智通财经APP获悉，港股全天震荡走高，三大指数均涨超1%。截止收盘，恒生指数涨1.55%或407.23 点，报26649.06点，全日成交额为2147.88亿港元；恒生国企指数涨1.9%，报9443.24点；恒生科技指数 涨1.34%，报5915.56点。 广发证券研报指出，港股可能再次迎来布局良机。该行称，港股牛市的基础并未破坏，但演进方式更可 能呈现"震荡上行、重心缓升"的特征，而非单边快速上涨，港股的11月基本面驱动效应强，仍然要重视 高景气板块的价值。 蓝筹股表现 1. 大消费板块爆发。截至收盘，中国中免(01880)涨15.34%，报81.6港元；沪上阿姨(02589)涨13.18%， 报93.6港元；卫龙美味(09985)涨8.11%，报11.86港元；毛戈平(01318)涨7.33%，报90港元；华住集团- S(01179)涨5.56%，报33.04港元；中国国航(00753)涨5.02%，报6.49港元。 多重利好刺激消费板块上涨。11月7日，财政部发布2025年上半年中国财政政策执行情况报告，将继续 实施好提振消费专项行动。此外，11月9日，国家统计局发布消息称，随着扩内需等政策措施持续显 ...

据招股书披露，剑桥科技主要从销售宽带、无线及光模块技术产品产生收入。根据弗若斯特沙利文的资 料，公司是少数向全球客户提供上述三种技术产品的公司之一。公司2025年三季度业绩报告显示，期内 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。其中高速光模块业务 表现突出，全球数据中心建设需求带动订单激增，公司通过持续提升产能与高效供应链实现高质量发 货。 智通财经APP获悉，剑桥科技(06166)上市首日一度冲高至109港元，此后股价连续下挫，今日盘中低见 76.45港元，较招股价68.88港元仅涨超10%。截至发稿，跌7.07%，报77.6港元，成交额8965.26万港元。 消息面上，三季报近期拖累光通信板块。新易盛、天孚通信Q3营业收入环比均略微下降，打破了公司 连续的增长态势；中际旭创Q3营收同比环比均保持增长，维持了稳健的业绩。国盛证券指出，三季度 行业整体表现相对平淡，光通信行业处于800G至1.6T的过渡期，技术代际切换过程中行业短期业绩波 动。随着四季度行业景气度向好，行业将步入新一轮增长周期。 ...

消息面上，三季报近期拖累光通信板块。新易盛（300502）、天孚通信（300394）Q3营业收入环比均 略微下降，打破了公司连续的增长态势；中际旭创（300308）Q3营收同比环比均保持增长，维持了稳 健的业绩。国盛证券（002670）指出，三季度行业整体表现相对平淡，光通信行业处于800G至1.6T的 过渡期，技术代际切换过程中行业短期业绩波动。随着四季度行业景气度向好，行业将步入新一轮增长 周期。 据招股书披露，剑桥科技主要从销售宽带、无线及光模块技术产品产生收入。根据弗若斯特沙利文的资 料，公司是少数向全球客户提供上述三种技术产品的公司之一。公司2025年三季度业绩报告显示，期内 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。其中高速光模块业务 表现突出，全球数据中心建设需求带动订单激增，公司通过持续提升产能与高效供应链实现高质量发 货。 剑桥科技（603083）(06166)上市首日一度冲高至109港元，此后股价连续下挫，今日盘中低见76.45港 元，较招股价68.88港元仅涨超10%。截至发稿，跌7.07%，报77.6港元，成交额8965.26万港元。 ...

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]

长江商报奔腾新闻记者 沈右荣 AI时代到来，算力需求旺盛，市场对光模块需求也急剧增长。剑桥科技（603083.SH）也成为受益者。 10月26日晚，剑桥科技披露的三季度报告显示，2025年前三季度，公司实现营业收入33.6亿元，同比增 长21.57%；归母净利润2.59亿元、扣非净利润2.55亿元，分别同比增长70.88%、91.93%。 其中，第三季度，公司实现营业收入13.25亿元，同比增长32.29%；实现归母净利润 1.38亿元、扣非净 利润1.36亿元，分别同比增长92.92%、99.23%，均为显著增长。 剑桥科技是一家服务于全球ICT行业的国际化企业。对于前三季度业绩高速增长，公司解释，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。其中高速光模块业务表现突出，全球数据中心建设需 求带动订单激增，公司通过持续提升产能与高效供应链实现高质量发货。 剑桥科技还称，尽管2025年前三季度无上年同期嘉善现代产业园管委会的政府补助，导致其他收益减 少，但依托主营业务盈利提升，公司利润显著增长。 不过，剑桥科技的经营现金流与利润走势背离。前三季度，公司经营现金流净额为-3.88亿元，同比下 降195. ...

Core Viewpoint - The company has reported significant growth in its financial performance for the third quarter, driven primarily by its high-speed optical module and telecom broadband access businesses, with a notable increase in revenue and net profit compared to the previous year [6][7]. Financial Performance - The company achieved operating revenue of 1.325 billion yuan for the quarter, representing a year-on-year increase of 32.29%, and a total revenue of 3.36 billion yuan year-to-date, up 21.57% [6][7]. - The net profit attributable to shareholders for the quarter was 138 million yuan, a 92.92% increase year-on-year, while the year-to-date net profit reached 259 million yuan, growing by 70.88% [7]. - Basic earnings per share increased by over 70% for both the quarter and year-to-date periods [7]. Business Highlights - The high-speed optical module business has seen a surge in demand due to global data center construction, leading to a significant increase in orders [6]. - The sales proportion of high-margin 800G optical modules has risen, contributing to the enhanced profitability of the company [6]. Asset and Cash Flow Management - As of the end of the reporting period, total assets amounted to 7.074 billion yuan, a 36.32% increase from the previous year, while net assets grew by 9.16% to 2.522 billion yuan [7]. - The net cash flow from operating activities was -388 million yuan, a decline of 195.71% year-on-year, primarily due to increased payments for key material reserves amid business expansion [7]. Future Developments - The company is progressing with its H-share issuance, having published the prospectus and completed the subscription for 67,010,500 shares at a price of 68.88 HKD per share, with plans for listing on the Hong Kong Stock Exchange on October 28, 2025 [7].

Core Viewpoint - Cambridge Technology has clarified that it does not currently produce chips with CPO technology, and its LPO business has minimal contribution to revenue despite ongoing testing with North American clients [2] Group 1: Company Performance - For the first half of 2025, Cambridge Technology reported revenue of 2.035 billion yuan, a year-on-year increase of 15.48% [2] - The net profit for the same period was 121 million yuan, reflecting a significant year-on-year growth of 51.12% [2] - The growth in performance is primarily driven by the core businesses of high-speed optical modules and telecom broadband access [2] Group 2: Stock Performance and Valuation - As of August 26, the stock price of Cambridge Technology reached 80.17 yuan, with a total market capitalization of 21.49 billion yuan [2] - The stock experienced a cumulative increase of 27.92% from August 22 to 26, including four trading days of limit-up [2] - Concerns have been raised regarding the company's valuation, with a static P/E ratio of 117.19 times and a rolling P/E ratio of 113.46 times, significantly higher than the industry average [3]

Core Viewpoint - Cambridge Technology (603083) reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit driven by its core businesses in high-speed optical modules and telecom broadband access [1] Financial Performance - The company achieved operating revenue of 2.035 billion yuan, representing a year-on-year increase of 15.48% [1] - The net profit attributable to shareholders reached 121 million yuan, marking a year-on-year growth of 51.12% [1] - Basic earnings per share were reported at 0.45 yuan [1] Dividend Distribution - The company proposed a cash dividend of 0.452 yuan per 10 shares (including tax) [1] Business Segments - The growth in performance was primarily attributed to the outstanding contributions from the high-speed optical module business and telecom broadband access [1] - The high-speed optical module segment showed particularly strong performance [1]

Core Viewpoint - Shanghai Cambridge Technology Co., Ltd. expects a significant increase in net profit for the first half of 2025, projecting a rise of over 50% compared to the same period last year [1][3]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders of between RMB 12,010 million and RMB 12,810 million, representing an increase of RMB 4,009.61 million to RMB 4,809.61 million, or a year-on-year growth of 50.12% to 60.12% [3]. - The expected net profit after deducting non-recurring gains and losses is projected to be between RMB 11,920 million and RMB 12,730 million, which indicates an increase of RMB 5,458.37 million to RMB 6,268.37 million, translating to a year-on-year growth of 84.47% to 97.01% [3]. Previous Year Comparison - In the same period last year, the total profit was RMB 8,317.22 million, with a net profit attributable to shareholders of RMB 8,000.39 million and a net profit after deducting non-recurring gains and losses of RMB 6,461.63 million [4]. Reasons for Performance Increase - The growth in performance is primarily driven by the core businesses of high-speed optical modules and telecom broadband access, with the high-speed optical module business showing particularly strong demand and order growth [6]. - The company experienced a foreign exchange gain of approximately RMB 2,378 million this period, compared to a loss of RMB 1,014 million in the same period last year, mainly due to the appreciation of the Japanese yen [6]. - Other income decreased compared to the previous year, primarily due to the absence of government subsidies received in the prior year, but the overall net profit still showed significant growth due to improved profitability in core operations [7].