Group 1 - The core viewpoint of the article highlights the significant growth of Huagong Technology's (000988) data communication optical modules in the domestic market, indicating a strong performance in the sector [1] - The company has achieved comprehensive coverage of its data communication products, ranging from 100G, 200G to 400G, and 800G, among major internet and equipment manufacturers [1] - For overseas key clients, the production and preparation of LPO series and DSP series products, including 800G and 1.6T, are proceeding as planned [1]

Core Viewpoint - The company is experiencing significant growth in its overseas export business, particularly in the 400G/800G optical module market, with plans for continued expansion in 2026 [1] Group 1: Business Development - The company reported that its overseas market expansion is progressing smoothly, with noticeable growth in export business since 2025 [1] - There has been a bulk shipment of 400G/800G optical modules to overseas equipment and channel partners [1] - The 800G LPO optical modules have begun delivery at overseas factories, with expectations for increased volume in 2026 [1] Group 2: Product Capabilities - The company has established a mass production capability for 1.6T optical modules and has already shipped small batch orders [1] - The company is preparing for further volume increases in the future [1] - Production and preparation for LPO and DSP series products, including 800G and 1.6T, are proceeding according to established plans with key overseas clients [1]

Core Viewpoint - The company, Huagong Technology, reported significant growth in revenue and net profit for the first three quarters of 2025, driven by strong demand for high-value products like optical modules [2] Financial Performance - The company achieved a revenue of 11.038 billion yuan and a net profit attributable to the parent company of 1.321 billion yuan in the first three quarters of 2025 [2] - The revenue from the connected business reached 5.089 billion yuan, marking a year-on-year increase of 52% [2] - The net profit from data communication optical modules was 462 million yuan, showing a remarkable year-on-year growth of 541% [2] - In the third quarter alone, the net profit was 215 million yuan, indicating a significant quarter-on-quarter increase [2] Production Capacity - The domestic production capacity for data communication optical modules is set to peak at 1 million units per month, with the first phase of the new production base officially launched in August 2025 [2] - The overseas factory has a production capacity ranging from 150,000 to 200,000 units per month [2]

证券日报网讯2月2日，华工科技（000988）在互动平台回答投资者提问时表示，公司光模块业务在国内 外市场均取得了积极的进展，国内市场方面，公司数通光模块实现了明显增长，在主要的互联网及设备 厂商中，数通产品实现100G、200G到400G、800G全系列产品的覆盖。海外市场方面，海外设备商与渠 道商已有批量的400G/800G光模块出货，800GLPO光模块已经在海外工厂开始交付，2026年将继续上 量，同时产品型号也在增加。公司具备1.6T光模块的批量生产能力，并已有小批量订单出货。 ...

证券日报网讯2月2日，华工科技（000988）在互动平台回答投资者提问时表示，公司联接业务2025年前 三季度收入50.89亿元，同比增长52%，其中第三季度收入14.27亿元，较第二季度有所下降，主要因终 端设备、电信光模块等需求减少，数通光模块仍保持较好需求和交付。联接业务前三季度实现净利润 4.62亿元，同比增长541%，其中第三季度净利润2.15亿元，环比实现显著增长，主要因数通光模块等高 附加值产品收入占比及毛利率水平快速提升。 ...

证券日报网讯2月2日，华工科技（000988）在互动平台回答投资者提问时表示，二级市场股价受市场行 情、投资偏好等多种因素影响，公司将努力做好经营和管理，争取以更好的业绩来回报股东。 ...

证券日报网讯2月2日，华工科技（000988）在互动平台回答投资者提问时表示，公司已发布第二代单波 400G光引擎、行业首款3.2TCPO光引擎以及业内首发的PCIe6.0光模块，将进一步推动3.2T光模块的研 发制造进程。 ...

每经AI快讯，有投资者在投资者互动平台提问：元旦期间，华工科技微视界传片中说800G满产，1.6G 接到订单，请问是否真实有效？ （文章来源：每日经济新闻） 华工科技（000988.SZ）2月2日在投资者互动平台表示，公司光模块业务在国内外市场均取得了积极的 进展，国内市场方面，公司数通光模块实现了明显增长，在主要的互联网及设备厂商中，数通产品实现 100G、200G到400G、800G全系列产品的覆盖。海外市场方面，海外设备商与渠道商已有批量的 400G/800G光模块出货，800G LPO光模块已经在海外工厂开始交付，2026年将继续上量，同时产品型 号也在增加。公司具备1.6T光模块的批量生产能力，并已有小批量订单出货。 ...

华工科技（000988.SZ）2月2日在投资者互动平台表示，目前国内产能方面，公司光电子信息产业研创 园"下一代超高速光模块研发中心暨高速光模块生产基地建设项目"一期已于2025年8月正式投产，数通 光模块国内产能峰值为每月100万只。未来的产能分配和生产计划，公司会根据市场需求和业务发展进 行合理规划和调整。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问华工正源的武汉研创园出口基地已投产，2027年 全面达产后年产能将达4000万只，那么2026年能达到多少只产能？ ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]