Investment Rating - Industry Rating: Outperform the Market (maintained rating) [5] Core Insights - The report discusses the challenges in data center link technologies, emphasizing the trade-offs between transmission distance, power consumption, and reliability. Copper cables offer high efficiency and reliability but are limited to distances of less than 2 meters, while optical links provide longer distances at the cost of higher power consumption and lower reliability [1][11]. - The introduction of the MOSAIC optical transmission technology by Microsoft aims to overcome the limitations of both optical and copper links, achieving long-distance transmission, low power consumption, and high reliability without requiring hardware changes [2][18]. - MOSAIC utilizes a wide-and-slow architecture with numerous parallel channels operating at lower data rates, employing Micro LEDs as transmitters to achieve high data rates [3][26]. Summary by Sections 1. Challenges in Current Link Technologies - Data center networks face fundamental trade-offs in transmission distance, power consumption, and reliability, with copper cables being limited in distance and optical links suffering from high power consumption [1][11]. - The performance of copper cables declines rapidly with increased data rates, while optical links experience significant power increases [12][15]. 2. MOSAIC Technology Overview - MOSAIC is designed to be backward compatible with existing standards and interfaces, allowing seamless integration into current network architectures [2][18]. - The architecture employs a large number of parallel channels, each operating at a lower data rate of 2 Gbps, to achieve higher aggregate speeds [3][26]. - MOSAIC has demonstrated the ability to maintain stable data transmission over distances of up to 30 meters, significantly exceeding traditional copper cable capabilities [32]. 3. Component Increment from MOSAIC - The implementation of MOSAIC is expected to benefit several components, including Micro LEDs, multi-core imaging fibers, TIR lenses, CMOS sensors, and Micro LED optical connectors [4][42]. - The report highlights specific companies that could benefit from this technology, such as Zhaochi Co., Sanan Optoelectronics, and Longfly Fiber [5][64]. 4. Investment Recommendations - The report suggests focusing on companies involved in the MOSAIC supply chain, particularly those producing Micro LEDs and related optical components, as they are likely to see significant growth with the adoption of this technology [4][64].

Core Viewpoint - Changfei Fiber Optics experienced a significant stock price increase of 6.9% on August 22, reaching 60.28 CNY per share, with a trading volume of 559 million CNY and a turnover rate of 2.38%, resulting in a total market capitalization of 45.687 billion CNY [1] Company Overview - Changfei Fiber Optics Co., Ltd. is a leading global provider of optical fiber preform, optical fiber, optical cable, and comprehensive solutions, located in Wuhan, Hubei Province [1] - The company produces and sells a variety of standard optical fiber preforms, optical fibers, and optical cables widely used in the telecommunications industry, serving over 70 countries and regions worldwide [1] - Changfei Fiber was listed on the Hong Kong Stock Exchange in December 2014 and on the Shanghai Stock Exchange in July 2018, making it the only company in China's optical fiber and cable industry and the first in Hubei Province to be listed in both markets [1] Financial Performance - For the period from January to March 2025, Changfei Fiber achieved an operating revenue of 2.894 billion CNY, representing a year-on-year growth of 21.23% [1] - The net profit attributable to shareholders for the same period was 152 million CNY, showing a remarkable year-on-year increase of 161.91% [1] - As of March 31, the number of shareholders for Changfei Fiber was 25,600, with an average of 29,600 circulating shares per person [1]

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 港股通(沪) | 352682.92 | 161844.29 | 0.42 | | 00763 | 中兴通讯 | 港股通(沪) | 307773.02 | 19502.71 | 5.38 | | 01810 | 小米集团-W | 港股通(沪) | 305180.48 | 82808.55 | -2.28 | | 03690 | 美团-W | 港股通(沪) | 274431.03 | 78855.83 | -3.06 | | 09988 | 阿里巴巴-W | 港股通(沪) | 257665.26 | 23823.73 | -1.53 | | 09988 | 阿里巴巴-W | 港股通(深) | 251722.00 | -51989.58 | -1.53 | | 00981 | 中芯国际 | 港股通(沪) | 218961.92 | -32961.86 | -0.10 | | 00763 | 中兴通讯 | ...

前十大AH股偏离值排行 股票名称 H股(港元) A股 溢价率 偏离值↓ 安德利果汁(02218) 18.420 51.94 237.73% 38.61% 京城机电股份 (00187) 5.240 13.73 213.93% 30.46% 钧达股份(02865) 22.460 48.23 157.21% 17.54% 金力永磁(06680) 19.020 29.57 86.23% 16.30% 复旦张江(01349) 3.820 10.16 218.59% 15.27% 凯盛新能(01108) 4.690 11.22 186.57% 13.05% 山东墨龙(00568) 4.400 6.53 77.73% 12.87% 农业银行(01288) 5.530 7.23 56.60% 12.14% 龙源电力(00916) 6.810 16.7 193.69% 12.06% 泰格医药(03347) 51.250 66.7 55.88% 11.18% 后十大AH股偏离值排行 股票名称 H股(港元) A股 溢价率 偏离值↑ 比亚迪股份(01211) 111.400 108.25 16.39% -111.35% 东北电气 ( ...

Core Viewpoint - On August 21, 2023, Changfei Fiber Optic Cable (06869) experienced a decline of 6.97% in its stock price, trading at 39.8 yuan per share with a transaction volume of 363 million yuan [1] Group 1: Company Overview - Changfei Fiber Optic Cable Co., Ltd. is a leading global provider of optical fiber preforms, optical fibers, optical cables, and integrated solutions [1] - The company produces and sells a variety of standard optical fiber preforms, optical fibers, and optical cables widely used in the telecommunications industry, serving over 70 countries and regions [1] - The company was listed on the Hong Kong Stock Exchange in December 2014 and on the Shanghai Stock Exchange in July 2018, making it the only company in China's optical fiber and cable industry to be listed in both markets, as well as the first in Hubei Province [1] Group 2: Financial Performance - As of the first quarter of 2025, Changfei Fiber Optic Cable reported total revenue of 2.894 billion yuan and a net profit of 152 million yuan [2]

格隆汇8月19日丨长飞光纤光缆(06869.HK)公告，谨定于2025年8月29日(星期五)举行董事会会议，以审 议集团截至2025年6月30日止6个月的中期业绩，及处理其他事项。 ...

格隆汇8月19日丨长飞光纤光缆(06869.HK)公告，谨定于2025年8月29日(星期五)举行董事会会议，以审 议集团截至2025年6月30日止6个月的中期业绩，及处理其他事项。 ...

（股份代號：6869） 董事會會議召開日期 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。 長飛光纖光纜股份有限公司 Yangtze Optical Fibre and Cable Joint Stock Limited Company* （於中華人民共和國註冊成立的股份有限公司） 於本公告日期，董事會包括執行董事莊丹先生；非執行董事馬杰先生、郭韜先 生、弗雷德里克•佩森先生、皮埃爾•法奇尼先生、哈馬萬德•施羅夫先生、熊向峰 先生及梅勇先生；獨立非執行董事滕斌聖先生、宋瑋先生、李長愛女士及曾憲芬 先生。 * 僅供識別 長飛光纖光纜股份有限公司Yangtze Optical Fibre and Cable Joint Stock Limited Company*（「本公司」，及其附屬公司，統稱「本集團」）董事會（「董事會」）茲通告 謹定於二零二五年八月二十九日（星期五）舉行董事會會議，以審議本集團截至二 零二五年六月三十日止六個月的中期業績，及處理其他 ...

长飞光纤（601869）光缆(06869)再涨超13%，高见43.02港元创新高，年内股价已累涨2.5倍。截至发 稿，涨13.64%，报43港元，成交额8.39亿港元。 此外，中国移动（600941）首条空芯光纤正式商用，运营商或将引领国内需求节奏、长飞、亨通空芯技 术突破，成本下降将推动规模应用。2025年7月中国移动首条空芯光纤商用或标志商用化进程有望加 快，长飞光纤唯一中标人，实际中标价约3.6万元/芯公里。该行称，重点关注长飞光纤（空芯技术产能 水平领先，并已在相关项目中标）等。 消息面上，中泰证券（600918）指出，空芯光纤以空气为传输介质，其具备更低时延和更低损耗两种主 要特性，是未来AI数据中心互联的主要品种。该行表示，海外微软引领空芯光纤技术、产品及商业 化，DCI初创企业进展迅速；空芯光纤仍处于商业化进展初期，未来6年复合增速有望达到56.52%。康 宁预计随着DCI业务快速扩张，到2030年末将带来10亿美元商机。 ...

消息面上，中泰证券指出，空芯光纤以空气为传输介质，其具备更低时延和更低损耗两种主要特性，是 未来AI数据中心互联的主要品种。该行表示，海外微软引领空芯光纤技术、产品及商业化，DCI初创企 业进展迅速；空芯光纤仍处于商业化进展初期，未来6年复合增速有望达到56.52%。康宁预计随着DCI 业务快速扩张，到2030年末将带来10亿美元商机。 长飞光纤光缆(06869)再涨超13%，高见43.02港元创新高，年内股价已累涨2.5倍。截至发稿，涨 13.64%，报43港元，成交额8.39亿港元。 此外，中国移动首条空芯光纤正式商用，运营商或将引领国内需求节奏、长飞、亨通空芯技术突破，成 本下降将推动规模应用。2025年7月中国移动首条空芯光纤商用或标志商用化进程有望加快，长飞光纤 唯一中标人，实际中标价约3.6万元/芯公里。该行称，重点关注长飞光纤（空芯技术产能水平领先，并 已在相关项目中标）等。 ...