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 ...