Convertible Bond announced issuance, and Pulan Convertible Bond was listed. Shuangle Convertible Bond is from the basic chemical industry, with an issue size of 800 million yuan. Jin 05 Convertible Bond is from the power equipment industry, with an issue size of 1.672 billion yuan. Pulan Convertible Bond is from the computer industry, with an issue size of 243 million yuan. [25][26][27] Next Week (December 29 - 31) - Tianzhun Convertible Bond and Shenyu Convertible Bond are expected to be listed. Tianzhun Convertible Bond is from the machinery and equipment industry, with an issue size of 872 million yuan. Shenyu Convertible Bond is from the communication industry, with an issue size of 500 million yuan. [29][30] Overall Situation - As of December 26, there are currently 93 convertible bonds to be issued, with a total scale of 146.86 billion yuan. Among them, 3 issues with a total scale of 3.43 billion yuan have been approved for registration, and 10 issues with a total scale of 8.52 billion yuan have passed the listing committee. [31]

Group 1 - The company has successfully developed a series of RF coaxial cables suitable for aerospace applications [2] - The products can be applied in satellite communication, radar systems, and navigation systems [2]