Core Viewpoint - UBS has raised the target price for Yangtze Optical Fibre and Cable (06869) by approximately 147%, from HKD 17.8 to HKD 44, while maintaining a "Neutral" rating, driven by stabilization in telecom business and rapid growth in data communication business [1][2] Group 1: Revenue Growth Projections - The overall transmission business revenue is expected to achieve a compound annual growth rate (CAGR) of 11% from 2025 to 2028 [1] - Telecom transmission business revenue is projected to bottom out in 2025 with a year-on-year decline of 7%, followed by a growth of 1.5% in 2026, and maintaining an annual growth rate of 4-5% thereafter [1] - Data communication transmission business revenue is anticipated to increase by 57% this year, with a CAGR of 30-40% before 2028 [1] Group 2: Market Dynamics and Profitability - The share of data communication in total transmission revenue is expected to rise from less than 15% in 2024 to 36% in 2028 [1] - The gross margin for data communication optical cables exceeds 50%, which is likely to boost the overall transmission business gross margin from 31.7% in 2024 to 36.5% in 2028 [1] - Initial signs of price recovery have been observed in the second half of 2025, indicating an improvement in supply-demand dynamics despite ongoing demand pressures [1] Group 3: Long-term Growth Potential - UBS believes that the current market sentiment reflects the growth potential of the high-margin data communication business and initial optimism regarding hollow fiber [2] - Hollow fiber is expected to have long-term development potential, with significant revenue contributions anticipated as technology matures over the next 2-3 years, although its short-term impact on profitability remains limited [2]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has introduced a series of nine new policies aimed at facilitating foreign exchange settlement for foreign trade enterprises, enhancing the efficiency and convenience of cross-border trade payment processes [1] Group 1: Expansion of Pilot Programs - SAFE has expanded the pilot program for cross-border trade to 11 regions, with a total of approximately $1.7 trillion in transactions processed under the pilot scheme [2] - Companies like Yangtze Optical Fibre and Cable Joint Stock Limited Company anticipate significant cost savings and operational efficiency improvements if included in the pilot, potentially releasing over 100 million yuan in annual funds [2] - The new policies allow for the offsetting of service fees related to goods trade, such as freight and customs fees, with payment for goods, thereby reducing the frequency and cost of cross-border remittances [2] Group 2: Support for New Trade Models - The rapid growth of cross-border e-commerce has become a crucial support for stabilizing and optimizing foreign trade structures, with imports and exports reaching approximately 2.06 trillion yuan in the first three quarters of the year, a 6.4% increase [3] - Banks are encouraged to leverage the credibility of cross-border e-commerce platforms to include more small and medium-sized enterprises (SMEs) in the category of quality enterprises [3] - The new policies promote the use of electronic orders and logistics information for online automatic processing of cross-border e-commerce payments, adapting to the high-frequency and online nature of these transactions [3] Group 3: Enhancing Service Trade Efficiency - China's service trade has rapidly developed, ranking second globally, with a total import and export value of $509.1 billion in the first half of 2025, reflecting a 6% year-on-year growth [4] - New policies allow engineering companies to manage and allocate foreign funds across different projects and countries, addressing the uneven distribution of overseas funds [5] - The implementation of these policies is expected to reduce external financing needs and currency exchange losses, with estimates suggesting a reduction of approximately 50 million yuan in overseas fund pressure and 3 million yuan in annual exchange losses for companies [5]

Core Viewpoint - Changfei Fiber's stock price has shown significant volatility, with a year-to-date increase of 208.89%, but a recent decline of 20.63% over the past 20 days, indicating potential market fluctuations and investor sentiment shifts [1][2]. Company Overview - Changfei Fiber Optic Cable Co., Ltd. is located in Wuhan, Hubei Province, and was established on May 31, 1988, with its listing date on July 20, 2018. The company focuses on the telecommunications industry, particularly in the fields of telecom operators and data communication [2]. - The company has a complete industrial chain involving the research, innovation, and manufacturing of optical fiber preforms, optical fibers, and cables, with a diversified and international business model [2]. - The main revenue composition includes optical transmission products (60.25%), optical interconnection components (22.61%), and other products (17.13%) [2]. Financial Performance - For the first half of 2025, Changfei Fiber achieved an operating income of 6.384 billion yuan, representing a year-on-year growth of 19.38%. However, the net profit attributable to shareholders decreased by 21.71% to 296 million yuan [2]. - Since its A-share listing, the company has distributed a total of 2.129 billion yuan in dividends, with 943 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Changfei Fiber was 22,600, a decrease of 11.76% from the previous period. The average circulating shares per person remained at 0 [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.9496 million shares, an increase of 1.8554 million shares from the previous period. New entrants include China Europe Value Discovery Mixed A and Fengtong Value Momentum Mixed A [3].

(一)股东大会召开的时间：2025年10月27日 (二)股东大会召开的地点：湖北省武汉市东湖新技术开发区光谷创业街65号长飞光纤总部大楼2楼多功 能会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：601869 证券简称：长飞光纤 公告编号：临2025-045 长飞光纤光缆股份有限公司2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场投票表决与网络投票表决相结合的方式召开。 会议由公司董事会召集，由董事长马杰先生主持。 本次股东大会的召集、召开和表决方式符合《公司法》和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事12人，出席12人； 2、公司在任监事3人，出席3人； 3、公司总裁、董事会秘书及部分高级管理人员列席了本次会议。 二、议案审议情况 表决情况 ...

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* 長飛光纖光纜股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6869） 於二零二五年十月二十七日（星期一）舉行之 二零二五年第一次臨時股東大會之表決結果 茲提述長飛光纖光纜股份有限公司（「本公司」）有關二零二五年第一次臨時股東大 會（「臨時股東大會」）日期為二零二五年九月三十日的通知（「通知」）及通函（「通 函」）。除另有指明外，於本公告內所用詞彙應具有通知及通函所界定的相同涵義。 I. 臨時股東大會之表決結果 於臨時股東大會日期，賦予股東權利出席臨時股東大會及於會上投票的股份總數 為757,905,108股。概無股份賦予股東權利出席臨時股東大會但須根據上市規則第 13.40條所載於會上放棄就決議案投贊成票。概無股東於通函表明擬於臨時股東大 會上就決議案投反對票 ...

通 商 律師事務所 COMMERCE & FINANCE LAW OFFICES 中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 or, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 关于长飞光纤光缆股份有限公司 2025 年第一次临时股东大会的法律意见书 致:长飞光纤光缆股份有限公司 北京市通商律师事务所(以下简称"本所")接受长飞光纤光缆股份有限公司 (以下简称"公司")的委托,委派律师出席了公司 2025 年第一次临时股东大会(以 下简称"本次股东大会"),并根据《中华人民共和国公司法》《中华人民共和国证 券法》以及其他相关法律、法规及规范性文件(以下简称"相关法律法规")和《长 飞光纤光缆股份有限公司章程》(以下简称"公司章程")的相关规定,对本次股东 大会召开的合法性 ...

证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-045 长飞光纤光缆股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 662 | | --- | --- | | 其中：A 股股东人数 | 661 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 331,871,930 | | 其中：A 股股东持有股份总数 | 310,724,049 | | 股） 境外上市外资股股东持有股份总数（H | 21,147,881 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 43.79 | | 份总数的比例（%） | | | 其中：A 股股东持股占股份总数的比例（%） | 41.00 | | 境外上市外资股股东持股占股份总数的比例（%） | 2.79 | (一) 股东大会召开的时间：2025 ...

Core Insights - Changfei Fiber's stock increased by 5.01% to 94.39 CNY per share, with a trading volume of 1.271 billion CNY and a turnover rate of 3.37%, resulting in a total market capitalization of 71.539 billion CNY [1] Company Overview - Changfei Fiber Optic Cable Co., Ltd. is located in Wuhan, Hubei Province, and was established on May 31, 1988, with its listing date on July 20, 2018 [1] - The company focuses on the telecommunications industry, particularly in areas related to telecom operators and data communication, specializing in the R&D and manufacturing of optical fiber preforms, optical fibers, and cables [1] - The company's revenue composition includes: 60.25% from optical transmission products, 22.61% from optical interconnection components, and 17.13% from other sources [1] Shareholder Insights - The top circulating shareholder of Changfei Fiber is the Caifeng Value Momentum Mixed A Fund (720001), which entered the top ten circulating shareholders in the second quarter with 1.6368 million shares, representing 0.22% of circulating shares [2] - The fund has achieved a year-to-date return of 63.95%, ranking 431 out of 8226 in its category, and an annual return of 80.12%, ranking 187 out of 8099 [2] Fund Manager Profile - The fund manager of Caifeng Value Momentum Mixed A is Jin Zicai, who has been in the position for 10 years and 346 days, managing a total fund size of 4.319 billion CNY [3] - During his tenure, the best fund return was 639.78%, while the worst return was -1.6% [3] Fund Holdings - Caifeng Value Momentum Mixed A Fund holds 1.6368 million shares of Changfei Fiber, accounting for 3.17% of the fund's net value, making it the tenth largest holding [4]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [7] Core Viewpoints - The report maintains a positive outlook on the computing power industry chain, particularly in overseas markets, which remain robust despite challenges such as DeepSeek and trade frictions. The domestic AI industry and AIDC chain are also expected to thrive, with 2025 potentially marking a pivotal year for AI infrastructure and applications in China [4][24]. - The report emphasizes the importance of "AI + overseas expansion + satellites" as key investment opportunities, recommending focus on core sectors such as optical modules, liquid cooling, and domestic computing power lines [4][25]. Summary by Sections 1. Artificial Intelligence and Digital Economy - Recommended stocks in optical modules and optical devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology. Suggested stocks include: Guangxun Technology, Suosi, Dingtong Technology, and others [5][27]. - For switch server PCBs, recommended stocks are: Hudian Co., Zhongxing Communications, and Unisplendour. Suggested stocks include: Shengke Communication, Ruijie Networks, and others [5][27]. - Low valuation and high dividend stocks include: China Mobile, China Telecom, and China Unicom [5][27]. - In AIDC and cooling solutions, recommended stocks are: Yingweike, Runze Technology, and others. Suggested stocks include: Shenling Environment and others [5][27]. - For AIGC applications and edge computing power, recommended stocks are: Yiyuan Communication, Guanghetong, and Meige Intelligent. Suggested stocks include: Caixun Co., Mengwang Technology, and others [5][27]. 2. Offshore Wind and Submarine Cables & Intelligent Driving - Recommended stocks in submarine cables include: Hengtong Optic-Electric and Zhongtian Technology. Suggested stocks include: Dongfang Cable [6][29]. - For offshore recovery and leading concentration, recommended stocks are: Huace Navigation, Weisheng Information, and others. Suggested stocks include: Heertai and Yiyuan Communication [6][29]. - In intelligent driving, suggested stocks include: modules and terminals, sensors, connectors, and structural components [6][29]. 3. Commercial Aerospace - The report highlights the rapid development of low-orbit satellites and the promotion of the low-altitude economy. Recommended stocks include: Huace Navigation and Haige Communication. Suggested stocks include: Chengchang Technology, Zhenlei Technology, and others [6][30]. 4. Industry Dynamics - Longfly Optical won the bid for China Telecom's G.654.E optical fiber procurement, with approximately 2.24 million core kilometers involved, marking a significant increase in demand for G.654.E fibers [2][18][20]. - Shanghai Yuanxin is undergoing a new round of financing, aiming for 5 to 6 billion yuan, with a pre-financing valuation exceeding 40 billion yuan, indicating strong investor confidence in the satellite industry [3][21][23]. 5. Market Performance - The communication sector saw an increase of 11.56% from October 20 to October 24, outperforming the CSI 300 index by 8.31 percentage points [31]. - Key stocks that performed well include: Yuanjie Technology and Zhongji Xuchuang, while stocks that declined include: Wanma Technology and Zhongguang Fanglei [35].

Core Viewpoint - The stock of Changfei Optical Fiber Cable (06869.HK) has rebounded over 9%, indicating a positive market response [2] Group 1: Stock Performance - As of the report, the stock price increased by 8.34%, reaching 40.8 HKD [2] - The trading volume was 959 million HKD, reflecting significant investor interest [2]