Group 1 - Cambridge Technology (06166) saw a stock price increase of 7.77%, currently trading at HKD 100.60, with a trading volume of HKD 323 million [1][4] - LightCounting predicts that the global optical module market is expected to exceed USD 37 billion by 2029, with demand for 1.6T optical modules anticipated to reach between 2.5 million to 3.5 million units by 2025 [1][4] - Huolong Securities believes that the strong demand for Ethernet switches and high-speed optical modules driven by AI infrastructure development, along with the promotion of optical interconnect technology in AI scale-up networks, will lead to sustained rapid growth in the optical module market [1][4] Group 2 - Cambridge Technology announced plans to raise USD 100 million through H-shares to increase capital for its wholly-owned subsidiary CIG in the U.S., aimed at capacity expansion, R&D upgrades, market expansion, and supply chain security [1][4]

（股份代號：6166） 海外監管公告 關於受讓並參與認購投資基金份額暨與專業機構共同投資的進展公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 上 海 劍 橋 科 技 股 份 有 限 公 司（「 本 公 司 」）在 上 海 證 券 交 易 所 網 站(www.sse.com.cn)及中國報章刊登的本公司關於受讓並參與認購投資基金份額暨 與專業機構共同投資的進展公告，僅供參閱。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIG SHANGHAI CO., LTD. 上海劍橋科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 承董事會命 上海劍橋科技股份有限公司 Gerald G Wong先生 董事長、執行董事及總經理（首席執行官） 上海，2025年12月26日 於本公告日期，本公司董事會包括：(i)執行董事Gerald G Wong先生、趙海波先 生、趙宏偉先生及張傑先生；(ii)獨立非執行董 ...

Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - ZTO Express (02057) saw an increase of 0.12%, bringing its latest holding percentage to 11.29% [2]. - Mongolian Mining Corporation (00975) experienced a 0.05% increase, with a current holding of 10.59% [2]. - Xinyi International (00732) had a 0.03% increase, resulting in a holding percentage of 5.17% [2]. - Lion Group (02562) had the largest increase over the last five trading days, with a 9.20% rise to 45.26% [3]. - Junsheng Electronics (00699) increased by 3.59%, reaching a holding of 10.21% [3]. - Cambridge Technology (06166) saw a 3.48% increase, with a current holding of 9.53% [3]. Group 2: Decreased Holdings - Meitu (01357) experienced the largest decrease, with a drop of 0.12% to a holding of 28.62% [2]. - Hang Seng Technology ETF (03032) saw a decrease of 0.01%, resulting in a holding of 14.90% [2]. - MicroPort Scientific Corporation-B (02160) had a significant decrease of 2.81%, bringing its holding down to 1.70% over the last five days [3]. - Yihua Tong (02402) decreased by 1.77%, with a current holding of 21.71% [3]. - Zhongjiao Holdings (00839) saw a reduction of 1.22%, resulting in a holding of 13.76% [3].

Group 1 - Cambridge Technology (06166) saw a midday increase of over 6%, currently up 5.65% at HKD 93.45, with a trading volume of HKD 240 million [1] - Guosheng Securities' research report indicates that the liquid cooling industry is transitioning from the "first development stage," focused on concept validation, to the "second development stage," centered on order confirmation, capacity implementation, and performance realization [1] - The report emphasizes the long-term certainty of the liquid cooling industry, highlighting the advantages of industry leaders in areas such as full-chain layout, system integration and delivery, and certification from top clients [1] Group 2 - Cambridge Technology focuses on 800G liquid cooling optical modules, enhancing heat dissipation efficiency and operational stability through customized liquid cooling structures, suitable for high-power scenarios like AI computing and large data centers [1] - The company is currently in the sample testing phase for its 1.6T optical module, with the liquid cooling solution not yet in mass production and delivery [1]

Core Viewpoint - The Hong Kong stock market for optical communication concept stocks has rebounded, with notable increases in share prices for several companies [1] Group 1: Company Performance - Cambridge Technology (06166.HK) saw its stock price rise by over 8% [1] - Other companies that experienced stock price increases include Huahong Semiconductor (01347.HK), Changfei Optical Fiber and Cable (06869.HK), and Huiju Technology (01729.HK) [1]

Industry Overview - The global optical module market is expected to exceed $37 billion by 2029, with 800G optical modules anticipated to peak in demand in 2025, reaching a shipment volume of 18-19.9 million units, doubling year-on-year [1] - The 1.6T optical module is projected to enter commercial use in 2025, with expected global demand of 2.5-3.5 million units [1] - The rapid upgrade of GPUs and ASICs is driving significant growth in computing power performance and data transmission demand, particularly in AI data centers [1] Company Insights - **Cambridge Technology (603083)**: The company is focusing on high-speed optical modules, with significant contributions from its 400G/800G/1.6T product lines. In the first half of 2025, it achieved mass production of 800G and 400G products and completed the development of a full series of 800G optical modules based on silicon photonics technology [2] - **Hui Ju Technology (01729)**: The company is positioned well in the MPO optical communication and AI server sectors, with its MPO business being a core profit source. The demand for MPO products is strong, with fiber optic revenue expected to grow by 43% and 35% year-on-year in 2024 and 2025 respectively [2] - **Yangtze Optical Fibre and Cable (601869)**: The company is diversifying its product offerings, including multimode and hollow-core fibers, driven by AI computing demand. It is also expanding its overseas business, with 80% of placement funds allocated for this purpose [3] - **FIT HON TENG (06088)**: The company is advancing AI server projects, with new flagship AI server platforms expected to launch in the second half of 2025, which will increase demand for power supply and liquid cooling solutions [3]

Industry Overview - The global optical module market is expected to exceed $37 billion by 2029 according to LightCounting [1] - The demand for 800G optical modules is projected to peak in 2025, with global shipments reaching 18-19.9 million units, doubling year-on-year [2] - The 1.6T optical module is anticipated to enter commercial use in 2025, with expected demand of 2.5-3.5 million units [2] Company Insights - **Cambridge Technology (06166)**: The company is focusing on high-speed optical modules, with significant contributions from its 400G/800G/1.6T product lines. It has completed the development of its full series of 800G optical modules and is preparing for the production of 1.6T samples [3] - **Hui Ju Technology (01729)**: The company is positioned well in the MPO optical communication and AI server sectors, with strong demand for its MPO products. Its fiber optic revenue is expected to grow significantly, with a year-on-year increase of 43% and 35% for 2024 and 2025 H1 respectively [3] - **Yangtze Optical Fibre and Cable (06869)**: The company is diversifying its product offerings, focusing on high-value products like multimode and hollow-core fibers. It is also expanding its overseas business, with 80% of its placement funds allocated for this purpose [4] - **FIT HON TENG (06088)**: The company is advancing AI server projects and is expected to benefit from the growing demand for new power supply and liquid cooling solutions in AI server platforms [4]

Group 1 - Cambridge Technology (06166) saw its stock rise over 8%, currently trading at 87.1 HKD with a transaction volume of 255 million HKD [1] - The company announced plans to raise 100 million USD through H-shares to increase capital for its wholly-owned subsidiary CIG USA, aimed at capacity expansion, R&D upgrades, market expansion, and supply chain security [1] - The capital injection will accelerate CIG USA's capacity expansion plans in Malaysia, Mexico, and the United States, enhancing global delivery capabilities for core products like high-speed optical modules [1] Group 2 - Huatai Securities highlighted that unlike OpenAI's heavy reliance on external computing power and cloud facilities, Google is building a self-sufficient ecosystem from chips to models to applications [1] - The report is optimistic about Google's self-sufficient "full-stack" AI ecosystem and capabilities, suggesting it is the right time to regain market leadership [1] - According to Open Source Securities, the ramp-up of Google's self-developed chips may drive demand for liquid cooling and optical modules [1]

Group 1 - Cambridge Technology (06166) saw its stock rise over 8%, currently trading at 87.1 HKD with a transaction volume of 255 million HKD [1] - The company announced plans to raise 100 million USD through H-shares to increase capital for its wholly-owned subsidiary CIG USA, aimed at capacity expansion, R&D upgrades, market expansion, and supply chain security [1] - The capital injection will accelerate CIG USA's capacity expansion plans in Malaysia, Mexico, and the United States, enhancing global delivery capabilities for core products like high-speed optical modules [1] Group 2 - Huatai Securities noted that unlike OpenAI, which heavily relies on external computing power and cloud facilities, Google is building a self-sufficient ecosystem from chips to models to applications [1] - The report is optimistic about Google's self-sufficient "full-stack" AI ecosystem and capabilities, suggesting it is the right time to regain market leadership [1] - Open Source Securities indicated that as Google ramps up its self-developed chips, it may drive demand for liquid cooling and optical modules [1]

Group 1 - The Hang Seng Index rose by 0.20%, gaining 51 points to close at 25,742 points, while the Hang Seng Tech Index increased by 0.89% [1] - China Duty Free Group (01880) surged by 12% as duty-free shopping on Hainan's first day of closure increased by 61% year-on-year [1] - Lithium stocks continued to rise, with Tianqi Lithium (09696) up over 5% due to expectations of resumption of production, and Ganfeng Lithium (01772) increasing by 4.84% [1] - Jiaxin International Resources (03858) rose over 10% to reach a new high, benefiting from a more than 220% increase in tungsten powder prices this year [1] - Spot gold reached a new historical high, with Goldman Sachs reaffirming a bullish outlook on gold, leading to significant gains in gold stocks such as Lingbao Gold (03330) up 6.8% and China Gold International (02099) up 6.2% [1] - The optical communication sector showed strong performance, with Huiju Technology (01729) rising over 13% due to breakthroughs in optical computing chips, and Changfei Optical Fiber (06869) increasing by 11.01% [1] - Chip stocks strengthened in early trading, with the National Integrated Circuit Investment Fund's third phase focusing on IC substrate fields, leading to a rise of over 7% for SMIC (00981) and 5% for Hua Hong Semiconductor (01347) [1] - Pony.ai-W (02026) increased by over 9%, achieving single-vehicle profitability in Guangzhou, with two models of its seventh-generation vehicle now in production [1] Group 2 - Guoxia Technology (02655) surged over 16% as the company enters a new phase of global development, focusing on deepening "AI+" core technology research in energy storage [2] - WanGuo Gold Group (03939) rose nearly 7%, with its subsidiary Jinling Mining expected to become a world-class gold mine [3] - Goldwind Technology (02208) increased by nearly 5% as domestic wind turbine bidding prices recovered, with institutions optimistic about the profitability recovery of wind turbine manufacturers [4] - Four new stocks listed all fell below their issue prices, with Impression Dahongpao (02695) dropping 25%, Mingji Hospital (02581) down 42%, and Huazhi Biotechnology-B (02396) declining over 8% [4]