Signs of accelerated industry capacity expansion Quick Note

研报英文原文证据摘录

Signs of accelerated industry capacity expansion Quick Note

Global Markets Research

YOFC 6869.HK 6869 HK 26 June 2026

EQUITY: TECHNOLOGY

RatingSigns of accelerated industry capacity expansion Remains Buy

Target price HKD 266.00 RemainsQuick Note

Closing price

26 June 2026 HKD 250.60What happened

Han’s Laser (002008 CH, Buy, covered by Anne Lee) announced on 25 June that the

company plans to use its own and self-raised funds to invest in a project in Zhangjiagang

City, Jiangsu Province, with an annual output of 2,000 tons of fiber preforms and synthetic Research Analysts

quartz, equivalent to 60 million fkm of optical fiber, with a total investment not exceeding China Technology

CNY2.52bn. The construction will be divided into two phases – an investment of Bing Duan - NIHK

CNY1.52bn for the first phase and CNY1bn for the second phase. On another note, Han’s bing.duan1@nomura.com

Laser announced during its shareholders meeting that it planned to use its own funds of +852 2252 2141

CNY306mn to acquire a 51% stake in Linfiber (Nantong) (领纤科技, unlisted), which has Ethan Zhang - NIHK

the technology for high-end hollow-core fiber that can be used for scaled-up AI network. ethan.zhang@nomura.com

+852 2252 2157

Another recent event regarding optical fiber capacity expansion in the optical fiber sector

Anne Lee, CFA - NITBis related to Hoshine (603260 CH, 合盛硅业, Not rated), which has announced that it

anne.lee@nomura.com

targets to tap into the optical fiber sector and to produce 3,200 tons of fiber optic preforms +886(2) 21769966

per year. The project was approved by the government on 8 June, according to the

company.

Nomura view

Both Han’s Laser and Hoshine are relatively new entrants in the optical fiber market, and