Core Insights - The Hong Kong stock market experienced a net sell-off of 39.52 billion HKD from northbound capital on November 26, with the Shanghai Stock Connect contributing a net sell of 14.33 billion HKD and the Shenzhen Stock Connect contributing 25.18 billion HKD [1] Group 1: Net Buying and Selling - Alibaba-W (09988) was the most net bought stock, with a net inflow of 7.51 billion HKD, driven by positive performance in its e-commerce and cloud business [2][4] - Tencent (00700) faced the highest net sell-off of 11.79 billion HKD, attributed to a reduction in capital expenditure guidance for 2025 [6] - The most net sold stock was the Tracker Fund of Hong Kong (02800), with a net outflow of 22.58 billion HKD [6] Group 2: Company-Specific Developments - Alibaba's cloud revenue grew by 34% year-on-year, exceeding expectations, while the adjusted EBITA margin fell by 13.4 percentage points to 3.7% due to significant investments in e-commerce and AI [4] - Longi Green Energy (06869) received a net inflow of 1.77 billion HKD, supported by advancements in AI-driven growth and leading-edge research in hollow-core fiber technology [5] - China Mobile (00941) saw a net inflow of 5452 million HKD, following the announcement of a commercial trial for satellite IoT services [5] Group 3: Market Trends and Sentiment - The overall sentiment in the Hong Kong market is cautious, with analysts noting that while short-term risk factors are decreasing, a rebound requires catalysts [6] - The semiconductor sector, particularly stocks like Huahong Semiconductor (01347) and SMIC (00981), faced significant net sell-offs due to concerns over competition in the AI chip market [6]

华泰证券此前指，AI数通驱动增长，空芯光纤应用持续开拓。在下一代光纤技术方面，公司空芯光纤 的研发与产业化进程全球领先。此外，公司通过子公司长芯博创布局的MPO、AOC、高速铜缆等光互 联组件业务已成为强劲增长点，受益于北美AI数据中心建设，公司海外业务持续拓展。 智通财经APP获悉，长飞光纤光缆(06869)盘中拉升，现涨近7%，截至发稿，涨6.8%，报38.94港元，成 交额9.25亿港元。 消息面上，据报道，Meta正与谷歌就2027年在其数据中心使用价值数十亿美元TPU芯片进行谈判，同时 计划明年从谷歌云租用芯片。中泰证券研报指出，谷歌凭借从芯片（TPU）、网络（OCS）、模型 （Gemini）到应用（云计算/搜索/广告等）的完整技术闭环，构建起强大的AI护城河，并推动资本开支 持续增长。随着TPU出货量预期上修、OCS渗透率提升以及1.6T光模块放量，相关硬件供应商将迎来重 大发展机遇。 ...

消息面上，近日，谷歌AI基础设施负责人Amin Vahdat在全体大会中表示，公司必须每6个月将AI算力翻 倍，并在未来4到5年内额外实现1000倍的增长，以应对持续上升的AI服务需求。此外，Meta Platforms 据悉正考虑斥资数十亿美元购买谷歌的TPU，包括用于Meta的数据中心建设。此前，谷歌正式发布第七 代TPU"Ironwood"，是目前谷歌性能最强大、能效最高的定制芯片。 华泰证券此前指出，公司空芯光纤的研发与产业化进程全球领先。此外，公司通过子公司长芯博创 （300548）布局的MPO、AOC、高速铜缆等光互联组件业务已成为强劲增长点，受益于北美AI数据中 心建设，公司海外业务持续拓展。该行认为，未来随着高毛利率的空芯光纤、光互联组件等AI相关业 务占比持续提升，公司整体盈利能力有望得到结构性改善。 长飞光纤（601869）光缆(06869)涨超15%，公司A股涨停。截至发稿，涨15.21%，报37.26港元，成交 额8.68亿港元。 ...

Core Viewpoint - Changfei Fiber Optics (06869) has seen a significant stock increase of over 15%, with its A-shares hitting the daily limit, reflecting strong market interest and positive sentiment towards the company amid rising AI service demands [1] Group 1: Company Performance - The stock price of Changfei Fiber Optics rose by 15.21%, reaching 37.26 HKD, with a trading volume of 868 million HKD [1] - The company is recognized for its leading position in the research and industrialization of hollow-core optical fibers [1] Group 2: Industry Trends - Google AI infrastructure head Amin Vahdat stated that the company needs to double its AI computing power every six months and achieve an additional 1000 times growth in the next 4 to 5 years to meet the increasing demand for AI services [1] - Meta Platforms is reportedly considering investing billions of dollars in purchasing Google's TPU for its data center development, indicating a strong demand for advanced computing technologies [1] - Google's recent launch of the seventh-generation TPU "Ironwood" marks its most powerful and energy-efficient custom chip to date, highlighting advancements in AI-related hardware [1] Group 3: Growth Opportunities - Changfei Fiber Optics' subsidiary, Changxin Bochuang, is expanding into MPO, AOC, and high-speed copper cable businesses, which are becoming strong growth points due to the construction of AI data centers in North America [1] - The company is expected to see structural improvements in overall profitability as the proportion of high-margin hollow-core optical fibers and AI-related optical interconnection components continues to increase [1]

Core Viewpoint - Changfei Fiber Optics experienced a limit-up on November 25, 2025, reaching a price of 81 yuan, with a growth of 9.99%, and a total market capitalization of 61.39 billion yuan [1] Company Summary - In the first half of 2025, Changfei Fiber Optics reported a revenue growth of 19.38%, indicating a continuous expansion of its business scale and a positive development trend [2] - The company's operating cash flow net amount increased to 842 million yuan, showing an improvement of over 294%, significantly enhancing its cash recovery capability [2] - Changfei Fiber Optics has maintained partnerships with Huaxin and Nokia Bell, ensuring continuity in its core business [2] - The company has increased its R&D investment, focusing on cutting-edge technologies such as hollow-core fiber, which is expected to create new growth points in the long term [2] - The cancellation of the supervisory board has optimized the governance structure, improving decision-making efficiency [2] Industry Summary - The communication industry is experiencing rapid development, with a continuous increase in demand for fiber optic cables and related products [2] - According to Dongfang Caifu data, the communication sector performed actively in 2025, with several related stocks showing good growth, benefiting Changfei Fiber Optics as a key player in the industry [2] - Technical indicators show that on November 25, there was a net inflow of large orders, and the MACD indicator formed a golden cross recently, signaling positive technical momentum and attracting more investor attention [2]

Core Insights - The "2025 Global Fiber Optic Cable Conference" was held in Nantong, organized by the Asia-Pacific Fiber Optic Cable Industry Association (APC), focusing on promoting high-quality development in the global fiber optic cable industry and fostering technological innovation and application [1] - Tongding Interconnection, a company from Wujiang, was awarded four industry awards during the conference, highlighting its comprehensive strength and innovative performance in the fiber optic communication sector [1] Industry Developments - The conference included the release of the "2025 Global Fiber Optic Cable Industry Development Report" and related international standards, providing important references for technological development and ecological collaboration within the industry [1] - The event featured the "2025 19th ODC China Optical Communication Development and Competitiveness Forum" and the award ceremony for the "Top 10 Most Competitive Enterprises in Global/China Optical Communication 2025," where Tongding Interconnection received accolades for its innovation and customer service [1] Company Strategy - In response to the challenges posed by the demand for AI and computing power, Tongding Interconnection is enhancing its focus on high-end product research and system solutions [2] - The company aims to continue its innovation-driven development approach, concentrating on new fiber optics and intelligent computing networks, while deepening collaboration with various stakeholders in the industry [2] - Tongding Interconnection is committed to contributing its wisdom and strength to build a high-quality and sustainable future for the optical communication industry [2]

Group 1: Market Overview - The Hang Seng Index fell by 0.45%, down 117 points, closing at 25,812 points, while the Hang Seng Tech Index dropped by 0.98% [1] - The trading volume in the Hong Kong stock market reached HKD 112.6 billion in the morning session [1] Group 2: Hydrogen Energy Sector - Hydrogen energy stocks experienced a significant rise, driven by the continuous rollout of green hydrogen ammonia industry policies, indicating a maturing industry [1] - Reshaping Energy (02570) surged by 24.29%, while Guofu Hydrogen Energy (02582) increased by over 4.64% [1] Group 3: Oil Sector - Oil stocks continued their recent upward trend, with institutions noting the resilience of the three major oil companies during the oil price downturn [1] - Sinopec (00386) rose by 3.6%, PetroChina (00857) increased by 2.49%, and CNOOC (00883) gained 2.11% [1] Group 4: Telecommunications and Technology - Changfei Optical Fiber and Cable (06869) saw an increase of over 4% after China Telecom completed the world's first ultra-long-distance hollow core fiber transmission experiment [1] - Boleton (01333) surged by over 10% as the company is set to globally launch its autonomous driving specialized mining truck this Friday [1] Group 5: Gold and Consumer Products - Shangshan Gold (01939) rose nearly 2% following a profit warning, which is expected to boost its global layout of intelligent gold terminals [1] - H&H International Holdings (01112) increased by over 2%, with a strong growth momentum in its infant-related products, particularly in infant formula sales exceeding industry averages [1] Group 6: Medical and Defense Sectors - Yimai Sunshine (02522) rose by over 4% as the company plans to further invest in Yinghe Medical, validating its commercial path for medical data assetization [1] - China Shipbuilding Defense (00317) increased by over 4%, with institutions noting that second-hand ship prices have surpassed new ship prices, indicating an upcoming positive trend in the shipbuilding sector [1] Group 7: Declining Stocks - Jacobson Pharmaceutical (02633) fell by over 8% due to a 5.36% year-on-year decrease in mid-term earnings, despite a 20% increase in dividends [2] - Yuejiang (02432) dropped by over 4%, accumulating a decline of over 40% in the past two months, having completed two rounds of equity financing in four months [2]

Core Viewpoint - Changfei Optical Fiber (601869) and its cable segment saw a significant stock price increase, attributed to advancements in optical fiber technology and growing demand driven by AI computing needs [1] Company Summary - Changfei Optical Fiber's stock rose over 8% during trading, closing at 36.2 HKD with a transaction volume of 554 million HKD [1] - The company is positioned to benefit from the advancements in hollow-core fiber technology, which is expected to be a strategic growth lever [1] Industry Summary - China Telecom (601728) achieved a milestone by successfully completing the world's first transmission experiment using hollow-core fiber over a distance exceeding 100 kilometers, setting a new record in the field [1] - The experiment's four core indicators reached globally leading levels, indicating significant progress in quantum-classical co-transmission technology [1] - According to Zhongtai Securities (600918), the explosion of AI computing power demand in 2025 will be a key driver for optical fiber demand, with data centers transitioning to 800G/1.6T networks [1] - UBS highlighted the long-term development potential of hollow-core fiber, predicting that technology will mature over the next 2-3 years, contributing significantly to revenue, although short-term profit impacts remain limited [1]

智通财经APP获悉，长飞光纤光缆(06869)盘中涨超8%，截至发稿，涨7.35%，报36.2港元，成交额5.54 亿港元。 消息面上，据科技日报报道，中国电信近日成功完成全球首个超百公里的空芯光纤共纤传输实验，创下 该领域全新纪录，标志着我国在量子-经典共纤传输技术领域实现里程碑式突破。据介绍，实验取得的 四项核心指标均达到全球领先水平。 中泰证券发布研报称，2025年，AI算力需求的爆发是拉动光纤需求的核心增量。为保证超大AI集群的 训练效率，数据中心内部和数据中心之间的网络互联正加速向800G/1.6T演进。空芯光纤被视为AI集群 内部通信和超低时延DCI的终极解决方案。瑞银表示，空芯光纤具备长期发展潜力，预计未来2-3年技 术将逐步成熟并实现可观收入贡献，是长飞光纤光缆战略性增长杠杆，但短期对盈利的影响仍有限。 ...

Core Viewpoint - The global AI computing power investment is expected to drive high growth in the optical communication sector's net profit attributable to the parent company in Q4 2025 and 2026 [1] Group 1: Optical Communication Sector - The optical communication sector is anticipated to continue high growth in net profit due to increased investment in AI computing power [1] - Demand for hollow-core optical fibers, submarine cables, and DCI (Data Center Interconnect) is noteworthy [1] Group 2: Telecommunications Operators - The telecommunications operator sector is expected to maintain steady growth [1] - The development of AI applications is bringing new growth momentum to cloud computing and data center businesses for telecom operators [1] Group 3: ICT Equipment and IDC - The ICT equipment and IDC sectors are likely to benefit from the capital expenditure growth of internet giants [1] Group 4: Copper Connection Sector - The copper connection sector is set to realize growth as production capacity is released [1] Group 5: Market Trends - The optical module market is expected to maintain high prosperity due to ongoing investments in domestic and international computing infrastructure [1] - As of October 28, the communication ETF (515880) has a 52% allocation to optical modules and a 22% allocation to servers, with optical fibers and copper connections combined exceeding 81% [1]