证券日报网讯 1月5日，五方光电在互动平台回答投资者提问时表示，公司专注于光学领域，持续进行 精密光学元件、半导体光学、玻璃冷加工相关技术研发及应用创新。 （文章来源：证券日报） ...

本次对外投资是公司为进一步深化国际产业链协同，积极融入精密光学元件全球供应链而实施的战略布 局。在新加坡、马来西亚设立子公司，公司将实现对东南亚区域的研发生产布局，有利于公司进一步贴 近国际市场、更灵活响应国际客户需求，在后续的海外市场竞争中与产业链形成协同效应优势;同时也 有助于公司进一步完善国际营销网络，削弱区域性贸易壁垒影响，提升公司的全球市场竞争力与抗风险 能力。 智通财经APP讯，蓝特光学(688127.SH)发布公告，为进一步深化国际产业链协同，提升公司与海外客 户的协同效应，同时更好地应对日趋复杂的国际贸易摩擦所带来的潜在风险，公司拟开展海外投资，同 步在新加坡设立子公司、在马来西亚设立孙公司，拟投资金额不超过6000万美元(折合人民币约4.2亿 元)。 ...

格隆汇12月18日｜有投资者在互动平台向中润光学提问：请问公司控股子公司戴斯光电生产的精密光学 元件是否为制造光模块的基础？戴斯光电自主研发的智能对焦成像传感器，能快速提供清晰成像助力高 精度、高速芯片定位，该产品是否已经在高速光模块 AOI 检测设备中成功应用？目前公司供货的下游 光模块公司有哪些？ 中润光学回复称，戴斯光电下游的激光应用市场主要包括激光加工设备、光通讯器件与设备、激光测量 设备、激光医疗设备等的精密光学元件，戴斯光电的产品处于光通讯产业链的上游，是制造光模块的基 础，应用于AI光模块的产品如棱镜、滤波片目前处于研发阶段。 ...

（编辑 楚丽君） 证券日报网讯 12月12日，中润光学在互动平台回答投资者提问时表示，戴斯光电核心产品涵盖了精密 光学元件、光电器件等，已广泛应用于工业激光、光通讯、生物医疗、人工智能、半导体、国防军工等 诸多领域。下游激光应用市场主要包括激光加工设备、光通讯器件与设备、激光测量设备、激光医疗设 备等，公司目前主要有声光调制器、隔离器、法拉第旋转器、QCS光纤准直器、QBH等应用于激光器 的光学器件及平面镜、柱面镜、棱镜、激光晶体等光学元件。 ...

Group 1 - The company focuses on three core product categories: crystal components, precision optical components, and laser devices [1] - These products are primarily applied in the fields of lasers and optical communications [1] - The company continues to pay attention to industrial development opportunities in related fields [1]

Group 1 - Fuzhou Fuzhijian Technology Co., Ltd. has seen its stock price increase by 21.84% over the past four days, closing at 52.22 CNY per share with a market capitalization of 24.556 billion CNY [1] - The company's main business involves the research, production, and sales of optoelectronic components related to lasers and optical communications, with revenue breakdown as follows: precision optical components 35.06%, nonlinear optical crystal components 24.37%, laser devices 21.49%, laser crystal components 17.27%, and others 1.80% [1] Group 2 - Yinhua Fund has a significant holding in Fuzhijian Technology, with its strategic emerging flexible allocation fund holding 99,000 shares, representing 4.78% of the fund's net value, ranking as the seventh largest holding [2] - The fund has achieved a year-to-date return of 34.48% and a one-year return of 30.77%, with a total fund size of 1.03 billion CNY [2] - The fund managers, Su Jingran and Xiang Yida, have notable performance records, with Su achieving a best return of 89.41% and Xiang achieving a best return of 106.93% during their respective tenures [2]

Core Viewpoint - Fuzhou Fuzhijian Technology Co., Ltd. has shown significant stock performance and financial growth in 2023, with a notable increase in revenue and net profit, indicating strong market positioning in the optical and laser technology sectors [1][2]. Financial Performance - As of October 31, 2025, Fuzhijian Technology achieved a revenue of 842 million yuan, representing a year-on-year growth of 26.62% [2]. - The company's net profit attributable to shareholders reached 218 million yuan, marking a year-on-year increase of 29.75% [2]. - The stock price has increased by 57.06% year-to-date, with a 24.34% rise over the past five trading days [1]. Stock Market Activity - On November 28, 2023, the stock price rose by 2.05% to 50.73 yuan per share, with a trading volume of 563 million yuan and a turnover rate of 2.42% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on September 19, where it recorded a net purchase of 126 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 73,300, up by 2.14% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 2.10% to 6,389 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and Yongying Semiconductor Industry Mixed Fund, with significant increases in their holdings [3].

Macro Strategy - The core viewpoint of the report indicates that the main theme of China's economy in 2025 is to respond to changes, influenced by external factors such as fluctuating tariffs and internal factors like asset revaluation and investment growth turning negative [1][4] - For 2026, the focus will shift to maintaining continuity, with reduced uncertainty in macro changes and increased visibility in economic policies. Five key areas of focus include policy continuity, AI-driven supply, consumption upgrades, asset-liability repair, and anti-involution price strategies [1][4] - The expected economic growth rate for 2026 is around 4.9%, with consumption and export growth slightly declining while investment growth is anticipated to improve [1][4] Company Analysis - The report highlights the company "联德股份" as a leading player in the precision casting industry, benefiting from AI-driven demand in cooling and power supply sectors. The company has established long-term partnerships with major global clients [7][8] - The projected compound annual growth rate (CAGR) for the company's revenue and net profit from 2016 to 2024 is 12.7% and 13.3%, respectively, indicating a strong growth trend [7][8] - The company is expected to achieve net profits of 2.2 billion, 3.0 billion, and 4.1 billion yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings ratios of 38, 28, and 20 times [7][8] Industry Insights - The report emphasizes the high growth in demand for cooling and backup power driven by AIDC (Artificial Intelligence Data Center) needs, with the U.S. AIDC cooling component market expected to exceed 10 billion yuan by 2028 [8] - The engineering machinery sector is also projected to recover, with the company positioned to benefit from increased demand starting in 2025 [8] - The company's integrated casting and machining capabilities provide a competitive edge, allowing it to participate deeply in client R&D and design, leading to higher product value and profitability [8]

Macro Strategy - The core viewpoint of the report indicates that the main theme of China's economy in 2025 is to respond to changes, influenced by external factors such as fluctuating tariffs and internal factors like asset revaluation and investment trends [1][4] - For 2026, the focus will be on continuity and adaptation, with five key areas of transition: policy support, AI-driven supply, consumption upgrades, wealth recovery, and price stability [1][4] - Economic growth is projected at around 4.9%, with consumption and export growth slightly declining while investment growth is expected to improve [1][4] Fixed Income and Equity Analysis - The report discusses the issuance of Maolai Convertible Bonds, with a total issuance scale of 563 million yuan, aimed at funding precision optical production and R&D projects [5][6] - The expected listing price range for Maolai Convertible Bonds is between 129.60 and 143.56 yuan, with a low conversion premium of approximately 4.04% [5][6] - The financial performance of Maolai Optical shows a compound annual growth rate of 17.78% from 2019 to 2024, with revenue fluctuations and a projected revenue of 503 million yuan in 2024 [6] Company-Specific Insights - Hengyin Technology is highlighted as a leader in banking smart terminals, with a focus on blockchain technology to empower digital currency [7][8] - The company is expected to see revenue growth from 500 million yuan in 2025 to 800 million yuan in 2027, with a target price of 14.4 yuan for 2026 based on a 12x price-to-sales ratio [7][8] - The report emphasizes the importance of digital RMB and blockchain technology as key drivers for future growth, with a significant increase in overseas revenue expected [7][8]

Core Viewpoint - The company, Zhongrun Optics, has shown significant growth in revenue and net profit for the first three quarters of 2025, indicating a strong performance in the optical components industry [2][7]. Financial Performance - As of the first three quarters of 2025, the company achieved a revenue of 457,850,070.97 yuan, representing a year-on-year increase of 43.53% [2][7]. - The net profit attributable to shareholders was 39,619,960.65 yuan, with a year-on-year growth of 5.23% [2][7]. - The net profit after deducting non-recurring gains and losses was 35,888,461.99 yuan, up by 9.55% year-on-year [2][7]. - The net profit, excluding the impact of share-based payments, reached 45,848,716.78 yuan, reflecting an 18.51% increase [2][7]. - Research and development (R&D) expenses for the first three quarters amounted to 49,211,300 yuan, marking a 50.47% increase compared to the previous year [2][7]. R&D Investment - The company plans to maintain a high level of R&D investment, with expectations for continued increases in R&D spending next year [3]. - The R&D expense ratio is expected to remain stable in line with revenue growth, supporting the development of new fields and products [3]. Growth Drivers - Key drivers for future profit growth include advancements in core technologies related to high-performance lens design, evaluation, assembly, and quality control [4]. - Ongoing projects are expected to enhance the self-production of core components and increase production capacity [4]. - The product line includes high-magnification zoom lenses, mid and low magnification zoom lenses, and fixed-focus lenses, with applications in various sectors such as smart security, defense, drones, industrial inspection, and medical testing [4]. Competitive Landscape - The company differentiates itself from competitors through its technical accumulation and focus on various application fields [6]. - It possesses the capability to develop lenses made from all-glass, glass-plastic, all-plastic, and composite materials, with a strong emphasis on high-magnification zoom lenses [6].