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。 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） （股份代號：6869） 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約，亦並非擬用作邀請提出 相關要約或邀請。尤其是，本公告並不構成亦並非在美國或其他地方出售證券的要約或招攬購 買或認購證券的任何要約。除非已根據1933年美國證券法（經修訂）登記或獲豁免登記，否則證 券不得在美國提呈發售或出售。於美國進行的任何證券公開發售將僅以招股章程的方式進行， 該招股章程可向發行人或出售證券持有人取得，並載有發行人及管理層的詳細資料以及財務資 料。本公司無意於美國公開發售本公告所述證券。 長飛光纖光纜股份有限公司 根據一般性授權配售新H股 獨家整體協調人、配售代理及資本市場中介人 本公告或其任何副本，均不得直接或間接在美國境內發佈或分發， ...

Core Insights - On December 9, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.115 billion, 3.321 billion, and 2.930 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) led the trading volume, with amounts of 3.237 billion, 1.987 billion, and 1.503 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 4.115 billion, net inflow of 83.45 million [2] - Xiaomi Group-W (01810): Trading amount of 3.321 billion, net inflow of 156 million [2] - Tencent Holdings (00700): Trading amount of 2.930 billion, net inflow of 1.126 billion [2] - SMIC (00981): Trading amount of 2.806 billion, net outflow of 133 million [2] - Pop Mart (09992): Trading amount of 1.880 billion, net outflow of 438 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 3.237 billion, net inflow of 342 million [2] - Tencent Holdings (00700): Trading amount of 1.987 billion, net outflow of 248 million [2] - SMIC (00981): Trading amount of 1.503 billion, net inflow of 14.69 million [2] - Xiaomi Group-W (01810): Trading amount of 1.203 billion, net inflow of 384 million [2] - Pop Mart (09992): Trading amount of 1.016 billion, net outflow of 136 million [2]

Core Viewpoint - The optical communication sector is experiencing a significant rise, driven by the increasing demand for high-speed optical transceivers due to the growth of AI data centers and large-scale clustering [1] Group 1: Stock Performance - Hongteng Precision (06088) increased by 7.01%, reaching HKD 5.65 [1] - Changfei Optical Fiber and Cable (06869) rose by 4.02%, reaching HKD 37.78 [1] - Cambridge Technology (06166) saw a 3.47% increase, reaching HKD 89.5 [1] - Huiju Technology (01729) grew by 0.59%, reaching HKD 17.12 [1] Group 2: Market Research Insights - TrendForce's latest report indicates that the shipment of optical transceivers above 800G is expected to reach 24 million units in 2025 and nearly 63 million units in 2026, representing a growth of 2.6 times [1] - The demand for high-speed optical transceivers is causing severe supply bottlenecks in upstream laser light sources [1] Group 3: Industry Outlook - CICC believes that the AI technology revolution and energy revolution are driving demand from upstream raw materials to midstream manufacturing, leading to improved performance for listed companies [1] - In December, the application of artificial intelligence continues to develop, with a focus on domestic computing power, optical modules, and cloud computing infrastructure, as well as applications in robotics, consumer electronics, intelligent driving, and software applications [1]

Group 1 - The Hang Seng Index fell by 0.84%, down 215 points, closing at 25,549 points, while the Hang Seng Tech Index dropped by 1.32% [1] - The trading volume in the Hong Kong stock market reached HKD 107.8 billion in the morning session [1] - Optical communication stocks surged, driven by increased demand for high-speed optical transceiver modules, with institutions predicting a significant rise in shipment volumes next year [1] Group 2 - Notable gainers included Hongteng Precision, which rose by 7.95%, and Changfei Optical Fiber, which increased by 4.57% [1] - Zhaoyan New Drug saw an increase of over 8% due to a surge in the price of experimental monkeys, with institutions indicating a potential widening supply-demand gap [1] - The stock of Excellence Education, a provider of digital solutions for higher education, rose over 16% on its second day of trading, with its market value approaching HKD 10 billion [1] Group 3 - Oil stocks collectively declined, with geopolitical events weakening support for oil prices, although institutions remain optimistic about the long-term investment value of major oil companies [1] - PetroChina fell by 3%, Sinopec by 2.21%, and CNOOC by 2.32% [1] Group 4 - The non-ferrous metals sector faced significant declines, with Jiangxi Copper down 5.96%, Luoyang Molybdenum down 6.27%, and China Aluminum down 5.34% due to market concerns over central banks' interest rate policies [2] - Silver Noble Pharmaceuticals saw a drop of over 14%, with a cumulative decline of 25% since entering the market [2] Group 5 - Ocean Park Corporation's stock fell by 9%, reaching a new low for the year, amid financial product repayment issues faced by its controlling shareholder [3]

光通信概念股午前普遍上扬，截至发稿，鸿腾精密（06088）上涨8.14%，报5.71港元；长飞光纤光缆 （06869）上涨4.35%，报37.92港元；剑桥科技（06166）上涨2.31%，报88.50港元；汇聚科技 （01729）上涨0.24%，报17.06港元。 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 责任编辑：卢昱君 光通信概念股午前普遍上扬，截至发稿，鸿腾精密（06088）上涨8.14%，报5.71港元；长飞光纤光缆 （06869）上涨4.35%，报37.92港元；剑桥科技（06166）上涨2.31%，报88.50港元；汇聚科技 （01729）上涨0.24%，报17.06港元。 责任编辑：卢昱君 ...

每经AI快讯，港股光通信概念股再度上扬，截至发稿，鸿腾精密(06088.HK)涨7.01%，报5.65港元；长 飞光纤光缆(06869.HK)涨4.02%，报37.78港元；剑桥科技(06166.HK)涨3.47%，报89.5港元；汇聚科技 (01729.HK)涨0.59%，报17.12港元。 ...

Group 1 - The core viewpoint of the article highlights a significant rise in optical communication concept stocks, driven by the increasing demand for high-speed interconnection technology in AI data centers [1] - Hongteng Precision (06088) saw a stock increase of 7.01%, reaching HKD 5.65, while Changfei Optical Fiber (601869) rose by 4.02% to HKD 37.78 [1] - Cambridge Technology (603083) and Huiju Technology (01729) also experienced stock increases of 3.47% to HKD 89.5 and 0.59% to HKD 17.12, respectively [1] Group 2 - According to TrendForce's latest research report, the shipment volume of optical transceiver modules above 800G is expected to reach 24 million units in 2025 and nearly 63 million units in 2026, representing a growth rate of 2.6 times [1] - The report indicates a severe supply bottleneck in laser light sources at the upstream supply chain due to the substantial demand for high-speed optical transceiver modules [1] - CICC believes that the AI technology revolution and energy revolution will support demand from upstream raw materials to midstream manufacturing, leading to improved performance for listed companies [1]

Core Viewpoint - The optical communication sector is experiencing a significant rise, driven by the increasing demand for high-speed optical transceiver modules due to the growth of AI data centers and cloud computing infrastructure [1] Group 1: Stock Performance - Hongteng Precision (06088) increased by 7.01%, reaching HKD 5.65 [1] - Changfei Optical Fiber and Cable (06869) rose by 4.02%, reaching HKD 37.78 [1] - Cambridge Technology (06166) saw a 3.47% increase, reaching HKD 89.5 [1] - Huiju Technology (01729) grew by 0.59%, reaching HKD 17.12 [1] Group 2: Market Research Insights - TrendForce's latest report indicates that the global shipment of optical transceiver modules above 800G is expected to reach 24 million units by 2025 and nearly 63 million units by 2026, representing a growth of 2.6 times [1] - The report highlights a severe supply bottleneck in laser light sources at the upstream supply chain due to the high demand for 800G optical transceiver modules [1] Group 3: Industry Outlook - CICC believes that the AI technology revolution and energy revolution are driving demand from upstream raw materials to midstream manufacturing, leading to improved performance for listed companies [1] - The trend of growth in the industry remains upward, with a focus on domestic computing power, optical modules, and cloud computing infrastructure in December [1] - Applications to watch include robotics, consumer electronics, intelligent driving, and software applications as AI applications continue to be implemented [1]

Core Viewpoint - The Hang Seng Index fell by 1.23% on December 8, with southbound capital recording a total transaction amount of HKD 943.11 billion, resulting in a net inflow of HKD 15.40 billion [1] Group 1: Southbound Capital Transactions - Total southbound capital transactions amounted to HKD 943.11 billion, with buy transactions at HKD 479.25 billion and sell transactions at HKD 463.85 billion, leading to a net buy of HKD 15.40 billion [1] - The Shenzhen Stock Connect recorded a total transaction amount of HKD 381.14 billion, with net buying of HKD 4.32 billion, while the Shanghai Stock Connect had a total transaction amount of HKD 561.97 billion with net buying of HKD 11.08 billion [1] Group 2: Active Stocks - Alibaba-W had the highest transaction amount among southbound stocks at HKD 71.47 billion, followed by Xiaomi Group-W at HKD 49.42 billion and SMIC at HKD 45.85 billion [1] - Xiaomi Group-W led in net buying with HKD 11.73 billion, while Tencent Holdings saw the highest net selling at HKD 7.62 billion [1][2] Group 3: Continuous Net Buying and Selling - Three stocks experienced continuous net buying for over three days, with Xiaomi Group-W leading at 7 days and a total net buy of HKD 62.39 billion [2] - Tencent Holdings and Alibaba-W were among the stocks with the highest continuous net selling, totaling HKD 46.68 billion and HKD 18.81 billion respectively [2]

Market Overview - On December 8, the Hang Seng Index fell by 1.23%, closing at 25,765.36 points, while southbound funds through the Stock Connect recorded a net inflow of HKD 1.54 billion [1][3] Trading Activity - The total trading volume for the Stock Connect on December 8 was HKD 94.31 billion, with a net buy of HKD 1.54 billion. Specifically, the Shanghai Stock Connect had a trading volume of HKD 56.20 billion and a net buy of HKD 1.11 billion, while the Shenzhen Stock Connect had a trading volume of HKD 38.11 billion and a net buy of HKD 0.43 billion [1][3] Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading volume at HKD 3.564 billion, followed by SMIC and Xiaomi Group-W with trading volumes of HKD 2.962 billion and HKD 2.618 billion, respectively [1][2] - For net buy amounts, SMIC led with a net inflow of HKD 666 million, with its stock price increasing by 2.94%. Conversely, Hua Hong Semiconductor had the highest net sell amount at HKD 221 million, with its stock price rising by 4.47% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 3.583 billion, followed by Xiaomi Group-W and Tencent Holdings with trading volumes of HKD 2.324 billion and HKD 1.980 billion, respectively [2] - The highest net buy was for Xiaomi Group-W at HKD 972 million, despite its stock price declining by 0.47%. Tencent Holdings experienced the largest net sell at HKD 796 million, with its stock price down by 0.82% [2]