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.