Zhi Tong Cai Jing·2025-09-09 02:25Group 1 - Changfei Optical Fiber (601869) saw its stock price rise over 7% in early trading, currently up 6.27% at HKD 47.8, with a trading volume of HKD 591 million [1] - The Ministry of Commerce recently announced anti-circumvention measures against imported optical fiber products from the United States, initiated due to Changfei's request [1] - This marks the first anti-circumvention investigation in China, officially launched on March 4, 2025, against U.S. G.654.C optical fibers [1] Group 2 - Changfei's recent announcement indicates that optical fiber products related to data centers represent a small proportion of global demand, with hollow-core fibers still lacking scale sales and stable pricing [1] - The future application scenarios and business development of hollow-core fibers depend on the further maturity of the industry chain, presenting significant uncertainty [1] - Currently, the hollow-core fiber business has not significantly impacted the company's financial data [1] Group 3 - DBS has downgraded Changfei's rating from "Buy" to "Fully Valued," raising the target price from HKD 20.2 to HKD 40.3, citing a nearly threefold increase in stock price over the past six months [1] - The bank believes that the market has overreacted to the company's development [1]