智通财经APP获悉，长飞光纤光缆(06869)回落逾4%，该股昨日大涨近12%。截至发稿，跌4.38%，报 51.25港元，成交额8.87亿港元。 消息面上，摩根士丹利最新研报表示，光模块行业的基本面利好已被广泛知晓并充分反映在股价中，建 议投资者在市场情绪高涨时适度获利了结。大摩认为，尽管AI基础设施需求增长前景依然积极，但当 前市场热情水平难以持续。报告指出，长飞光纤高端光纤业务有亮点，但业绩反转仍需验证。值得注意 的是，长飞光纤H股年初至今涨幅高达3.2倍。该公司今年上半年实现营业收入63.85亿人民币，同比增 加19.4%；纯利2.96亿元，下滑21.7%。 ...

Core Insights - Corning has participated in the China International Supply Chain Promotion Expo for the third consecutive year, emphasizing its commitment to the Chinese market with the theme "Rooted in China, Flourishing" [2] - The company views China as its most important market and plans to continue investing significantly in the region [2][3] Investment and Operations - Corning has invested over $9 billion in China, operating 21 factories and employing over 6,000 people, with a comprehensive operational network covering R&D, finance, production technology, and logistics [2] - The localization rate of raw materials has increased from 75% in 2015 to 92% in 2023, with 99% of human resources and logistics services sourced from local suppliers [2] Market Opportunities - The rapid development of China's automotive industry has led Corning to invest in projects related to emissions control and automotive glass solutions, with plans to expand investments in automotive interior glass [3] - The demand for large-sized televisions is rising, prompting Corning to continue its investments in display technology [3] - The growth in artificial intelligence and data centers in China is expected to drive a surge in the high-density fiber optic market, leading Corning to enhance its R&D in optical communication technologies [3] Future Outlook - Corning maintains a very optimistic outlook on China's economic prospects and plans to continue investing in the Chinese market [3] - The company has established three factories in Hefei with total investments exceeding $3 billion, reflecting its growth alongside the development of the industry chain in China [3] - Corning aims to focus on customer-centric strategies and invest in key areas such as digitalization, green manufacturing, and advanced materials in alignment with China's new productive forces [3]

Core Viewpoint - Corning Inc. views China as a core engine for global innovation and growth, with significant investments and operations across multiple sectors in the country [1][2]. Investment and Operations - Corning has invested over $9 billion in China over 45 years, with annual sales exceeding $4 billion. The company has established 21 manufacturing plants, one R&D center, and three technology centers in China, employing over 6,000 people [2]. - The company plans to increase its investment in China by an additional $500 million this year, bringing total investments to $9.5 billion [3][9]. Business Segments - In the display technology sector, over 70% of Corning's production facilities are located in mainland China, including six production bases and two joint ventures [2]. - Corning is expanding its capacity in optical communications, with local production of high-end optical fibers planned for this year [2]. - The company has localized production of Gorilla Glass in China, set to begin in 2024, and has established a unique automotive glass solutions factory in Hefei [2]. Market Dynamics - Corning's sales in China are largely insulated from U.S.-China trade tensions, with 80% of sales produced domestically or in bonded zones, and only 5% imported from the U.S. [4][11]. - The company is focusing on high-growth areas in China, such as automotive, display technology, and optical communications, driven by local demand for advanced technology and products [8]. Strategic Outlook - Corning emphasizes the importance of local production and service, with a raw material localization rate of 92%, minimizing the impact of international trade fluctuations [11]. - The company remains optimistic about China's long-term economic growth and the investment environment, noting the government's welcoming stance towards foreign investment and improvements in the business climate [11].