WHEN THE CALL IS RIGHT,
LET THE WIN BE BIG.WHEN THE CALL IS RIGHT,
LET THE WIN BE BIG.

三套交易通道自研接入：国内期货（上期/大商/郑商/中金/能源/广期）、海外期货（港交所/新交所/CME/COMEX/LME 等）、Binance 永续与代币化股票商品，共 18 家交易所Three self-built trading channels: Chinese futures (SHFE/DCE/CZCE/CFFEX/INE/GFEX), offshore futures (HKEX/SGX/CME/COMEX/LME…), Binance perpetuals and tokenised equities/commodities — 18 venues

两类自动策略常驻运行：理论价做市对冲（沪银对 COMEX 白银、金银比、A50 对恒指等跨市场价差）与网格做市；成交即自动对冲，库存偏离自动往回收Two live strategy families: theoretical-price market making with auto-hedging (onshore vs COMEX silver, gold/silver ratio, A50 vs HSI) and grid making; every fill hedges itself, inventory mean-reverts

专业盘口下单终端：点价挂单、右键撤单、一键撤全场、冰山单切片、价差盘口按自定义公式合成，面板可拖出为独立窗口Professional DOM terminal: click-to-order, right-click cancel, kill-all hotkey, iceberg slicing, spread ladders from custom formulas, panels detachable into separate windows

三层风控：网关层拦单量/持仓/保证金占用/涨跌停/自成交/下单频率；策略层管止损、行情超时、连续拒单熔断；规则引擎按时间与价格条件自动启停与分阶段平仓Three risk layers: gateway checks on size, position, margin usage, price limits, self-trade and order rate; strategy-level stop-loss, stale-data halt and reject circuit-breakers; a rule engine that starts, stops and unwinds on time and price conditions

语料收集：公告、研报与新闻按标的归集，信源分级留痕，归类经人工确认后入库Corpus: filings, research and news grouped by ticker; sources tiered and logged; classifications confirmed manually before entering the database

资金流向分析：环节与细分两级的热力跟踪，盘中实时、盘后复盘Capital flows: two-level heat tracking across segments and sub-segments — real-time intraday, reviewed after close

产业拓扑构建：环节—细分—标的三级映射，支撑主题识别与传导路径推演Topology: three-level segment–sub-segment–ticker mapping, supporting theme identification and transmission-path inference

RESEARCH · 研究产出

光模块 DSP：最贵的那颗芯片，人人都喊要省掉它 · 专题 · 光模块OPTICAL MODULES

正面攻坚：自研者与设计平台。全球 800G/1.6T 光模块绝对龙头，同时是 Marvell DSP 方案最核心的配套厂商；NPO/CPO 走「自主方案＋核心物料自研自产」路线，DSP 自研推进中。DSP 自研是期权不是业绩：若突破，则自配套＋对冲双寡头议价权；若 DSP 缺货涨价，则首当其冲受成本挤压——同一标的的多空两面，盯自研流片节点与导入进度。

OCS 光交换：把「电话总机」装回 AI 数据中心 · 专题 · AI 数据中心AI DATACENTER

平台型生态期权：全球光模块龙头在 OFC 2026 发布 XPO / NPO / OCS 全栈新品，硅光与先进封装自研＋生态卡位。看点是「所有新架构都有我」的全栈布局降低技术路线风险，盯 OCS / XPO 新品的客户导入。本篇语境下它是参照系：龙头在新路线上压倒性投入，二线靠单点逆袭的故事要打折。