On September 2nd, data from the Hong Kong Stock Exchange revealed that JPMorgan Chase & Co. reduced its long position ratio in Zhongji Innolight Co., Ltd.-H shares from 15.73% to 15.65% on August 27, 2026. Notably, this marks another instance of a major international institution scaling back its stake in the company, following similar moves by other financial giants.

Previously, on September 1st, exchange disclosures showed that Goldman Sachs had lowered its long position in Zhongji Innolight (03308.HK) H-shares from 10.1% to 9.31% as of August 27, holding 5.07 million shares. Concurrently, Morgan Stanley cut its long position from 11.09% to 6.55% on August 26, reducing its holdings to 3.57 million shares. According to data disclosed by August 28th, Morgan Stanley had entered the top ten circulating shareholder lists of 355 A-share listed companies in the second quarter, with a combined holding value of approximately 19.879 billion yuan, while newly entering 281 companies. The top 20 heavyweight holdings had a combined market value of about 14.595 billion yuan.

Examining the shift in holdings, the optical module leaders such as Zhongji Innolight (300308.SZ) and Tianfu Communication (300394.SZ), which were key bets in the first quarter, have both exited Morgan Stanley's top ten circulating shareholder list. Among the top 20 heavyweight holdings, 17 are newly added positions, with electronics and power equipment remaining the focus of Morgan Stanley's布局. Meanwhile, Goldman Sachs holds 33 stocks with a market value exceeding 100 million yuan each, with the top three being Sieyuan Electric, Xuguang Electronics (600353.SH), and Songfa Co., Ltd. (603268.SH).

Interestingly, Sieyuan Electric stands as the largest heavyweight holding for both Morgan Stanley and Goldman Sachs, with the latest share count at 9.25 million shares and a circulating market value of approximately 1.601 billion yuan. Furthermore, compared to the first quarter's concentrated bets on optical module leaders like Zhongji Innolight and Tianfu Communication, Morgan Stanley's second-quarter portfolio is notably more diversified, spanning semiconductors, defense, automobiles, power equipment, communications, and computers.

On September 2nd, the AI hardware sector experienced a significant downturn, with Zhongji Innolight, Eoptolink Technology, and Tianfu Communication all declining. Other stocks like Dongshan Precision Manufacturing, Victory Giant Technology, Accelink Technologies, and Flyin Optoelectronic also fell. Zhongji Innolight's A-shares and H-shares dropped in tandem, with A-shares closing down 4.29% on turnover exceeding 22 billion yuan, pushing its total market value below the 1 trillion yuan threshold to 968.7 billion yuan by the close of September 2nd. The H-shares also fell nearly 4% that day. Zhongji Innolight's (300308.SZ) A-shares accumulated a decline of over 26% from July 1st to August 31st.

On the evening of September 1st, Zhongji Innolight announced its first share buyback through a dedicated securities account using centralized bidding, repurchasing 374,100 shares, representing 0.0318% of the total share capital. The highest execution price was 870 yuan per share, the lowest was 838.16 yuan per share, with a total payment of 318 million yuan.

In terms of financial performance, Zhongji Innolight reported revenue of 41.778 billion yuan for the first half of 2026, a year-on-year increase of 182.49%, and net profit of 13.651 billion yuan, up 241.7% year-on-year. Demand for high-end optical modules like 800G and 1.6T has grown significantly. Company management indicated that major customers have provided guidance and orders for 2027, with demand for 1.6T and 800G in 2027 expected to maintain rapid growth compared to 2026. New products like 2.4T, NPO, and XPO are slated for mass production in the second half of 2027, with larger-scale shipments anticipated by 2028. Some customers have also raised their capital expenditure guidance for 2026 and even 2027.