Group 1 - A-share market experienced a significant rally, with the ChiNext Index surpassing 3000 points for the first time in over three years, and the Sci-Tech 50 Index seeing an intraday increase of over 5% [2][4] - Key stocks in the Sci-Tech board, such as Haiguang Information and Cambricon Technologies, saw substantial gains, with Haiguang Information hitting a historical high of 220.84 yuan and a market capitalization exceeding 510 billion yuan [4][5] - The ChiNext Index recorded a rise of 4.31%, reaching 3029.58 points, with a total trading volume of approximately 419.48 billion yuan [5] Group 2 - The Hong Kong stock market showed a slight decline in the morning, with notable stocks like Semiconductor Manufacturing International Corporation and China Hongqiao Group performing well, while others like CSPC Pharmaceutical Group faced losses [6] - In the Hong Kong market, Longi Green Energy and other stocks saw significant intraday increases, with Longi Green Energy rising over 19% [6] - The announcement of clinical trial results for Tinengotinib by Yaojie Ankang-B indicated promising outcomes for breast cancer treatment, contributing to the stock's strong performance [7]

（文章来源：每日经济新闻） 每经AI快讯，9月11日，港股半导体板块持续走强，长飞光纤光缆涨超17%，华虹半导体涨超5%，中芯 国际、上海复旦、宏光半导体纷纷上扬。 ...

Core Insights - The global hollow-core fiber market is projected to grow significantly, with the overall fiber market expected to reach $8.22 billion in 2024, while China's hollow-core fiber market is currently valued at $0.07 billion, indicating substantial growth potential [1][4] - Europe dominates the hollow-core fiber market, holding a 45% share in 2023, supported by leading research institutions and a robust optoelectronic industry chain [1][4] - Major companies are accelerating their investments in hollow-core fiber technology, with Microsoft planning to deploy 15,000 kilometers of hollow-core fiber in the next 24 months to enhance data transmission capabilities [2][4] Industry Performance - The electronic sector experienced an overall decline, with the SW electronic industry index dropping by 4.57% during the week of September 1-5, 2025, ranking 28th out of 31 sectors [1] - The top-performing sectors included power equipment (+7.39%) and comprehensive industries (+5.38%), while the electronic sector was among the worst performers [1] Technological Advancements - Hollow-core fiber technology offers significant advantages over traditional solid-core fibers, including a 31.8% reduction in delay and enhanced power handling capabilities, leading to lower energy consumption and operational costs for data centers [3][4] - Recent advancements include a new hollow-core fiber technology published by Microsoft Azure and the University of Southampton, demonstrating superior bandwidth and loss characteristics compared to traditional microstructured waveguides [2][3] Investment Recommendations - Hollow-core fiber is expected to benefit from long-term investments in data center infrastructure, with a recommendation to focus on key suppliers like Yangtze Optical Fibre and Cable [5] - Yangtze Optical Fibre has achieved significant milestones in hollow-core fiber technology, including the world's first 800G hollow-core fiber experimental network in collaboration with China Mobile [5]

爱建证券指，空芯光纤在数据中心领域具有较强的性能优势，未来有望长期受益于数据中心基建投资。 建议关注空心光纤核心供应商长飞光纤。此外，甲骨文RPO大增引爆AI算力产业链。民生证券此前指， 长飞光纤各项业务稳健发展，同时伴随数据中心需求演化，公司有望核心受益。 消息面上，近日报道称，由微软支持的Lumenisity研究团队宣布，其研发的新型空芯光纤实现了有史以 来最低的信号衰减水平。这一成果于9月1日发表在国际权威期刊《自然.光子学》上，标志着光通信技 术迎来重大突破。据悉，随着AI驱动数据中心互联需求的增加，光纤产业加速演进，微软以及国内外 大厂也在加速布局空芯光纤。 长飞光纤（601869）光缆(06869)涨超9%，截至发稿，涨9.09%，报52.35港元，成交额7.37亿港元。 ...

Group 1 - Changfei Fiber Optics (06869) saw a stock increase of over 9%, reaching 52.35 HKD with a trading volume of 737 million HKD [1] - A new type of hollow-core fiber developed by the Lumenisity research team, supported by Microsoft, achieved the lowest signal attenuation level ever recorded, marking a significant breakthrough in optical communication technology [1] - The demand for data center interconnectivity driven by AI is accelerating the evolution of the fiber optics industry, with major companies, including Microsoft, rapidly investing in hollow-core fiber technology [1] Group 2 - Aijian Securities noted that hollow-core fiber has strong performance advantages in the data center sector and is expected to benefit from long-term investments in data center infrastructure [1] - Oracle's significant increase in RPO has sparked growth in the AI computing power supply chain [1] - Minsheng Securities previously indicated that Changfei Fiber Optics is experiencing steady development across its various business segments and is likely to be a core beneficiary of the evolving data center demand [1]

Group 1 - The global hollow-core fiber market is projected to reach $8.22 billion by 2024, with China's market size at $0.07 billion, representing only 0.8% of the total, indicating significant growth potential [1][4] - Europe is the largest market for hollow-core fiber, holding a 45% market share in 2023, supported by top-tier research institutions and a well-established optoelectronic industry chain [1][4] - Microsoft plans to deploy 15,000 kilometers of hollow-core fiber over the next 24 months to enhance data transmission capabilities, claiming significant improvements in speed, bandwidth, and energy efficiency compared to traditional fibers [3][5] Group 2 - The electronic sector experienced an overall decline, with the SW electronic industry index dropping by 4.57% during the week of September 1-5, 2025, ranking 28th out of 31 sectors [2] - The top-performing sectors included power equipment (+7.39%) and comprehensive (+5.38%), while the electronic sector was among the worst performers, alongside defense and military (-10.25%) and computer (-7.27%) [2] - Key players in the hollow-core fiber market are accelerating their strategies, with companies like Microsoft and NKT Photonics focusing on the development and deployment of hollow-core fiber technologies [5]

Core Insights - The report highlights significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, with notable increases and decreases in ownership percentages [1][2]. Group 1: Companies with Increased Holdings - China Merchants Energy (中远海能, 01138) saw the largest increase in holdings, up by 3.98% to a total holding of 64.59% [2]. - Country Garden (碧桂园, 02007) experienced a 1.24% increase, bringing its holding to 11.93% [2]. - Chifeng Jilong Gold Mining (赤峰黄金, 06693) increased by 1.09%, with a current holding of 45.70% [2]. - Other notable increases include Zhongxin Innovation (中创新航, 03931) at +1.07% and Horizon Robotics (地平线机器人-W, 09660) at +0.96% [2]. Group 2: Companies with Decreased Holdings - Yisou Technology (宜搜科技, 02550) experienced the largest decrease, down by 5.42% to a holding of 41.47% [2]. - Zhixing Technology (知行科技, 01274) saw a reduction of 3.19%, now holding 25.37% [2]. - Meizhong Jiahe (美中嘉和, 02453) decreased by 3.07%, with a current holding of 35.63% [2]. - Other significant decreases include Haotian International Construction Investment (昊天国际建投, 01341) at -2.57% and Guancheng Watch Jewelry (冠城鐘錶珠宝, 00256) at -2.04% [2]. Group 3: Five-Day Changes - Over the last five trading days, China Merchants Energy (中远海能, 01138) had the highest increase of 6.88%, reaching a holding of 64.59% [3]. - Yangtze Optical Fibre and Cable (长飞光纤光缆, 06869) increased by 6.31%, now at 61.31% [3]. - Ganfeng Lithium (赣锋鋰业, 01772) rose by 3.49%, with a holding of 36.23% [3]. - Significant decreases included Yisou Technology (宜搜科技, 02550) at -6.57% and Longpan Technology (龙蟠科技, 02465) at -4.63% [3]. Group 4: Twenty-Day Changes - In the last twenty days, Anjuke Food (安井食品, 02648) saw the largest increase of 12.18%, with a holding of 19.34% [4]. - Bluefocus Communication Group (蓝思科技, 06613) increased by 10.54%, now holding 14.86% [4]. - Longfly Optical Fibre and Cable (长飞光纤光缆, 06869) rose by 7.52%, reaching a holding of 61.31% [4]. - The largest decrease was seen in Hong Kong Broadband (香港宽频, 01310) at -9.74%, with a holding of 0.33% [4].

Core Insights - 长芯博创 reported a net profit attributable to the parent company of 168,221,541.28 yuan for the first half of 2025, with a total net profit of 284,726,356.66 yuan [2] Financial Data Summary - 长飞光纤光缆股份有限公司 is the parent company of 长芯博创 and has made adjustments to the financial data of 长芯博创 in its consolidated financial statements [2] - The adjustments were based on the fair value measurement of identifiable assets and liabilities at the time of consolidation [2] - There is a discrepancy between the net profit reported by 长飞光纤光缆股份有限公司 and the net profit data from 长芯博创 for the first half of 2025 due to these adjustments [2]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The hollow-core fiber (HCF) technology is expected to significantly enhance data transmission capabilities, with Microsoft planning to deploy 15,000 kilometers of HCF over the next 24 months [5][6] - The global hollow-core fiber market is on an upward trend, with the market size projected to reach $8.22 billion in 2024, and the Chinese market for hollow-core fiber at $0.07 billion, indicating substantial growth potential [12][13] - Long Fiber Optic Co. is highlighted as a key supplier in the hollow-core fiber sector, with significant advancements in manufacturing and technology [20][23] Summary by Sections 1. Hollow-Core Fiber Overview - Hollow-core fiber uses air as the transmission medium, offering advantages such as reduced latency (31.8% lower than traditional fibers), high input power, low attenuation, and large bandwidth [9][10][11] - The structure includes a hollow glass capillary and reflective layers, allowing for efficient transmission of long-wave infrared laser beams [6][9] 2. Application in Data Centers - Hollow-core fiber is poised to revolutionize data center connectivity, with applications in metropolitan, wide-area, and edge data centers, enhancing transmission speeds and efficiency [18][19] - The technology is expected to improve AI training efficiency by over 10% due to its low-latency characteristics [18] 3. Long Fiber Optic Co. Profile - Long Fiber Optic Co., established in 1988, is a leading player in the fiber optic market, with projected revenues of 12.197 billion yuan in 2024 and a compound annual growth rate of approximately 10.36% from 2020 to 2024 [20][23] - The company invests significantly in R&D, with a consistent increase in the proportion of R&D expenses relative to revenue [20][21] 4. Market Performance - The electronic industry index experienced a decline of 4.57% recently, ranking 28th out of 31 sectors, while the broader market index (CSI 300) fell by 0.81% [38] - Specific sectors within the electronic industry, such as digital chip design and integrated circuit packaging, faced significant declines, indicating market volatility [42][45]

Core Viewpoint - Changfei Fiber's stock price increased by nearly 6%, reaching HKD 48.58 with a trading volume of HKD 1.138 billion, following significant advancements in optical communication technology [1] Company Summary - Lumenisity's research team, supported by Microsoft, announced the development of a new type of hollow-core fiber that achieved the lowest signal attenuation level ever recorded, marking a major breakthrough in optical communication technology [1] - Changfei Fiber is highlighted by Zhongtai Securities for its leading hollow-core technology production capacity and successful bids in related projects [1] - Changfei has successfully laid the world's first 7-core submarine fiber optic cable, indicating a significant advancement in China's submarine space division multiplexing communication technology [1] Industry Summary - Minsheng Securities reports a surge in capital expenditure for AI data centers, leading to increased demand for high-end fiber applications [1] - The rapid development of generative AI and the fast iteration of AI models have created substantial demand for computing power, driving the construction of data centers [1] - Major North American cloud service providers, including Microsoft, Google, META, and Amazon, are projected to have a total capital expenditure of approximately USD 95.8 billion by Q2 2025, reflecting a year-on-year growth of about 64%, with an optimistic outlook for annual demand [1] - The ongoing construction of domestic and international data centers is expected to drive steady growth in demand for related products from companies like Changfei Fiber [1]