AI和汽车业务已成为增长双引擎。公司实施"3+3"转型战略，取得显著成效。2025H1云端网络设施与汽 车业务以35.3%营收占比首超传统消费电子，驱动公司穿越消费电子周期。其中，AI和EV业务增速 (35.7%/102.3%)远超公司整体营收水平(11.53%)。 技术升级 财通证券（601108）发布研报称，首次覆盖，给予鸿腾精密(06088)"增持"评级，公司是全球领先的连 接器厂商，看好在"AI算力+电动汽车"领域的领先布局和成长潜力。 财通证券主要观点如下： 核心能力跃迁 实现从"精密零件"到"系统级互联解决方案"的升级。公司凭借四十年连接器技术积累，通过"铜到光、 有线到无线、元件到系统"迭代路径及战略性收购，形成覆盖光、电、车全产品线。凭借全球化研发制 造网络，公司已从单一元器件供应商升级为系统解决方案提供商，具备从概念到量产的一站式定制化能 力。 增长动能 地缘政治与贸易摩擦风险;下游需求波动风险;跨国并购整合不及预期风险;行业竞争加剧风险;人民币汇 率波动风险。 紧抓AI算力基建与汽车神经网两大增量市场的机遇。1)AI侧：受益于全球光模块市场高增长 (CAGR>30%)，公司布局224G高速 ...

Group 1: Core Trends in Technology Industry - Goldman Sachs identifies ten key trends in the technology sector for 2026, focusing on AI servers, optical communication, foldable iPhones, semiconductors, smart driving, and satellite communication, revealing structural investment opportunities driven by technological innovation and supply chain changes [1] - The AI server market is expected to see explosive growth, with shipments projected to increase from 19,000 units in 2025 to 50,000 units in 2026, driven by the rising penetration of ASIC chips, which is expected to reach 40% by 2026 [2] - The optical communication sector will benefit from the expansion of AI infrastructure, with demand for optical transceivers expected to surge as data centers upgrade from 400G to 800G/1.6T [3] Group 2: Key Developments in Specific Technologies - Liquid cooling technology is anticipated to see a significant increase in penetration, particularly in the ASIC AI server domain, as supply chains adapt to higher thermal challenges from increased computing power [4] - ODM manufacturers with strong commitments or capacity plans in the U.S. are expected to outperform the market, with companies like Hon Hai, Wistron, and Wiwynn favored due to their robust R&D capabilities and vertical integration [5] - The PC market faces significant challenges in 2026, with only global leaders like Lenovo expected to maintain resilience due to stronger supply chain bargaining power and exposure to high-end products [6] Group 3: Consumer Electronics and Semiconductor Insights - Apple's upcoming foldable iPhone is projected to ship between 11 million and 35 million units in 2026, becoming a strong catalyst in the smartphone market, with high-end foldable models driving growth for related component suppliers [7] - The PCB market remains solid, particularly for high-end CCL and PCB suppliers, benefiting from the growth in AI server shipments and increased ASIC penetration, with average selling prices expected to rise by 20-30% annually in 2026 and 2027 [8] - The Chinese semiconductor industry is expected to continue its growth, driven by local leaders' expansion plans and the rise of domestic GPU suppliers, with AI technology innovation and new demands from edge devices being key growth drivers [9] Group 4: Emerging Technologies and Future Outlook - The smart driving trend is expected to deepen in 2026, with the proliferation of urban navigation-assisted driving and Robotaxi services driving growth for chipsets, software, and sensor suppliers [10] - The low Earth orbit satellite industry is entering an acceleration phase, with increased rocket payload capacities and reduced launch costs expected to speed up satellite launches, alongside upgrades in satellite specifications [11]

格隆汇1月2日｜入选逻辑：首先，AI芯片多元化催生光模块需求激增，全球AI服务器芯片向ASIC等多 元架构转型，2025-2027年ASIC占比逐步提升至45%，其单芯片算力低，需3-5个光模块配套(远超GPU 的2-3个)，公司作为800G/1.6T光模块领军企业直接受益。 其次，光模块速率向800G/1.6T迭代，800G成 2025年市场主流，1.6T已启动部署，公司先发优势显著，产品结构升级形成"技术领先一份额提升一盈 利优化"循环。 最后，硅光技术替代EML，毛利率更高，可对冲行业10%-20%的价格下行压力，同时出 口管制影响逐步缓解。 ...

Core Viewpoint - The U.S. government has adjusted its export control policy on advanced AI chips to China, allowing NVIDIA to deliver its H200 chip to approved commercial clients, but with significant restrictions [2][3] Group 1: Policy Changes - The U.S. government, through President Trump, announced that NVIDIA can sell its H200 chip to vetted Chinese clients, while excluding the more advanced Blackwell architecture and next-generation Rubin chip from this permission [3] - A requirement has been established that 25% of the sales revenue from these chips must be paid to the U.S. government [3] Group 2: Technical Specifications - The H200 chip is based on the complete Hopper architecture, featuring 141GB of HBM3E high-bandwidth memory and a memory bandwidth of 4.8TB/s, with floating-point performance (FP64) and AI training (FP8 Tensor Core) capabilities at the leading level in the international market [3] - In contrast, the previously designed "China-specific" H20 chip has significantly reduced memory bandwidth, interconnect speed, and core computing performance, resulting in much lower overall AI computing power compared to the H200 [3] Group 3: Implications for AI Development - The limited approval of the H200 chip is seen as a positive signal for domestic AI development, alleviating pressure on leading institutions during large model training and accelerating model iteration and application [4] - This move is interpreted as a sign of a shift towards "managed competition" in the U.S.-China tech rivalry, reducing short-term risks of a hard decoupling in the global AI supply chain [4] Group 4: Long-term Strategic Considerations - The stringent conditions attached to the H200 chip approval may reinforce China's commitment to developing its own computing power system, as the 25% sales share acts as a long-term "technology tax" that could erode profits and increase costs [4] - The exclusion of the most advanced architectures like Blackwell indicates a deliberate effort to maintain at least a generational technology gap, suggesting that reliance on external licenses for computing power is not a sustainable strategy [4] Group 5: Investment Recommendations - Companies in the AI industry chain and domestic computing power industry chain are recommended for attention, including AIDC-related stocks such as Runjian Co., Dataport, and Runze Technology [5] - Other relevant companies include those involved in liquid cooling, optical modules, optical devices, optical chips, and optical engines [5]

作者 | 哥吉拉 数据支持 | 勾股大数据（www.gogudata.com） 12月9日，继昨日疯涨之后，今日AI算力概率股再度大爆发。 截至A股收市，沪指跌0.37%，深证成指跌0.39%，创业板指涨0.61%。全市场成交额1.92万亿元，全市 场有超4000股下跌。 但共封装光学（CPO）产业链、电子元器件等板块表现抢眼。工业富联、中际旭创、胜宏科技等核心巨 头显著放量大涨，乾照光电、腾景科技、致尚科技等多只相关个股涨幅超10%。 | | 名称 | 張幅％1 | 年初至今 | 主力净额 | | --- | --- | --- | --- | --- | | 1 | 共封装光学(CPO) | +1.64% | +91.25% | +25.52亿 | | 2 | 福建自贸区 | +1.44% | +62.41% | -25.1亿 | | ന | PVDF概念 | +1.39% | +42.12% | +3.774Z | | র্ব | 太赫级 | +1.14% | +64.62% | +7.2亿 | | ഗ | 到业 | | ww.gogudata.com | +1.8亿 | | 6 | 世居堂與 | +1 ...

Core Viewpoint - The article highlights the explosive growth of the AI computing power sector, particularly focusing on the CPO (Co-Packaged Optics) industry chain, which has seen significant stock price increases due to various positive developments in both domestic and international markets [3][6][22]. Market Performance - On December 9, the A-share market saw the Shanghai Composite Index decline by 0.37% and the Shenzhen Component Index by 0.39%, while the ChiNext Index rose by 0.61%. The total market turnover was 1.92 trillion yuan, with over 4,000 stocks declining. However, the CPO industry chain and electronic components performed exceptionally well, with key players like Industrial Fulian and Zhongji Xuchuang experiencing significant gains [3][4]. CPO Industry Surge - The CPO sector experienced a 1.64% increase on the day, with a year-to-date rise of 91.25% and a net inflow of 2.55 billion yuan. Notable stocks in this sector, such as Dekeli and Shaanxi Huada, saw strong trading activity, with Dekeli achieving a 20% limit-up [4][12][16]. Positive Developments in AI Computing - Recent advancements in AI computing, including the release of Deep Seek V3.2 and the collaboration between ByteDance's Doubao team and ZTE, have generated market interest. Additionally, OpenAI's upcoming release of GPT-5.2, which boasts an 18% improvement in reasoning efficiency and a 23% increase in multi-modal response speed, is expected to drive demand for AI chips and related hardware [6][7][8]. U.S. Policy Changes - A significant development occurred when former U.S. President Trump announced that NVIDIA would be allowed to sell its H200 AI chips to China, albeit with a 25% revenue share. This news positively impacted U.S. chip giants like NVIDIA and AMD, leading to a surge in related A-share stocks [9][11]. Market Insights - According to Guosheng Securities, the adjustment in U.S. chip export policies is a major boon for domestic capital expenditure in related fields, potentially increasing overall spending on computing power [11]. Trend Force's report indicates a projected 2.6-fold increase in the shipment of 800G optical transceiver modules by 2026, highlighting the growing demand in this sector [11]. CPO Market Leaders - Companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication have been recognized as leaders in the CPO industry due to their technological advantages and market share. The market potential for CPO is vast, with significant orders flowing to both leading and smaller players in the industry [14][15][22]. Future Investment Opportunities - The article suggests that the explosive growth of the computing power industry is just beginning, with ongoing advancements in AI technology and expanding application scenarios. Investors are encouraged to focus on companies with core technologies, sustainable profitability, and long-term growth potential to capitalize on emerging opportunities in the computing power sector [28].

Core Viewpoint - The company is actively developing its subsidiary's silicon photonics technology, focusing on high-speed optical modules and OCS silicon optical switches, with steady progress in initial stages of development [1] Group 1 - The subsidiary, Jiangsu Weipu Optoelectronic Equipment Co., Ltd., is collaborating with partners to research and manufacture silicon photonic high-speed optical modules [1] - The business is currently in its early development phase, with all tasks progressing steadily [1] - The company is monitoring the application of OCS products in relevant fields [1]

今日（12月9日）市场盘整，A股主要指数大多飘绿，百分百布局新质生产力的硬科技宽基——双创龙头 ETF（588330）逆市活跃，场内价格盘中涨超1.8%，现涨0.96%，冲击日线4连涨，当前居于所有均线上 方，技术面上行动能较强，实时成交额超7100万元，交投火热。 | 前景N 超级叠加 圆线 下层 (2) | | 双创龙头ETF 1 | 588330 | | --- | --- | --- | --- | | 2025/07/04-2025/12/09(107日)▼ | | | +0.969 | | | | SSE CNY 14:39:29 交易中 | 通融人 ■ 十 | | 0.990 | | 标书画史 | 华宝中证科创创业50ETF | | | 一方 | 14.84% 变 | 22134 | | | | 0.949 | 609 | | 0.900 | | 0.948 | 1623 | | | | 0.947 | 23315 | | | | 0.946 | 55566 | | | | 0.945 | 8423 | | -0.810 | | 0.944 | 10 | | | | 0.943 | 44266 ...

今日（12月9日）市场盘整，A股主要指数大多飘绿，百分百布局新质生产力的硬科技宽基——双创龙 头ETF（588330）逆市活跃，场内价格盘中涨超1.8%，现涨0.96%，冲击日线4连涨，当前居于所有均 线上方，技术面上行动能较强，实时成交额超7100万元，交投火热。 | 前屋权 超级香加 圆线 丁具 Q (2) | 双创龙头ETF ① | | 588330 | | --- | --- | --- | --- | | 振 2.46% 额 7119万 2025/07/04-2025/12/09(107日)▼ | | +0.009 +0.96% | | | | E CNY 14:39:29 交易中 | | 通融/ ● 十 | | 0.990 | 你们是我 | 华宝中证科创创业50ETF | | | | 三十 14.84% == | | 22134 | | 0.900 | 0.949 | | ୧୦୪ 1623 | | | 0.948 | | | | | 0.947 | | 23315 | | | 0.946 | | ટ્રેન્ટર | | | 0.945 | | 8423 | | 0.810 | 0.944 | | ...

Market Overview - The A-share market showed an overall upward trend last week, with major indices rising: CSI 300 up 1.28%, CSI 500 up 0.94%, CSI 1000 up 0.11%, and ChiNext 50 up 2.58% [1][10] - The average daily trading volume in the A-share market was around 1.7 trillion yuan [1][10] - The market is currently in a performance and policy vacuum period, suggesting a focus on policy support and technology-driven growth sectors, particularly in the global AI industry chain and the improving demand for new energy (storage) sectors [1][10] Industry Focus Technology, AI, and Communication - The ChiNext 50 index includes 46% of the information technology sector, with 20% weight in optical modules, which saw a rebound last week [3][14] - The acceleration of technological iteration is evident, with major cloud providers expanding, such as AWS announcing nearly 1.3 GW of new AI/HPC data centers [3][14] - The demand for 800G/1.6T optical modules is expected to increase due to the growing number of paid users for AI services [3][14] - Companies with full industry chain capabilities and strong ties to overseas clients, like Zhongji Xuchuang and Tianfu Communication, are likely to lead the market [3][14] New Energy Photovoltaics - The new energy photovoltaic sector showed stable performance last week, with policy support from Guizhou Province requiring a minimum conversion efficiency of 22.3% for photovoltaic components [4][14] - Domestic photovoltaic installations are expected to grow over 47% year-on-year in the first three quarters of 2025, with distributed photovoltaic systems accounting for 53.4% [4][14] - The average transaction price for n-type raw materials remained stable at 53,200 yuan per ton, alleviating short-term cost pressures [4][14] Pharmaceutical and Biotechnology - The trend in the innovative drug industry remains positive, with increasing global competitiveness and successful commercialization [5][16] - Attention is drawn to innovative drug candidates with overseas progress, as well as the improving fundamentals in the innovative drug supply chain [5][16] - The industry is gradually recovering, suggesting a focus on traditional Chinese medicine and medical devices [5][16] ChiNext 50 ETF Overview - The ChiNext 50 ETF (159949) tracks the ChiNext 50 index, focusing on high-quality leading companies in five key technology sectors: new energy vehicles, biomedicine, electronics, photovoltaics, and internet finance [6][17] - The ETF has a substantial liquidity, with an average daily trading volume of 1.442 billion yuan over the past year, ranking among the top ETFs on the Shenzhen Stock Exchange [6][17] - The latest fund size is 25.825 billion yuan, making it one of the largest funds related to the ChiNext index [6][17] Performance of ChiNext 50 ETF - The ChiNext 50 ETF had a net value of 1.4824 and a fund size of 25.825 billion yuan, with an average daily trading volume of 1.291 billion yuan last week [7][18] - The top ten weighted stocks in the ChiNext 50 index showed varied performance, with notable gains in Tianfu Communication (25.79% increase) and other companies like Ningde Times and Zhongji Xuchuang also performing well [8][18]