易点天下此前在互动平台表示，公司与抖音、快手、微信、微博、① A list of listed companies that received more than 100 institutional visits in the past month (attached table). Wingtech Technology, Zhejiang Crystal-optech, and Huagong Tech ranked among the top three; ② Xiaohongshu concept stock Yidian Tianxia and co-packaged optical (CPO) concept stocks Huagong Tech, Guanghe Technology, and Zhongji Innolight are also on the list.
On January 18, according to financial news agency (Editor: Pingfang), data from Choice shows that as of the time of writing, in the past month (December 18, 2024 - January 18, 2025), 17 listed companies including Wingtech Technology, Zhejiang Crystal-optech, Huagong Tech, Farasis Energy (Gan Zhou) Co., Ltd., Guanghe Technology, Wens Foodstuff Group, Yidian Tianxia, Xiangpiaopiao Food, Liande Co., Ltd., Shifeng Cultural Development, Sinomine Resource Group, Anhui Truchum Advanced Materials and Technology, Suzhou SLAC Precision Equipment, Zhongji Innolight, Guoguang Electric, Beijing Bayi Space Lcd Technology Co.,Ltd., and Montage Technology received more than 100 institutional visits. See the picture below for specific details:
Among them, the Xiaohongshu concept stock Yidian Tianxia had 139 institutional visits in the past month. In terms of news, the international version of Xiaohongshu recently topped the application download charts in multiple countries. Data disclosed by Xiaohongshu e-commerce on January 15 shows that the number of new merchants joining Xiaohongshu e-commerce in 2024 increased by 8.1 times year-on-year, and the single-session live broadcast rooms breaking one million are three times those of last year. In addition, according to the Star Daily, new and old shareholders of Xiaohongshu indeed have trading intentions, with the latest valuation reaching 20 billion dollars.
Yidian Tianxia previously stated on the interactive platform that the company collaborates with social platforms such as Douyin, Kuaishou, WeChat, Weibo, Xiaohongshu, Bilibili, and Zhihu, covering all major and mid-tier social platform software; the live streaming business recently featured top celebrities such as Liu Genghong, Liu Shishi, and China’s Voice mentors. Yidian Tianxia stated in a conference call on January 6 that as the first agent for AppLovin in China, both parties have their own focuses in the collaboration. AppLovin hopes to leverage Yidian Tianxia to bring more clients and revenue, while Yidian Tianxia hopes to expand its business through the agency model. This will quickly increase market share and avoid competition with other agents.
Furthermore, Huagong Tech, Guanghe Technology, and Zhongji Innolight are all part of the co-packaged optical (CPO) concept stocks, with institutional visits in the same period being 176, 152, and 119 respectively. In terms of news, according to media reports, NVIDIA is expected to launch new CPO switch products at the GTC conference in March 2025. The supply chain has revealed that this CPO switch is currently in the trial production stage, and if everything goes smoothly, mass production could be achieved by August of this year.
On January 15, Huagong Tech, a well-known high-tech company in the laser industry, announced in its investor relations management information that the domestic market for data communication optical modules will see significant growth this year. Among major internet and equipment manufacturers, the company’s data communication products will cover the full range from 100G, 200G to 400G, and 800G. This year, the delivery of high-rate optical modules will further increase, and the 800G products will continue to ramp up.
In the overseas market for optical connectivity, the company has conducted tests for 400G, 800G, and 1.6T products with several major customers. The 800G LPO products have already seen definite demand, and testing is being expedited for prompt introduction, while the 1.6T products are accelerating sample testing, with overall progress at the top tier of the industry. The company’s overseas factory for optical connectivity business has met production conditions and is preparing for the ramp-up of 800G LPO products in the first quarter.
Guanghe Technology, the largest domestic server PCB supplier, on January 17 released an earnings forecast, estimating a net income of 0.63 billion to -0.69 billion yuan in 2024, an increase of 51.92% to 66.39% year-on-year. The company stated that due to the continuous optimization of the product structure brought by the iterative upgrade of general servers, and the deepening evolution and application of AI, it is anticipated that both the revenue and net income for 2024 will see growth compared to the same period last year. On January 9, Guanghe Technology stated on the interactive platform that the company is developing and producing samples of 800G optical module PCB products for clients, with no mass production orders yet. The company continues to monitor the development trends of cutting-edge technologies and produce products that meet market and customer needs.
Guanghe Technology stated in the investor relations activity record released on December 24, 2024, that HDI uses high-density interconnection and micro blind buried hole technology, which is increasingly applied in the new generation of AI servers. The company is actively planning and laying out high-end HDI production capacity to enhance process capabilities and meet downstream customer demands. Currently, the company's HDI production capacity is small, mainly to meet the needs of downstream customers for data center products. The ongoing technology upgrades will increase the production capacity of these products.
Zhongji Innolight, a global leading optical module solution provider, stated in a conference call on January 10, in response to the question "Have there been rumors that overseas customers have cut orders by 30%?", that the company has not received any order-cutting notifications from clients. On the contrary, there is strong demand for 800G from customers in 2025, with robust order growth. CSP customers are building Ethernet data centers and will purchase 800G in large quantities. The company has absolute advantages in delivery capacity, production capacity, and 800G market introduction progress.
Since last year, the company's 400G silicon photonics has begun volume production, with good delivery and yield rates. The 800G silicon photonics will also start volume production in 2025, while 400G silicon photonics will continue to ship. The progress and demand for 800G have not been affected, and 1.6T will also begin to ramp up seasonally this year. Additionally, 3.2T is currently in the preliminary research stage, with key customers hoping to continue using pluggable technology, while the silicon photonics solution is progressing simultaneously. It is expected that 2026-2027 will be the ramp-up phase for 1.6T, and only thereafter will it gradually move to 3.2T, during which customers' choices and usage of technological paths will be observed.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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