$Yangtze Optical Fibre and Cable.HK On 4/16, Goldman Sachs initiated coverage with a Neutral rating. On 4/17, the company announced a board meeting to review Q1 results. On 4/18, the stock price skidded from 218 to 206. The combination of a "Neutral rating + unknown earnings" caused retail investors to run first. This is a typical "uncertainty risk premium" reaction. But from another perspective—Yangtze is one of the downstream application parties for the TFLN photonic chip in that QUBT card. With global optical communication network upgrades, the 5G to 6G transition, and exploding demand for optical modules from AI data centers, the leader in optical fiber preforms shouldn't be held down for this long in this cycle. The Chinese optical fiber industry has followed a script of "capacity reduction + price hikes" over the past two years. Yangtze has the largest domestic market share in preforms, with a sufficiently high technical barrier. Even if Q1 earnings don't surge in the short term, the probability of order acceleration in the second half of 2026 with AI computing power expansion is not low. My view is bullish but not for immediate action: the current price of 206 HKD is still near the technical support level. A further break below 200 would be an add-on point. If it doesn't fall, wait for the Q1 results. GS's Neutral is not bearish but wait-and-see. Once the Q1 numbers are out, institutional ratings will likely be passively upgraded. Starting with a small position is fine, but don't go all in—Hong Kong stock liquidity is average, and daily volatility will be greater than that of A-share peers.