长飞光纤（601869）光缆(06869)盘中拉升，现涨近7%，截至发稿，涨6.8%，报38.94港元，成交额9.25 亿港元。 消息面上，据报道，Meta正与谷歌就2027年在其数据中心使用价值数十亿美元TPU芯片进行谈判，同时 计划明年从谷歌云租用芯片。中泰证券（600918）研报指出，谷歌凭借从芯片(TPU)、网络(OCS)、模 型(Gemini)到应用(云计算/搜索/广告等)的完整技术闭环，构建起强大的AI护城河，并推动资本开支持续 增长。随着TPU出货量预期上修、OCS渗透率提升以及1.6T光模块放量，相关硬件供应商将迎来重大发 展机遇。 华泰证券此前指，AI数通驱动增长，空芯光纤应用持续开拓。在下一代光纤技术方面，公司空芯光纤 的研发与产业化进程全球领先。此外，公司通过子公司长芯博创（300548）布局的MPO、AOC、高速 铜缆等光互联组件业务已成为强劲增长点，受益于北美AI数据中心建设，公司海外业务持续拓展。 ...

消息面上，近日，谷歌AI基础设施负责人Amin Vahdat在全体大会中表示，公司必须每6个月将AI算力翻 倍，并在未来4到5年内额外实现1000倍的增长，以应对持续上升的AI服务需求。此外，Meta Platforms 据悉正考虑斥资数十亿美元购买谷歌的TPU，包括用于Meta的数据中心建设。此前，谷歌正式发布第七 代TPU"Ironwood"，是目前谷歌性能最强大、能效最高的定制芯片。 华泰证券此前指出，公司空芯光纤的研发与产业化进程全球领先。此外，公司通过子公司长芯博创 （300548）布局的MPO、AOC、高速铜缆等光互联组件业务已成为强劲增长点，受益于北美AI数据中 心建设，公司海外业务持续拓展。该行认为，未来随着高毛利率的空芯光纤、光互联组件等AI相关业 务占比持续提升，公司整体盈利能力有望得到结构性改善。 长飞光纤（601869）光缆(06869)涨超15%，公司A股涨停。截至发稿，涨15.21%，报37.26港元，成交 额8.68亿港元。 ...

Core Viewpoint - Changfei Fiber Optics (06869) has seen a significant stock increase of over 15%, with its A-shares hitting the daily limit, reflecting strong market interest and positive sentiment towards the company amid rising AI service demands [1] Group 1: Company Performance - The stock price of Changfei Fiber Optics rose by 15.21%, reaching 37.26 HKD, with a trading volume of 868 million HKD [1] - The company is recognized for its leading position in the research and industrialization of hollow-core optical fibers [1] Group 2: Industry Trends - Google AI infrastructure head Amin Vahdat stated that the company needs to double its AI computing power every six months and achieve an additional 1000 times growth in the next 4 to 5 years to meet the increasing demand for AI services [1] - Meta Platforms is reportedly considering investing billions of dollars in purchasing Google's TPU for its data center development, indicating a strong demand for advanced computing technologies [1] - Google's recent launch of the seventh-generation TPU "Ironwood" marks its most powerful and energy-efficient custom chip to date, highlighting advancements in AI-related hardware [1] Group 3: Growth Opportunities - Changfei Fiber Optics' subsidiary, Changxin Bochuang, is expanding into MPO, AOC, and high-speed copper cable businesses, which are becoming strong growth points due to the construction of AI data centers in North America [1] - The company is expected to see structural improvements in overall profitability as the proportion of high-margin hollow-core optical fibers and AI-related optical interconnection components continues to increase [1]

出品：新浪财经上市公司研究院 作者：君 10月31日，苏州海光芯创光电科技股份有限公司（曾用名"北京海光芯正科技股份有限公司"，以下简称"海光芯创"或"公司"）向联交所主板提交 上市申请，华泰国际担任独家保荐人。 近年来，海光芯创收入逐年增长，但深陷亏损泥潭，近三年半累计亏损2.22亿元，2025年上半年亏损同比扩大25.83%。同时，公司主营业务尚 无"造血"能力，经营性现金累计净流出4.55亿元。 由于经营现金流量不足，海光芯创高度依赖股东出资及银行贷款以补充流动资金需求。截至2025年6月底，其广义货币资金余额5.55亿元，计息银 行贷款则高达5.76亿元，面临一定资金缺口。 此外，海光芯创自述在全球专业光模块提供商中排名第十，但国际知名光通信行业研究机构LightCounting发布的2024年全球光模块TOP10榜单， 却未见其身影。 研发强度趋弱 发明专利仅16项 海光芯创创立于2011年，是国家高新技术企业，专注于硅光芯片设计、芯片封测、高速光电子器件、高速光模块等产品的研发、生产制造及技术 服务，业务覆盖数据中心、人工智能和电信通信三大应用市场。 向联交所递表前一个月，海光芯创部分股东减持套现 ...

证券代码：001267 证券简称：汇绿生态 汇绿生态科技集团股份有限公司 第二部分是募集配套资金。公司拟向不超过 35 名符合条件的特定 对象发行股份募集配套资金，总额不超过 8.45 亿元。募集资金用途包 括：支付本次交易的现金对价（28,175 万元）、投资鄂州"新建年产 300 万只光通信器件生产基地建设项目"及支付中介机构费用及相关税 费。 问题二：武汉钧恒是否有做业绩承诺？ 公司与彭开盛、陈照华及武汉钧恒共同签订附条件生效的《汇绿生 态科技集团股份有限公司发行股份及支付现金购买资产协议之业绩承 诺、补偿及奖励协议》。业绩承诺期 2025 年度、2026 年度、2027 年度 的净利润数分别不低于 13,919 万元、18,300 万元、23,163 万元，三个 会计年度合计承诺净利润数为 55,382 万元。 问题三：武汉钧恒光模块业务开展是用的代工模式吗？ 武汉钧恒拥有自己的品牌以及业务拓展，但也根据客户需求，提供 多种合作模式，包括 ODM/JDM/OEM 的业务合作。 投资者关系活动记录表 编号：2025-017 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | | ...

Group 1: Company Overview - The main business of Huylv Ecological Technology Group includes landscape engineering construction, landscape design, and seedling planting, with a focus on key projects and urban landmarks [2] - The company is facing industry growth challenges and is attempting to enhance long-term competitiveness through mergers and acquisitions of technology firms [2][3] Group 2: Acquisition of Wuhan Junheng Technology - In June 2024, the company acquired a 30% stake in Wuhan Junheng for cash, becoming a significant shareholder due to the promising industry outlook [3] - The acquisition was driven by Wuhan Junheng's experienced management team, stable R&D capabilities, and its entry into the supply chains of major domestic and international companies [3] - In February 2025, the company completed the acquisition of 51% of Wuhan Junheng, making it a subsidiary, with plans to purchase an additional 49% stake [3][4] Group 3: Financial Performance - For the first three quarters of 2025, Huylv Ecological reported revenue of CNY 1.081 billion, a year-on-year increase of 206.15%, and a net profit of CNY 51.7188 million, up 96.96% [4] - The significant growth in performance is attributed to the stepwise acquisition of Wuhan Junheng's shares starting in 2024 [4] Group 4: Future Capacity and Market Strategy - Wuhan Junheng plans to launch a new production line in Ezhou with an annual capacity of 1.5 million units, focusing on 400G and 800G high-speed optical modules, expected to be a major source of capacity increase in 2026 [4] - A second production line with a capacity of 3 million units per year is anticipated to commence in 2027, enhancing order fulfillment capabilities in high-growth sectors like AI computing and data centers [4] Group 5: Market Value Management - The company maintains a rational and prudent approach to market value management, focusing on long-term development rather than short-term stock price fluctuations [5] - The shareholder structure is stable, with a high proportion of shares held by the controlling shareholder, and there are currently no plans for major shareholder reductions [5] Group 6: Company Name Change Consideration - Following the integration of Wuhan Junheng into the company's consolidated financial statements, there has been a careful evaluation regarding a potential name change to better reflect the current and future business composition and strategic direction [5]

Investment Rating - The report maintains an "Overweight" rating for the company [6]. Core Views - The company's revenue for Q3 reached 3.891 billion RMB, representing a year-over-year increase of 16.27% and a quarter-over-quarter increase of 11.46%. However, the net profit attributable to shareholders decreased by 10.89% year-over-year to 174 million RMB, despite a quarter-over-quarter increase of 20.75% [1]. - The company is experiencing strong demand for high-end products driven by AI computing needs, particularly in the G.654.E fiber optic cable, which has become a preferred choice for long-distance trunk network upgrades [2]. - The overall gross margin for the first three quarters of 2025 was 28.83%, an increase of 1.01 percentage points year-over-year, while the net profit margin decreased by 2.02 percentage points to 4.57% [3]. - The company expects significant growth in net profit for 2025-2027, with projected figures of 865 million RMB, 1.621 billion RMB, and 2.392 billion RMB, respectively, reflecting year-over-year growth rates of 27.96%, 87.48%, and 47.51% [4]. Summary by Sections Financial Performance - Q3 revenue was 3.891 billion RMB, up 16.27% year-over-year and 11.46% quarter-over-quarter. For the first three quarters of 2025, total revenue was 10.275 billion RMB, a year-over-year increase of 18.18% [1]. - The net profit attributable to shareholders for Q3 was 174 million RMB, down 10.89% year-over-year, while the net profit for the first three quarters was 470 million RMB, down 18.02% year-over-year [1]. - The gross margin for the first three quarters was 28.83%, up 1.01 percentage points year-over-year, while the net profit margin was 4.57%, down 2.02 percentage points year-over-year [3]. Product Development and Market Position - The company is focusing on high-value products, with the G.654.E fiber optic cable gaining significant market share in recent group-level procurement by China Telecom [2]. - The company is leading in the research and industrialization of hollow-core fiber optics, and its MPO, AOC, and high-speed copper cable businesses are strong growth points, benefiting from the construction of AI data centers in North America [2]. Profitability Forecast - The report maintains profit forecasts for 2025-2027, with expected net profits of 865 million RMB, 1.621 billion RMB, and 2.392 billion RMB, indicating substantial growth rates [4]. - The target price for A shares is set at 100.55 RMB, while for H shares, it is 53.38 HKD, based on a projected PE ratio of 47x for 2026 [4].

Core Viewpoint - Changfei Fiber is a leading global supplier of optical fiber preforms, optical fibers, and cables, maintaining the largest market share since 2016 [1] Group 1: Business Performance - In Q3 2025, Changfei Fiber reported revenue of 10.275 billion RMB, ranking third among 12 companies in the industry, with the top competitor, Hengtong Optic-electric, at 49.621 billion RMB [2] - The company's net profit for the same period was 541 million RMB, also ranking third, with Hengtong Optic-electric leading at 2.537 billion RMB [2] - The main business segments included optical transmission products at 3.847 billion RMB (60.25%), optical interconnection components at 1.444 billion RMB (22.61%), and other products at 1.094 billion RMB (17.13%) [2] Group 2: Financial Ratios - As of Q3 2025, Changfei Fiber's debt-to-asset ratio was 53.61%, higher than the industry average of 44.07% [3] - The gross profit margin for the same period was 28.83%, exceeding the industry average of 24.18% [3] Group 3: Management and Shareholder Information - Chairman Ma Jie has been in position since December 2013, while President Zhuang Dan's salary decreased by 212,100 RMB in 2024 compared to 2023 [4] - As of July 20, 2018, the number of A-share shareholders was 72,500, with an average holding of 1,045.3 shares [5] Group 4: Market Opportunities and Strategic Developments - In H1 2025, the company achieved revenue of 6.384 billion RMB, a year-on-year increase of 19.38%, while net profit decreased by 21.71% to 296 million RMB [5] - The company is focusing on high-end multimode fibers and expanding into data center markets, with strategic opportunities in G.654.E fiber deployment [5] - Huatai Securities initiated coverage with a "Buy" rating, highlighting the rapid development of G.654.E fiber and the company's vertical and horizontal expansion strategies [6]

Core Viewpoint - The A-share index has been strengthening since late October, with the Shanghai Composite Index surpassing 4000 points for the first time since August 2015, driven by significant stock performances, particularly by HuiLv Ecology, which has seen a remarkable rise in its stock price amid ongoing capital operations and market speculation [1][4]. Company Overview - HuiLv Ecology operates in two main sectors: optical modules and landscaping, providing a full range of services from research and production of optical communication products to landscaping project execution and maintenance [2]. - The company plans to acquire a 49% stake in Junheng Technology for 1.127 billion yuan, with a premium of 317.72%, enhancing its control and synergy in the optical module industry [2][3]. Financial Performance - HuiLv Ecology reported significant revenue growth, with projected revenues for Junheng Technology of 4.35 billion yuan, 6.66 billion yuan, and 6.10 billion yuan for 2023, 2024, and the first half of 2025, respectively, indicating year-on-year growth rates of 53.21% and 153.34% [2]. - The company’s revenue for 2022 to the first half of 2025 is reported as 6.11 billion yuan, 6.85 billion yuan, 5.87 billion yuan, and 6.96 billion yuan, with a notable increase in net profit for the first three quarters of 2023, reaching 51.72 million yuan, a 96.96% increase year-on-year [6]. Market Dynamics - The stock price of HuiLv Ecology has seen a substantial increase, with a 46.04% rise from 14.77 yuan to 21.57 yuan within a week, and it reached a historical high of 22.77 yuan on October 28 [4]. - The surge in stock prices is closely linked to the booming CPO (Co-Packaged Optics) concept, driven by AI computing demands and technological advancements, which have led to increased market interest in optical modules [5]. Strategic Investments - HuiLv Ecology has made significant investments in expanding its optical module production capacity, including a 2 billion yuan investment for a new production base with a capacity of 150 million optical modules per year [7].

Core Viewpoint - Changfei Fiber Optics (06869) has rebounded over 9%, with a current price of HKD 40.8 and a trading volume of HKD 959 million, indicating market optimism despite concerns about growth limitations [1] Company Analysis - Huatai Securities believes that the construction of AI computing infrastructure is expected to drive a new growth phase for Changfei Fiber Optics, countering market perceptions of limited growth potential [1] - In the optical transmission sector, products such as multimode fiber for data centers and G.654.E backbone fiber are experiencing rapid growth, positioning the company as a leader in advancing long-distance transmission networks and data communication applications [1] - The company is leveraging its first-mover advantage and diversifying its operations, with subsidiaries Changxin Bochuang and Changxin Sheng showing strong competitive advantages in MPO, AOC, and high-speed copper cable sectors, which may accelerate the onboarding of overseas clients and boost business volume [1] Market Conditions - Notably, Changfei Fiber Optics is set to hold a board meeting on October 30 to approve its third-quarter performance [1] - Nomura's previous report indicated that recent fiber optic tender results from China Mobile show a decline in market share and average selling prices for Changfei Fiber, which may exert pressure on profitability starting from the third quarter of this year [1]