Core Viewpoint - The development of the East Lake High-tech Zone in Wuhan, known as "China's Optics Valley," has become a significant hub for technological innovation and industry integration, emphasizing the need for high-level technological self-reliance and the fusion of technological and industrial innovation [1][4]. Group 1: Technological Innovation and Achievements - The East Lake Laboratory has achieved a world record by accelerating a high-speed train model to 800 km/h in just 5.3 seconds, showcasing advancements in transportation technology [2]. - The laboratory is also developing a comprehensive electric power system for ships, addressing traditional inefficiencies in testing and ensuring reliability and safety [2]. - The Nine Peaks Mountain Laboratory focuses on compound semiconductor technology, aiming to provide foundational hardware support for future industries [3]. Group 2: Research and Development Ecosystem - The East Lake High-tech Zone has established a comprehensive innovation ecosystem with 1 national laboratory, 13 national key laboratories, and numerous innovation platforms, achieving a research and development intensity of 9.4%, ranking third among national high-tech zones [4]. - The integration of various stakeholders, including enterprises, talent, and market resources, is crucial for achieving breakthroughs and effective technology transfer [4]. Group 3: Unique Innovations in Biotechnology and Medical Devices - Wuhan Heyuan Biotechnology Co., Ltd. has developed a groundbreaking "rice blood production" technology, allowing for the production of human serum albumin from rice, marking a significant advancement in biotechnology [5]. - The innovative micro-invasive myocardial resection system, inspired by a pineapple cutting tool, has been successfully implemented in clinical settings, demonstrating the potential of cross-disciplinary collaboration in medical technology [6][7]. Group 4: Talent Development and Investment - The East Lake High-tech Zone has established a government-led investment fund of 89 billion yuan, with over 70 billion yuan allocated annually for scientific innovation, significantly exceeding the national average [12]. - The region has attracted over 40,000 master's and 8,000 doctoral graduates, emphasizing the importance of talent in driving technological and industrial innovation [12]. Group 5: Future Industry Development - The East Lake High-tech Zone is focusing on emerging industries such as artificial intelligence, humanoid robots, brain-machine interfaces, and biomanufacturing, aiming to create a trillion-yuan scale "World Optics Valley" [12]. - The integration of innovative elements and a supportive ecosystem is essential for fostering a competitive environment that encourages risk-taking and innovation [12].

Group 1 - The company held its 13th meeting of the 10th Board of Directors on February 13, 2026, via telecommunication, with all 11 directors present, ensuring compliance with legal regulations [2][5]. - The Board approved a proposal to authorize the management to sell up to 1 million shares of Changfei Fiber, representing 0.12% of its total share capital, to optimize asset structure and improve capital efficiency [3][14]. - The Board also approved a proposal to exit its stake in Hangzhou Chenxiao Technology Co., Ltd. through a capital reduction, selling 1,202,485 shares, which is 4.66% of the total share capital [5][28]. Group 2 - The company currently holds 118,837,010 shares of Changfei Fiber, accounting for 14.35% of its total share capital, and the sale of the proposed shares will not alter its holding status [13][14]. - The financial data of Changfei Fiber as of December 31, 2024, shows total assets of approximately 31.73 billion RMB and net profit of approximately 675.88 million RMB [22][23]. - The capital reduction for Hangzhou Chenxiao is valued at approximately 9.10 million RMB, with the transaction expected to increase the company's consolidated profit by approximately 2.08 million RMB [31][37]. Group 3 - The company plans to hold its second extraordinary general meeting on March 5, 2026, where the approved proposals will be presented for shareholder voting [40][41]. - The meeting will utilize both on-site and online voting methods, allowing shareholders to participate conveniently [41][43]. - The company aims to enhance shareholder engagement by providing reminders and facilitating participation through various communication channels [47].

Core Viewpoint - The main investment logic in A-shares for 2026 is centered around price increases, where rising prices of certain goods and services are expected to lead to higher stock prices for related companies, as increased selling prices enhance profitability and provide support for stock prices [1][10]. Price Increase Concept - Market expert Peng Zu has identified 2026 as a "big year" for price increases, emphasizing the significance of this trend in investment strategies [2][11]. - The most resilient sectors benefiting from price increases include computing power, cloud services, and optical fiber, all driven by the demand surge from AI applications [3][12]. - Year-to-date, stocks related to computing power and cloud services, such as Wangsu Technology, have seen significant gains, with an increase of over 110% since the beginning of the year [3][13]. Optical Fiber Sector - The optical fiber sector has also experienced substantial price increases, with monthly price rises exceeding 75% since the beginning of 2026, reaching an average price of over 40 yuan per core kilometer, with some manufacturers quoting prices as high as 50 yuan per core kilometer [3][13]. - Companies like Yangtze Optical Fibre and Hengtong Optic-Electric have seen their stock prices rise significantly due to these trends [3][13]. Chemical Sector - The chemical sector has emerged as a strong performer, with companies like Runtu Co., Ltd. seeing their stock prices nearly double since January 19, 2026, driven by rising prices of key products [4][14]. - Baichuan Co., Ltd. has also reported significant price increases for its products, with TMP prices soaring from over 8,000 yuan per ton at the end of 2025 to 15,000 yuan per ton by February 2026, enhancing profit expectations [5][15]. Demand and Supply Dynamics - The recovery in downstream demand from sectors like real estate and new energy is driving increased demand for chemical raw materials, while industry capacity reductions and rising raw material costs are forcing collective price increases [6][14]. - The ongoing supply-demand imbalance in sectors such as computing power, cloud services, and optical fiber is expected to persist, supporting the price increase logic [8][17]. Institutional Investment Trends - Institutional investors are likely to remain engaged, with expectations of continued accumulation of leading stocks in the computing power and optical fiber sectors, as they have shown confidence in the sustainability of price increases [9][18]. - Following the Spring Festival, there is an anticipated influx of capital into A-shares, particularly favoring sectors with strong price increase narratives [9][18]. Policy and Industry Support - Post-Spring Festival, policies supporting the "East Data West Computing" project and AI industry are expected to further stimulate demand in computing power, cloud services, and optical fiber sectors [9][18].

Core Viewpoint - The company plans to sell up to 1 million shares of Changfei Fiber, representing 0.12% of its total share capital, with an expected transaction value of 227 million yuan [1] Group 1 - As of February 13, 2026, the company holds 119 million shares of Changfei Fiber, accounting for 14.35% of its total share capital [1] - The board of directors has approved the sale, which is subject to shareholder meeting approval [1] - The sale period will be 12 months from the date of shareholder approval, with the selling price determined by the market [1] Group 2 - The transaction does not constitute a related party transaction or a major asset restructuring, and it will not change the company's shareholding position [1]

Group 1 - The A-share market saw a widespread decline in CPO concept stocks, with notable drops in several companies [1] - Hengtong Optic-Electric fell by 7%, while Changxin Bochuang and Jieput fell over 6% [1] - Dekeli and Changfei Optical Fiber experienced declines of over 5%, and Tiantong Co., Hengdong Light, and Taicheng Light dropped over 4% [1] Group 2 - Guangku Technology, Tianfu Communication, Shijia Photon, Robot Technology, Yongding Co., and Zhongtian Technology all saw declines exceeding 3% [1]

Group 1 - The core viewpoint of the news highlights a decline in the stock prices of optical fiber and computing power hardware companies, with significant drops observed in specific companies [1] - Companies such as Longi Fiber, Hengtong Optic-Electric, and Tianfu Communication experienced declines exceeding 5% in their stock prices [1] - Other companies in the sector, including Robotech, Shijia Photon, and Taicheng Light, also followed the downward trend in stock performance [1]

Core Viewpoint - The stock price of Yangtze Optical Fibre and Cable (601869) has reached a new high, driven by improvements in the industry fundamentals, the company's technological advantages, capital inflows, and external catalysts [1] Industry Policy and Environment - According to CRU data, the spot price of domestic G.652.D bare optical fiber is expected to rise by 79% month-on-month and 92% year-on-year by January 2026, with a cumulative increase of over 100% since May 2025 [2] - The price increase is primarily driven by a reversal in supply and demand, with tightening supply due to a long capacity expansion cycle for upstream preform rods and manufacturers shifting capacity towards higher-margin products like G.654.E ultra-low loss fibers and G.657.A2 multi-core high-end products, resulting in reduced supply of traditional G.652.D fibers [2] - The demand upgrade is significantly influenced by AI data center construction, which requires high bandwidth and low latency fibers, potentially increasing demand several times compared to traditional data centers, thus driving a surge in demand for high-fiber-count cables [2] - According to Guangfa Securities, the average price of G.652.D fiber has surpassed 40 yuan per core kilometer, reaching a nearly seven-year high [2] Industry Position - Yangtze Optical Fibre is the global leader in the optical fiber and cable market, holding the number one market share in preform rods, optical fibers, and cables for nine consecutive years [3] - The company's technological barriers and large-scale production capacity provide a competitive edge in high-end product markets [3] - The diversification of the company's silicon carbide wafer business, expected to achieve mass production and automotive certification by 2025, enhances long-term growth prospects [3] Capital Situation - There has been significant capital inflow, with approximately 180 million HKD of net inflow on February 12, and trading volume exceeding 1 billion HKD for several consecutive trading days, indicating active market trading [4] - The stock has increased by 128.24% year-to-date, with a cumulative rise of 36.42% over the past five days, and technical indicators such as the MACD histogram show strong buying momentum [4] Recent Events - Meta has signed a fiber agreement worth approximately 6 billion USD with Corning, highlighting the long-term demand for optical fibers driven by AI data centers [5] - The domestic "East Data West Computing" project and significant increases in the procurement volume of G.654.E by operators further solidify the industry's recovery expectations [5]

Core Viewpoint - The report from GF Securities indicates a significant increase in the price of G.652.D single-mode optical fibers in the Chinese market, with projections suggesting prices will exceed 40 yuan per core kilometer by January 2026, marking a seven-year high [1] Industry Summary - As of the report date, shares of Changfei Optical Fiber and Cable (06869.HK) rose by 10.42%, Huiju Technology (01729.HK) increased by 6.49%, and Cambridge Technology (06166.HK) saw a rise of 2.33% [1] - The average price of G.652.D single-mode optical fibers is expected to surpass 40 yuan per core kilometer, with some manufacturers quoting prices as high as 50 yuan per core kilometer [1] - In January, the market price for single-mode optical fibers experienced a month-on-month increase of over 75% [1]

Core Viewpoint - The South Korean Trade Commission has made a final affirmative ruling on anti-dumping measures against single-mode optical fibers originating from China, recommending a five-year anti-dumping duty of 43.35% on specific Chinese companies and other manufacturers/exporters [1]. Group 1: Anti-Dumping Investigation - On March 7, 2025, South Korea initiated an anti-dumping investigation on single-mode optical fibers from China, with the investigation period set from July 1, 2023, to June 30, 2024, and the damage investigation period from January 1, 2021, to December 31, 2024 [2]. - On September 19, 2025, South Korea's Ministry of Economy and Finance decided to impose a temporary anti-dumping duty on the involved Chinese products for a period of four months [2]. - The temporary anti-dumping duty was extended by two months on December 30, 2025, changing the duration from four months to six months, now set from September 19, 2025, to March 18, 2026 [2]. Group 2: Affected Companies - The companies affected by the anti-dumping duties include Hengtong Optic-Electric Co., Ltd., Yangtze Optical Fibre and Cable Joint Stock Limited Company, and Hangzhou Jinxingtong Optical Fiber Technology Co., Ltd., along with other Chinese manufacturers/exporters [1]. - The products under investigation fall under South Korea's tax code 9001.10.0000, excluding low-loss fiber bundles, cables, and single-mode optical fibers specified as G.652.D primarily used for optical devices [1].

Group 1 - Southbound funds net bought Hong Kong stocks worth 4.816 billion HKD on February 11 [1] - Notable net purchases included Tencent Holdings at 735 million HKD, Zijin Mining International at 191 million HKD, Meituan-W at 162 million HKD, Pop Mart at 144 million HKD, and CNOOC at 122 million HKD [1] - Significant net sales were observed in Alibaba-W at 520 million HKD, SMIC at 390 million HKD, China Life at 246 million HKD, Yangtze Optical Fibre at 159 million HKD, and Xiaomi Group-W at 100 million HKD [1]