Zhi Tong Cai Jing·2025-12-22 01:44Group 1 - Changfei Fiber Optics (601869) and its subsidiary Changfei Cable (06869) have seen a stock price increase of over 9%, with a cumulative rise of more than 50% within the month, currently trading at 55.5 HKD with a transaction volume of 700 million HKD [1] - The "Research Report on the Development and Application of Information Photonic Technology (2025)" highlights the advantages of hollow-core fibers, including low latency, wide spectrum, low loss, and low nonlinearity, positioning them as a disruptive solution to traditional fiber optics' physical limitations [1] - Huaxi Securities (002926) notes that while hollow-core fibers are still in the early stages of commercialization, their characteristics are expected to meet the growing demand for AI model connectivity, showcasing significant potential value in internal interconnections, metropolitan data center interconnections, and wide-area interconnections [1] Group 2 - Changfei Fiber Optics is expanding its product offerings beyond traditional optical fiber to include high-value products such as multimode and hollow-core fibers, while also pursuing diversification strategies [1] - The company recently announced the issuance of 70 million new H-shares, with net proceeds of approximately 2.229 billion HKD, allocating about 80% of the funds for overseas business development and 20% for general operating expenses [1]