在最近有统计数据的5个交易日内，狮腾控股（02562）、南方恆生科技（03033）、红星美凯龙 （01528）港股通持股占比增加值最大，分别增加4.87%、3.43%、2.72%；长飞光纤光缆（06869）、招 商证券（06099）、心通医疗-B（02160）港股通持股占比减少值最大，分别减 少-5.17%、-3.56%、-2.83%。 智通财经APP获悉，根据2025年12月22日披露数据，山东墨龙（00568）、长飞光纤光缆（06869）、狮 腾控股（02562）港股通持股占比增加值最大，分别增加2.57%、1.78%、1.03%；心通医疗-B （02160）、盈富基金（02800）、北京首都机场股份（00694）港股通持股占比减少值最大，分别减 少-2.81%、-1.05%、-0.51%。 4、港股通5日占减持榜（前10名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 长飞光纤光缆(06869) | -5.17% | 55.55% | | 招商证券(06099) | -3.56% | 24.29% | | 心通医疗-B(02160) | -2.83% ...

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]

Key Points - The article discusses significant fund establishment events in China from December 15 to December 21, highlighting various government and private sector initiatives aimed at fostering innovation and investment in key industries [5]. Government-Backed Funds - Shenzhen has established a new fund, the Shenzhen National Innovation Fund, with a total capital of 18.9 billion RMB, focusing on venture capital investments in unlisted companies [7]. - Inner Mongolia has launched a 6 billion RMB mother fund for strategic emerging industries, with a focus on attracting social capital for investments in nine key sectors, including new information technology and high-end equipment manufacturing [8]. - Jinan has initiated a 5 billion RMB artificial intelligence industry fund to support hard technology sectors, including model development and intelligent computing [9]. - Beijing's Fengtai District has set up a 5 billion RMB government investment mother fund to enhance regional industrial ecosystems [9]. - Chaoyang District in Beijing has created two 20 billion RMB funds to support digital economy development, focusing on various emerging industries [10]. Private Sector Initiatives - The Xuzhou Guorun Industry Investment Fund has been established with a total scale of 2 billion RMB, targeting strategic emerging industries and future industries [10]. - Hubei Cultural Tourism Group and Jingmen City have signed an agreement to establish a 1 billion RMB aerospace and digital industry fund, focusing on low-altitude economy sectors [11]. - The Hangzhou Western Common Prosperity Fund has been launched with a total scale of 1 billion RMB, aimed at supporting high-quality projects in the region [12]. - The Suqian New Materials Mother Fund has successfully registered its first sub-fund with a scale of 500 million RMB, focusing on key material sectors [12]. Academic and Collaborative Funds - Wuhan University of Science and Technology has initiated a 200 million RMB seed fund in collaboration with local government and industry partners, focusing on early-stage technology projects [13]. - Tianjin Economic Development Zone has established a 120 million RMB new venture capital fund, targeting hard technology sectors [14]. - The Nanjing AIC Fund has completed its first project investment of 50 million RMB in a key industrial digital transformation company [15]. Emerging Industry Focus - The Yunnan Advanced Manufacturing Equity Investment Mother Fund has been registered, focusing on traditional industry upgrades and strategic emerging industries [16][17]. - The Hubei Port and Shipping Development Fund is seeking to recruit fund management institutions to invest in logistics and transportation sectors [18]. - The Hainan Aerospace Star Arrow Manufacturing Fund aims to attract social capital for aerospace-related investments, with a target scale of 3 billion RMB [19]. Conclusion - The article emphasizes the growing trend of establishing various funds across China, driven by both government and private sectors, to support innovation and development in key industries, particularly in technology and manufacturing sectors [5].

Group 1 - Xiaomi Group-W (01810) had a net inflow of 904 million, representing a 17.60% increase in net inflow [1][2] - Meituan-W (03690) experienced a net inflow of 476 million, with a net inflow ratio of 20.69% [1][2] - Changfei Optical Fiber Cable (06869) saw a net inflow of 356 million, corresponding to a 12.70% increase [1][2] Group 2 - The top three stocks with the highest net outflow were: - Yingfu Fund (02800) with a net outflow of -1.42 billion, a decrease of -14.05% [1][2] - China Mobile (00941) with a net outflow of -1.295 billion, reflecting a -49.14% decrease [1][2] - Innovent Biologics (01801) with a net outflow of -271 million, a -32.88% decrease [1][2] Group 3 - The top three stocks with the highest net inflow ratio were: - Southern Hang Seng Index ETF (03037) with a net inflow ratio of 84.61% [1][2] - ICBC Southern China (03167) with a net inflow ratio of 75.00% [1][2] - Midea Real Estate (03990) with a net inflow ratio of 65.00% [1][2] Group 4 - The top three stocks with the highest net outflow ratio were: - Wan Guo Gold Group-Old (02979) with a net outflow ratio of -100.00% [1][3] - New Idea Network Group (01686) with a net outflow ratio of -71.51% [1][3] - Ruian Real Estate (00272) with a net outflow ratio of -71.45% [1][3]

Group 1 - The stock of Changfei Fiber (601869) has shown strong performance, achieving a price increase of over 20% in three consecutive trading days, with a closing price of 127.05 CNY per share on December 22 [1] - The company has a rolling price-to-earnings ratio of approximately 169 times, indicating a potential risk of overvaluation [1] - Industry demand for optical fibers is on the rise, with prices increasing since Q3 of this year, reflecting strong demand and tight overall supply [1][2] Group 2 - The traditional optical fiber and cable market is showing clear signs of recovery after a four-year bottoming period, while the overseas specialty fiber market is entering a high-growth phase driven by AI computing power breakthroughs [2] - Changfei Fiber has noted the market's improved supply-demand structure for optical fiber and cable products, particularly in relation to data centers, although the demand for new products remains a small proportion of total demand [2] - The company has maintained its position as the world's leading manufacturer in preform, optical fiber, and cable markets for nine consecutive years, according to CRU [3] Group 3 - For the first three quarters of 2025, Changfei Fiber reported total operating revenue of approximately 10.275 billion CNY, an increase of about 18.18% year-on-year, while net profit attributable to shareholders decreased by approximately 18.02% to about 470 million CNY [3]

Group 1 - International gold and silver prices reached historical highs, with spot gold at $4,412.62 per ounce, up 1.33% in a day, and silver showing an annual increase of over 139% [2][7] - Four main factors driving the rise in gold prices include the depreciation of the dollar due to the interest rate cut cycle, expectations of further rate cuts by the Federal Reserve, the appeal of gold as a hedge against inflation, and increased demand for gold as a risk hedge amid international tensions [2][7] - The Hong Kong Stock Exchange saw four new stocks debut and all experienced price declines, indicating a cooling market for new listings [2][7] Group 2 - The former Bank of Japan official warned that aggressive fiscal stimulus could lead to interest rate hikes exceeding expectations, with potential increases of up to three times to 1.5% [2][7] - The Japanese inflation rate has exceeded the central bank's 2% target for nearly four years, with companies passing costs onto consumers [2][7] Group 3 - The control of Xusheng Group is set to change, with Guangzhou Industrial Control Group and its associates acquiring shares to hold a total of 27.05%, making the Guangzhou Municipal Government the actual controller [3][8] - Xusheng Group is focusing on precision aluminum alloy components and expanding into energy storage and robotics [3][8] Group 4 - The Hainan Free Trade Zone concept saw a surge, with 29 stocks rising and 22 hitting the daily limit, driven by themes like autonomous driving and a rebound in technology stocks [3][9] - The market is reacting positively to the full closure of the Hainan Free Trade Port, with a booming duty-free consumption market in Sanya [3][9] Group 5 - The computing power industry is seeing multiple companies announce capital increases and acquisitions, indicating active market movements [3][9] - Notable announcements include Yongding's subsidiary seeking to introduce investors through capital expansion and Lingyi's plan to acquire a 35% stake in Limin Da for 875 million yuan [3][9] Group 6 - Over 66,000 individuals faced liquidation in the cryptocurrency market as global interest rate cuts influenced market dynamics [4][10] - The People's Bank of China announced a one-time credit repair policy to assist individuals in restoring their credit status [4][10] Group 7 - Major institutions have differing views on the A-share market outlook, with some predicting a cross-year rally and others focusing on structural activity in the market [5][10] - Citic Securities highlights factors supporting the appreciation of the renminbi, while Everbright Securities notes the potential for a cross-year market rally [5][10] Group 8 - Elon Musk became the first person in history to surpass a net worth of $700 billion, with his wealth increasing to $749 billion due to the restoration of Tesla stock options valued at $139 billion [5][10] - The wealth gap between Musk and the second richest individual is nearly $500 billion [5][10]

12月22日上榜的成交活跃股中，长飞光纤光缆通过港股通渠道成交金额为32.52亿港元，净买入金额为 4.25亿港元，不仅如此，该股已连续4日出现成交净买入，累计净买入金额为13.83亿港元，其间股价上 涨49.95%。（数据宝） （文章来源：证券时报网） 长飞光纤光缆获南向资金连续4天净买入，累计净买入金额为13.83亿港元，股价累计上涨49.95%。 证券时报·数据宝统计显示，12月22日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 315.99亿港元，净买入金额为17.47亿港元。 ...

Core Insights - On December 22, 2023, CSPC Pharmaceutical Group made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 315.99 billion, accounting for 35.82% of the day's total trading amount, with a net buying amount of HKD 17.47 billion [2] - Alibaba-W led the trading volume with HKD 63.20 billion, followed by SMIC and Xiaomi Group-W with HKD 56.70 billion and HKD 40.84 billion, respectively [2] Trading Activity Summary - CSPC Pharmaceutical Group had a trading volume of HKD 5.84 billion on December 22, with a net buying amount of HKD 0.16 billion, and the stock closed up by 0.61% [2][3] - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect funds [2] - The trading data for other notable stocks includes Tencent Holdings at HKD 38.08 billion, SMIC at HKD 56.70 billion, and Xiaomi Group-W at HKD 40.84 billion, all showing significant trading activity [2]

Summary of Key Points Core Viewpoint - The Hang Seng Index rose by 0.43% on December 22, with southbound capital transactions totaling HKD 882.23 billion, resulting in a net inflow of HKD 31.25 billion [1]. Group 1: Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 882.23 billion, with buy transactions at HKD 456.74 billion and sell transactions at HKD 425.49 billion, leading to a net buy of HKD 31.25 billion [1]. - The Hong Kong Stock Connect (Shenzhen) recorded a total transaction amount of HKD 336.97 billion, with net buying of HKD 39.49 billion [1]. - The Hong Kong Stock Connect (Shanghai) had a total transaction amount of HKD 545.26 billion, resulting in a net sell of HKD 8.24 billion [1]. Group 2: Active Stocks - Alibaba-W had the highest transaction amount among southbound stocks at HKD 63.20 billion, followed by SMIC at HKD 56.70 billion and Xiaomi Group-W at HKD 40.84 billion [1]. - SMIC led in net buying with HKD 7.31 billion, with a closing price increase of 5.92%, while Xiaomi Group-W had a net buy of HKD 6.87 billion [1]. - Tencent Holdings saw a net buy of HKD 5.97 billion, while China Mobile experienced the largest net sell of HKD 5.79 billion, closing down by 0.24% [1]. Group 3: Continuous Net Buying - Three stocks have seen continuous net buying for over three days, with Xiaomi Group-W leading at 17 days, followed by Tencent Holdings at 5 days and Yangtze Optical Fibre and Cable at 4 days [2]. - The total net buying amount for Xiaomi Group-W reached HKD 155.58 billion, while Tencent Holdings had a net buy of HKD 24.77 billion [2].