[Nomura: Signs of Accelerated Capacity Expansion in the Optical Fiber Industry, YOFC May Face Intensified Competition] Odaily Planet Daily News - Nomura Securities stated that Han's Laser and Hoshine Silicon are relatively new entrants to the optical fiber market. The firm believes their recent investment projects reflect strong demand for optical fiber, primarily driven by the construction of AI data center infrastructure. At the same time, the firm noted that the optical fiber preform industry has high technical barriers and is currently dominated by existing players such as Corning (GLW.N), Fujikura, and Yangtze Optical Fibre and Cable (06869.HK). In the short term, the firm expects supply constraints to persist, allowing YOFC to continue benefiting from high spot prices and margin expansion driven by increased involvement in the AI data center market. However, if new entrants successfully develop high-end products (such as hollow-core fibers and multi-core fibers) and smoothly execute their capacity expansion plans, the firm believes market competition will intensify, potentially putting pressure on the margin expansion of existing players like YOFC. The firm maintains a 'Buy' rating on Yangtze Optical Fibre and Cable (06869.HK), with a target price of HKD 266, based on a forward P/E ratio of 23.7x and an FY2027 EPS forecast of RMB 9.75. (Jin10)