消息面上，招商证券此前发布研报称，AI算力需求旺盛，汇聚科技绝佳卡位MPO光通信和AI服务器等 赛道，迎接高质量成长。该行指出，MPO业务是公司核心利润来源，技术行业领先，目前16芯MPO已 形成批量出货，卡位海外云厂供应链，是谷歌体系主力供应商，公司MPO产品需求旺盛（光纤收入 24/25H1同比高增43%/35%），且盈利能力远高于公司平均水平，在未来大客户持续拓张和海外产能建 设以及技术迭代大势下，该行判断MPO业务未来数年高速成长无忧。 汇聚科技(01729)涨近9%，截至发稿，涨8.73%，报14.32港元，成交额1.74亿港元。 据报道，谷歌云AI基础设施负责人Amin Vahdat近日在内部会议上透露，谷歌必须"每6个月将算力容量 翻倍"，未来4—5年的总体目标是实现"1000倍能力提升" 。此前，谷歌相继发布Gemini3、Nano Banana Pro，性能全面反超。华泰证券指出，看好Gemini 3、Banana Pro的效果超预期，初始基准测试结果显著 强化了"随算力规模提升，模型能力继续上行"的经验规律；同时海外云厂商Capex延续增长依然是主旋 律，行业景气延续性高。看好AI算力链行 ...

据报道，谷歌云AI基础设施负责人Amin Vahdat近日在内部会议上透露，谷歌必须"每6个月将算力容量 翻倍"，未来4—5年的总体目标是实现"1000倍能力提升" 。此前，谷歌相继发布Gemini3、Nano Banana Pro，性能全面反超。华泰证券指出，看好Gemini 3、Banana Pro的效果超预期，初始基准测试结果显著 强化了"随算力规模提升，模型能力继续上行"的经验规律；同时海外云厂商Capex延续增长依然是主旋 律，行业景气延续性高。看好AI算力链行情持续演绎。 消息面上，招商证券此前发布研报称，AI算力需求旺盛，汇聚科技绝佳卡位MPO光通信和AI服务器等 赛道，迎接高质量成长。该行指出，MPO业务是公司核心利润来源，技术行业领先，目前16芯MPO已 形成批量出货，卡位海外云厂供应链，是谷歌体系主力供应商，公司MPO产品需求旺盛（光纤收入 24/25H1同比高增43%/35%），且盈利能力远高于公司平均水平，在未来大客户持续拓张和海外产能建 设以及技术迭代大势下，该行判断MPO业务未来数年高速成长无忧。 智通财经APP获悉，汇聚科技(01729)涨近9%，截至发稿，涨8.73%，报14. ...

消息面上，当地时间周二，谷歌重磅推出Gemini 3，推理与多模态理解能力进一步提升，该模型几乎在 所有评测指标上均取得领先，部分指标甚至较此前最强的GPT-5.1、Sonnet4.5等模型大幅领先。此外， 微软、英伟达和人工智能初创公司Anthropic宣布建立战略合作伙伴关系，英伟达和微软将投资 Anthropic，英伟达承诺投资不超过100亿美元，微软承诺向Anthropi投资至多50亿美元。有分析认为， 谷歌Gemini 3重磅升级，巨头算力合作落地，或为AI算力产业链带来催化。 招商证券此前研报指出，AI算力需求旺盛，汇聚科技绝佳卡位MPO光通信和AI服务器等赛道，迎接高 质量成长。该行指出，MPO业务是公司核心利润来源，技术行业领先，目前16芯MPO已形成批量出 货，卡位海外云厂供应链，是谷歌体系主力供应商，公司MPO产品需求旺盛（光纤收入24/25H1同比高 增43%/35%），且盈利能力远高于公司平均水平，在未来大客户持续拓张和海外产能建设以及技术迭代 大势下，该行判断MPO业务未来数年高速成长无忧。 汇聚科技(01729)涨近6%，截至发稿，涨5.72%，报14.79港元，成交额1.72亿港 ...

智通财经APP获悉，汇聚科技(01729)再涨超12%，截至发稿，涨11.62%，报17.68港元，成交额6.29亿港 元。 招商证券此前发布研报称，AI算力加速建设，相比传统单芯连接器，MPO具有节省布线空间、优化布 线复杂度等优势，顺应AI数据中心升级趋势。MPO业务是公司核心利润来源，技术行业领先，目前16 芯MPO已形成批量出货，卡位海外云厂供应链，是谷歌体系主力供应商，公司MPO产品需求旺盛，且 盈利能力远高于公司平均水平，在未来大客户持续拓张和海外产能建设以及技术迭代大势下，我们判断 MPO业务未来数年高速成长无忧。 国盛证券研报表示，光通信行业正迎来新节奏，AI算力爆发的实质性需求，驱动以往每年第二季度才 开始的预期回暖提前到来。市场现已呈现出回暖态势，复苏的节奏提前，股价迎来回升。驱动这一变化 的核心动力来自海外厂商订单持续性追加，算力需求持续扩张利好频发。 ...

国盛证券研报表示，光通信行业正迎来新节奏，AI算力爆发的实质性需求，驱动以往每年第二季度才 开始的预期回暖提前到来。市场现已呈现出回暖态势，复苏的节奏提前，股价迎来回升。驱动这一变化 的核心动力来自海外厂商订单持续性追加，算力需求持续扩张利好频发。 汇聚科技(01729)再涨超12%，截至发稿，涨11.62%，报17.68港元，成交额6.29亿港元。 招商证券此前发布研报称，AI算力加速建设，相比传统单芯连接器，MPO具有节省布线空间、优化布 线复杂度等优势，顺应AI数据中心升级趋势。MPO业务是公司核心利润来源，技术行业领先，目前16 芯MPO已形成批量出货，卡位海外云厂供应链，是谷歌体系主力供应商，公司MPO产品需求旺盛，且 盈利能力远高于公司平均水平，在未来大客户持续拓张和海外产能建设以及技术迭代大势下，我们判断 MPO业务未来数年高速成长无忧。 ...

Core Viewpoint - The strategic partnership between OpenAI and Luxshare Precision aims to develop a revolutionary AI device for consumers, which is currently in the prototype stage and will feature advanced contextual awareness and integration with ChatGPT's language model [1] Company Summary - Luxshare Precision has acquired a 74.67% stake in Huiju Technology through its subsidiary, indicating strong backing and potential for growth in the tech sector [1] - Huiju Technology's core profit source is its MPO business, which is leading in technology and has begun mass shipments of 16-core MPO products, positioning itself as a key supplier for major overseas cloud manufacturers like Google [1] - The demand for MPO products is robust, with profitability significantly higher than the company's average, suggesting a strong growth trajectory in the coming years due to expanding major clients, overseas capacity building, and technological advancements [1]

Core Insights - The company has made significant progress in both the laser and optical communication sectors, with expectations for mass shipments of laser products in the consumer 3D printing market by the end of the year [1] - In the new energy sector, the company anticipates receiving orders that exceed the levels seen in the first half of the year, driven by major lithium battery clients [1] - The company's MPO products have received certification from the Senko system, while MMC products have been certified by the USCON system, indicating readiness to meet strong customer demand [1] Laser Sector - The company has successfully integrated laser products for consumer DIY devices with leading brands in the 3D printing industry, aiming for bulk shipments within the year [1] - Current engagements with numerous double-digit clients are expected to lead to gradual product rollouts [1] Optical Communication Sector - The company is accelerating production to meet high demand for MPO and MMC products, leveraging its strong technical foundation in module testing to enhance automation efficiency [1] - The recent acquisition of Matrix Optoelectronics has enabled the company to achieve bulk shipments of FAU products to major domestic optical module manufacturers [1] - The introduction of higher-speed optical modules, such as 1.6T, is projected to significantly increase the value of related products, with potential device usage reaching 3-5 times that of traditional optical modules [1] Future Outlook - The company's capabilities in precision optical testing and automation are expected to help overcome existing production capacity bottlenecks in the optical communication industry [1] - These advancements are positioned to support the rapid development of high-speed optical interconnects in the AI era, creating substantial market opportunities [1]

Group 1: Business Structure and Financial Performance - The company's main products are passive optical devices, active optical devices, and optical sensing products, with passive optical devices accounting for over 90% of revenue [2][4] - The gross margin for Q1 2025 was high due to product structure, but it is not expected to be a norm; Q2 gross margin decreased compared to Q1 due to production line expansion [3][4] - The company has maintained a gross margin of around 30% in recent years and is confident in sustaining this level in the future [3] Group 2: Capacity and Production - The company is expanding capacity significantly by renting new factories domestically and utilizing a production base in Vietnam [4] - The capacity changes disclosed in the semi-annual report do not reflect the true situation due to the variety of products involved [4] Group 3: Market and Trade Impact - The impact of U.S. tariffs on the company is minimal, as the settlement model with major clients is based on FOB, allowing for effective communication and compliance to mitigate tariff effects [5] - The company is optimistic about future development, especially in the context of AI-driven global computing demand [6] Group 4: Research and Development - The company has significantly expanded MT connector capacity and possesses advanced cutting and testing technology, enhancing the competitiveness of its single-mode low-loss MT connectors [7] - Ongoing R&D efforts focus on CPO-related products, including flexible boards and high-core-count connectors, maintaining a leading position in the flexible board sector [8][10] - The company is developing new products such as hollow-core fibers and V-groove products, targeting market-leading technologies and customer needs [11] Group 5: Customer Relations and Market Strategy - The company has a high dependency on its largest customer but maintains a strong supply relationship, aiming to diversify its customer base and product applications [17] - The company emphasizes the use of capital to accelerate development and plans to disclose relevant matters in accordance with regulatory requirements [18] Group 6: Employee Incentives - The company adheres to a principle of shared benefits and plans to continue incentivizing employees who contribute significantly to its success [18]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 162.38 [2][10]. Core Insights - The company reported a significant year-on-year revenue growth of 62.49% in Q2, driven primarily by the rapid demand for MPO products [12]. - The gross margin for the first half of 2025 was 39%, reflecting a 7 percentage point increase year-on-year, although it experienced a decline in Q2 due to initial production inefficiencies [8]. - The company is expected to continue benefiting from the growing demand for MPO products and has promising prospects in the CPO technology sector [9][12]. Financial Performance - For the fiscal year 2024, the company is projected to achieve a revenue of RMB 1,378 million, with a year-on-year growth of 55.73% [5]. - The net profit attributable to the parent company for 2025 is forecasted to be RMB 449.76 million, representing a growth of 72.15% compared to the previous year [5]. - The earnings per share (EPS) for 2025 is estimated at RMB 1.98, with a projected price-to-earnings (PE) ratio of 68.77 [5][10]. Revenue Breakdown - In the first half of 2025, the company's optical device revenue reached RMB 812 million, marking a year-on-year increase of 63.94%, with overseas revenue growing by 71.19% [7]. - The domestic market revenue for the same period was RMB 148 million, reflecting a growth of 31.62% [7]. Cost Management - The company maintained stable expense control, with sales, management, and R&D expense ratios at 1.98%, 6.96%, and 5.10% respectively for the first half of 2025 [8].

Group 1: HuiJia Times - HuiJia Times achieved operating revenue of 1.271 billion yuan in the first half of the year, a year-on-year increase of 2.29%, with growth in the supermarket sector and a slight decline in the department store sector [1] - The company is deepening its supply chain strategy by joining a shared warehouse system and introducing an automatic replenishment system to reduce logistics costs and fresh produce loss rates [1] - The company plans to reopen its Beijing Road supermarket on August 16 after optimizing product structure, pricing, environment, and services [1] - The department store sector is expanding through a consignment operation model, while the supermarket sector is focusing on chain layout centered around Urumqi [1] - The implementation of the national "old-for-new" subsidy policy in 2025 is expected to generate sales of approximately 80 million yuan, representing a year-on-year growth of about 81% [1] - The company is introducing the Feishu intelligent collaboration platform to promote digital transformation and explore multiple application scenarios [1] Group 2: ShiJia Photon - ShiJia Photon reported progress and plans across multiple business segments, with the MT-F product for 800G/1.6T optical modules already in mass production [2] - The company has completed the research and validation of the WG chip and components for the 1.6T optical module [2] - The expansion plan for MPO products is progressing smoothly, focusing on factory planning, equipment installation, and personnel recruitment and training [2] - The company has developed a 100G EML laser and is internally validating a 10G 1577nm EML+SO laser, while the 50G PON EML product is undergoing customer validation [2] - The improvement of product line yield rates is on schedule, with results gradually translating into cost optimization benefits [2] - Inventory growth is attributed to strategic stocking of key raw materials and increased reserves of general materials and semi-finished products [2] - Capital expenditures are rising due to increased R&D investment, capacity expansion, and overseas layout, with plans for dynamic optimization of capital allocation in the future [2]