Core Viewpoint - Wuhan's biotechnology and high-tech manufacturing sectors are experiencing significant growth and innovation, exemplified by the approval of a recombinant human albumin injection and advancements in electric vehicle technology [1][2]. Traditional Industry Transformation and Upgrading - Dongfeng Motor Corporation's new energy vehicles equipped with the DF30 chip have passed cold climate testing, with plans for mass production next year [2]. - The automotive industry in Wuhan has seen a 152% year-on-year increase in new energy vehicle production, exceeding 168,000 units in the first half of the year [2]. - Traditional industries are revitalizing, with examples such as the transformation of Wuhan Iron and Steel's old factory into a green super factory and the digitalization efforts of Ma Yinglong Pharmaceutical [2]. Emerging Industry Development - The optical electronics information sector is a key strength for Wuhan, with the East Lake New Technology Development Zone expanding its industrial chain and innovation capabilities [3]. - Longhua Fiber Optic Cable Co., Ltd. has launched air-core optical fibers, significantly enhancing signal transmission speed [3]. - The "Optical Core Screen End Network" industry in Wuhan has surpassed a scale of 600 billion yuan, with a target growth rate of over 20% annually [3]. Future Industry Focus and Layout - Wuhan is making strides in the field of brain-computer interfaces, with the first implant surgery completed in Central China, marking a significant advancement in clinical applications [4]. - The city is targeting 13 sub-sectors, including brain-computer interfaces and humanoid robots, to establish a competitive future industry landscape [5]. - The local government emphasizes the importance of technological innovation in driving the modernization of the industrial system and improving development quality [5].

融券方面，当日融券卖出0.02万股，净买入0.16万股。 最近三个交易日，13日-15日，长飞光纤分别获融资买入1.37亿元、1.14亿元、0.51亿元。 8月15日，沪深两融数据显示，长飞光纤获融资买入额0.51亿元，居两市第495位，当日融资偿还额1.05 亿元，净卖出5353.27万元。 ...

中泰证券（600918）发布研报称，空芯光纤是未来AI数据中心互联的主要品种；随着AI带来数据中心 建设，DC内MPO亦有望带来特种光纤增量需求。鉴于空芯光纤这一细分领域市场刚起步，未来竞争格 局或将仍有头部企业主导，但初创企业结合头部CSP大厂仍有一定机会。中国移动（600941）首条空芯 光纤正式商用，运营商或将引领国内需求节奏、技术突破，成本下降将推动规模应用。 中泰证券主要观点如下： 空芯光纤以空气为传输介质，其具备更低时延和更低损耗两种主要特性，是未来AI数据中心互联的主 要品种 空芯光纤的导光原理是以特殊微结构形成的光子禁带或反谐振效应来抑制纤芯中光的横向泄漏，实现低 折射率纤芯中的轴向光传输。空芯光纤中绝大部分光能量(95%以上)在空气芯中传输，非线性效应和延 迟较小，损伤阈值高，热稳定性好，且其超低时延(较传统光纤降低30%)和超低损耗(0.1dB/km以下)特 性，可支撑金融高频交易、AI算力集群跨地域互联等时延敏感场景。此外，随着AI带来数据中心建 设，DC内MPO亦有望带来特种光纤增量需求。 海外微软引领空芯光纤技术、产品及商业化，DCI初创企业进展迅速 海外微软或将长期引领空芯行业，2 ...

Economic Environment - Wuhan's industrial investment exceeded 580 billion CNY, with industrial investment growth at 15.1%[11] - The software business revenue reached 350 billion CNY, growing by 15%[14] - New registered business entities surpassed 550,000, ranking second among sub-provincial cities[15] Innovation and Technology - The total number of patent applications reached 952,668, with 456,532 being invention patents[23][25] - The patent quality index for Wuhan is 65.06, ranking 12th among similar regions in China[32] - The number of PCT applications indicates a growing global market awareness among local enterprises[34] Innovation Institutions - Wuhan has a diverse range of innovation institutions, including 2,288 entities, with a significant increase in private tech companies[41] - The top innovative institutions include Huazhong University of Science and Technology and Wuhan University, with innovation power indices above 94[53] Intellectual Property - The total trademark applications reached 1,008,908, indicating a vibrant market for new products[29] - The number of active patents in substantive examination reflects a high level of recent innovation activity[27] Innovation Trends - Patent applications and authorizations have shown consistent growth over the past three years, outpacing the national average[34] - The trend in trademark applications suggests a shift towards a dual-driven innovation model combining technology and branding[34]

Investment Rating - The report suggests a positive investment outlook for the hollow-core fiber industry, with a projected compound annual growth rate (CAGR) of 56.52% over the next six years [6][39]. Core Insights - Hollow-core fiber, utilizing air as the transmission medium, offers significantly lower latency (30% reduction compared to traditional fibers) and lower loss (below 0.1 dB/km), making it suitable for time-sensitive applications such as financial high-frequency trading and AI data center interconnections [6][14]. - Microsoft is leading the commercialization of hollow-core fiber technology, planning to deploy 15,000 kilometers for data center and AI model connections within the next 24 months [6][34]. - The hollow-core fiber market is still in its early commercialization phase, with significant growth opportunities as demand from data center interconnections (DCI) expands [6][39]. Summary by Sections Hollow-Core Fiber Technology - Hollow-core fiber transmits over 95% of its energy in air, resulting in minimal non-linear effects and high thermal stability, which supports high-speed data transmission [6][12]. - The technology is expected to revolutionize traditional fiber optics by overcoming physical limitations associated with glass fibers [6][14]. Market Dynamics - The global market for hollow-core fiber is projected to reach $1 billion by the end of 2030, driven by rapid DCI business expansion [6][39]. - The competitive landscape is expected to remain stable, dominated by major players like Corning and domestic companies such as Yangtze Optical Fibre and Cable [6][39]. Domestic Developments - China Mobile's first commercial deployment of hollow-core fiber in July 2025 marks a significant milestone in the domestic market, with expectations for increased demand and reduced costs as production scales up [6][46]. - Major Chinese companies like Yangtze Optical and Hengtong are making technological breakthroughs that will further drive down costs and enhance market adoption [6][49]. Investment Recommendations - The report highlights key companies to watch, including Yangtze Optical Fibre, Hengtong, and FiberHome, which are positioned to benefit from the growth in hollow-core fiber technology and DCI demand [6][46].

Core Viewpoint - Changfei Fiber's stock price closed at 54.90 yuan on August 11, down 1.47% from the previous trading day, indicating a slight decline in market performance [1] Company Overview - The company specializes in the research, development, production, and sales of optical fiber preform, optical fibers, and optical cables, which are widely used in communication network construction [1] - As a significant player in China's optical fiber and cable industry, the company's product line covers a complete industrial chain from raw materials to finished products [1] Market Activity - On August 11, the trading volume was 162,800 hands, with a transaction amount of 904 million yuan [1] - The stock reached a maximum of 57.75 yuan and a minimum of 54.14 yuan during the day, with a volatility of 6.48% [1] Capital Flow - On August 11, the net outflow of main funds was 50.3968 million yuan, accounting for 0.23% of the circulating market value [1] - However, over the past five trading days, there has been an overall net inflow of funds, totaling 84.36 million yuan, which represents 0.38% of the circulating market value [1]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][43]. Core Viewpoints - The communication industry is entering a phase of technological iteration and policy benefits, with new growth drivers from AI, quantum communication, and low-altitude economy. The recovery of cellular IoT modules from inventory adjustments and the ongoing construction of communication facilities such as base stations and data centers are expected to create new demands for devices, equipment, and service operations [3][40]. Summary by Sections 1. Industry Market Review - The communication sector index rose by 3.93% from July 25 to August 7, outperforming the CSI 300 index by 4.75 percentage points, ranking 4th among 31 first-level industries. The sector has seen a cumulative increase of 21.63% this year, surpassing the CSI 300 index by 17.06 percentage points [4][11]. 2. Industry News - The report highlights several key developments: 1. The release of the new GPT-5 series model by OpenAI, which will be integrated into various Microsoft platforms [16]. 2. Omdia's forecast that global cellular IoT connections will reach 5.1 billion by 2030, driven by technologies like 5G RedCap [18]. 3. The Ministry of Industry and Information Technology's initiative to develop leading enterprises in the brain-computer interface sector [19]. 4. A strategic cooperation agreement between China Mobile and Tencent [20]. 5. Shanghai's goal to achieve a computing power center scale of over 100 EFLOPS by the end of 2025 [21]. 3. Company Announcements - Key financial results include: 1. China Mobile reported a revenue of 543.8 billion yuan for the first half of 2025, a slight decrease of 0.5% year-on-year [24]. 2. Weisheng Information's net profit increased by 12.2% year-on-year [26]. 3. Shijia Photon reported a significant revenue growth of 121.12% year-on-year [27]. 4. Industry Data Updates - As of June 2025, the mobile phone user base reached approximately 1.81 billion, a year-on-year increase of 2.66% [28]. The internet broadband access user base was about 684 million, up 4.98% year-on-year [29]. The length of optical cable lines reached approximately 73.77 million kilometers, reflecting a year-on-year growth of 9.91% [31]. The number of 5G base stations reached 4.549 million, with a net increase of 298,000 from the end of the previous year [36]. 5. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and performance certainty." Recommended stocks include China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information, each with distinct competitive advantages in the communication sector [40][41].

Core Insights - The report highlights that as of July 29, 2024, there are 5,817 listed companies in the A-share market, with a total of 1,144 secretaries earning over 1 million yuan, accounting for over 21% of the total [1] - The total salary for A-share secretaries reached 4.086 billion yuan in the previous year, with an average salary of 754,300 yuan [1] Salary Distribution in the Communication Equipment Industry - In the communication equipment sector, there are 104 listed companies, with an average secretary salary of 740,800 yuan, ranking 52nd among 125 secondary industries [1] - The average salary in this sector decreased by 20,600 yuan compared to the previous year, placing it 92nd in salary growth among primary industries [1] - Among the 104 secretaries, 40 earn between 0-500,000 yuan, and 46 earn between 500,000-1 million yuan, indicating that over 80% earn below 1 million yuan [1] Highest and Lowest Salaries - The highest-paid secretary in the communication equipment industry is Ding Jianzhong from ZTE, with a salary of 3.445 million yuan [1] - The lowest-paid secretary among those in office is Zhang Wan Hong from *ST Jinglun, earning 173,300 yuan [1] Age Distribution of Secretaries - The age of the 104 secretaries ranges from 30 to 61 years, with a relatively even distribution [3] - The highest average salary is found in the 57-year age group, at 2.1073 million yuan, largely influenced by Zheng Xin from Changfei Fiber, who earns 3.1007 million yuan [3] Educational Background - Among the 104 secretaries, 53 hold a master's degree, and 47 have a bachelor's degree, making up over 90% of the total [5] - The only doctoral degree holder is Wang Jun from Zhongji Xuchuang, with a salary of 2.097 million yuan, significantly higher than the average salaries of bachelor's and master's degree holders [5] - The average salary for those with a diploma is 1.1085 million yuan, exceeding that of bachelor's and master's degree holders, driven by the high salary of Cai Bo from Taicheng Light [5] Relationship Between Salary and Stock Performance - An analysis of secretaries' salaries in the range of 0-1.5 million yuan shows a positive correlation between salary increases and the number of company surveys conducted, with corresponding stock price annual changes of 3.19%, 13.88%, and 61.89% [7]

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。 長飛光纖光纜股份有限公司 Yangtze Optical Fibre and Cable Joint Stock Limited Company* （於中華人民共和國註冊成立之股份有限公司） （股份代號：6869） 海外監管公告 本公告由長飛光纖光纜股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 以下為本公司於上海證券交易所網站刊發之《長飛光纖光纜股份有限公司關於 2025年員工持股計劃完成股票非交易過戶的公告》及《長飛光纖光纜股份有限公司 2025年員工持股計劃第一次持有人會議決議公告》，僅供參閱。 承董事會命 長飛光纖光纜股份有限公司 Yangtze Optical Fibre and Cable Joint Stock Limited Company* 董事長 证券代码：601869 证券简称：长飞光纤 公告编号：临 2025-033 长飞光纤光缆股份有限 ...

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之股份有限公司） 關連交易 監事根據二零二五年員工持股計劃認購標的股票 茲提述長飛光纖光纜股份有限公司（「本公司」）日期為二零二五年三月二十八日的 公告（「該公告」）、本公司日期為二零二五年六月四日的通函（「該通函」）及本公 司日期為二零二五年六月三十日的股東週年大會表決結果公告（「股東週年大會結 果」），內容有關採納二零二五年員工持股計劃。除另有指明外，於本公告內所用 詞彙應具有該公告及該通函所界定的相同涵義。 完成二零二五年員工持股計劃項下所回購A股轉讓 董事會欣然宣佈，於二零二五年八月七日，本公司接獲中國證券登記結算有限責 任公司出具的《過戶登記確認書》，確認6百萬股A股股票以非交易過戶的形式過戶 至二零二五年員工持股計劃名下 ...