Résumé de la réunion matinale des courtiers : toujours optimiste quant à l'industrie des fibres optiques et des câbles

Finance Society, April 3 — Yesterday, the market experienced a full-day fluctuation and adjustment, with the ChiNext Index and the STAR Market 50 Index both falling over 2%, and the Shenzhen Component Index dropping over 1%. The combined trading volume of the Shanghai and Shenzhen markets reached 1.84 trillion yuan. In terms of sectors, pharmaceuticals, oil and gas, optical fibers, and other concepts performed actively. On the downside, the computing power leasing concept collectively adjusted. At the close, the Shanghai Composite fell 0.74%, the Shenzhen Component Index dropped 1.6%, and the ChiNext Index declined 2.31%.

In today’s broker morning meeting, CITIC Construction Investment believed that the optical fiber and cable industry remains optimistic; Huatai Securities argued that the dividends still hold core value; Guotai Haitong stated that external spillover frameworks accelerate the differentiation of AI programming products.

CITIC Construction Investment: Continually optimistic about the optical fiber and cable industry

In February this year, China exported 3,779.9 tons of optical fiber, worth 790 million yuan, an increase of 63.6% and 126.8% respectively year-on-year, compared to the export volume of 203.5 tons in February 2018 (the historical peak of domestic demand). Since the third quarter of 2025, the prices of optical fiber in the Chinese market have continued to rise, reflecting strong demand and overall tight supply. Overseas demand remains vigorous, with strong export performance, indicating robust global demand for optical fiber and cable markets. Currently, the optical fiber and cable industry has shifted from recovery to a stage of “tight supply, simultaneous increase in volume and price.”

Huatai Securities: Dividends still hold core value

In recent years, with rising global macro uncertainties and increasing domestic residents’ asset allocation demands, along with the decline of the broad social investment return rate center, dividend strategies have gained increasing attention from capital; currently, dividend valuation is relatively low compared to growth, and geopolitical disturbances in the Middle East increase market risk appetite, so dividends still hold core value.

Guotai Haitong: External spillover frameworks accelerate AI programming product differentiation

At the end of March, Anthropic mistakenly uploaded a debug source map along with the new version of Claude Code to the public npm package. Based on this, external parties reconstructed about 510,000 lines of TypeScript code and discovered several features not yet online and internal architecture clues. Anthropic stated that the issue was caused by packaging errors and did not involve sensitive customer data or keys. The real impact of the Claude Code incident on the industry lies in accelerating the shift of the AI programming track from model competition to framework competition. The companies most likely to benefit in the future are concentrated in Cursor, Cognition/Windsurf, and those with platform capabilities within the GitHub ecosystem.

(Finance Society)