Massive Sell-Off! List of Stocks Heavily Net-Sold by Institutions on December 10!

【Answer 1】 Stocks Heavily Net-Sold by Institutions on December 10 Stock Name Closing Price (CNY) Net Sale Amount (CNY) Daily Change (%) Dongfang Intelligent Manufacturing 6.03 -109 million +10.04% Yanshan Technology 4.95 -77.88 million -9.84% Espressif Systems 178.16 -66.18 million +20% Shandong Mining Machinery 5.64 -61.31 million +7.84% Fushi Holding 7.80 -50.20 million -3.23% Wuzhou Xinchun 27.50 -47.63 million -4.18% Wotek 20.65 -46.05 million +10.02% Sanfeng Intelligent 12.20 -33.86 million +15.09% Xinhan New Materials 34.58 -21.41 million +19.99% Shanzi High-Tech 3.07 -21.26 million +10.04% Guosheng Financial Holdings 14.38 -13.37 million +10.02% Soling Shares 7.45 -13.18 million +10.04% Shinsung Automation 12.54 -10.26 million +10% Shenshi Electronics 24.90 -8.28 million +20% Xinling Electric 27.31 -4.44 million -0.87%

Which semiconductor or chip-related stocks are worth investing in—and poised for substantial gains over the next decade?

【Answer 2】 • Q4 2026: Target monthly production capacity to reach 22 million chips. • Q1 2027: Planned monthly capacity to reach 28 million chips. • Full Year 2027: Target annual capacity of 300 million chips—potentially surpassing Lumentum (annual capacity ~100 million chips) to become the world’s largest optical chip supplier. If successfully executed, this capacity expansion plan could lift Source Photonics’ global market share in optical chips from 4.4% in H1 2025 (ranked #7 globally) to 10–15%, potentially challenging industry duopolists Lumentum (50–60% market share) and Coherent (25–30% market share). 2. Two Core Challenges Facing Capacity Expansion However, Source Photonics’ capacity expansion plan confronts two critical challenges: Equipment Delivery Bottleneck: Source has ordered 30 metalorganic chemical vapor deposition (MOCVD) epitaxial reactors—but global supply is extremely tight. According to a research briefing by Tianfeng Securities dated April 22, MOCVD equipment is monopolized by Aixtron and Veeco, with only dozens of units produced worldwide each year. Source’s order of 30 units amounts to nearly half a year’s global output. More critically, current lead times have stretched to “over one year,” and overseas industry leaders enjoy higher supply-chain priority. This means Source’s “ordered” equipment may fail to be delivered and commissioned before Q1 2027, severely delaying its capacity ramp-up. Material Supply Risk: Indium phosphide (InP) wafers are a critical material for EML chip manufacturing. China’s export restrictions on indium—implemented in January 2025—have directly disrupted global supply. Currently, only five Chinese companies possess scalable InP wafer production capacity, with Yunnan Xinyao as the undisputed leader. Yet calculations indicate that Yunnan Xinyao’s current annual capacity of 150,000 wafers (equivalent to 2–4 inch wafers) supports only ~900 million chips per year. To meet Source’s 2027 target of 300 million chips annually, roughly 360,000 wafers per year (4-inch equivalent) would be required—leaving a ~30% supply gap. Although Yunnan Xinyao plans a RMB 189-million expansion project expected to raise total capacity to 450,000 wafers/year (4-inch equivalent), the 18-month construction timeline implies full commissioning only by end-2027—insufficient to fully satisfy Source’s near-term needs. III. Market Landscape: Strategic Opportunity Amid Supply-Demand Imbalance The global optical chip and optical module market currently exhibits severe supply-demand imbalance—creating an unprecedented strategic opportunity window for Source Photonics. 1. Rapid Growth of the Global AI Optical Module Market Per LightCounting’s latest forecast, the global AI optical module market will reach USD 2.6 billion in 2026, growing at an annual rate of 60%. Specifically, shipments of 800G optical modules are projected to rise from ~12 million units in 2025 to over 25 million units in 2026; 1.6T optical modules—still in pilot production in 2025—will enter commercialization in 2026, with annual shipments expected to reach 26 million units, surging further to 46 million units in 2027.

Salem Investment Counselors Increases Stake in Solstice Advanced Materials

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Salem Investment Counselors Inc. increased its stake in Solstice Advanced Materials by 23.2% to approximately $7.86 million. The company maintains a Moderate Buy consensus with an average price target of $77.60 following strong quarterly EPS performance.

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