Changguang Huaxin’s securities unit said the Morgan Stanley report referencing the "FCC65%" clause is a policy-scenario exercise, not a formal regulation, and described it as one firm's view; the company acknowledged the report may have affected today's share price. The report centers on 3.2T optical modules and materials, but China’s 3.2T industry is at an early stage and unlikely to scale until 2028–2029. Shipments this year and next will be dominated by 800G and 1.6T products, which remain ex

Changguang Huaxin’s securities unit said the Morgan Stanley report referencing the "FCC65%" clause is a policy-scenario exercise, not a formal regulation, and described it as one firm's view; the company acknowledged the report may have affected today's share price. The report centers on 3.2T optical modules and materials, but China’s 3.2T industry is at an early stage and unlikely to scale until 2028–2029. Shipments this year and next will be dominated by 800G and 1.6T products, which remain extremely supply-constrained; domestic optical-chip production is expected to grow rapidly in the near term.