Summary of Conference Call Notes Industry Overview - The focus is on the North American CSP (Cloud Service Provider) capital expenditure, which is experiencing strong growth. The report emphasizes the importance of the CPO (Coherent Photonic Optics) and fiber optic industries [1][2]. Key Points 1. **Acceleration of CPO Development** - Lumentum has announced that it has secured several hundred million dollars in orders related to CPO. - Expected revenue from CPO is projected to be approximately $50 million in Q4 2026, with a significant surge anticipated in the first half of 2027. - The report suggests paying attention to the CPO supply chain, including components such as optical engines, FAU, laser ELS, MPO, shuffle boxes, and polarization-maintaining fibers. - Relevant companies in this space include Tianfu Communication, Yuanjie Technology, Shijia Photonics, Taicheng Light, Changfei Fiber, Changying Tong, and Robotek [1][2]. 2. **Fiber Optic Industry Transition** - The fiber optic cable industry has shifted from recovery to a phase characterized by "tight supply and simultaneous increase in volume and price." - As a capital-intensive industry, it is expected that new capacity will be difficult to add in the short term, leading to continued price increases. - Companies with optical fiber rod production capacity, such as Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Fenghuo Communication, are recommended for focus. - Additionally, companies with significant fiber optic capacity or specialized fiber optics, such as Tefa Information and Changying Tong, are also highlighted [2]. 3. **Strong Capital Expenditure Growth Among CSPs** - Four major North American CSPs are expected to maintain strong capital expenditure growth through Q4 2025, with optimistic guidance for future capital expenditures. - All companies expressed a consensus on the "strong demand for AI and tight supply of computing power." - The overseas AI computing power supply chain is viewed positively, while the domestic AI competition is ongoing, with issues such as traffic congestion during Alibaba's Qianwen event noted. - Attention is also recommended for the domestic computing power supply chain [2]. Additional Recommendations - The report recommends specific companies for investment consideration: Zhongji Xuchuang, Tianfu Communication, Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Yuanjie Technology [3].

Core Viewpoint - Yitang Co., Ltd. indicated that if there are any future share repurchase plans, the company will fulfill its information disclosure obligations in accordance with the rules of the Sci-Tech Innovation Board [2] Group 1 - The company responded to investor inquiries on its interactive platform [2] - The company is committed to transparency regarding any potential share repurchase plans [2]

Group 1 - Intercontinental Oil and Gas (600759) experienced a significant price surge, closing at the daily limit after opening with a drop limit, with a trading volume exceeding 4 billion yuan [2] - The CPO concept stocks continued to rise, with Zhilifang hitting a historical high with a 20% limit increase; Keri Technology and Huanxu Electronics also reached their daily limit [2] - Other stocks such as Yitian Co. and Aotwei increased by over 10%, while Changyingtong and Zhongfu Circuit also saw notable gains [2] Group 2 - Changyingtong rose by 7.26% to 58.53, with an increase of 11.12% [4] - Zhongfu Circuit increased by 7.16% to 78.40, with a rise of 5.67% [4] - Fenghuo Communication saw a rise of 7.14% to 41.86, with an increase of 5.63% [4]

Core Viewpoint - The company, Wuhan Changying Tongguang Technology Co., Ltd., is acquiring 100% equity of Wuhan Shengyisheng Optoelectronics Technology Co., Ltd. through a combination of share issuance and cash payment, with regulatory approvals obtained for the transaction [1]. Group 1: Transaction Details - The company received approval from the China Securities Regulatory Commission on September 5, 2025, for the issuance of shares to purchase assets [1]. - The market supervision bureau approved the business change related to the transaction on September 29, 2025, and a new business license was issued [1]. - The transaction's valuation benchmark date is set for December 31, 2024, with the asset delivery date on September 29, 2025, resulting in a transition period from January 1, 2025, to September 30, 2025 [2]. Group 2: Financial Arrangements - During the transition period, profits from the acquired assets will be enjoyed by the company, while any losses will be borne by the transaction counterparties [3]. - The net profit attributable to the parent company during the transition period was reported as ¥16,820,680.94, with no operational losses incurred, thus no compensation from counterparties is required [3].

Core Viewpoint - The company, Wuhan Changying Tong Optoelectronic Technology Co., Ltd., is acquiring 100% equity of Wuhan Shengyisheng Optoelectronic Technology Co., Ltd. through a combination of issuing shares and cash payment, with the transaction approved by regulatory authorities [1][2]. Group 1: Transaction Details - The transaction involves three parties: Wuhan Chuanglian Zhiguang Technology Co., Ltd., Li Longqin, and Ningbo Chengfenghao Enterprise Management Co., Ltd. [1] - The acquisition was approved by the China Securities Regulatory Commission on September 5, 2025, and the business license for the target company was updated on September 29, 2025 [2]. Group 2: Transition Period and Profit/Loss Arrangement - The transition period for the asset is defined from January 1, 2025, to September 30, 2025, with the valuation benchmark date set as December 31, 2024 [2][3]. - During the transition period, profits generated by the target assets will belong to the company, while any losses will be the responsibility of the transaction parties [3]. Group 3: Audit Results - The audit conducted by Zhongshun Zhonghuan Accounting Firm revealed that the net profit attributable to the parent company during the transition period was approximately 16.82 million yuan, with no operational losses reported [3].

武汉生一升光电科技有限公司 专项审计报告 过渡期损益情况专项审计报告 众环专字(2026)0100200 号 武汉生一升光电科技有限公司全体股东: 一、审计意见 我们审计了武汉生一升光电科技有限公司(以下简称"生一升光电")2025年1月1日 至 2025年9月30日过渡期合并利润表及相关附注(以下简称过渡期合并利润表)。 我们认为,后附的过渡期合并利润表在所有重大方面按照"附注二所述编制基础"编制, 公允反映了生一升光电 2025年1月1日至 2025年9月30 日的交割过渡期经营成果。 众环专字(2026)0100200 号 生一升光电管理层(以下简称"管理层")负责按照"附注二所述编制基础"编制过渡 期合并利润表,使其实现公允反映,并设计、执行和维护必要的内部控制,以使过渡期合并 审计报告第1页共3页 利润表不存在由于舞弊或错误导致的重大错报。 在编制过渡期合并利润表时,管理层负责评估生一升光电的持续经营能力,披露与持续 经营相关的事项(如适用),并运用持续经营假设,除非管理层计划清算生一升光电、终止 运营或别无其他现实的选择。 治理层负责监督生一升光电的财务报告过程。 我们的报告仅用于长盈通发行股份及 ...

截至本公告披露日，中审众环会计师事务所（特殊普通合伙）（以下简称中 审众环）已完成标的资产过渡期损益审计工作，有关情况如下： 证券代码：688143 证券简称：长盈通 公告编号：2026-002 武汉长盈通光电技术股份有限公司 关于发行股份及支付现金购买资产 之标的资产过渡期损益情况的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 武汉长盈通光电技术股份有限公司（以下简称"上市公司"或"公司"）拟 通过发行股份及支付现金方式，向武汉创联智光科技有限公司、李龙勤、宁波铖 丰皓企业管理有限公司等 3 名交易对方收购武汉生一升光电科技有限公司 100% 股权（以下简称"本次交易"）。 公司于 2025 年 9 月 5 日收到中国证券监督管理委员会出具的《关于同意武 汉长盈通光电技术股份有限公司发行股份购买资产注册的批复》（证监许可〔2025〕 1966 号）。武汉市市场监督管理局已于 2025 年 9 月 29 日核准标的公司本次交易 涉及的工商变更相关事项，并向标的公司换发了新的《营业执照》，标的公司 100% 股权已变更 ...

Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

Core Viewpoint - The communication equipment sector experienced a decline of 1.3% on January 29, with Changying Tong leading the drop, while the Shanghai Composite Index rose by 0.16% to close at 4157.98 [1] Group 1: Market Performance - The communication equipment sector saw significant individual stock movements, with notable gainers including: - Xinke Mobile (688387) up by 6.43% closing at 18.87, with a trading volume of 1.93 million shares and a turnover of 3.609 billion yuan [1] - Tongding Interconnection (002491) increased by 5.93% to 7.14, with a trading volume of 2.29 million shares and a turnover of 1.642 billion yuan [1] - Changxin Bochuang (300548) rose by 5.48% to 154.07, with a trading volume of 420,400 shares and a turnover of 6.350 billion yuan [1] - Conversely, the sector also had significant losers, including: - Changying Tong (688143) down by 7.72% to 50.10, with a trading volume of 82,400 shares and a turnover of 430 million yuan [2] - Kunheng Shunwei (688283) decreased by 7.40% to 54.92, with a trading volume of 33,300 shares and a turnover of 187 million yuan [2] - Shijia Technology (002796) fell by 6.63% to 46.50, with a trading volume of 185,300 shares and a turnover of 888 million yuan [2] Group 2: Capital Flow - The communication equipment sector experienced a net outflow of 687 million yuan from institutional investors and 416 million yuan from speculative funds, while retail investors saw a net inflow of 1.103 billion yuan [2] - Specific stock capital flows indicated: - Tianfu Communication (300394) had a net inflow of 84.5 million yuan from institutional investors, while speculative funds saw a net outflow of 34.7 million yuan [3] - Changxin Bochuang (300548) recorded a net inflow of 63 million yuan from institutional investors, with a net outflow of 294 million yuan from speculative funds [3] - Xinke Mobile (688387) had a net inflow of 43.3 million yuan from institutional investors, while speculative funds experienced a net outflow of 26.17 million yuan [3]

Group 1 - The A-share market experienced a collective pullback in the commercial aerospace sector, with several companies hitting their daily limit down [1] - Notable declines included Beihua Co. and Torch Electronics, which both reached the daily limit down, while Hongyuan Electronics, Tongda Co., and Kunheng Shunwei fell over 8% [1] - Other companies such as Gaode Infrared and Shunhao Co. dropped more than 7%, and Jiuding New Materials, BaoTi Co., Tengjing Technology, Changying Tong, Qianzhao Optoelectronics, Changguang Huaxin, and Huafeng Technology saw declines exceeding 6% [1]