China optical communication sector update EQUITY: TECHNOLOGY Transceiver Act, new fiber capacity, switch chip localization Quick Note FiberHome (600498 CH, Not rated)'s private placement plan (up to CNY2.91bn) was announced on 11 July 2026, targeting to add 600 tons / year of preform capacity. Relative to the market demand gap driven by global AI infra construction, we think the capacity expansion plans from both the top-tier manufacturers are not aggressive, and the increased capacity is unlikely to trigge ...

Asia Pacific Equity Research October 2026 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia and China Capital Goods – 3Q26 Karen Li, CFA AC Head of HK Equity Research, Head of Asia Infra, Industrials and Transport +852 2800 8589 karen.yy.li@jpmorgan.com J ...