Brokerage Morning Meeting Highlights: Continually Optimistic About the Optical Fiber and Cable Industry

Caixin News, April 3rd — 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. By the close, the Shanghai Composite Index fell 0.74%, the Shenzhen Component Index dropped 1.6%, and the ChiNext Index declined 2.31%.

At today’s brokerage morning meeting, CITIC Construction Investment believed that the optical fiber and cable industry remains optimistic; Huatai Securities stated that the dividends still hold bottom-position value; Guotai Haitong suggested that external spillover effects are accelerating the differentiation of AI programming products.

CITIC Construction Investment: Continuing Optimism for the Optical Fiber and Cable Industry

In February this year, China exported 3,779.9 tons of optical fiber, worth 790 million yuan, a year-on-year increase of 63.6% and 126.8%, respectively. Compared to February 2018 (a historical peak in domestic demand), the export volume of optical fiber increased by 17.6 times to 203.5 tons. 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 robust, and exports are performing strongly, indicating vigorous global demand for optical fiber and cables. 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 Bottom-Position Value

In recent years, with rising global macro uncertainties, increasing domestic residents’ asset allocation needs, and the decline of the broad societal investment return rate center, dividend strategies have gained increasing attention from funds. Currently, dividend valuations are relatively low compared to growth, and geopolitical disturbances in the Middle East have affected market risk appetite. Dividends still hold bottom-position value.

Guotai Haitong: External Spillover Accelerates Differentiation of AI Programming Products

At the end of March, Anthropic mistakenly uploaded a debug source map along with the new version of Claude Code to a public npm package. Based on this, external parties reconstructed approximately 510k lines of TypeScript code and discovered several features not yet online, along with internal architecture clues. Anthropic stated that this issue resulted from a packaging error 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. Companies most likely to benefit in the future are concentrated in Cursor, Cognition/Windsurf, and those with platform capabilities within the GitHub ecosystem.

(Caixin News)