智通财经网·2025-09-09 02:22Group 1 - The core viewpoint of the article highlights that Changfei Fiber Optic Cable (06869) experienced a significant stock price increase, rising over 7% in early trading and currently at 47.8 HKD, with a trading volume of 591 million HKD [1] - The Ministry of Commerce recently announced anti-circumvention measures against imported fiber optic products from the United States, initiated due to the appeal from Changfei, marking China's first anti-circumvention investigation [1] - The investigation was formally launched on March 4, 2025, following Changfei's application, specifically targeting G.654.C fiber from the U.S. [1] Group 2 - Changfei's recent announcement indicates that fiber optic products related to data centers constitute a small proportion of global demand for fiber optic cables, and the hollow core fiber, as a cutting-edge product, has not yet achieved scale sales or stable pricing and profit levels [1] - The future application scenarios and business development of hollow core fiber depend on the further maturation of the industry chain, which presents significant uncertainty [1] - Currently, the hollow core fiber-related business has not had a noticeable impact on the company's financial data [1] Group 3 - DBS has downgraded Changfei's rating from "Buy" to "Fully Valued," raising the target price from 20.2 HKD to 40.3 HKD, citing that the stock price has tripled over the past six months, indicating that the market's reaction to the company's development may be excessive [1]