NewTimeSpace — Wind data show the 5G space unraveling sharply: 3D Communication hit the daily limit-down, while Haige Communication, Shenglu Communication and China Satcom tumbled in sympathy.
CSOP YINHUA CSI 5G COMMUNICATIONS THEME ETF (03193.HK) opened lower and slid more than 3%.

Exchange filings list the full name as CSOP Yinhua CSI 5G Communication Theme ETF.
Listed in Hong Kong, the product tracks the CSI 5G Communication Theme Index, which draws from A-shares and targets 50 bellwethers across network build-out, end-user devices and applications—covering optical modules, RF antennas, PCBs, cloud computing and IoT.

Haige Communication, until recently a sector darling, touched the daily limit-down in the afternoon—its fourth straight session.
3Q 2025 numbers show a net loss of RMB 175 million, down 194.73% y/y, while revenue slipped 16.17%.
The company has guided to a full-year loss, prompting outflows and hammering the share price.
The stock appeared on the dragon-tiger list on 14 January: foreign and hot-money seats were net sellers amid heavy turnover, and margin balance dropped 13.21% the next day, signalling waning confidence.

Yet CSC Securities argues the long-term uptrend remains intact.
In its 15 December 2025 sector outlook the broker notes overseas 800G is still ramping and 1.6T adoption is accelerating, improving customer mix and order visibility.
Alphabet and peers continue to spend heavily on hardware refreshes, fuelling explosive MPO demand.
Meanwhile, MIIT’s new “High-Quality Industrial-Internet Platform” action plan targets 55% adoption by 2028, while liquid-cooling penetration is picking up speed.

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