Core Viewpoint - The optical communication sector is experiencing a significant rise, driven by the increasing demand for high-speed optical transceivers due to the growth of AI data centers and large-scale clustering [1] Group 1: Stock Performance - Hongteng Precision (06088) increased by 7.01%, reaching HKD 5.65 [1] - Changfei Optical Fiber and Cable (06869) rose by 4.02%, reaching HKD 37.78 [1] - Cambridge Technology (06166) saw a 3.47% increase, reaching HKD 89.5 [1] - Huiju Technology (01729) grew by 0.59%, reaching HKD 17.12 [1] Group 2: Market Research Insights - TrendForce's latest report indicates that the shipment of optical transceivers above 800G is expected to reach 24 million units in 2025 and nearly 63 million units in 2026, representing a growth of 2.6 times [1] - The demand for high-speed optical transceivers is causing severe supply bottlenecks in upstream laser light sources [1] Group 3: Industry Outlook - CICC believes that the AI technology revolution and energy revolution are driving demand from upstream raw materials to midstream manufacturing, leading to improved performance for listed companies [1] - In December, the application of artificial intelligence continues to develop, with a focus on domestic computing power, optical modules, and cloud computing infrastructure, as well as applications in robotics, consumer electronics, intelligent driving, and software applications [1]

Market Overview - The US stock market experienced a collective decline, leading to a weak market sentiment in Hong Kong, with the Hang Seng Index down 0.84% to 25,549.90 points, the Hang Seng Tech Index down 1.32% to 5,587.69 points, and the National Enterprises Index down 1.12% to 8,981.84 points [1] Company News - Dongfeng Group reported cumulative sales of 1.697 million vehicles in the first 11 months, a year-on-year decrease of approximately 0.3%. New energy vehicle sales reached 489,203 units, marking a year-on-year increase of about 39.1% [2] - New天绿色能源 achieved a cumulative power generation of 13.3689 million MWh in the first 11 months, an increase of 8.04% year-on-year, with November's generation at 1.662 million MWh, up 24.45% year-on-year [2] - Longyuan Power completed a cumulative power generation of approximately 69.0964 million MWh in the first 11 months, reflecting a year-on-year growth of 0.41% [3] - Greenland Hong Kong reported contract sales of approximately 6.823 billion yuan in the first 11 months, a year-on-year decline of 22.6% [4] - Sunyu Optical Technology completed a share swap merger with Goer Optical, with its subsidiary Ningbo Aolai holding approximately 31.31% of the shares, becoming the second-largest shareholder [4] - Zoomlion Heavy Industry completed the acquisition of 81% equity in Zoomlion Heavy Industry Finance Leasing (Beijing) [5] - Cambridge Technology plans to increase its investment in CIG USA by $100 million [6] - WuXi AppTec announced research data for JWCAR201 IIT at the 67th American Society of Hematology Annual Meeting [7] - Four Seasons Pharmaceutical's innovative drug Anjiuwei® successfully renewed its inclusion in the 2025 National Basic Medical Insurance Drug List, while its innovative drug XuanYueNing® was included for the first time [7] - Yuanda Pharmaceutical's Class 1 innovative drug GPN01360 successfully reached clinical endpoints in Phase II clinical trials in China [8] - Agile Group's hearing has been further postponed to March 9, 2026 [9] Institutional Insights - Haitong International suggests that after market consolidation, a rebound is expected, with technology stocks having room for recovery. The rebound's strength will depend on policy implementation and potential interest rate cuts by the Federal Reserve [10] - Everbright Securities notes that the Hang Seng Index's current P/E ratio is above its 5-year average, indicating overall valuation recovery, while the tech index has just returned to its 5-year average, suggesting room for further valuation catch-up [10] - Guosen Securities predicts that the short-term adjustment in Hong Kong stocks opens up space for market growth in 2026, with net inflows from southbound funds exceeding 110 billion yuan in November [10]

石油股集体走低。地缘事件对油价支撑弱化，机构仍看好三桶油长期投资价值。中石油(00857)跌3%； 中石化(00386)跌2.21%；中海油(00883)跌2.32%。 有色股跌幅居前。市场关注各国央行后续利率政策路径，有色金属全线承压。江西铜业股份(00358)跌 5.96%；洛阳钼业(03993)跌6.27%；中国铝业(02600)跌5.34%。 银诺医药-B(02591)再跌超14%，"入通"后累计跌幅达25%。 海昌海洋公园(02255)再挫9%，股价刷新年内新低，控股股东陷金融产品兑付风波。 智通财经APP获悉，港股恒生指数跌0.84%，跌215点，报25549点；恒生科技指数跌1.32%。港股早盘成 交1078亿港元。 光通信概念股再度上扬。AIDC发展带动高速光收发模块需求，机构预计明年出货量将激增。鸿腾精密 (06088)涨7.95%；长飞光纤光缆(06869)涨4.57%；剑桥科技(06166)涨3.06%；汇聚科技(01729)涨0.53%。 卓越睿新(02687)上市次日再涨超16% ，较招股价已涨1.2倍，总市值逼近100亿港元。公开资料显示，卓 越睿新是高等教育机构教学数字化解决方案 ...

每经AI快讯，港股光通信概念股再度上扬，截至发稿，鸿腾精密(06088.HK)涨7.01%，报5.65港元；长 飞光纤光缆(06869.HK)涨4.02%，报37.78港元；剑桥科技(06166.HK)涨3.47%，报89.5港元；汇聚科技 (01729.HK)涨0.59%，报17.12港元。 ...

中金公司（601995）认为，AI科技革命与能源革命支撑从上游原材料到中游制造的需求，成长产业高 景气带动上市公司业绩改善，震荡上行的趋势仍在延续。具体到12月，人工智能应用仍在落地过程中， 关注国产算力、光模块、云计算基础设施，应用端关注机器人、消费电子、智能驾驶和软件应用等。 光通信概念股再度上扬，截至发稿，鸿腾精密(06088)涨7.01%，报5.65港元；长飞光纤（601869）光缆 (06869)涨4.02%，报37.78港元；剑桥科技（603083）(06166)涨3.47%，报89.5港元；汇聚科技(01729)涨 0.59%，报17.12港元。 消息面上，据TrendForce集邦咨询最新研究报告指出，随着数据中心朝大规模集群化发展，高速互联技 术成为决定AI数据中心效能上限与规模化发展的关键。2025年全球800G以上的光收发模块出货量达 2400万组，2026年预估将会达到近6300万组，增长幅度高达2.6倍。TrendForce集邦咨询认为，由于 800G以上的高速光收发模块的庞大需求，已在供应链最上游激光光源造成严重供给瓶颈。 ...

Core Viewpoint - The optical communication sector is experiencing a significant rise, driven by the increasing demand for high-speed optical transceiver modules due to the growth of AI data centers and cloud computing infrastructure [1] Group 1: Stock Performance - Hongteng Precision (06088) increased by 7.01%, reaching HKD 5.65 [1] - Changfei Optical Fiber and Cable (06869) rose by 4.02%, reaching HKD 37.78 [1] - Cambridge Technology (06166) saw a 3.47% increase, reaching HKD 89.5 [1] - Huiju Technology (01729) grew by 0.59%, reaching HKD 17.12 [1] Group 2: Market Research Insights - TrendForce's latest report indicates that the global shipment of optical transceiver modules above 800G is expected to reach 24 million units by 2025 and nearly 63 million units by 2026, representing a growth of 2.6 times [1] - The report highlights a severe supply bottleneck in laser light sources at the upstream supply chain due to the high demand for 800G optical transceiver modules [1] Group 3: Industry Outlook - CICC believes that the AI technology revolution and energy revolution are driving demand from upstream raw materials to midstream manufacturing, leading to improved performance for listed companies [1] - The trend of growth in the industry remains upward, with a focus on domestic computing power, optical modules, and cloud computing infrastructure in December [1] - Applications to watch include robotics, consumer electronics, intelligent driving, and software applications as AI applications continue to be implemented [1]

智通财经APP获悉，剑桥科技(06166)涨超3%，截至发稿，涨2.49%，报88.65港元，成交额2202.89万港 元。 采购配套生产设备，扩张公司在北美及东南亚地区高速光模块产能配套，提升全球交付能力；提升海外 研发规模和能力，加速新技术和新产品的开发及技术迭代，确保公司产品的技术领先性；加大市场营销 力度，拓展重点市场和客户，构建销售渠道和客户服务体系，支撑业务长期高速成长；加大关键元器件 的战略性采购和储备力度，稳定并增强核心元器件的供应能力，确保交付的稳定及高速增长；参与产业 链协同，通过战略性合作提升全球供应链安全；补充运营资金。 为支持CIG美国的上述业务部署，提升此次境外发行募集资金的利用效率，公司拟以发行境外上市外资 股(H股)募集资金向CIG美国增资1亿美元，用于： 消息面上，12月8日，剑桥科技发布公告，CIG美国作为落实发行H股募资投向的重要实施主体之一，将 在研发投入、业务扩展、客户服务、全球化产能配套及供应链协同方面发挥重要作用。 ...

Major Events - GuoXia Technology (02655) plans to conduct an IPO from December 8 to December 11, offering 33.85 million H-shares and introducing cornerstone investors such as Huikai Hong Kong [1] - Basilea Pharmaceutica AG (02616) has its drug Pujihua® (Pralsetinib Capsules) included in the National Medical Insurance Directory for 2025 [1] - Four Seasons Pharmaceutical (00460) sees its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Shanghai Pharmaceuticals (02607) successfully negotiates and includes Amisulpride Orally Disintegrating Tablets in the National Medical Insurance Directory [1] - Hansoh Pharmaceutical (03692) has its innovative drug Amelotex® approved for two new indications in the updated 2025 National Medical Insurance Directory [1] - Xiansheng Pharmaceutical (02096) sees EnzeShu® and EnDu® included in the updated National Medical Insurance Drug List [1] - Hutchison China MediTech (00013) has its drug Tazverik® included in the first edition of the National Commercial Health Insurance Innovative Drug List [1] - XuanZhu Biotechnology (02575) has its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Yino Pharmaceutical (02591) has its H-shares included in the list of eligible securities for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - China Metallurgical Group (01618) and its subsidiaries plan to sell non-core business assets for approximately 60.68 billion yuan, focusing on core businesses in metallurgical engineering, non-ferrous metals, and mining engineering [1] - Cambridge Technology (06166) intends to invest a total of 405 million yuan to acquire and subscribe for shares in the Yangzhong Happiness Home Venture Capital Partnership Fund [1] Operating Performance - Dongfeng Motor Group (00489) reports cumulative automobile sales of 1.697 million units in the first 11 months, a year-on-year decrease of approximately 0.3% [2] - New天绿色能源 (00956) achieves a cumulative power generation of 1,336.89 million MWh in the first 11 months, an increase of 8.04% year-on-year [2] - Longyuan Power (00916) reports a cumulative power generation of approximately 6,909.64 million MWh in the first 11 months, a year-on-year growth of 0.41% [2] - Baolong Real Estate (01238) records a total contract sales of approximately 6.666 billion yuan in the first 11 months, a year-on-year decline of 43.2% [2]

本次投资是公司使用发行境外上市外资股(H股)募集资金与专业机构共同进行的投资，能够充分利用专 业机构在投资领域的资源和优势，在合理控制风险的前提下，开展股权投资业务，以获取中长期投资回 报。同时，通过重点布局光器件、芯片及核心IC领域企业，能够加强公司对产业链上下游的掌控力，提 升公司的技术能力和供应链韧性，提高下游市场覆盖率和扩大市场影响力，多样化公司的投资组合及最 大化战略及经营协同效应，符合公司长远发展战略及募集资金使用规划。 合伙企业的投资标的是集成电路、人工智能等先进制造、信息技术类新兴行业的未上市/挂牌成长性、 创新性企业，重点聚焦光器件、芯片及核心IC领域企业，主要投资阶段为初创期以及成长期。在符合相 关法律法规及监管要求的前提下，合伙企业可参与境外优质科技企业的股权投资及境外资产的配置。资 金闲置期间，可投资于银行活期存款、国债、中央银行票据、货币市场基金等中国证监会认可的现金管 理工具。 剑桥科技(06166)公布，公司拟以发行境外上市外资股(H股)募集资金人民币500万元受让陈璐持有的扬 中幸福家园创业投资合伙企业(有限合伙)(以下简称"合伙企业")99.99%的财产份额(对应认缴份额1亿 ...

本次投资是公司使用发行境外上市外资股(H 股)募集资金与专业机构共同进行的投资，能够充分利用专 业机构在投资领域的资源和优势，在合理控制风险的前提下，开展股权投资业务，以获取中长期投资回 报。同时，通过重点布局光器件、芯片及核心 IC 领域企业，能够加强公司对产业链上下游的掌控力， 提升公司的技术能力和供应链韧性，提高下游市场覆盖率和扩大市场影响力，多样化公司的投资组合及 最大化战略及经营协同效应，符合公司长远发展战略及募集资金使用规划。 智通财经APP讯，剑桥科技(06166)公布，公司拟以发行境外上市外资股(H 股)募集资金人民币 500 万元 受让陈璐持有的扬中幸福家园创业投资合伙企业(有限合伙)(以下简称"合伙企业")99.99%的财产份额(对 应认缴份额1亿元，已实缴出资 500 万元)，并作为有限合伙人以发行境外上市外资股(H股)募集资金增 加认缴份额3亿元。本次交易完成后，合伙企业认缴出资总额变更为约人民币4亿元，公司认缴出资4亿 元，占比99.9975%，合伙企业将纳入公司合并报表范围。 合伙企业的投资标的是集成电路、人工智能等先进制造、信息技术类新兴行业的未上市/挂牌成长性、 创新性企业，重 ...