剑桥科技（603083）(06166)涨超4%，截至发稿，涨4.2%，报81.95港元，成交额633.33万港元。 消息面上，上交所、深交所发布公告称，因剑桥科技在香港市场价格稳定期结束且相应A股上市满10个 交易日，根据有关规定，港股通标的证券名单发生调整并自2025年11月24日起生效，调入剑桥科技。 剑桥科技今年三季报显示，前三季度，公司共实现营业收入约为33.6亿元，同比增长21.57%；实现归属 于上市公司股东的净利润约为2.59亿元，同比增长70.88%。报告期内，公司业绩实现高质量增长，核心 驱动力来自高速光模块与电信宽带接入两大主营业务。 ...

Group 1 - Cambridge Technology (06166) saw a stock price increase of over 4%, reaching HKD 81.95 with a trading volume of HKD 6.3333 million [1] - The Shanghai and Shenzhen Stock Exchanges announced that Cambridge Technology will be added to the Hong Kong Stock Connect eligible securities list effective November 24, 2025, following the end of its price stabilization period in the Hong Kong market and after being listed for 10 trading days in A-shares [1] - For the third quarter of this year, the company reported a revenue of approximately RMB 3.36 billion, representing a year-on-year growth of 21.57%, and a net profit attributable to shareholders of approximately RMB 259 million, reflecting a year-on-year increase of 70.88% [1] Group 2 - The company's strong performance is driven by its two main businesses: high-speed optical modules and telecom broadband access [1]

Core Viewpoint - Cambridge Technology (06166) has shown significant growth in its financial performance, driven by its core businesses in high-speed optical modules and telecom broadband access [2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of approximately 3.36 billion yuan, representing a year-on-year increase of 21.57% [2] - The net profit attributable to shareholders for the same period was about 259 million yuan, marking a substantial year-on-year growth of 70.88% [2] Shareholder Activity - On November 17, shareholders transferred shares from Guotai Junan (Hong Kong) to Morgan Stanley Hong Kong Securities, with a transfer market value of 566 million HKD, accounting for 9.17% of the total shares [2]

Core Insights - Cambridge Technology (06166) shareholders transferred stocks from Guotai Junan (Hong Kong) to Morgan Stanley Hong Kong Securities, with a transfer market value of HKD 566 million, accounting for 9.17% of the total shares [1] Financial Performance - For the first three quarters of 2025, the company reported total revenue of approximately CNY 3.36 billion, representing a year-on-year growth of 21.57% [1] - The net profit attributable to shareholders for the same period was approximately CNY 259 million, showing a significant year-on-year increase of 70.88% [1] Business Drivers - The company's high-quality growth is primarily driven by its two main businesses: high-speed optical modules and telecom broadband access [1]

Market Overview - The Hong Kong stock market experienced a significant upward trend, with all three major indices rising over 1%. The Hang Seng Index increased by 1.55% to close at 26,649.06 points, with a total trading volume of HKD 2,147.88 million [1] - According to Guangfa Securities, the foundation for a bull market in Hong Kong stocks remains intact, suggesting a potential "oscillating upward" trend rather than a rapid increase. The fundamental drivers for November are strong, emphasizing the value of high-growth sectors [1] Blue-Chip Performance - Pop Mart (09992) led the blue-chip stocks, surging 8.11% to HKD 221.4, contributing 19.35 points to the Hang Seng Index. The company has seen increased production capacity and sales growth due to a pre-sale model [2] - Other notable blue-chip performers included CNOOC (00883) up 5.95%, China Resources Mixc Lifestyle (01209) up 4.98%, and Haidilao (06862) up 4.9% [2] Sector Highlights - Major technology stocks showed positive performance, with Tencent rising 2.44% and Alibaba increasing by 2.06%. The consumer sector also saw gains, particularly in travel and new consumption stocks, with China Duty Free Group rising over 15% [3] - The consumer sector's growth was supported by favorable policies and increased consumer spending, as indicated by the CPI data and the success of the new duty-free shopping policy in Hainan [4] Cryptocurrency and Gold Stocks - The cryptocurrency sector saw significant gains, with Bitcoin returning to USD 106,000 and Ethereum surpassing USD 3,600. This surge was attributed to positive market sentiment following news of the U.S. government potentially ending its shutdown [5] - Gold stocks continued their upward trend, with notable increases in shares like Chifeng Jilong Gold Mining (06693) and Zhaojin Mining Industry (01815) [5][6] Lithium Sector - Lithium stocks were active, with Tianqi Lithium (09696) rising 3.04%. The price of lithium hexafluorophosphate has seen a significant increase, indicating a potential price cycle [6] - Citic Securities highlighted the long-term benefits of gold due to global liquidity expansion and geopolitical risks, while also noting the strong demand forecast for batteries in the coming years [7] Notable Stock Movements - LeShuShi (02698) debuted strongly, rising 25.95% on its first day of trading. The company focuses on hygiene products in emerging markets [8] - China Duty Free Group (01880) saw a strong performance, rising 15.34%, driven by the new duty-free shopping policy in Hainan [9] - Great Wall Motors (02333) increased by 8.19%, supported by a strong new car cycle and ongoing transformation towards new energy vehicles [10] - Cambridge Technology (06166) reported a 21.57% increase in revenue and a 70.88% increase in net profit for the first three quarters of 2025, driven by its core businesses [11]

Core Viewpoint - Cambridge Technology (06166) experienced a volatile debut, with its stock price initially rising to 109 HKD before declining to a low of 76.45 HKD, reflecting only a slight increase of over 10% from the IPO price of 68.88 HKD [1] Company Summary - Cambridge Technology generates revenue primarily from the sales of broadband, wireless, and optical module technology products, positioning itself as one of the few companies globally offering these three types of technology products [1] - The company's Q3 2025 performance report indicates high-quality growth driven by its two main businesses: high-speed optical modules and telecom broadband access, with the high-speed optical module segment showing significant performance due to increased demand from global data center construction [1] Industry Summary - The optical communication sector has faced challenges in Q3, with companies like NewEase and Tianfu Communication reporting slight declines in revenue, breaking their previous growth trends, while Zhongji Xuchuang maintained growth both year-on-year and quarter-on-quarter [1] - According to Guosheng Securities, the overall performance of the industry in Q3 was relatively flat, as the optical communication sector is transitioning from 800G to 1.6T, leading to short-term performance fluctuations during this technological shift [1] - The industry is expected to enter a new growth cycle as the market conditions improve in Q4, indicating a potential recovery and growth in the optical communication sector [1]

Group 1 - Cambridge Technology (603083) experienced a significant price fluctuation on its first trading day, reaching a high of 109 HKD before declining to a low of 76.45 HKD, representing a gain of just over 10% from the IPO price of 68.88 HKD [1] - The third-quarter reports have negatively impacted the optical communication sector, with companies like NewEase (300502) and Tianfu Communication (300394) reporting slight declines in revenue, breaking their continuous growth trend [1] - Despite the overall industry performance being relatively flat in Q3, Zhongji Xuchuang (300308) maintained growth in both year-on-year and quarter-on-quarter revenue, indicating stable performance [1] Group 2 - According to Guosheng Securities (002670), the optical communication industry is currently in a transitional phase from 800G to 1.6T, leading to short-term performance fluctuations during the technology generational shift [1] - The industry is expected to enter a new growth cycle as the market conditions improve in Q4 [1] - Cambridge Technology generates revenue primarily from the sales of broadband, wireless, and optical module technology products, and is one of the few companies globally offering these three types of products [1] Group 3 - The Q3 performance report for Cambridge Technology indicates high-quality growth driven by its two main businesses: high-speed optical modules and telecom broadband access [1] - The high-speed optical module business has shown remarkable performance, driven by the surge in demand for global data center construction, leading to a significant increase in orders [1] - The company has achieved high-quality delivery through continuous capacity enhancement and an efficient supply chain [1]

Core Viewpoint - Cambridge Technology (603083) shares fell nearly 10% to HKD 80.2, still 16% above the IPO price of HKD 68.88, influenced by the third-quarter report and a broader decline in the A-share optical communication sector [1] Company Performance - Cambridge Technology reported third-quarter revenue of RMB 1.325 billion, a year-on-year increase of 32.29%, and a net profit attributable to shareholders of RMB 138 million, up 92.92% year-on-year [1] - The company primarily generates revenue from the sale of broadband, wireless, and optical module technology products, being one of the few globally to offer all three types [1] Industry Context - The optical communication sector in A-shares has been experiencing a continuous pullback, with companies like New Ease and Tianfu Communication seeing a halt in their revenue growth trend after a period of sequential increases [1] - The core growth drivers for Cambridge Technology are its high-speed optical modules and telecom broadband access businesses, with significant demand from global data center construction boosting orders [1]

Core Viewpoint - Cambridge Technology has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the first CPO stock and AI computing power communication and optical module stock in the Hong Kong market, as well as the first "A+H" listed company in this field [1] Group 1: IPO Details - The IPO was well-received, with a listing price of HKD 68.88 per share, potentially raising up to USD 682 million if the over-allotment option is fully exercised [2] - The company raised approximately RMB 368 million during its A-share listing in 2017, and the current fundraising exceeds 13 times that amount, highlighting its rapid growth under internationalization and AI computing power expansion [2] - On the first day of trading, the stock opened at HKD 94.00 per share, a 36.47% increase from the issue price [2] Group 2: Investor Participation - Cambridge Technology attracted 16 cornerstone investors, including major firms like Baillie Gifford and MSIP, with a total subscription amount of USD 290 million, accounting for 48.89% of the offering [3] - The public offering was oversubscribed by 338.7 times, while the international offering saw a 16.5 times subscription, indicating strong confidence from top-tier global investors [3] Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of RMB 3.36 billion, a year-on-year increase of 21.57%, and a net profit of RMB 259 million, up 70.88% year-on-year [4] - The third quarter alone saw revenue of RMB 1.325 billion, a 32.29% increase, and a net profit of RMB 138 million, reflecting a 92.92% year-on-year growth [4] Group 4: Business Drivers - The core drivers of high growth are the high-speed optical modules and telecom broadband access businesses, with a significant increase in orders driven by global data center construction [5] - The company has improved its production capacity and supply chain efficiency, leading to a higher sales proportion of high-margin 800G optical modules [5] Group 5: Market Demand and Capacity Expansion - The demand for high-speed optical modules is expected to surge, with the global 800G optical module market projected to grow by 60% year-on-year in 2025 [6] - Cambridge Technology is actively expanding its production capacity, with plans to increase the annual production of 800G products to 200,000 units by the end of this year [7] Group 6: Future Outlook - With the funds raised from the H-share listing, the company plans to enhance R&D investment, expand production capacity, and explore global markets to capitalize on growth opportunities from AI computing power [8]

Core Viewpoint - The demand for optical modules is surging due to the increasing need for computing power in the AI era, benefiting companies like Cambridge Technology [1] Financial Performance - For the first three quarters of 2025, the company reported revenue of 3.36 billion yuan, a year-on-year increase of 21.57% [1] - The net profit attributable to shareholders reached 259 million yuan, with a year-on-year growth of 70.88%, while the net profit excluding non-recurring items was 255 million yuan, up 91.93% [1] - In Q3 alone, the company achieved revenue of 1.325 billion yuan, a 32.29% increase year-on-year, and a net profit of 138 million yuan, reflecting a 92.92% growth [1] Business Drivers - The significant growth in revenue is primarily driven by the high-speed optical module and telecom broadband access businesses, with a notable increase in orders due to global data center construction [1] - The company has enhanced its production capacity and supply chain efficiency to meet the rising demand [1] Cash Flow and Financial Health - The operating cash flow for the first three quarters was -388 million yuan, a decline of 195.71% year-on-year, attributed to business expansion and increased payments for key materials [2] - Accounts receivable as of September 2025 stood at 1.992 billion yuan, a 65.31% increase, outpacing revenue growth [3] - The company's debt ratio rose to 62.37% by the end of Q3 2025, up from 52.57% at the end of 2024 [3] Strategic Initiatives - The company is accelerating domestic and international capacity expansion to address trade challenges and delivery pressures [4] - Cambridge Technology is planning to list H-shares, having completed the subscription process, with an expected fundraising of 4.616 billion HKD from the issuance of 67.01 million shares at a price of 68.88 HKD each [4] - As of October 27, 2025, the company's stock price reached 123.88 yuan per share, a 205.12% increase from the beginning of the year [4]