Summary of Conference Call Notes Industry Overview - The focus is on the North American CSP (Cloud Service Provider) capital expenditure, which is experiencing strong growth. The report emphasizes the importance of the CPO (Coherent Photonic Optics) and fiber optic industries [1][2]. Key Points 1. **Acceleration of CPO Development** - Lumentum has announced that it has secured several hundred million dollars in orders related to CPO. - Expected revenue from CPO is projected to be approximately $50 million in Q4 2026, with a significant surge anticipated in the first half of 2027. - The report suggests paying attention to the CPO supply chain, including components such as optical engines, FAU, laser ELS, MPO, shuffle boxes, and polarization-maintaining fibers. - Relevant companies in this space include Tianfu Communication, Yuanjie Technology, Shijia Photonics, Taicheng Light, Changfei Fiber, Changying Tong, and Robotek [1][2]. 2. **Fiber Optic Industry Transition** - The fiber optic cable industry has shifted from recovery to a phase characterized by "tight supply and simultaneous increase in volume and price." - As a capital-intensive industry, it is expected that new capacity will be difficult to add in the short term, leading to continued price increases. - Companies with optical fiber rod production capacity, such as Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Fenghuo Communication, are recommended for focus. - Additionally, companies with significant fiber optic capacity or specialized fiber optics, such as Tefa Information and Changying Tong, are also highlighted [2]. 3. **Strong Capital Expenditure Growth Among CSPs** - Four major North American CSPs are expected to maintain strong capital expenditure growth through Q4 2025, with optimistic guidance for future capital expenditures. - All companies expressed a consensus on the "strong demand for AI and tight supply of computing power." - The overseas AI computing power supply chain is viewed positively, while the domestic AI competition is ongoing, with issues such as traffic congestion during Alibaba's Qianwen event noted. - Attention is also recommended for the domestic computing power supply chain [2]. Additional Recommendations - The report recommends specific companies for investment consideration: Zhongji Xuchuang, Tianfu Communication, Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Yuanjie Technology [3].

Group 1 - The A-share market saw a general rise in CPO concept stocks, with notable increases in several companies' stock prices [1] - Changfei Fiber Optics experienced an increase of over 8%, while Jepu Te rose by 5% [1] - Other companies such as Tiantong Co., Guangxun Technology, and Ruijie Networks saw stock price increases of over 4% [1] Group 2 - Detailed stock performance includes: - Changfei Leishe (601869) with an 8.37% increase and a total market value of 172.5 billion, year-to-date increase of 79.06% [2] - Jepu Te (688025) with a 5.08% increase and a market value of 21.2 billion, year-to-date increase of 57.91% [2] - Tiantong Co. (600330) with a 4.81% increase and a market value of 22 billion, year-to-date increase of 36.10% [2] - Guangxun Technology (002281) with a 4.34% increase and a market value of 59 billion, year-to-date increase of 4.49% [2] - Ruijie Networks (301165) with a 4.01% increase and a market value of 63.8 billion, year-to-date decrease of 9.72% [2]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Companies with Increased Holdings - Xixiang Group (02473) saw the largest increase in holdings, up by 4.02%, bringing its total to 25.63% [2]. - Hang Seng China Enterprises (02828) increased by 3.51%, now holding 4.11% [2]. - Yingfu Fund (02800) rose by 3.09%, with a current holding of 3.91% [2]. - In the last five trading days, Xixiang Group (02473) experienced a remarkable increase of 23.17% in holdings [3]. - Other notable increases include Nanhua Futures (02691) at 3.99% and Sanhua Intelligent Control (02050) at 3.96% [3]. Group 2: Companies with Decreased Holdings - Shandong Molong (00568) had the largest decrease, down by 1.27%, now at 56.06% [2]. - Changfei Fiber Optic (06869) decreased by 1.25%, with a current holding of 57.02% [2]. - Chifeng Gold (06693) saw a reduction of 1.17%, now holding 39.00% [2]. - Over the last five trading days, Shandong Molong (00568) experienced a significant drop of 5.47% in holdings [3]. - Other companies with notable decreases include Weimeng Group (02013) at -3.58% and Chifeng Gold (06693) at -3.16% [3]. Group 3: Long-term Trends - Over the past 20 days, Xixiang Group (02473) has increased by 22.56%, maintaining a holding of 25.63% [4]. - Jun Da Co. (02865) saw a 20.81% increase, now at 49.86% [4]. - Baiaosaitu-B (02315) increased by 10.35%, with a current holding of 25.40% [4].

智通财经APP获悉，根据2026年2月9日披露数据，中国电信（00728）、绿色动力环保（01330）、昊天 国际建投（01341）位居港股通持股比例前3位，分别为71.54%、68.88%、68.17%。此外，腾讯控股 （00700）、南方恆生科技（03033）、中国人寿（02628）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+97.79亿元、+30.55亿元、+19.73亿元;中芯国际（00981）、华虹半导体（01347）、长 飞光纤光缆（06869）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-26.26亿元、-6.30亿 元、-6.10亿元。 具体数据如下（交易所数据根据T+2日结算）： 3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 中芯国际(00981) | -26.26亿元 | -3733.04万股 | | 华虹半导体(01347) | -6.30亿元 | -614.49万股 | | 长飞光纤光缆(06869) | -6.10亿元 | -582.17万股 | | 中国平安(0231 ...

Market Overview - The Dow Jones Industrial Average is projected to reach 100,000 points by January 2029, as stated by Trump, with the index recently surpassing 50,000 points for the first time [1] - The Hong Kong stock market rebounded significantly, closing up 1.76%, while the Nikkei 225 and KOSPI indices rose by 3.89% and 4.10%, respectively [1] - The Japanese ruling coalition secured a majority in the recent elections, with promises to stimulate the economy, leading to a surge in the Japanese stock market [1] Gold and Mining Stocks - Gold stocks continued to rebound, with the WanGuo Gold Group rising over 8% [2] - Zijin Mining announced a three-year production plan aiming to rank among the top three globally in copper and gold production by 2028, resulting in a stock increase of over 5% [2] AI and Technology Sector - Major tech companies including Meta, Amazon, Google, and Microsoft are expected to have a combined capital expenditure of $660 billion this year [3] - Nvidia is anticipated to report strong earnings, with Goldman Sachs raising its price target to $250, indicating a potential 35% upside from last week's closing price [2][3] Renewable Energy and Power Generation - North America is shifting investments in electricity generation from gas turbines to gas internal combustion engines and SOFCs, with stocks like Eagle Precision and Dongfang Electric seeing significant gains [4] - Dongfang Electric announced the commissioning of Ethiopia's largest wind power project, contributing to a stock increase of over 14% [4] AI Applications and Content Creation - ByteDance launched the Seedance 2.0 video generation model, which can create high-quality videos in 60 seconds, positively impacting related stocks like IP reserve holder Yuedong Group, which rose nearly 10% [5] - The copyright technology service provider for short dramas, Fubo Group, also saw a stock increase of over 7% [5] Real Estate Sector - Major real estate companies are undergoing organizational restructuring to adapt to market conditions, with firms like China Overseas Development and China Resources Land implementing significant changes [8] - These strategic adjustments are expected to enhance performance and improve valuations in the sector [8] Entertainment Sector - Cat's Eye Entertainment reported that the pre-sale box office for the 2026 Spring Festival exceeded 60 million yuan, with expectations for strong performance in upcoming films [9] - The company is heavily involved in the production and promotion of major films, which is likely to boost its revenue [9][10]

Core Viewpoint - On February 9, 2026, Tencent Holdings, Alibaba-W, and the Yingfu Fund were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.681 billion, 3.740 billion, and 2.531 billion respectively [1] Group 1: Southbound Stock Connect Trading - Tencent Holdings ranked first in Southbound Stock Connect trading with a total trading amount of 4.681 billion and a net buying amount of 0.904 billion [2] - Alibaba-W ranked second with a trading amount of 3.740 billion and a net selling amount of 0.100 billion [2] - The Yingfu Fund ranked third with a trading amount of 2.531 billion and a significant net selling amount of 2.515 billion [2] Group 2: Deep Southbound Stock Connect Trading - Tencent Holdings also led in Deep Southbound Stock Connect trading with a trading amount of 3.490 billion and a net buying amount of 0.896 billion [2] - The Yingfu Fund was second with a trading amount of 2.051 billion and a net selling amount of 2.040 billion [2] - Alibaba-W ranked third with a trading amount of 1.611 billion and a net buying amount of 0.151 billion [2]

智通财经2月9日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1004.32亿港元，较前一日放量约120亿；约占今日恒指成交总额的39.37%，占比持 续低于四成。 长飞光纤光缆今日涨15.31%，资金前5日加仓143万股，短线重新流入。 中芯国际今日涨4.07%，资金前5日加仓万股，短线仍以流出为主。 今日港股大市回暖走强，但南向资金逆市净流出约18.87亿港元，结束此前连续7个交易日的流入趋势。其中，沪港股通净流出约16.44亿港元，而深港股通净 流出约2.42亿港元。 此外，盈富基金(02800.HK)、恒生中国企业(02828.HK)两大ETF分别遭净卖出45.54亿、10亿港元。资金短线风格偏向"高抛低吸"。 个股方面，交易所数据显示，今日南向资金 大幅净买入：腾讯控股(0700.HK)18亿港元；长飞光纤光缆(06869.HK)1.69亿港元；中芯国际(00981.HK)1.48亿港元。 大幅净流出：快手-W(01024.HK)5.67亿港元；中国移动(00941.HK)2亿港元。 投资要点 腾讯控股今日涨2.28%，资金前5日加仓913万股，短线加速流入。 快手-W今日跌2.74%，资金 ...

Group 1 - Southbound funds recorded a net sell of HKD 18.87 billion in Hong Kong stocks today [1][3] - Notable net purchases included Tencent Holdings at HKD 1.8 billion, Southern Hang Seng Technology at HKD 639 million, and Xiaomi Group-W at HKD 209 million [1] - Significant net sales were observed in the Tracker Fund of Hong Kong at HKD 4.555 billion, Hang Seng China Enterprises at HKD 1 billion, and Kuaishou-W at HKD 568 million [1] Group 2 - Southbound funds have consistently net bought Xiaomi for 8 consecutive days, totaling HKD 3.82029 billion [1] - Tencent has seen net purchases for 6 consecutive days, amounting to HKD 17.192 billion [1] - Alibaba has been net bought for 4 consecutive days, totaling HKD 4.43042 billion, and Pop Mart has also seen net buying for 4 days, amounting to HKD 1.22911 billion [1]

Core Viewpoint - Changfei Advanced Semiconductor Co., Ltd. has successfully completed an A+ round of equity financing exceeding 1 billion yuan, led by Jiangcheng Fund and Changjiang Industrial Group, with participation from other institutions [1][4] Group 1: Financing Details - The financing will primarily be used for the technological layout of the silicon carbide power semiconductor full industry chain, aiming to accelerate the company's capture of the global market in emerging fields [4] - The company was established in January 2018 and focuses on the research and manufacturing of silicon carbide power semiconductor products, possessing full industry chain capabilities from epitaxial growth to module packaging [4] Group 2: Product and Application - Changfei Advanced has a 6-inch production line and offers products including SiC SBD and MOSFET series, which are applied in sectors such as new energy vehicles, photovoltaics, energy storage, charging piles, and power grids [4] Group 3: Leadership and Compensation - The chairman of Changfei Advanced is Zhuang Dan, who holds a doctorate and previously served as the financial director of Changfei Optical Fiber, now acting as the executive director and president [4] - Zhuang Dan has led the strategic layout and development of the company in the third-generation semiconductor field, positioning it as a leading player in the domestic silicon carbide power semiconductor sector [4] - According to data from Dongfang Caifu, Zhuang Dan's compensation from Changfei Optical Fiber exceeded 5 million yuan annually from 2022 to 2024, totaling 16.63 million yuan over three years [4]

Core Viewpoint - The optical communication sector in the Hong Kong stock market is experiencing significant gains, with multiple companies showing strong stock price increases on February 9. Group 1: Company Performance - Changfei Fiber Optics (06869.HK) saw a stock price increase of 16.3%, reaching HKD 105.6 [1] - Hong Teng Precision (06088.HK) rose by 9.89%, with a stock price of HKD 5.22 [1] - Huiju Technology (01729.HK) experienced a 7.95% increase, trading at HKD 17.66 [1] - Cambridge Technology (06166.HK) increased by 6.47%, with a stock price of HKD 73.25 [1]