Optical Chip Sector Slumps in Afternoon Trading; Yuanjie Technology and Changguang Huaxin Hit 20% Limit Down; Woge Optoelectronics Also Limit Down

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Summary · why it matters

The A-share optical chip concept sector weakened today, with many stocks falling sharply. As of press time, Yuanjie Technology and Changguang Huaxin were down 20% at the daily limit, Dongshan Precision hit the limit down, Shijia Photonics fell more than 16%, and Yongding Co. dropped over 7%. The glass substrate concept also weakened in the afternoon, with Woge Optoelectronics hitting the limit down intraday, and Dier Laser, Meidikai, and Delong Laser among the biggest decliners. Comprehensive market analysis suggests today's sector plunge resulted from multiple overlapping factors. First, Morgan Stanley recently published a research note saying that after discussions with Washington telecom experts, the Federal Communications Commission, and export-control veterans, its team judged that potential FCC restrictions on Chinese-made optical modules would most likely be implemented in phases starting from the 3.2T generation, with a possible 'US-content exemption' path: if the value share of US companies in the bill of materials reaches 65%, imports could still be allowed. Since the combined value of US-made DSPs and lasers is already close to that threshold, some analysts believe that if this framework is implemented, the substitution space and overseas channels for domestic optical chips could come under pressure. In addition, market sources indicated that 1.6T optical chip prices have already declined, because the market overestimated short-term chip premiums, the smooth ramp-up of silicon photonics solutions has exposed the cost floor, and customer purchasing attitudes have shifted. Regarding the price-cut rumors, according to China Securities Taurus, Changguang Huaxin said the company has not received any news about optical chip price cuts and did not speculate on the reason for the sharp share-price decline. Yongding Co. said it was unaware of the situation and would not speculate on the cause of the abnormal share-price movement. Shijia Photonics said it had not received any news about optical chip price cuts, but believed this round of sector adjustment may have stemmed from the Morgan Stanley research report on FCC policy published on October 1.

Impact on assets 11

Financials▲
Others▼
Suzhou Everbright Photonics Co. Ltd. A
688048
▼ NegativeTariffrelevance

Potential FCC phased restrictions on Chinese-made optical modules and US-content exemption framework could pressure domestic optical chip substitution space and overseas channels.

Suzhou Delphi Laser Co. Ltd. A
688170
▼ NegativeTariffrelevance

Listed among biggest decliners in the glass substrate/optical concept weakness tied to potential FCC restrictions on Chinese optical modules.

Wuhan DR Laser Technology Corp Ltd
300776
▼ NegativeTariffrelevance

Listed among the biggest decliners in the glass substrate concept as the sector slumped on potential FCC restrictions on Chinese optical modules.