The Zhitong Finance App learned that computing power hardware stocks such as PCB and optical communications had the highest declines. As of press release, Jingwang Electronics (03228) fell 12.3% to HK$58.45; Changfei Optical Fiber Cable (06869) fell 12.35% to HK$110; Cambridge Technology (06166) fell 11.28% to HK$72.75; Shenghong Technology (02476) fell 9.55% to HK$142; Zhongji Xuchuang (03308) fell 7.49% to HK$722.5.

According to the news, recently the market has begun to worry about the growth of leading manufacturers slowing down and whether future returns can cover current large-scale investments. CICC pointed out that the market anticipates that the year-on-year capital expenditure growth rate of the seven AI giants in the US will drop from about 90% in 2026 to 36% in 2027, and uncertainty about investment returns will also exacerbate fluctuations in AI assets.

It is worth noting that Nvidia announced yesterday at the GTC Berlin conference that it will significantly expand production with six major supply chain partners. There are opinions that Nvidia's official CPO expansion has no mainland manufacturers, which may indicate a “differentiation” between the existing route and the next generation route. At the same time, news that the China-Europe Fund drastically reduced its holdings of Zhongji Xuchuang and Xinyisheng in the third quarter went viral, and concerns about a “collapse of the group” further amplified selling pressure.

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