Changguang Huaixin Responds to Morgan Stanley Report: 3.2T Volume Release Is Premature; Short-Term Impact on Domestic Optical Chips Unlikely

In response to recent market volatility triggered by a Morgan Stanley report suggesting that potential FCC regulations could restrict Chinese optical modules in the 3.2T generation, Changguang Huaixin's investor hotline staff stated that the company has reviewed the research notes. The staff member noted first that the report is not an official document and its accuracy and specific impact remain uncertain; second, the analysis targets 3.2T optical modules, whose mass production is expected between 2028 and 2029, while the current market is dominated by 800G and 1.6T modules, meaning there will be no substantial short-term impact on China's domestic optical chip industry.