Core Viewpoint - The stock of Changfei Fiber (601869.SH) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from February 6 to February 10, 2026 [1] Group 1: Market Dynamics - There is a noted increase in demand for new optical fiber and cable products related to data centers, as well as significant attention on the business progress of overseas peers and fluctuations in fiber prices in the telecommunications market [1] - The proportion of optical fiber and cable products used for internal and interconnection in data centers is relatively small compared to the total global market demand [1] - Overall demand for optical fiber and cable products in the telecommunications market remains stable among domestic and international customers [1] Group 2: Business Impact - The impact of product price fluctuations on the company's future performance needs to be assessed in conjunction with future market conditions and the company's business situation [1] - The company currently does not engage in CPO (Co-Packaged Optics) related business [1]

| 上证报中国证券网讯(记者郑维汉)2月10日，长飞光纤开盘后震荡走高至涨停，实现两连板，报211.48元/股。 | | --- | | 〈 그 | 长飞光纤(601869) | | | | --- | --- | --- | --- | | 交易中 02-10 10:19:50 通 融 | | | | | 2 1 1 . 4 8 额 20.76亿 股本 8.28亿 市盈 ** 305.76 | | | 万得 | | +19.23 +10.00% 换 2.47% 市值 1277亿 市净" 12.64 | | | 盘口 | | 港股 111.500 6.800 6.49% | 溢价(H/A) -53.14% | | | | से मिब | 五日 日Ｋ 月Ｋ 月Ｋ 更多 | | [0] | | 均价: 207.00 盘口 资金 | | 暨加 | | | 10.00% 卖5 | | | 0 | | 574 | 季3 | | 0 0 | | 577 | | | | | UUUS 3000 U | | 192.25 | 0 | | 211.48 17804 | | | | | 211.47 | द्रॉ. 2 | | ...

Core Viewpoint - The CPO sector has experienced significant growth, with leading company Changfei Fiber (601869) hitting a new historical high and achieving a two-day consecutive limit-up in stock price, reflecting strong market interest and performance in the optical module industry [1][4]. Company Performance - Changfei Fiber's stock opened at 198.37 CNY, reached a high of 211.48 CNY, and closed at 211.48 CNY, marking a 10% increase [2][5]. - The trading volume for Changfei Fiber exceeded 20 billion CNY, with a total market capitalization of 175.1 billion CNY [1][4]. - Other companies in the CPO sector also saw significant gains, with Jiepte rising nearly 10%, Hengtong Optic-Electric increasing by nearly 7%, and Zhongfu Circuit and Tiantong shares rising over 4% [1][4][6]. Industry Trends - The recent surge in the optical module market is driven by technological upgrades and increasing demand, particularly in AI data centers [4][7]. - Tower Semiconductor's collaboration with NVIDIA to develop advanced silicon photonics technology for AI data centers is a key development, indicating a new growth phase in data center interconnectivity [4][7]. - The Ministry of Industry and Information Technology's announcement on February 6 regarding the construction of national computing power interconnection nodes is expected to further enhance the infrastructure supporting the optical module market [6][7].

近日，韩国贸易委员会发布第2026-1号公告（案件调查号23-2025-1），对原产于中国的单模光纤作出反 倾销肯定性终裁，建议韩国企划财政部对江苏亨通光电股份有限公司及其关联企业、长飞光纤光缆股份 有限公司及其关联企业、杭州金星通光纤科技有限公司及其关联企业以及中国其他生产商/出口商征收 为期五年的反倾销税，税率均为43.35%。本案涉及韩国税号9001.10.0000项下的产品，但不包括低损耗 光纤束、光缆以及规格为G.652.D主要用于光学设备的单模光纤。 ...

Group 1 - The core viewpoint of the article highlights the recent surge in Changfei Fiber's stock price, achieving a two-day limit-up, indicating strong market interest and activity in the fiber optics sector [1] - The stock reached a trading halt at 9:58 AM with a transaction volume of 2.039 billion yuan and a turnover rate of 2.42%, reflecting significant investor engagement [1] - There is a notable upward trend in fiber optic prices, particularly the G.652.D bare fiber price, which has been increasing since December 2025 and is expected to accelerate into 2026 [1] Group 2 - The supply-demand dynamics in the fiber optic market have reversed, with a continuous reduction in supply capacity and an accelerated demand driven by AI data center construction, leading to a situation of supply shortages [1] - The CPO concept has seen a resurgence in the market, with fiber optics and CPO-related hardware stocks showing repeated activity, indicating a broader trend in the technology sector [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the optical fiber industry, highlighting key players and market dynamics. Key Players - **First Tier (Top Four Leaders)**: - **Changfei Fiber** - **FiberHome Technologies** - **Hengtong Optic-Electric** - **ZTT (Zhongtian Technology)** - These companies focus on high-end multimode and hollow-core fiber, which exhibit profit elasticity [1][1][1] - **Second Tier**: - **Yongding Co., Ltd.** - This company is positioned as a significant player but not in the top tier [1][1][1] Additional Notes - **Beijing Stock Exchange**: - Mention of **Gobi Technology**, indicating its relevance in the market [1][1][1] This summary captures the essential points regarding the optical fiber industry and its key players as discussed in the conference call.

Summary of Conference Call Notes Industry Overview - The focus is on the optical fiber industry, particularly the MPO (Multi-fiber Push On) segment, which is identified as a high-value area within the optical fiber market [1] - The demand for optical fibers is significantly driven by AI applications, including large model training and inference, as well as the expansion of DCI (Data Center Interconnect) and metropolitan area cable construction [1] Key Insights - There is a strong expectation for price increases in the optical fiber market, with previous doubts about the sustainability of the price increase cycle now fully resolved [1] - The supply-demand imbalance is expected to support a continued upward price trend in the future [1] - The industry is currently experiencing a rapid price increase, described as a "violent growth" trend, with prices for scattered fibers projected to reach 21 yuan per core kilometer by the end of 2025, having already surpassed 60 yuan per core kilometer [1] Company Focus - Longxin Bochuang is highlighted as a key player, leveraging the core resources of its parent company, Changfei Optical Fiber, to ensure stable supply of raw materials and create a synergistic advantage [2] - The company is expected to see a continuous improvement in gross margins due to the rising prices of MPO, which is considered a critical carrier for realizing high value in optical fibers [2] - There is a potential for Longxin Bochuang to significantly increase its market share with Google, especially following a recent large order of 6 billion yuan signed between Meta and Corning, indicating strong ties [2] Investment Recommendations - Key optical fiber stocks recommended include Changfei Optical Fiber, Hengtong Optic-Electric, and Zhongtian Technology [2] - Longxin Bochuang is specifically emphasized as a core investment target due to its strategic positioning and expected growth in the MPO segment [2]

（文章来源：每日经济新闻） 每经AI快讯，长飞光纤光缆(06869.HK)涨超9%，截至发稿，涨9.17%，报114.3港元，成交额13.07亿港 元。 ...

智通财经APP获悉，长飞光纤光缆(06869)再涨超9%，高见114.8港元续刷新高，年初至今股价实现翻 倍。截至发稿，涨9.17%，报114.3港元，成交额13.07亿港元。 消息面上，根据华源证券，光纤价格已经温和上涨了约半年时间，其中G.652.D裸光纤价格从不到20元/ 芯公里一路上涨，进入2026年后开始加速上涨。核心原因在于光纤供需的反转：供应端产能在不断出 清，而需求端AI数据中心建设加速驱动，导致各类光纤出现供不应求的情况。该行指出，光纤市场的 集中度较高，收入及盈利能力受需求影响显著。根据网络电信信息研究院统计，2024年全球光纤光缆市 场排名前4的厂家分别是康宁、长飞、中天科技、亨通光电，4家合计市占率超过50%。 ...

Group 1 - The CPO concept stocks in the A-share market experienced a broad increase, with notable gains from several companies [1] - Changfei Fiber Optics saw an increase of over 8%, while Jepu Te rose by 5% [1] - Other companies such as Tiantong Co., Guangxun Technology, and Ruijie Networks increased by over 4% [1] Group 2 - The following are the performance details of key stocks: - Changfei Leishe (601869) increased by 8.37%, with a total market value of 172.5 billion and a year-to-date increase of 79.06% [2] - Jepu Te (688025) rose by 5.08%, with a market value of 21.2 billion and a year-to-date increase of 57.91% [2] - Tiantong Co. (600330) increased by 4.81%, with a market value of 22 billion and a year-to-date increase of 36.10% [2] - Guangxun Technology (002281) rose by 4.34%, with a market value of 59 billion and a year-to-date increase of 4.49% [2] - Ruijie Networks (301165) increased by 4.01%, with a market value of 63.8 billion and a year-to-date decrease of 9.72% [2] - Other companies also showed positive performance, with increases ranging from 1.22% to 3.74% [2]