Core Viewpoint - The Chinese optical cable industry is experiencing a decline in production, with a notable decrease in output in 2025 compared to previous years [1] Industry Summary - According to the National Bureau of Statistics, the optical cable production in China for November 2025 was 22.71 million core kilometers, representing a year-on-year decrease of 2% [1] - From January to November 2025, the cumulative optical cable production in China reached 226.469 million core kilometers, showing a cumulative decline of 6.7% [1] - The report titled "2026-2032 China Power Optical Cable Industry Market Panorama Assessment and Development Trend Research Report" by Zhiyan Consulting provides insights into the market trends and forecasts for the optical cable industry [1] Company Summary - Listed companies in the optical cable sector include Changfei Optical Fiber (601869), TeFa Information (000070), Zhongtian Technology (600522), and Hengtong Optic-Electric (600487) [1]

上海并购基金三期主要聚焦于高端制造、集成电路、新材料、新能源、信息技术等国家政策支持产业的 并购等股权投资机会，开展投资。公司子公司长飞资本及长芯博创本次认购上海并购基金三期有限合伙 份额，旨在借助专业投资机构在股权投资领域的资源与优势，拓宽投资渠道，助力公司巩固并提升市场 地位。 长飞光纤（601869）光缆(06869)发布公告，本公司子公司长飞资本及长芯博创（300548）拟于近日与 海通并购(上海)私募基金管理有限公司(海通并购资本)、海通开元投资有限公司、上海益流实业总公 司、上海益流能源(集团)有限公司、泰州海陵城市发展集团有限公司、华能贵诚信托有限公司(代表华能 信托.尊承亨裕财富传承信托168号)、上海浦益实业有限公司签署《上海并购私募投资基金三期合伙企 业(有限合伙)之合伙协议》(合伙协议)，并拟认购上海并购基金三期的有限合伙份额。上海并购基金三 期认缴出资总额为人民币8.3亿元，其中长飞资本作为有限合伙人，拟以自有资金认缴出资人民币6,000 万元，占上海并购基金三期出资总额的7.23%;长芯博创作为有限合伙人，拟以自有资金认缴出资人民币 4,000万元，占上海并购基金三期出资总额的4.8 ...

国盛证券（002670）发布研报称，传统光纤光缆市场在经历4年左右的周期性筑底后，当前散纤市场已 显现明确的回暖信号，海外特种光纤市场在AI算力突破与应用场景爆发的双轮驱动下，步入高增长的 黄金赛道。光纤光缆全产业链布局完善，且空芯光纤等特种光纤研发和产业化处于领先地位的行业龙头 企业，将充分受益普缆企稳回暖和AI算力引发的数据需求爆发。 国盛证券主要观点如下： 普通光缆行业出清见底，需求回暖与价格企稳驱动否极泰来 特种光纤技术驱动叠加场景爆发，呈现"突飞猛进"之势 除普纤之外，特种光纤的需求爆发更具成长性。AI算力集群对数据传输提出了更低的时延、更高的带 宽、更强的密度的要求，特种光纤迎来全新的发展机会，加速成熟与渗透。空芯光纤时延低带宽潜力 大，短距离高速传输等方面具有优势，量产技术突破、商业化落地加速，渗透率有望逐步提升；掺饵光 纤作为长距离、高精密光放大的核心元器件，其需求将随着算力网络地理范围的扩大而同步增长。国内 龙头在空芯光纤、多芯光纤等前沿领域已达到国际先进水平，在快速响应的需求下有望迎来新的市场切 入机遇。 估值低位，龙头配置性价比凸显 受到配置风格的影响，估值处于低位的光纤光缆板块关注度提 ...

12月10日，长飞光纤光缆发布公告，本公司和配售代理于2025年12月9日(交易时段后)订立了配售协 议，根据配售协议所列条款并在配售协议所列条件的规限下，本公司同意按配售价每股配售股份32.26 港元发行配售股份，而配售代理同意作为本公司的代理，以竭尽所能的塬则，促使承配人按配售价每股 配售股份32.26港元认购合共7000万股配售股份。 智通财经APP获悉，香港联交所最新资料显示，12月16日，长飞光纤光缆(06869)股东将股票由法国巴黎 银行转入花旗银行，转仓市值4.47亿港元，占比3.01%。 ...

港股恒生指数涨0.09%，涨22点，报25563亿；恒生科技指数跌0.65%。港股早盘成交953亿港元。 第十届海上风电工程技术大会在武汉举行，风电股设备早盘走强。金风科技（002202）(02208)涨 6.98%%，东方电气（600875）(01072)涨4.67%。 宁德时代（300750）(03750)涨2.33%，再获4GWh储能大单，印尼工厂可扩产至超15GWh。 长飞光纤（601869）光缆(06869)涨3%，公司配股净筹超22亿港元，用于发展海外业务。 易鑫集团(02858)再涨超6%，本周已涨超20%，公司成功纳入港交所科技100指数。 汇量科技(01860)涨超6%，公司规模效应逐步显现，机构看好AI持续赋能广告业务。 先瑞达医疗-B(06669)盘中涨超3%，近日微导管V-otter注册申请获批。 昭衍新药（603127）(06127)再涨超3%，实验猴价格迎来暴涨，供需缺口或持续放大。 一拖股份（601038）(00038)再涨2%，公司有望受益农机设备升级，出口业务占比有望扩大。 内房股普遍回落。雅居乐集团(03383)跌超6%，世茂集团(00813)跌超4%。 红星美凯龙（601 ...

长飞光纤（601869）光缆(06869)低开逾3%，截至发稿，跌3.64%，报36.54港元，成交额1978.64万港 元。 消息面上，长飞光纤光缆今早发布公告称，拟向不少于六名承配人配售7000万股新股，占扩大后总股本 约8.46%，每股作价32.26港元，较12月9日收市价37.92港元折让14.93%。预计配售事项所得款项总额合 共为22.58亿港元，集资净额约达22.3亿港元，其中约80%用作发展海外业务，余额作营运资金。公司指 出，配售事项将有利于增强该公司的流动性和财务状况及优化其资本结构。 ...

Core Insights - The article discusses the decline in China's optical cable production, with a reported decrease of 12.8% year-on-year in September 2025, totaling 22.24 million core kilometers [1] - Cumulative production from January to September 2025 reached 184.35 million core kilometers, reflecting a 7.3% decline compared to the previous year [1] Company Analysis - Listed companies in the optical cable sector include Changfei Optical Fiber (601869), TeFa Information (000070), Zhongtian Technology (600522), and Hengtong Optic-Electric (600487) [1] Industry Overview - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which provides comprehensive industry research reports and market assessments [2]

Group 1 - The Hang Seng Index fell by 0.28%, down 73 points, closing at 25,878 points, while the Hang Seng Tech Index decreased by 0.80%. The early trading volume in Hong Kong stocks was HKD 138.2 billion [1] - AI concept stocks experienced a decline, with concerns over high valuations. Institutions suggest that the long-term outlook for Hong Kong tech stocks remains attractive [1] - Hui Liang Technology (01860) dropped over 6%, and Kingsoft (03888) fell by 2.81% [1] Group 2 - Longpan Technology (603906) saw an increase of over 9% as lithium battery midstream prices continue to rise, with institutions expecting further price momentum [2] - Yimai Sunshine (02522) rose by 3.27% following several directors' share purchases, and the "AI + healthcare" sector is expected to benefit from new policies [3] - China Duty Free Group (601888) (01880) increased by over 4%, marking its first interim dividend, with recent policies likely to boost the duty-free industry [3] Group 3 - Yihua Tong (02402) surged by 7.7%, with significant cash flow improvement in the first three quarters, and fuel cell vehicle production is expected to accelerate [4] - Tianli International Holdings (01773) rose by 4.9%, with its AI learning companion already implemented in over 100 schools nationwide [5] - Mixue Group (02097) increased by 2.89%, planning to collaborate with Anjun Express for cold chain operations in Brazil [6] Group 4 - Huishang Bank (03698) rose by 4%, reporting a net profit of CNY 14.149 billion in the first three quarters, with institutions indicating potential for future growth [7] - Sanhua Intelligent Control (002050) (02050) fell by 1.94%, as Goldman Sachs pointed out overly optimistic robot expectations, while the market is focused on Tesla's trillion-dollar compensation plan [7] - Home Control (01747) dropped by 13%, facing scrutiny from the Hong Kong Securities and Futures Commission due to high stock ownership concentration [7] - Long Fiber Optic (601869) (06869) declined by 2.81%, with Q3 net profit down nearly 11%, and UBS stated that the impact of hollow-core fiber on profitability is limited in the short term [7]

Core Insights - The report highlights the growth and production statistics of China's optical cable industry, indicating a slight increase in production for April 2025 compared to the previous year, while showing a cumulative decline in production for the first four months of 2025 [1][2]. Industry Overview - The optical cable production in China for April 2025 reached 21.31 million core kilometers, reflecting a year-on-year growth of 2.3% [1]. - Cumulatively, the production from January to April 2025 totaled 77.855 million core kilometers, which represents a decline of 4.7% compared to the same period in the previous year [1]. Companies Mentioned - The companies involved in the optical cable sector include Changfei Optical Fiber (601869), TeFa Information (000070), Zhongtian Technology (600522), and Hengtong Optic-Electric (600487) [1].

Core Viewpoint - The report indicates a decline in China's optical cable production, with a significant drop in output expected by 2025, reflecting challenges in the industry [1] Industry Summary - According to the National Bureau of Statistics, the optical cable production in China for August 2025 is projected to be 20.44 million core kilometers, representing a year-on-year decrease of 10.7% [1] - Cumulatively, from January to August 2025, the total optical cable production in China is expected to reach 166.868 million core kilometers, which is a decline of 4.6% compared to the previous year [1] - The report titled "2025-2031 China Power Optical Cable Industry Market Panorama Assessment and Development Trend Research Report" by Zhiyan Consulting provides insights into the market trends and forecasts for the optical cable industry [1] Company Summary - Listed companies in the optical cable sector include Changfei Optical Fiber (601869), TeFa Information (000070), Zhongtian Technology (600522), and Hengtong Optic-Electric (600487) [1]