Hong Kong Stock Market Movement | Optical Communication Concept Stocks Lead the Gains Zhongji Xuchuang Denies CSP Jump-Order Rumors North American CSP Capital Expenditure Maintains Strong Growth Momentum

CITIC Securities APP learns that the concept stocks of optical communication are among the top gainers. As of the time of writing, Hongteng Precision (06088) rose 10.49% to HKD 6.32; Changfei Optical Fiber & Cable (06869) increased 9.95% to HKD 118.2; HuiJu Technology (01729) gained 7.3% to HKD 18.51; Cambridge Technology (06166) rose 2.91% to HKD 70.75.

On the news front, on February 11, there have been rumors in the market that overseas CSP major clients are trying a new supply chain model, bypassing optical module assembly factories and directly placing orders with upstream optical chip manufacturers like Lumentum, which then design module factories for OEM. The news caused a plunge in the optical module sector. Zhongji Xuchuang issued a statement denying this, stating that CSP clients place orders directly with the company and there is no bypassing of intermediate layers for order transfer.

According to a research report from CITIC Construction Investment Securities, four North American CSP manufacturers released their Q4 2025 financial results, showing strong capital expenditure growth. During conference calls, all expressed the view that “AI demand is strong, and computing power supply is tight.” Amazon, Google, and Meta provided optimistic capital expenditure guidance for 2026, exceeding market expectations. CITIC Construction Investment believes that the industry is still in the early stages of AI development, and moderate over-advancement of computing infrastructure is a normal pattern for industry growth. The firm remains optimistic about the overseas AI computing power supply chain.