China Merchants Securities 2026 "Walking into Listed Companies" First Stop Kicks Off! Exploring Hengdongguang and Decoding the Upstream Optical Communication Industry Secrets of AI Computing Power

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（Source: China Merchants Securities Zhiyuan Wealth Management）

Recently, China Merchants Securities, together with the Shenzhen Securities Industry Association, launched the first leg of the 2026 “Walk into Listed Companies” series of investor education activities. The program organized investors to visit Hengdongguang Communications Technology (Shenzhen) Co., Ltd., a company listed on the NEEQ (Beijing Stock Exchange). (Stock code: 920045.BJ, hereinafter referred to as “Hengdongguang”). With the theme “Direct service, a journey of a thousand miles; rational investing for the well-being of a million households,” the activity used multiple formats—including observing production lines, conducting on-site research, holding live exchanges, and engaging in in-depth dialogues—to build a bridge for deep communication between investors and the company. It helps investors understand, up close, the actual operating situation of NEEQ-listed companies and, through an immersive decoding experience, the development logic of the AI computing power upstream optical communications industry.

As a core domestic supplier of passive optical components, Hengdongguang has focused for years on the R&D, manufacturing, and sales of passive optical components in the optical communications field. Its core products cover fiber optic connectors, embedded optical components, and more. They are widely used in scenarios such as passive optical fiber cabling in data centers and internal connections within optical modules, becoming an indispensable link in building AI computing infrastructure and laying the foundational support for optical connectivity at the bottom of the computing-power industry.

Immersive field research On-site observation

Visit precision production lines Understand AI computing-power industry deployment

At the start of the event, investors visited Hengdongguang’s production workshop and the company exhibition hall and embarked on an immersive research journey. They observed on-site the complete end-to-end process for optical connector products—from processing the fiber end faces to precise assembly—gaining a deep understanding of the technical characteristics and real application scenarios of the company’s core products.

According to company staff, the manufacture of passive optical components is an interdisciplinary field that integrates materials, optics, mechanical engineering, and more, with extremely high requirements for production precision. Reliability and consistency are one of the company’s core competitive strengths in pursuing depth in this area. Through on-site observation of production processes and listening to professional technical explanations, investors not only gained a direct sense of Hengdongguang’s profound technical strength accumulated in precision manufacturing, but also developed a clearer understanding of the company’s market deployment approach, tightly aligned with the development trends of the AI computing-power era. This formed a more tangible and deeper recognition of the core supporting role of passive optical components in building computing-power infrastructure.

In-depth exchanges Investor education peers

Pursuing light with original intent Decode the investment logic of AI computing power

After the on-site research concluded, the activity, based on questions raised by investors during the research, carried out on-site exchanges and in-depth dialogues on investor education. The company provided professional interpretations of the development trajectory and strategic planning. From an investor education perspective, China Merchants Securities shared its cognitive logic, fully unlocking the development and “investment passwords” of the AI computing-power upstream industry for investors.

Hengdongguang’s General Manager, He Li, used “light chasers” and “connections” as the core keywords to interpret the company’s development mission and core positioning over more than a decade, and simultaneously addressed investors’ questions about the company’s core capabilities and market services. She said plainly, “No light cannot be received.” This is not only confidence in the company’s product technical strength, but also the original intent and confidence that come from the company’s long-term focus on the passive optical components field. He Li stated that Hengdongguang’s products related to optical transmission are an important infrastructure for the development of the AI industry. The company always focuses on its main business of passive optical components. Its products have already achieved full coverage across comprehensive application scenarios, including long-distance data center interconnection (DCI), mid-distance interconnection between in-data-center devices, and transmission of optical signals within optical modules and devices. The company has also established long-term, stable strategic cooperation relationships with globally well-known brand enterprises. Going forward, it will continue to enhance its core competitive capabilities through technological innovation.

Wu Tao, the person in charge of the company’s Office of the Board Secretary, provided a detailed explanation from aspects including the company’s development history, product layout, and capacity planning. He clearly outlined the company’s positioning within the value chain of data centers. He pointed out that the development of AI technology is driving computing infrastructure toward rapid growth and the next generation of upgrades. New optical component products with higher data rates, higher density, miniaturization, and higher integration will usher in fresh growth opportunities. The company will continue to deepen its focus on the passive optical components field, make forward-looking deployments around technology iteration and capacity planning, and seize opportunities arising from industry development.

In this event, Liang Chengjia, Chief Analyst for the Communications Industry at China Merchants Securities’ Research and Development Center, accompanied investors throughout the visit and conducted an in-depth analysis of the development trends of the optical communications industry in the AI computing-power era, helping investors establish a clear understanding of the industry’s logic. He noted that the current core driver of AI computing-power construction has shifted to multi-GPU cluster collaboration, and network interconnection has become a key factor for improving computing power. Passive optical components are also seeing a new trend toward miniaturization and higher chip-count. At the same time, he also reminded investors to make independent and rational judgments about industry companies based on their own research.

During the interactive Q&A session, investors held deep exchanges with the company’s management regarding issues of concern such as the company’s capacity planning, the pace of technology iteration, and the competitive landscape. The company’s management responded one by one with detailed answers and professional explanations, helping investors understand the company’s growth trajectory and development plans more clearly. From a professional investor education perspective, Xin Xin, Assistant General Manager of China Merchants Securities’ wealth management client department, summarized that building investment cognition cannot be separated from diversified information channels. The “Walk into Listed Companies” series enables investors to move from online analyst reports to on-site research. By visiting production lines and communicating with frontline management teams, investors transform their understanding at the level of financial report data into a three-dimensional perception of industrial logic, process details, and application scenarios. This helps expand investors’ boundaries of corporate understanding, strengthen their recognition of value across the industrial chain, and establish more supported rational investment judgments. China Merchants Securities will routinely conduct this investor education series, continuing to provide investors with a professional platform for face-to-face communication with listed companies, and use precise, professional investor education services to support rational investing.

The activity of visiting Hengdongguang is the first on-site stop at the beginning of 2026 in China Merchants Securities’ in-depth research series “Growing Together, Win-Win for the Future” through “Walk into Listed Companies.” Using on-site research as the anchor, the event helps investors move their understanding of the AI computing-power upstream passive optical components industry from concepts to concrete realities. China Merchants Securities will keep its “finance for the people” original intent and “customer-centered” core orientation, and will continue to carry out the “Walk into Listed Companies” investor education series, building a professional bridge for deep dialogue between industry and capital. It will help investors solidify investment wisdom in the combination of data support and on-site insights. At the same time, with professional investor education services, it will guide investors to establish rational investment philosophies, support high-quality development in the capital market, and practice the brand original intent of “anchoring in customer value and serving the real economy.”

Risk disclosure: The activities and viewpoints described in this article do not constitute any investment advice. There are risks in the market; investors should be cautious. The research activity only provides information for reference and does not indicate future performance.

【Risk Warning and Disclaimer】

The above content is for reference only. The investment targets listed in the text are only provided as examples and do not constitute investment advice, sales recommendations, or any promise of returns in any form. China Merchants Securities does not guarantee the possibility of profitability and assumes no responsibility for any losses arising from the use of the views in this article. Investors should make independent decisions, choose products or services that meet their risk tolerance and investment objectives, and bear risk themselves. There are risks in the market; investors should be cautious. The stock price performance of individual securities is affected by multiple factors, including macroeconomic conditions, industry policies, and the company’s business operations. Past performance does not indicate future trends.

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