China A-share semiconductor materials sector continued to strengthen; Shengong Co., Youyan Silicon and Hengkun New Materials rose over 10%, while Jiangfeng Electronics, Kaide Quartz and Yake Technology also gained.

Nomura says recent capex by Han's Laser and Hoshine Silicon indicates accelerating optical-fiber capacity expansion driven by AI data-center buildout. The preform market retains high technical barriers and is currently led by Corning, Fujikura and Yangtze Optical Fibre and Cable, so Nomura expects supply constraints to persist short term, supporting elevated spot prices and helping Yangtze expand margins via greater AI data-center exposure. However, if new entrants successfully develop high-end products (hollow-core and multi-core fiber) and execute planned capacity additions, competition could intensify and pressure margin expansion for incumbent producers. Nomura keeps a BUY on Yangtze Optical Fibre and Cable (06869.HK) with a HK$266 target, based on FY2027 EPS of RMB9.75 and a 23.7x forward P/E.

国际清算银行：人工智能热潮的可持续性、金融脆弱性、紧张的公共财政以及通胀，都是全球经济所面临的风险。