Market Overview - The market experienced fluctuations in the early session, with the Shanghai Composite Index down by 0.66%, the Shenzhen Component down by 0.87%, and the ChiNext Index down by 1.1% [1] Sector Performance - The coal sector showed resilience, with major stocks like Dayou Energy hitting the limit up for the eighth consecutive trading day, and several others like Zhengzhou Coal Electricity and Liaoning Energy achieving significant gains [2] - Local stocks in Shenzhen collectively rose, with over ten stocks, including Shen Saige, reaching the limit up [2] - The media sector was active, with Haikan Co. also hitting the limit up [2] Declining Stocks - The computing hardware sector faced a collective decline, particularly CPO concept stocks, with Tianfu Communication and Changfei Optical Fiber experiencing significant drops [3] - Superhard materials concept stocks weakened, with companies like Power Diamond and Sifangda both falling over 7% [3] Trading Volume - Trading volume shrank again, with the total transaction amount in the Shanghai and Shenzhen markets reaching 1.05 trillion yuan, a decrease of 50.8 billion yuan compared to the previous trading day [4] Individual Stock Highlights - Victory Technology led in trading volume with over 8.7 billion yuan, followed by New Yisheng, Zhongji Xuchuang, and Hanwujing with high transaction amounts [5]

Market Overview - A-shares experienced fluctuations in the morning session, with trading volume shrinking again, totaling 1.05 trillion yuan, a decrease of 50.8 billion yuan compared to the previous trading day [1] - Over 3,800 stocks declined, indicating a broad market weakness [1] Sector Performance - The coal sector showed resilience, with Dayou Energy hitting the limit up for the eighth consecutive day, and several stocks like Zhengzhou Coal Power and Liaoning Energy achieving two limit-ups in four days [3] - Shenzhen local stocks collectively rose, with over ten stocks including Shensai Ge reaching limit up [3] - The media sector was active, with Haikan Co. also hitting the limit up [3] - Conversely, the computing hardware sector faced significant declines, particularly CPO concept stocks, with Tianfu Communication and Changfei Optical Fiber experiencing substantial drops [3] - Hard materials concept stocks weakened, with companies like Power Diamond and Sifangda falling over 7% [3] Index Performance - By the end of the session, the Shanghai Composite Index fell by 0.66%, the Shenzhen Component Index dropped by 0.87%, and the ChiNext Index decreased by 1.1% [3]

Group 1 - The CPO concept stocks in the A-share market experienced a decline, with several companies seeing significant drops in their stock prices [1] - Companies such as Huilv Ecology, Tianfu Communication, Changfei Fiber, and Shijia Photon fell over 7% [1] - Other companies like Cambridge Technology and Xinyisheng dropped more than 5%, while Huaten Technology, Huagong Technology, Changxin Bochuang, Liante Technology, and Fenghuo Communication fell over 4% [1] Group 2 - Additional companies including Guangxun Technology, Jingwang Electronics, Ruijie Network, Zhongji Xuchuang, and Taicheng Light saw declines of over 3% [1]

每经AI快讯，10月23日，港股半导体板块震荡走低，华虹半导体、长飞光纤光缆跌超6%，上海复旦跌 超4%，中芯国际、ASMPT跌超1%。 （文章来源：每日经济新闻） ...

Core Viewpoint - CPO concept stocks experienced a decline at the beginning of trading, with notable drops in several companies [1] Group 1: Company Performance - Weigao and Dongtian both fell over 10% [1] - Huylv Ecology, Yuanjie Technology, and Changfei Optical Fiber also saw significant declines [1]

Group 1 - The core point of the article highlights that on October 22, shareholders of Changfei Optical Fiber (601869) transferred stocks from the Hong Kong Stock Connect (Shenzhen) to HSBC Hong Kong, with a transfer market value of HKD 482 million, accounting for 3.48% of the total [1] - On October 17, the company won the bid for China Telecom's (601728) procurement of 2.24 million core kilometers of trunk optical cables, involving the next-generation G.654.E optical fiber, which is essential for 400G/800G transmission systems due to its low attenuation characteristics [1]

Core Viewpoint - The recent stock transfer of Changfei Fiber Optics (06869) indicates a strategic shift in shareholder investment, while the company secures a significant contract with China Telecom for fiber optic cables, highlighting its strong market position in the telecommunications sector [1] Group 1: Stock Transfer - On October 22, shareholders of Changfei Fiber Optics transferred stocks from the Hong Kong Stock Connect (Shenzhen) to HSBC Hong Kong, with a transfer market value of 482 million HKD, representing 3.48% of the total shares [1] Group 2: Contract Win - On October 17, Changfei Fiber Optics won the largest share of a tender from China Telecom for 2.24 million core kilometers of trunk fiber optic cables, involving the next-generation G.654.E fiber, which is essential for 400G/800G transmission systems due to its low attenuation characteristics [1]

Group 1 - The core point of the article highlights the performance and market position of Changfei Fiber Optic, which saw a 5.01% increase in stock price, reaching 92.39 yuan per share, with a total market capitalization of 700.23 billion yuan [1] - Changfei Fiber Optic specializes in the telecommunications industry, focusing on telecom operators and data communication, with a complete industrial chain that includes the research and production of optical fiber preforms, optical fibers, and cables [1] - The company's main revenue sources are optical transmission products (60.25%), optical interconnection components (22.61%), and other products (17.13%) [1] Group 2 - The data shows that the Caifeng Value Momentum Mixed A Fund (720001) is among the top ten circulating shareholders of Changfei Fiber Optic, holding 1.6368 million shares, which is 0.22% of the circulating shares [2] - The fund has achieved a year-to-date return of 54.78% and a one-year return of 66.41%, ranking 603rd and 281st respectively among its peers [2] - The fund manager, Jin Zicai, has a tenure of 10 years and 341 days, with the fund's total assets amounting to 4.319 billion yuan [3]

Core Insights - China Telecom has announced the procurement of G.654.E optical fibers, marking the first time it has conducted a trunk cable tender in a framework format, with Yangtze Optical Fibre and Cable Joint Stock Limited Company winning the largest share [1] - The procurement involves approximately 2.24 million core kilometers of G.654.E optical fibers, indicating a significant increase in demand driven by the national "East Data West Computing" initiative [1] - The construction of backbone optical cable networks by China Telecom is accelerating, with the current procurement only meeting about half a year's project needs, suggesting a larger upcoming procurement in mid to late 2026 [1] Industry Trends - The three major telecom operators in China, including China Mobile and China Unicom, are entering a peak phase of G.654.E trunk network construction [1] - G.654.E optical fibers are becoming a critical foundation for supporting computing power networks, essential for the macro strategy of "East Data West Computing" and precise deployment in urban areas [1] - The new type of optical fiber, characterized by ultra-low loss, ultra-large capacity, and ultra-low latency, is being recognized as a "golden channel" for facilitating the digital economy in China [1]

Group 1 - The China Central Enterprises Innovation-Driven Index has risen by 1.50%, with significant increases in constituent stocks such as PetroChina Oilfield Services up by 10.05% and China Railway Construction Heavy Industry up by 7.14% [3] - The Central Enterprises Innovation-Driven ETF (515900) has increased by 1.53%, with a latest price of 1.59 yuan, and has shown a cumulative increase of 1.23% over the past month, ranking 1/4 among comparable funds [3] - The trading volume of the Central Enterprises Innovation-Driven ETF was 587.53 million yuan, with a turnover rate of 0.17% [3] Group 2 - China Shipbuilding Industry Corporation expects a net profit attributable to shareholders of 5.55 billion to 6.15 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 104.30% to 126.39% [4] - China CNR Corporation plans to hold a board meeting on October 30 to consider and approve its performance for the first three quarters, having signed significant contracts totaling approximately 54.34 billion yuan, which is about 22% of its expected revenue for 2024 [4] - The average daily trading volume of the Central Enterprises Innovation-Driven ETF over the past year was 20.23 million yuan, ranking first among comparable funds [4] Group 3 - The Central Enterprises Innovation-Driven Index evaluates the innovation and profitability quality of listed central enterprises, selecting 100 representative companies to reflect the overall performance of innovative central enterprises [5] - As of September 30, 2025, the top ten weighted stocks in the index include China Shipbuilding, Hikvision, and China Southern Power Grid, accounting for 36.04% of the total index weight [5] - The Central Enterprises Innovation-Driven ETF has seen a significant increase in scale, growing by 13.42 million yuan over the past three months, ranking 1/4 among comparable funds [4][5]