A[Hong Kong’s Hang Seng Technology Index closed down 2.89%, a new low since September 2024] On October 8, Hong Kong’s Hang Seng Technology Index closed down 1.43%; the Hang Seng Technology Index fell 2.89%, a new low since September 26, 2024. The "two heroes" of Hong Kong's large models led the decline, with MINIMAX-W falling by more than 13% and Zhipu falling by more than 7%. Semiconductor stocks fell collectively. Biren Technology fell by more than 11%, Huahong Grace fell by more than 9%, GigaDevice and Longsys fell by more than 7%, SMIC and Montage Technology fell by more than 6%, and Shanghai Fudan fell by more than 5%. Optical communications and PCB concept stocks generally fell. Haiguangxin fell by more than 13%, Guanghe Technology fell by more than 8%, YOFC Optical Fiber and Cable, Kingboard Laminated Board fell by more than 6%, and Shenghong Technology fell by 5%. B[Hang Seng Technology Index closed down 1.1% and the optical communications sector rebounded] On September 29, Hong Kong’s Hang Seng Index closed down 0.48% to 24523.57 points, and the Hang Seng Technology Index closed down 1.08% to 4249.62 points. The optical communications sector rebounded, with YOFC Optical Fiber and Cable rising by over 7%, Cambridge Technology rising by 5%, and Zhongji InnoLight rising by over 3%. Heavyweight technology stocks fell collectively, with Tencent and Meituan falling about 2%, and Alibaba falling more than 1%. Automobile stocks fell, with NIO down 5%, Xpeng Group down 4%, and WeRide down nearly 3%. B[National Bureau of Statistics: Profits in the optical fiber manufacturing and optical cable manufacturing industries increased by 5.3 times and 1.0 times respectively from January to August] On September 28, Yu Weining, chief statistician of the Industrial Department of the National Bureau of Statistics, interpreted the profit data of industrial enterprises from January to August 2026. From January to August, the profits of high-tech manufacturing industries above designated size increased by 54.7% year-on-year, and the growth rate was 39.0 percentage points higher than that of all industries above designated size. From an industry perspective, driven by the accelerated construction of computing infrastructure, profits in the optical fiber manufacturing and optical cable manufacturing industries increased by 5.3 times and 1.0 times respectively; in the fields of high-performance servers, workstations, and optoelectronic communications, computer machine manufacturing, computer peripheral equipment manufacturing, industrial control computer and system manufacturing, and communications systems The profits of the system equipment manufacturing industry increased by 3.9 times, 2.6 times, 1.3 times, and 48.7% respectively; the instrumentation and new medical equipment manufacturing industries accelerated development, and the profits of the navigation, surveying, mapping, meteorological and marine special instrument manufacturing, and dental equipment and appliance manufacturing industries increased by 2.2 times and 70.2% respectively. A[September 28 morning news selection]
1. From September 23 to 25, local time, Chinese President Xi Jinping paid a state visit to the United States. During the period, the two heads of state had an in-depth exchange of views on China-US constructive strategic and stable relations and major international and regional issues, and reached an eight-point consensus on outcomes.
2. A spokesman for the Ministry of Foreign Affairs stated that during the meeting between the heads of state of China and the United States, the issue of artificial intelligence was discussed in depth. Regarding the issue of artificial intelligence expression, China attaches great importance to the position of the United States and respects its formulation. Artificial intelligence technology is continuing to develop, and all parties can strengthen communication, in-depth discussions, and seek consensus based on the latest situation.
3. According to U.S. news on September 27, local time, U.S. President Trump said in an interview that negotiations with Iran are expected to continue this week.
4. The 2026 third quarter (total 114th) regular meeting of the Monetary Policy Committee of the People's Bank of China was held on September 19. The meeting believed that it is necessary to continue to implement a moderately loose monetary policy, increase countercyclical adjustments, better utilize the dual functions of monetary policy tools in terms of total volume and structure, strengthen the coordination of monetary and fiscal policies, and promote stable economic growth and a reasonable recovery in prices.
5. The derivatives clearing house of Hong Kong Exchanges and Clearing Limited will accept Chinese government bonds, policy financial bonds and Ministry of Finance bonds as non-cash collateral starting from November.
6. The reporter learned exclusively from the industry that a number of insurance companies have recently received the "Letter on Clarifying the Regulatory Criteria for Investment of Insurance Funds in Southbound Stock Connect ETFs", which clarifies the regulatory standards for investment of insurance funds in Southbound Stock Connect ETFs and shall be implemented with reference to the regulations on Southbound Stock Connect stocks.
7. On September 23, the U.S. International Trade Commission (ITC) voted to launch a 337 investigation (investigation code: 337-TA-1523) into specific dynamic random access memory (DRAM) equipment and its downstream products and components (III). Micron Technology and others are listed as defendants.
8. According to the website of the Shanghai Stock Exchange, the scheduled disclosure time for the third quarter quarterly report of 2026 for listed companies on the Shanghai Stock Exchange has been released. Among them, Youyan New Materials comes out on top and will disclose its third quarterly report on October 13. Jinpan Technology and Sichuan Investment Energy will follow closely and will be disclosed on October 14.
9. Yuexin Semiconductor announced that after the callback, the winning rate for this online issuance was 0.0423786759%, and the effective subscription multiple was 2359.67731 times.
10. The Shanghai Stock Exchange issued a regulatory work letter to Xinhua Wenxuan regarding the company’s stock price fluctuations. The target of the letter is a listed company, and the specific subject matter is a regulatory work letter regarding stock price fluctuations of Xinhua Wenxuan Publishing and Media Co., Ltd.
11. Huilu Ecology announced that it plans to invest 309 million yuan in the Junheng Technology R&D and production base project and add a new high-speed optical module production line with an annual output of 2 million units.
12. Zhongji InnoLight announced that the company reviewed and approved the repurchase plan on August 31, 2026, and plans to use its own funds or self-raised funds to repurchase shares for equity incentives or employee stock ownership plans.
13. China Life announced that it plans to invest no more than 4.5 billion yuan in establishing a partnership to invest in high-quality unlisted equity in the fields of artificial intelligence and semiconductors.
14. Thalys announced that Chongqing Xiaokang Holdings, the largest shareholder, and its persons acting in concert increased their holdings of 4.1501 million shares of the company from July 15 to September 24.
15. Hengtong Optoelectronics announced that it plans to raise no more than 6.636 billion yuan in additional capital for the research and development and production of new generation optical fibers and CPO advanced packaging research and development projects.
16. Montage Technology announced that WLT, the third largest shareholder, plans to reduce its holdings by no more than 2.33 million shares of the company, accounting for no more than 0.19% of the company’s total share capital. The reduction period is from November 2, 2026 to February 1, 2027.
17. Sanan Optoelectronics announced that the actual controller Lin Xiucheng was criminally detained on suspicion of official embezzlement and misappropriation of funds.
18. U.S. stocks opened higher last Friday, and the three major indexes collectively closed higher. The Dow Jones Industrial Average rose 0.93%, a cumulative gain of 0.28% for the week; the S&P 500 Index rose 0.51%, a cumulative gain of 1.22% for the week; the Nasdaq rose 0.48%, a cumulative gain of 2.06% for the week. Apple rose more than 1%, setting a new historical closing high, with a total market value approaching US$5 trillion.
19. The Wall Street Journal reported on the 25th, citing several U.S. officials, that U.S. President Trump rejected Iran’s proposal to reopen the Strait of Hormuz within seven days and told his aides that he might resume bombing Iran after the midterm elections for the U.S. Congress in November.
20. Russian Presidential Press Secretary Peskov said on September 25 that a tripartite meeting between Russia, the United States, and Ukraine may be held in the near future, but there are currently no specific details.
21. The U.S. 30-year Treasury bond yield exceeded 5.5% intraday last Friday, continuing to hit a new high since 2004.
22. A federal jury in San Diego, USA, ruled that Apple must pay more than $5.7 billion in compensation for infringing Taction Technology’s patents related to vibration technology.
23. Goldman Sachs Group strategists predict that spending by the five largest U.S. hyperscale cloud service providers on AI infrastructure will increase by more than 50% next year, reaching $1.2 trillion. B[After more than 4 months in orbit, the Shenzhou 23 crew completed many tasks including loading and unloading the load module] September 27th (Xinhua) Shenzhou 23 crew astronauts Zhu Yangzhu, Zhang Zhiyuan, and Li Jiaying have been in orbit for more than 4 months. Last week, while steadily advancing various space science experiments (experiments) in the station and carrying out regular maintenance of the assembly platform, they also completed the work related to the loading and unloading of the load module. The extravehicular universal test equipment for components and components that went out of the cabin this time includes test units such as "hollow photonic bandgap fiber optic gyroscope", "advanced process devices" and "remote sensing target detection based on domestic AI chips", which are used to carry out experiments on new space technologies and applications. With the support and cooperation of ground personnel, the crew completed the return to the cabin of the material external exposure experimental device. Since this device was launched into orbit with the Tianzhou-5 cargo spacecraft on November 12, 2022, it has carried out 3 batches of exposure experiments totaling 16 projects, creating many international firsts. Currently, the fourth experiment is being carried out, covering 8 scientific research projects and 26 unit samples.
Last week, various space science experiments (experiments) were carried out in an orderly manner in the cabin. The crew conducted mass perception and arm vibration experimental tests of the on-orbit tactile perception experiment project to study the changing rules of astronauts' tactile perception ability during space flight. They also completed emergency decision-making ability assessment and on-orbit emotional state testing, and continued to accumulate test data. In terms of maintenance of the space station complex platform, the crew replaced components in the water and gas separation device of the regenerative life support system. In addition, the astronauts completed medical examinations such as 12-lead electrocardiograms and non-invasive cardiac function tests, and used equipment such as bone loss countermeasures and neuromuscular stimulators to combat the physiological effects of weightlessness. (CCTV News) A[Selected evening news on September 24]
1. The Ministry of Commerce stated that under the China-US economic and trade consultation mechanism, the two sides held their first dialogue on artificial intelligence.
2. The central bank's third quarter regular meeting stated that it will strengthen financial support for key areas such as expanding domestic demand, technological innovation, small, medium and micro enterprises, and the construction of "six networks".
3. Beijing Municipal Housing and Urban-Rural Development Commission and other departments: Starting from August 28, 2026, pre-sale management will be comprehensively strengthened and the sales of existing homes will be promoted in an orderly manner.
4. New York Fed President Williams said the Fed may need to raise interest rates again within the year to mitigate inflation risks.
5. According to the China Trade Remedy Information Network, the U.S. ITC has officially launched a Section 337 investigation into dynamic random access memory (DRAM) equipment and its downstream products and components (III).
6. Company news: ① Halo New Network: Plans to invest an additional 1.265 billion yuan in the Helinger Intelligent Computing Center project. ②China Life: Plans to invest no more than 4.5 billion yuan in establishing a partnership to invest in high-quality unlisted equity in the fields of artificial intelligence and semiconductors. ③ Thalys: Chongqing Xiaokang Holdings, the largest shareholder, and persons acting in concert increased their holdings of 4.1501 million shares of the company from July 15 to September 24. ④Hengtong Optoelectronics: It is planned to raise no more than 6.636 billion yuan in additional capital for the research and development and production of new generation optical fibers and CPO advanced packaging research and development projects. ⑤Mengqi Technology: WLT, the third largest shareholder, plans to reduce its holdings by no more than 2.33 million shares of the company. ⑥Sanan Optoelectronics: The actual controller Lin Xiucheng was criminally detained on suspicion of official embezzlement and misappropriation of funds. B[Hengtong Optoelectronics: Plans to raise no more than 6.636 billion yuan in additional funds for optical communications and energy interconnection projects] On September 24, Hengtong Optoelectronics (600487.SH) announced that the company plans to issue A shares to specific targets, and the total raised funds will not exceed 6.636 billion yuan. After deducting issuance expenses, it plans to use it for the research and development and production of new generation optical fibers. production project, Inner Mongolia Optical high-end optical new material construction project, CPO advanced packaging R&D project, Hengtong data intelligent communication project, AI advanced optical interconnection project, Hengtong (Jieyang) marine energy interconnection and smart operation and maintenance project, 10,000-ton deep sea laying ship investment and construction project, Hengtong intelligent manufacturing industry base project and supplementary working capital. This issuance targets no more than 35 specific investors, the issuance price is not less than 80% of the average stock trading price in the 20 trading days before the pricing base date, and the number of issuances does not exceed 740 million shares, that is, it does not exceed 30% of the total share capital before the issuance. B[Hong Kong’s Hang Seng Index closed down 0.29% and the Hang Seng Technology Index fell 0.41%] On September 24th, Hong Kong’s Hang Seng Index closed down 0.29% and the Hang Seng Technology Index fell 0.41%. Optical communications, chips, and PCB concept stocks fell. Guanghe Technology fell by more than 6%, GigaDevice fell by more than 5%, Cambridge Technology and YOFC Optical Fiber and Cable fell by more than 4%, Huahong Grace fell by more than 3%, and Shenghong Technology fell by more than 3%. China real estate stocks rose, with Evergrande Property rising by more than 7%, Shimao Group rising by more than 5%, and Agile Group rising by more than 3%. B[BOE A: The glass-based packaging carrier board test line has been fully operational, and the 24-layer products have been sent to customers for verification] On September 22, BOE A (000725.SZ) released an investor relations activity record sheet announcement. The company’s glass-based packaging carrier board test line has been fully operational, and the production of 24-layer substrates with a size of more than 100×100 mm has been completed, and it has passed the in-factory reliability test. We are currently working with customers to conduct electrical performance tests after chip upgrading. We will package the carrier board with real CPU and GPU chips and put them into the server for operation. The decision-making conditions for mass production include customer order volume and yield guarantee, and the target is to achieve mass production investment conditions in the first half or first quarter of next year. The company has invested nearly 1 billion yuan to build a pilot line to achieve TGV drilling, copper plating, ABF layering and back-end full chain pull-out. Regarding the MicroLED short-distance optical interconnection system, the functional verification demo construction from light source emission to optical fiber coupling and 19-core optical fiber transmission has been completed. It is expected to complete the full system and eye diagram display from emission to reception by the end of the year. In the next year, we will promote platform construction and industrial investment in short-distance optical interconnection products and optoelectronic co-sealing technology. The BOM cost of LCD panels is expected to rise by 5%-8% in the second half of the year, and the company will absorb the pressure by adjusting product prices. The "mirror-like traceless" OLED flexible screen has a 60% reduction in crease depth and slope, a 50% increase in mechanical strength, and can withstand repeated bending at temperatures below minus 40°C. It has been certified by SGS and is used in the brand's flagship series of products in cooperation with domestic leading customers. B[Optical fiber concept fluctuated and pushed up, and special information raised the daily limit] On September 21, the optical fiber concept fluctuated and rose during the session, and special information reversed the daily limit. Previously, Huamai Technology had 2 boards in 4 days, Hengtong Optoelectronics, Huiyuan Communications, Shenyu Co., Ltd., Zhongtian Technology, and YOFC Optical Fiber followed suit. On the news, Huawei released a new computing architecture for the AI era - the Peerium computing architecture, which can turn a million-level processor into a computer to meet the evolving needs of AI computing power. China Galaxy Securities said that the construction of computing power network resonates with the demand for AI and comprehensively boosts the demand for optical fiber. B[Main Fund Monitoring: Huatian Technology’s Net Buying Exceeded 2.3 Billion] On September 18, market tracking data showed that in early trading today, main funds had a net inflow into the semiconductor, electronics, computer and other sectors, and a net outflow from the construction materials, communications, transportation equipment and other sectors, of which the semiconductor sector had a net inflow of over 11.5 billion yuan. In terms of individual stocks, Huatian Technology ranked first with a net purchase of more than 2.3 billion yuan by main funds. GigaDevice, Tianfu Communications, and VeriSilicon ranked first in net inflows of main funds; China Jushi was net sold by more than 1.6 billion yuan, and Zhongtian Technology, Shengyi Technology, and YOFC ranked first in net outflows of funds.
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