Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report emphasizes the acceleration of the CPO (Co-Packaged Optics) industry driven by the silicon photonics trend, highlighting the increasing demand for CPO, optical modules, and liquid cooling solutions [4][5] - NVIDIA's recent product launches, including the Vera Rubin AI supercomputer, are expected to boost the demand for CPO and related technologies [4][5] - The report identifies key investment opportunities in the silicon photonics and CPO supply chain, recommending specific companies as potential beneficiaries [7] Summary by Sections Industry Overview - The report indicates a clear trend towards silicon photonics and CPO development, with significant implications for various sectors [6] Key Technologies and Products - The Vera Rubin NVL72 cabinet features advanced specifications, including 20 trillion transistors and enhanced memory capacities, which are expected to drive demand for related technologies [4] - The NVIDIA Spectrum-X Ethernet CPO supports significant bandwidth expansion, facilitating cluster scaling [5] Investment Opportunities - The report highlights four key focus areas in silicon photonics: silicon photonic engines, CW light sources, optical interconnects, and passive components, recommending specific companies for investment [6][7] - Recommended companies include: - "Four Key Focus" companies: Zhongji Xuchuang, Xinyi Sheng, Yuanjie Technology, and Tianfu Communication - "Three Small Dragons" in silicon photonics equipment and optical interconnects: Robotek, Zhishang Technology, and Juguang Technology [7]

Core Viewpoint - The CPO concept stocks in the A-share market have shown strong performance, with several companies experiencing significant price increases [1] Group 1: Stock Performance - Robotech and Lantech both surged over 14% [1] - Huada Technology, Woge Optoelectronics, Tongfu Microelectronics, and Kechuan Technology reached the 10% daily limit up [1] - Benkawa Intelligent increased by over 8% [1] - Changdian Technology, Huamao Technology, and Hengtong Optoelectronics rose over 6% [1] - Tiantong Co., Shuguang Digital Creation, Cambridge Technology, Juguang Technology, and Taicheng Technology all gained over 5% [1]

Group 1 - The core point of the news is that Juguang Technology's stock price increased by 5.07% to 199.69 CNY per share, with a trading volume of 490 million CNY and a turnover rate of 2.81%, resulting in a total market capitalization of 17.944 billion CNY [1] - Juguang Technology, established on September 21, 2007, and listed on December 24, 2021, is located in Xi'an, Shaanxi Province, and specializes in the research, production, and sales of high-power semiconductor laser components and laser optical components [1] - The company's main business revenue composition includes: laser optical products (48.73%), semiconductor laser products (18.92%), automotive application solutions (12.62%), semiconductor process solutions (8.97%), global photonic processes and manufacturing (6.23%), R&D and processing services (3.76%), and others (0.77%) [1] Group 2 - From the perspective of fund holdings, Penghua Fund has one fund heavily invested in Juguang Technology, specifically the Penghua Sci-Tech 200 ETF (588240), which held 19,700 shares, accounting for 1.04% of the fund's net value, ranking as the tenth largest holding [2] - The Penghua Sci-Tech 200 ETF (588240) was established on February 13, 2025, with a latest scale of 290 million CNY and has achieved a year-to-date return of 14.26%, ranking 142 out of 5542 in its category, and a cumulative return of 59.89% since inception [2]

炬光科技公告称，2026年1月起，西安宏盾新材料科技有限公司及其子公司不再是公司关联方。预计 2026年1-3月，公司与西安宏盾及其子公司日常关联交易合计400.59万元，无需提交股东会审议。交易 主要为购买原材料和委托加工服务等，定价公允合理。2025年实际发生交易1935.50万元，未超出原预 计的2885万元。西安宏盾及其子公司经营正常，具备履约能力，此次关联交易符合公司经营需要，不会 损害股东权益。 ...

公司与西安宏盾及其子公司的日常关联交易均为公司正常生产经营业务 范畴，定价公允、结算时间与方式合理，交易风险可控，不存在损害公司及股东 利益的情况。本次日常关联交易不会影响公司的独立性，公司主要业务不会因此 形成对关联方的依赖。 证券代码：688167 证券简称：炬光科技 公告编号：2026-004 西安炬光科技股份有限公司 关于 2026 年 1-3 月日常关联交易预计的公告 本公司董事会及全体董事保证本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。 重要内容提示： 西安宏盾新材料科技有限公司及其子公司（以下简称"西安宏盾及其子公 司"或"关联人"）于 2026 年 4 月起将不再是西安炬光科技股份有限公司（以下简 称"公司"）的关联方，预计 2026 年 1 至 3 月与公司发生的日常关联交易合计总 额为 400.59 万元，无需提交股东会审议。 2、公司 2026 年 1-3 月日常关联交易预计情况可能与实际情况存在差异，公司可根据实 际交易情况，在同一控制下的不同关联方之间进行额度调剂（包括不同关联交易类型间的调 剂），总额不超过预计金额。 ...

Market Overview - The Shanghai Composite Index closed at 4105.16 points, below the five-day moving average, with a decline of 0.21% [1] - The total trading volume of A-shares reached 230.22 billion yuan [1] Stocks Performance - A total of 339 A-shares have prices that broke through the five-day moving average today [1] - The stocks with the largest deviation rates include: - Meibang Technology (21.58%) - Jiayun Technology (10.57%) - Dongtong Retreat (8.25%) [1] - Stocks with smaller deviation rates that just crossed the five-day moving average include: - China Merchants Bank - Balanshi - Aike Co., Ltd. [1] Top Stocks by Deviation Rate - The top stocks with significant price increases and their respective deviation rates are: - Meibang Technology: 29.94% increase, 25.39% turnover rate, latest price 17.49 yuan [1] - Jiayun Technology: 19.92% increase, 18.95% turnover rate, latest price 6.38 yuan [1] - Dongtong Retreat: 9.78% increase, 9.36% turnover rate, latest price 2.02 yuan [1] - Other notable stocks include: - Hongmian Co., Ltd.: 10.13% increase, latest price 4.24 yuan, deviation rate 8.16% [1] - Shanghai Jiubai: 10.01% increase, latest price 14.07 yuan, deviation rate 8.11% [1]

Group 1 - The core viewpoint of the news is that Juguang Technology's stock has seen a significant increase, with a rise of 5.67% to 189.36 CNY per share, and a total market capitalization of 17.016 billion CNY [1] - Juguang Technology, established on September 21, 2007, and listed on December 24, 2021, specializes in the research, production, and sales of high-power semiconductor laser components and laser optical components [1] - The company's main business revenue composition includes: laser optical products (48.73%), semiconductor laser products (18.92%), automotive application solutions (12.62%), semiconductor process solutions (8.97%), global photonic processes and manufacturing (6.23%), R&D and processing services (3.76%), and others (0.77%) [1] Group 2 - Tianzhi Fund has a significant holding in Juguang Technology, with the Tianzhi China Manufacturing 2025 Mixed Fund (350005) holding 2.36% of its net value in 2,398 shares, ranking it as the tenth largest holding [2] - The Tianzhi China Manufacturing 2025 Mixed Fund has a total scale of 15.5074 million CNY and has achieved a year-to-date return of 15.09%, ranking 333 out of 8,848 in its category [2] - The fund has a cumulative return of 283.57% since its inception on May 8, 2008 [2]

Group 1 - The core viewpoint of the news is the performance and market position of Juguang Technology, which saw a stock price increase of 5.67% to 189.36 CNY per share, with a total market capitalization of 17.016 billion CNY [1] - Juguang Technology, established on September 21, 2007, and listed on December 24, 2021, specializes in the research, production, and sales of high-power semiconductor laser components and laser optical components [1] - The company's revenue composition includes laser optical products (48.73%), semiconductor laser products (18.92%), automotive application solutions (12.62%), and other segments [1] Group 2 - The Green Carbon Neutrality Theme Mixed A Fund (015856) has Juguang Technology as one of its top ten holdings, increasing its position by 6,400 shares in the third quarter, representing 7.49% of the fund's net value [2] - The fund has achieved a year-to-date return of 11.72% and a one-year return of 74.57%, ranking 781 out of 8,848 and 637 out of 8,093 in its category, respectively [2] - The fund manager, Liu Zan, has a tenure of 3 years and 68 days, with the best fund return during this period being 89.53% [3]

Group 1 - The core transaction on January 16 involved a block trade of 13,000 shares of Juguang Technology, with a transaction value of 2.1405 million yuan, at a price of 164.65 yuan, representing a discount of 12.02% compared to the closing price of the day [2] - In the last three months, Juguang Technology has recorded a total of 33 block trades, amounting to a cumulative transaction value of 202 million yuan [3] - The closing price of Juguang Technology on the day of the report was 187.15 yuan, reflecting a 5.14% increase, with a daily turnover rate of 5.21% and a total transaction volume of 862 million yuan [3] Group 2 - The latest margin financing balance for Juguang Technology is 1.338 billion yuan, with an increase of 10.7345 million yuan over the past five days, representing a growth rate of 0.81% [4] - Juguang Technology was established on September 21, 2007, with a registered capital of 89.859524 million yuan [4]

证券代码：688167 证券简称：炬光科技 公告编号：2026-003 西安炬光科技股份有限公司 关于控股股东、实际控制人及其一致行动人 权益变动触及 1%及 5%刻度的提示性公告 公司控股股东、实际控制人刘兴胜及其一致行动人宋涛、侯栋、延绥斌、李小宁、 田野、宁波宁炬自有资金投资合伙企业（有限合伙）、宁波新炬自有资金投资合伙企业 （有限合伙）、宁波吉辰自有资金投资合伙企业（有限合伙）保证向本公司提供的信息 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 15.73% | | | | 权益变动后合计比例 | 15.00% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否 | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、 信息披露义务人及其一致行动人的基本信息 1、身份类别 | |  | 控股股东/实际控制人及其一致行动人 | | ...