Core Viewpoint - The article discusses the internationalization of hard technology investments, highlighting the rebranding of Zijin Port Capital to Haiyuan Capital, which signifies a strategic shift towards a global perspective in innovation and investment [3][4]. Group 1: Internationalization of Hard Technology - By 2025, the focus of China's hard technology sector will shift from "internal competition" to "going global," with over 60 local R&D assets expected to be successfully authorized for international markets in 2024 [7]. - Deloitte's report indicates that 37% of large Chinese enterprises will have over 20% of their revenue from overseas by 2024, marking a transition from product export to brand and technology export [7]. - The internationalization of hard technology represents a fundamental shift in China's globalization model, moving from being a passive recipient of rules to an active shaper of global industry standards [7]. Group 2: Competitive Advantages in Hard Technology - China has made significant advancements in hard technology, particularly in sectors like renewable energy and artificial intelligence, establishing a robust supply chain and achieving world-leading technological capabilities [8]. - The comprehensive control over the entire supply chain in the renewable energy sector provides Chinese companies with unmatched cost advantages and scalability, essential for competing in the global market [8]. Group 3: Haiyuan Capital's Role - Haiyuan Capital's portfolio includes leading companies in the internationalization of hard technology, such as Jieput, which has subsidiaries in Japan, the US, and Singapore, and Daxiang Shengkai, which utilizes deep learning for real-time voice extraction [10][11]. - The investment strategies of Haiyuan Capital include leveraging the Hong Kong Stock Exchange for global capital access, establishing direct sales channels, and forming partnerships with strategic investors to enhance international presence [14][15][16]. - Haiyuan Capital has built a unique global innovation ecosystem through collaborations with top universities and institutions worldwide, facilitating the incubation of high-quality projects [19][20][21]. Group 4: Future Outlook - Haiyuan Capital aims to integrate resources from the Hangzhou Bay and Guangdong-Hong Kong-Macao Greater Bay Area to connect Chinese innovation with global markets, positioning itself as a bridge for hard technology [22].

Group 1 - The report indicates that the "bull market atmosphere" is continuously strengthening, with the main logic of "anti-involution" significantly improving the supply-demand structure for midstream manufacturing in 2026 [6][14] - The report suggests that the conditions for residents to fully allocate equity are still lacking, but the profit effect is accelerating, potentially leading to an earlier time for comprehensive incremental speculation in A-shares [6][14] - The report recommends actively seeking new structural opportunities in the current market phase, which is seen as a transitional stage for the market to find the main structure of the bull market [6][14] Group 2 - The report highlights the "iron triangle" stocks: Ruike Laser, Giant Network, and Heng Rui Medicine, which are expected to perform well due to their strong market positions and growth potential [6][17] - Other recommended stocks include: Pengding Holdings, Yangnong Chemical, Sun Paper, Zhongmin Resources, China Shipbuilding, Maifusi (Hong Kong), and Jianfa International Group (Hong Kong) [6][17] - The report emphasizes the importance of technology with industrial trend catalysts and midstream manufacturing with improved supply-demand dynamics as key investment themes [6][14] Group 3 - The previous stock combination from July 1 to July 31, 2025, achieved a return of 5.11%, with A-shares averaging a 3.53% increase, while the Hang Seng Index saw an increase of 2.91% [6][2] - Since the first release of the stock combination on March 28, 2017, the cumulative increase has reached 322.85%, with A-shares up 251.34% and Hong Kong stocks up 809.47% [6][2] - The report provides detailed performance metrics for the recommended stocks, including market capitalization and price changes, indicating a strong performance relative to benchmarks [6][15]

Investment Rating - The report indicates a positive investment outlook for the special optical fiber industry, highlighting a golden development period driven by government policies and technological advancements [2][3]. Core Insights - The Chinese special optical fiber market has shown significant growth, with the market size increasing from 4.3 billion RMB in 2019 to 7.6 billion RMB in 2023, and is projected to reach 13.1 billion RMB by 2028 [40]. - Global special optical fiber market size grew from 1.5 billion USD in 2019 to 2 billion USD in 2023, with expectations to reach 3.4 billion USD by 2028 [38]. - The report emphasizes the importance of government policies in promoting the development of the special optical fiber industry, encouraging R&D investments and enhancing innovation capabilities [2]. Market Overview - The global special optical fiber market is expected to grow at a compound annual growth rate (CAGR) of 11% from 2023 to 2028, driven by increased infrastructure investments in the Asia-Pacific region [38]. - The Chinese special optical fiber market is projected to maintain a CAGR of 15% over the next five years, fueled by advancements in 5G communication and new infrastructure projects [40]. Competitive Landscape - The Chinese special optical fiber market is concentrated, with leading manufacturers such as Yangtze Optical Fibre and Cable Company, Ruixin Optical Fiber, and others holding a combined market share of 35% [3]. - In the rare earth-doped fiber market, a few companies dominate, including Yangtze Optical Fibre and Ruixin Optical Fiber, which are capable of mass production of rare earth-doped fibers [3]. Application Market Analysis - The report highlights the increasing demand for special optical fibers in various applications, including laser technology, optical communication, and sensing technologies [19][28]. - The fiber laser market in China is expected to grow significantly, with the market size reaching 135.9 billion RMB in 2023, reflecting a year-on-year growth of 10.8% [55]. - The optical amplifier market, particularly the EDFA segment, is projected to see a rise in demand due to the growth of the optical communication sector, with a current market size of approximately 55% [30]. Future Trends - The report anticipates that the domestic production of special optical fibers will continue to increase, with a focus on high-performance products and the reduction of reliance on imports [22][28]. - The integration of advanced technologies in manufacturing processes is expected to enhance the quality and performance of special optical fibers, further driving market growth [18][19].