11月26日，A股走势分化，光通信模块等科技股大涨带动深市跑赢沪市，创业板指涨逾2%。市场交投略有降温，成交 额缩至1.8万亿元，3593只个股收跌。 受访人士表示，当前市场套牢盘压力较大、外资流入缓慢，内外资分歧明显，观望情绪浓厚。投资者需密切关注中日 冲突事件进展、美联储12月是否降息，以及即将举行的中央经济工作会议。操作上建议仓位控制在50%左右，逢低布 局通信等强势赛道龙头股，并配置银行、医药等防御板块对冲风险。 算力、CPO大爆发 沪深两市走势分化。沪指午后走低，最后收跌0.15%报3864.18点；创业板指午后进一步走强，收涨2.14%报3044.69 点。深证成指涨逾1%。科创50、沪深300、上证50涨幅均不超过1%，北证50收跌。 成交缩量，今日成交额降至1.8万亿元。杠杆资金小幅回流，截至11月25日，沪深京两融余额增至2.46万亿元。 盘面上，算力概念、CPO（光电共封装）概念、光通信模块、F5G概念、Chiplet概念继续大涨，半导体、电子元件、 化学制药、消费电子、白色家电等概念涨势也不错。但银行、军工等概念领跌。 | 东财概念指数 | | | 东财行业指数 | | | | A股市场 ...

Group 1: Market Performance - The A-share market continued its strong performance, with the Shanghai Composite Index nearing 4000 points, closing at 3996.94, up 1.18% [1] - The Shenzhen Component Index closed at 13489.40, up 1.51%, and the ChiNext Index closed at 3234.45, up 1.98% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 23,401 billion yuan, an increase of 3,659 billion yuan compared to the previous trading day [1] Group 2: AI Hardware Sector - The AI hardware sector has shown significant recovery, with several leading stocks reaching historical highs, boosting market sentiment [2] - CPO (Co-Packaged Optics) and storage chip concepts saw a surge, with stocks like Dazhi Co., China Electronics Port, and Jingwang Electronics hitting the daily limit [2] - Companies in the CPO sector reported substantial profit growth, with Shijia Photon achieving a net profit of 300 million yuan in the first three quarters, a year-on-year increase of 727.7% [2] Group 3: Financial and Cyclical Sectors - The financial and cyclical sectors also performed strongly, with major banks' stocks, including Agricultural Bank, rising by 2.38% [3] - The brokerage sector saw significant movements, with Xiangcai Securities hitting the daily limit and closing up 5.55% [3] - The A-share market's total market capitalization has surpassed 100 trillion yuan, providing a broad growth space for brokerage firms [3] Group 4: Growth of Large-cap Stocks - Since August, large-cap technology stocks have outperformed small-cap stocks, driving the Shanghai Composite Index upward [4] - The proportion of emerging growth sectors in the capital market has increased, with a notable rise in the number and market capitalization of large-cap growth companies [4] - Current macroeconomic conditions favor emerging growth sectors, with policies supporting innovation and technology [4]

Group 1 - The core viewpoint is that the surge in stock prices of companies Xin Yiseng, Zhongji Xuchuang, and Tianfu Communication, collectively referred to as "Yizhongtian," is driven by the rising demand for computing power in the artificial intelligence (AI) sector, particularly through the adoption of CPO (Co-Packaged Optics) technology [1][4][8] - Xin Yiseng's stock price has increased over five times, Zhongji Xuchuang over four times, and Tianfu Communication over three times since April 2025 [1] - CPO technology is crucial for achieving breakthroughs in optical communication modules, enabling lower power consumption, smaller size, and faster transmission, thus serving as the "highway of computing power" in the AI era [1][3] Group 2 - The demand for computing power is surging due to the rapid development of AI technology, with data centers requiring higher transmission efficiency as traditional copper transmission approaches physical limits [3][6] - According to Yole, the CPO market is projected to grow from $46 million in 2024 to $8.1 billion by 2030, with a compound annual growth rate of 137% [3] - In the first half of 2025, Xin Yiseng reported revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit of 3.942 billion yuan, up 355.68% [3] Group 3 - The explosive demand for computing power is supported by strong policy backing for AI development in China, with the State Council's action plan aiming for deep integration of AI across six key sectors by 2027 [7][8] - The Chinese large model industry has established a complete structure from foundational layers to application layers, with domestic open-source models rapidly developing and narrowing the performance gap with international counterparts [7][8] - China is building a full-chain advantage in the AI field, with significant positions in the global optical module market and ongoing advancements in both hardware and software [8]

Group 1 - The A-share market continues its strong performance, with major indices rising collectively, particularly the Sci-Tech 50 Index, which surged by 5.25% [1] - The Shanghai Composite Index steadily climbed, successfully breaking through the 3,800-point mark, indicating robust investor participation with a half-day trading volume exceeding 1.5 trillion yuan [1] Group 2 - The technology sector, particularly centered around semiconductors, saw significant gains, with the overall semiconductor sector rising over 2.7%, driven by optimism surrounding AI chips and related hardware [3] - The rare earth sector also performed well, supported by strong demand from electric vehicles and wind power, alongside tight global supply, suggesting potential valuation and profit increases for related companies [3] Group 3 - Multiple favorable factors are contributing to enhanced market confidence, including foreign institutional investors maintaining a positive outlook on the Chinese stock market, particularly for small and mid-cap stocks [4] - Domestic long-term funds are accelerating their entry into the market, with state-backed funds significantly increasing their holdings in over a hundred A-shares during the second quarter, providing solid bottom support for the market [4] Group 4 - There is a noticeable trend of household savings being redirected into the stock market, with institutional funds such as insurance and wealth management increasing their allocation to equity assets, injecting fresh capital into the market [5] Group 5 - Major brokerage firms are optimistic about market prospects, highlighting specific investment opportunities in satellite internet and commercial aerospace, as well as the rising demand for upstream materials driven by the surge in AI server shipments [6] - The current A-share market is led by technology, with a significant increase in risk appetite, and structural market trends are expected to continue, focusing on high-growth companies aligned with national strategic directions [6]

Core Views - The report indicates that the A-share market is experiencing a structural rally, with a focus on sectors with solid earnings support, particularly in innovative pharmaceuticals and technology sectors like robotics and CPO [2][11] - The upcoming important meeting is expected to emphasize macroeconomic policy adjustments, with potential increases in funding for infrastructure and support for strategic emerging industries such as AI and semiconductors [3][12] Market Overview - On Thursday, the three major indices in the A-share market collectively rose, with the Shenzhen Composite Index and the ChiNext Index showing stronger performance, while financial stocks weighed on the Shanghai Composite Index [5][11] - The market sentiment remains active, with a total trading volume of 15,394 billion, and the Shanghai Composite Index closing at 3,516.83 points, up 0.37% [6] Sector Analysis - The pharmaceutical sector saw significant gains, driven by supportive policies for innovative drugs and a favorable environment for commercialization, with expectations for continued growth in the second half of 2025 [7][11] - The optical communication module and CPO sectors are also highlighted as having strong growth potential, supported by advancements in AI computing and data center upgrades [8][11] - The aerospace and defense sector is expected to remain attractive, with government support for modernization and increased defense budgets, alongside geopolitical tensions that may act as catalysts for growth [9][10] Investment Opportunities - Investors are advised to focus on several key areas for potential investment: 1. Technology innovation sectors such as robotics, AI, and digital economy [4][13] 2. Industries benefiting from de-involution, including renewable energy and new energy vehicles [4][13] 3. Areas related to consumption upgrades and policy benefits, such as innovative pharmaceuticals and smart home devices [4][13] 4. Stocks with expected strong mid-year performance, although the intensity of speculation may decrease as earnings forecasts conclude [4][13]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index experienced a slight decline of 0.13% as of June 16, 2025, with mixed performance among constituent stocks [1] - The Sci-Tech Chip ETF (588200) has shown a significant increase of 51.49% over the past year as of June 13, 2025 [1] Market Performance - The Sci-Tech Chip ETF recorded a turnover rate of 1.6% and a transaction volume of 407 million yuan during the trading session [4] - Over the past year, the average daily transaction volume of the Sci-Tech Chip ETF reached 2.276 billion yuan, ranking first among comparable funds [4] - The ETF's scale increased by 684 million yuan in the past month, also ranking first among comparable funds [4] - In the last two weeks, the ETF's shares grew by 333 million, marking a significant increase [4] - The ETF attracted a total of 510 million yuan in inflows over the last nine trading days [4] Leverage and Returns - The latest margin buying amount for the Sci-Tech Chip ETF reached 77.49 million yuan, with a margin balance of 1.394 billion yuan [4] - The net value of the Sci-Tech Chip ETF increased by 50.68% over the past year, ranking 70th out of 2854 index equity funds, placing it in the top 2.45% [4] - The highest single-month return since inception was 25.18%, with the longest consecutive monthly gains being four months and the maximum cumulative gain of 36.01% [4] Industry Developments - Broadcom has made significant progress in the Co-Packaged Optics (CPO) sector, launching a single-channel 200G CPO product series in May and delivering the Tomahawk 6 (TH6) switch chip in June [5] - The collaboration between Broadcom and NVIDIA in advancing CPO technology is expected to enhance the maturity of the industry chain ecosystem [5] - The top ten weighted stocks in the Sci-Tech Chip Index account for 57.93% of the index, with notable companies including SMIC, Haiguang Information, and Cambrian [5][7] Investment Opportunities - Investors without stock accounts can access domestic chip investment opportunities through the Sci-Tech Chip ETF linked fund (017470) [7]

Core Viewpoint - The article highlights the recent surge in the cultural media sector, driven by the popularity of brands like WAKUKU and LABUBU, and the positive market response to the "谷子经济" (Guzi Economy) [1][13]. Group 1: Cultural Media Sector - The cultural media sector has shown strong performance, with sub-sectors such as film and television, short dramas, and the Guzi Economy experiencing significant gains [10][13]. - The rise of brands like Bubble Mart and Quantum Song has led to increased enthusiasm in the cultural media sector, extending beyond to new consumption avenues [1][13]. - Recent government policies, such as the "Beijing Fashion Consumption Expansion Action Plan," aim to stimulate the fashion and cultural sectors, encouraging collaborations between traditional brands and well-known IPs [13]. Group 2: AI and Computing Power Sector - The AI sector has seen a rebound, particularly in the computing power supply chain, with leading stocks like Zhongji Xuchuang rising by 8.73% and achieving a market capitalization of 130.5 billion [4][6]. - The growth in AI applications, including AI smartphones and smart glasses, is contributing to the overall market enthusiasm, with significant sales growth reported in the smart glasses market [7][8]. - Companies like Broadcom are making advancements in optical packaging technology, which is expected to benefit related industries such as optical components and chips [6][8].

Group 1: Communication Industry - Broadcom's CPO (Co-Packaged Optics) has made significant progress, launching a single-channel 200G CPO product series in May and delivering the Tomahawk 6 (TH6) switch chip in June, which supports both conventional and CPO versions [2] - The report anticipates that technology giants like Broadcom and NVIDIA will accelerate the advancement of CPO technology, fostering a mature ecosystem within the industry [2] - The outlook for the CPO industry is positive, with opportunities expected for related passive optical devices, optical chips, and optical engines, recommending companies such as Tai Chen Guang and Tianfu Communication, while suggesting to pay attention to Zhongji Xuchuang and New Yi Sheng [2] Group 2: Multi-Financial Industry - In May, the ETF market saw a total asset scale increase of 1.6%, with stock ETFs rising by 0.9%, indicating a stable growth trend despite market fluctuations [3] - Bond funds reached a record high with a net asset value of 284.1 billion, growing by 15% month-on-month, and their market share increased by 0.8 percentage points to 6.9% [3] - The report highlights the implementation of the "Action Plan for Promoting High-Quality Development of Public Funds," which aims to enhance the scale and proportion of equity investments in public funds, suggesting that stock ETFs may experience rapid growth opportunities [3] Group 3: Electronics and Computing Industry - The outdoor sports trend and the rapid growth of social media content are driving the transition of action cameras and panoramic cameras from niche products to mainstream creative tools for outdoor enthusiasts and short video users [4] - Key players in this emerging market include Ying Shi Innovation, GoPro, and DJI, with the industry expected to evolve towards "all-in-one" personal imaging devices [4] - Competition is shifting from hardware specifications to multi-dimensional competition involving AI, software ecosystems, and differentiated innovation capabilities [4] Group 4: Financial Engineering - The LLM-FADT strategy, based on the open-source model Qwen3-8b, has shown significant improvement over the previous BERT-FADT strategy, with annualized excess returns of 12.16% for the LLM-FADT Top25 CSI 300 index combination and 18.53% for the LLM-FADT healthcare sector combination [6] - The report emphasizes the effectiveness of the enhanced strategy in stock selection, particularly in the context of the healthcare sector [6] Group 5: Transportation Industry - The aviation sector is expected to perform well due to strong demand during the summer travel season and favorable oil exchange rates, with a long-term supply growth slowdown improving supply-demand dynamics [11] - The report recommends high-dividend Hong Kong road stocks, highlighting the stability of the road sector's performance and suggesting a focus on companies like China National Aviation and China Eastern Airlines [11] - The easing of tariffs has significantly boosted shipping rates, although market expectations may have already priced this in, leading to increased volatility in the sector [11]

Investment Rating - The report maintains an "Overweight" rating for the communication equipment manufacturing sector [7]. Core Viewpoints - The CPO (Co-Packaged Optics) industry is expected to see significant advancements, particularly with Broadcom's recent developments, including the launch of a single-channel 200G CPO product series and the delivery of the Tomahawk 6 (TH6) switch chip [1][2]. - Broadcom is recognized as a pioneer in the CPO industry, with its CPO solutions focusing on switch core components rather than complete systems, differentiating it from competitors like NVIDIA [2][3]. - The TH6 chip, which supports both conventional electrical switches and CPO solutions, is noted for its high bandwidth capabilities, potentially reaching 200G per channel [3][4]. Summary by Sections CPO Industry Progress - Broadcom's CPO technology is advancing rapidly, with the TH6 chip being the first single-chip solution to achieve 102.4T bandwidth, supporting both electrical and CPO versions [3]. - The TH6 CPO solution may require 16 optical engines, doubling the number from the previous TH5 model, while maintaining a single optical engine rate of 6.4T [3]. Market Opportunities - The report expresses optimism about the CPO industry's future, highlighting potential growth for related companies in optical passive devices, optical chips, and optical engine manufacturers. Recommended companies include Taiyuan Optics and Tianfu Communication, with additional companies like Zhongji Xuchuang and Xinyi Sheng suggested for attention [1][5]. Company Recommendations - The report provides specific stock recommendations with target prices and ratings: - Zhongji Xuchuang (300308 CH): Buy, target price 164.78 [10][16] - Xinyi Sheng (300502 CH): Buy, target price 128.76 [10][16] - Tianfu Communication (300394 CH): Buy, target price 119.12 [10][16] - Taiyuan Optics (300570 CH): Overweight, target price 99.01 [10][16] - Huagong Technology (000988 CH): Buy, target price 49.62 [10][16]