Investment Rating - The industry investment rating is "Positive" [4][19] Core Views - The telecommunications industry is benefiting from the ongoing Digital China strategy, leading to stable growth in overall business for operators, with innovative services experiencing higher growth rates and increasing proportions [2] - The AI computing power sector continues to thrive globally, with significant investments from major companies, indicating a rapid growth period for domestic computing power targets [4] - New growth drivers such as satellite internet are injecting new momentum into the industry, providing additional performance elasticity [4] Summary by Relevant Sections Telecom Operators - China Mobile is expected to report Q3 revenue of CNY 245.1 billion to CNY 246 billion, a year-on-year growth of 0.2% to 0.5%, with net profit of CNY 32.1 billion to CNY 32.4 billion, a growth of 4.6% to 5.6% [2][16] - China Telecom is projected to achieve Q3 revenue of CNY 127.2 billion to CNY 128.5 billion, a growth of 1% to 2%, with net profit of CNY 7.75 billion to CNY 8.05 billion, a growth of 3.5% to 7.5% [2][16] - China Unicom's Q3 revenue is expected to be CNY 93.7 billion to CNY 94.6 billion, with a growth of 1% to 2%, and net profit of CNY 2.41 billion to CNY 2.49 billion, a growth of 4.8% to 8.3% [3][16] - China Tower is anticipated to report Q3 revenue of CNY 24.9 billion to CNY 25.2 billion, a growth of 2.9% to 4.1%, with net profit of CNY 2.97 billion to CNY 3.05 billion, a growth of 5.2% to 8% [3][16] AI and Network Connectivity - The AI optical module sector is experiencing significant growth, with companies like Zhongji Xuchuang expected to report Q3 revenue of CNY 8.9 billion to CNY 9.6 billion, a growth of 37% to 47%, and net profit of CNY 2.9 billion to CNY 3.2 billion, a growth of 108% to 130% [4][16] - Tianfu Communication is projected to achieve Q3 revenue of CNY 1.8 billion to CNY 2.1 billion, a growth of 115% to 150%, with net profit of CNY 650 million to CNY 750 million, a growth of 102% to 133% [5][16] AI Applications and Data Centers - AI server demand is rapidly increasing, with ZTE expected to report Q3 revenue of CNY 31 billion to CNY 32 billion, a growth of 12% to 16%, and net profit of CNY 1.95 billion to CNY 2.1 billion, a decrease of 3% to 10% [7][16] - The AIDC sector is also growing, with Keda Data expected to report Q3 revenue of CNY 24 billion to CNY 27 billion, a growth of 44% to 62%, and net profit of CNY 180 million to CNY 230 million, a growth of 1347% to 1748% [8][16] Satellite Internet and Military Communication - The military communication sector is expected to see increased investment due to regional tensions, with companies like Zhenlei Technology projected to report Q3 revenue of CNY 150 million to CNY 160 million, a growth of 125% to 141%, and net profit of CNY 45 million to CNY 50 million, a growth of 409% to 466% [10][16]

全球算力狂飙或催生10万倍需求，中国光模块巨头以技术革新卡位"新光年"，全速铺设数据"高速公 路"。 随着全球算力需求迎来爆发式增长，光模块产业站到了聚光灯下。 华为报告预测，至2035年，全球算力总量将激增10万倍，数据作为"新燃料"催生AI存储需求增长500 倍。 在这场由智能驾驶、工业AI等场景拉动的算力革命中，中国厂商已主导全球中游市场。 中际旭创（300308）（300308.SZ）凭借CPO技术与全球产能稳居龙头，新易盛（300502）(300502.SZ) 借LPO方案实现业绩爆发，天孚通信（300394）则深耕器件国产化。 卡位光模块赛道 近期，华为《智能世界2035》报告描绘了一幅震撼的技术演进图景：到2035年，全球算力总量将增长10 万倍。值得关注的是，数据将成为AI发展的"新燃料"，AI存储容量需求将比2025年增长500倍，占比超 过70%。 报告还指出，通信网络的连接对象正从90亿人扩展到9000亿智能体，实现从移动互联网到智能体互联网 的世纪跃迁。 这一变革将深刻影响社会生活——到2035年，AI将助力预防超过80%的慢性病，超过90%的中国家庭将 拥有智能机器人，AI应用率超过 ...

一、假期舆情 4、光模块（CPO） 有消息称，英伟达已通知其主要ODM厂商（富士康工业互联网 & 纬创），将2026 年度AI所需的800G光模块采购量预测上调了35%，总量达到270万个，且单价稳定在1475美元左右。 1、存储芯片，无疑是假期中讨论最多的一个题材，华尔街称之为AI时代"超级石油"，央视财经下场定 调"全球存储芯片掀起涨价潮，人工智能热潮下，存储芯片行业将迎来超级周期"，OpenAI为构建其"星 际之门"超级计算中心，已与三星、海力士等巨头签订了天量订单。据测算，仅OpenAI一家的远期 DRAM月产能需求（预计90万片晶圆）就可能占据当前全球总产能（约199万片晶圆）的近一半。这种 由单一巨头撬动整个产业链的景象，是传统消费电子时代难以想象的。 存储芯片火爆的背后是新技术的出现，最近"以存代算"技术被头部公司反复提及，通过将AI推理过程中 的部分数据（如KV Cache）从昂贵的HBM显存迁移至性价比更高的SSD，从而在存储层实现战略扩 展。这一逻辑不仅强化了对DRAM和HBM的需求预期，也为企业级SSD带来了全新的增长空间。 存储芯片头部企业参考目标：江波龙，佰维存储，德明利，同有科技等 ...

联特科技在互动平台表示，公司基于EML、硅光调制技术的800G光模块已经实现量产，同时公司也与 专业投资机构共同设立了投资基金，旨在提升公司的产品竞争力。 ...

Core Viewpoint - The A-share technology sector is experiencing a wave of share reductions, with significant implications for market sentiment and stock valuations, particularly highlighted by the recent reduction plans from major shareholders of Zhongji Xuchuang [1][9]. Group 1: Shareholder Reductions - Zhongji Xuchuang's controlling shareholder, Shandong Zhongji Investment Holdings, plans to reduce its stake by up to 5.5 million shares within three months, potentially cashing out nearly 2.3 billion yuan based on the closing price on September 29 [1][3]. - Over 100 technology companies in the A-share market have announced share reduction plans since September, indicating a broader trend of shareholder cashing out amid high stock prices and valuation concerns [1][9]. - Major shareholders of Zhongji Xuchuang, including its chairman and vice president, have also engaged in share reductions, reflecting a pattern of selling among key insiders [3][4]. Group 2: Market Context and Performance - Zhongji Xuchuang's stock price has surged over 180% in the second half of the year, reaching a market capitalization of 463.1 billion yuan, which has prompted shareholders to realize gains [6][12]. - The company reported a revenue of 14.789 billion yuan in the first half of the year, a year-on-year increase of 36.95%, and a net profit of 3.995 billion yuan, up 69.4% [8]. - The technology sector has seen a concentration of share reductions, particularly in the electronics and computer industries, with notable companies like Lanke Technology and Softcom Power also announcing significant reductions [11][13]. Group 3: Valuation Concerns - The wave of reductions is occurring at a time when many technology stocks have reached high valuations, leading to increased scrutiny and differing opinions among institutional investors regarding future growth prospects [12][14]. - Analysts have expressed mixed views on the sustainability of high valuations in the light of recent performance, with some suggesting that the positive fundamentals may already be priced in [12][14]. - The ongoing reductions may serve as a "stress test" for the technology sector, as the market adjusts to the implications of insider selling and varying valuation perspectives [14].

记者丨雷晨 编辑丨巫燕玲 9月的A股科技板块正遭遇一场减持冲击。 近期，明星股光模块龙头中际旭创（300308.SZ）控股股东山东中际投资控股有限公司（下称"中际控 股"）的减持公告，在市场激起涟漪。根据公告，中际控股计划在未来三个月内，以大宗交易方式减持 公司股份不超过550万股，按9月29日收盘价计算，将套现近23亿元。 这并非孤例。东方财富数据显示，9月以来A股已有上百家科技产业公司发布减持计划，其中中际旭 创、澜起科技的市值超过千亿。 在股价高位与估值分歧的双重背景下，这场减持潮既是股东的落袋为安，更折射出科技股价值重构期的 市场焦虑。 主要股东相继减持 作为中际旭创的控股股东，本次减持前，中际控股合计持有其1.27亿股，持股比例为11.42%。 烟台富豪王伟修是中际控股的掌舵人，除了中际控股，他个人直接持有中际旭创6.28%的股份，王伟修 之子王晓东也在中际旭创担任董事、副总裁一职。 根据9月26日公告，中际控股计划自2025年10月28日至2026年1月27日期间，通过大宗交易方式减持公司 股份不超过总股本的0.49%。 有财务分析人士指出，中际旭创本次减持采用大宗交易方式，相较于集中竞价交易，对 ...

Core Viewpoint - The A-share technology sector is experiencing a wave of share reductions, with significant implications for market sentiment and stock valuations [1][9]. Group 1: Major Shareholder Reductions - Major shareholders of Zhongji Xuchuang (300308.SZ) are planning to reduce their holdings, with the controlling shareholder, Shandong Zhongji Investment Holdings, set to sell up to 5.5 million shares, potentially cashing out nearly 2.3 billion yuan [1][3]. - Since September, over 100 technology companies in the A-share market have announced share reduction plans, indicating a broader trend in the sector [1][11]. - Zhongji Xuchuang's stock price has surged over 180% in the past six months, leading to increased shareholder selling as they seek to realize gains [6][11]. Group 2: Financial Performance and Market Context - Zhongji Xuchuang reported a revenue of 14.789 billion yuan for the first half of the year, a year-on-year increase of 36.95%, with a net profit of 3.995 billion yuan, up 69.4% [8]. - The company is seeing increased demand for its 800G and 400G optical modules, driven by capital expenditure from overseas clients in AI infrastructure [8]. - The technology sector has seen a concentration of share reductions, particularly in the electronics and computer industries, with many companies experiencing significant stock price increases [11][12]. Group 3: Market Sentiment and Valuation Concerns - The wave of high-level share reductions may signal a cooling period for the market, with potential increased volatility for affected stocks [12]. - There is a growing divergence in valuation assessments among institutional investors regarding technology stocks, particularly in the optical module sector [12][13]. - Analysts have differing views on the sustainability of current stock prices, with some suggesting that the positive fundamentals have already been priced in [12].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company is actively embracing opportunities and challenges brought by the AI wave, achieving significant results in various downstream application areas, particularly in data centers and AI servers [3][4]. - The company has become the world's largest automotive PCB supplier in 2024, with expectations for substantial growth in the automotive business due to increasing penetration of AI applications in vehicles [3][4]. - The company is expanding its high-end PCB production capacity to meet the growing demand from AI servers and related fields, with significant investments planned for upgrading existing facilities and constructing new ones [6][7]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 7.095 billion yuan, a year-on-year increase of 20.93%, while the net profit attributable to shareholders was 650 million yuan, a slight decline of 1.06% [2]. - The forecasted revenues for 2025, 2026, and 2027 are 14.981 billion yuan, 17.705 billion yuan, and 20.893 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 2.04 yuan, and 2.56 yuan [7][9]. Market Position and Strategy - The company is a core supplier of PCBs for AI servers, with competitive advantages in high-end PCB mass production capabilities and established long-term strategic partnerships with leading global clients [4][6]. - The company plans to invest 5 billion yuan in its Zhuhai Jinwan base to enhance high-end production capacity, focusing on technology upgrades and new production lines for AI server high-end HDI boards [6][7]. Growth Potential - The company is expected to benefit from the ongoing growth in AI computing demand, with a robust pipeline of orders in AI servers and high-end optical modules [3][4]. - The anticipated release of high-end production capacity across global manufacturing bases is expected to open new avenues for revenue growth in the AI server business [6][7].

以下文章来源于虎嗅APP ，作者董必政 虎嗅APP . 从思考，到创造 将投中网设为"星标⭐"，第一时间收获最新推送 "易中天"们到底是有泡沫还是被低估？ 妙投认为，判断"易中天"为代表的光模块是否存在泡沫，要从行业趋势、业绩表现、流动性、宏观环境等来展开讨论。 作者丨董必政 编辑丨关雪菁 来源丨虎嗅APP 随着股市持续上涨，大A"恐高症"来了。 说到当下的A股，"易中天"（新易胜、中际旭创、天孚通信）、"纪连海"（寒武纪、工业富联、海光信息）均属于AI算力概念股，因涨幅巨 大而被股民津津乐道。他们会调侃："易中天"调整，"纪连海"接下所有。 其中，新易胜、中际旭创、天孚通信自2025年以来分别上涨了320%、231%、174%；寒武纪、工业富联、海光信息自2025年分别上涨了 118%、182%、63%。 （图片来源：雪球） 就在"易中天"屡创新高之际，知名金融机构摩根士丹利开始看空了。 摩根士丹利认为，光模块行业的基本面利好已基本反应在股价中。 新易盛和天孚通信的估值已飙升至历史+1标准差以上。其中， 新易盛的 前瞻市盈率从年初的8倍跃升至20倍，中际旭创也从14倍涨到24倍。 摩根士丹利对多只光模块相关 ...

公告显示，本次投资将促进优势资源共享整合，实现产业与资本融合，提升核心竞争力，且投资基金可 通过项目投资实现资本增值，为公司的战略发展目标服务，从而更好的实现公司可持续发展。 分析人士指出，中际旭创在保持主营业务高速增长、坚持高分红回报股东的同时，通过产业基金延伸布 局，显示出公司对未来科技产业发展的深度看好和战略前瞻。这一"产业+资本"双轮驱动的模式，或将 为公司打造新的增长极，进一步巩固其在全球光模块市场的领先地位。 该公司也在公告中提示，产业投资基金在实际运营中可能面临资金未能及时到位、宏观环境变化、项目 选择等风险，公司将协同其他合作方积极防范风险，努力保障投资回报与股东权益。 （文章来源：证券日报） 9月26日晚间，中际旭创股份有限公司（以下简称"中际旭创"）披露2025年半年度权益分派实施方案及 参与设立产业投资基金的最新进展。该公司拟以总股本约11.11亿股为基数，每10股派发现金红利4元 （含税），合计派发现金红利约4.44亿元，持续以高比例分红回报投资者。 根据公告，本次分红股权登记日为2025年10月10日，除权除息日为10月13日。公告显示，该公司半年度 利润分配方案已在9月17日召开的 ...