Core Viewpoint - The demand for optical fibers and cables is expected to increase due to the ongoing advancements in AI model training and application deployment, which will drive the global optical fiber and cable market [1][2] Demand Side Summary - The continuous iteration of AI large models and accelerated application deployment will likely sustain the demand for optical fibers and cables globally [1] - The need for massive data flow within data centers will promote the use of high-end single-mode and multi-mode fibers along with ultra-high-speed optical modules, facilitating efficient short-distance data transmission and flexible interconnections [1] - G.654.E optical fibers will significantly enhance transmission distance and system capacity, aiding in the construction of more efficient and economical long-distance high-bandwidth networks [1] - The development of hollow-core fibers, which offer low latency, wide bandwidth, low loss, and low nonlinearity, is being actively promoted, indicating a potential long-term increase in demand for these new technologies [1] Supply Side Summary - The production cycle for optical preforms is long and technically demanding, leading to potential short-term supply tightness in the market [1] - The traditional optical preform production methods, including PCVD, OVD, and VAD, require high technical maturity and precise control, making capacity expansion challenging [1] - The increasing demand for optical fibers and cables will raise capacity requirements for manufacturers, likely driving up utilization rates in the short term [2] Market Outlook - Predictions indicate that global demand for optical fibers and cables could reach hundreds of millions of core kilometers by 2025, maintaining a growth trend [2] - Prices have shown a significant rebound since May, and the construction of AI data centers is expected to continue driving demand and price stability for optical fibers and cables [2] - The industry may experience a supply-demand imbalance in the short term due to limited capacity expansion among global manufacturers [2] Recommended Companies - Companies recommended for investment include Hengtong Optic-Electric (600487.SH) and Zhongtian Technology (600522.SH) [2] - Beneficiary companies include Yangtze Optical Fibre and Cable (06869, 601869.SH), Yongding Co., Ltd. (600105.SH), FiberHome Technologies Group (600498.SH), and TeFa Information (000070.SZ) [2]

Group 1 - The core viewpoint of the report is that the development of AI is expected to drive demand for optical fibers and cables, particularly due to the ongoing iteration of AI large model training and the acceleration of AI application implementation [1] - The report highlights that the demand for high-end single-mode and multi-mode fibers, along with ultra-high-speed optical modules, will facilitate efficient short-distance data transmission and flexible interconnection, promoting the evolution of intelligent computing centers towards higher density and lower power consumption [1] - The report indicates that there is a significant advantage in hollow-core fibers, and both domestic and international markets are actively promoting the development of this new technology, which may gradually increase long-term demand [1] Group 2 - The report suggests that in the short term, there may be a supply shortage of optical fibers and cables, presenting investment opportunities [1] - The global growth of AI is continuously driving the demand for optical fibers and cables for interconnections within data centers and between data centers [1] - Due to limited production capacity among global manufacturers in the short term, a supply-demand imbalance is expected, leading to a steady increase in both demand and prices [1] Group 3 - The recommended stocks include Hengtong Optic-Electric and Zhongtian Technology, while benefiting stocks include Yangtze Optical Fibre and Cable, Yongding Co., Fenghuo Communication, and TeFa Information [1][3]

该行指短期或将供不应求，重视光纤光缆投资机会，随着全球AI蓬勃发展，或持续驱动资料中心内部 与DCI互联对光纤光缆的需求。短期来看，全球厂商扩产能力有限，或将形成供不应求的格局。该行认 为光纤光缆需求与价格有望维持稳步提升。该行推荐标的：亨通光电、中天科技；受益标的：长飞光 纤、永鼎股份、烽火通信及特发信息（维权）。 格隆汇12月24日｜开源证券发表报告表示，从需求端而言，随着AI大模型训练侧持续迭代，推理侧AI 应用落地加速，或持续拉动全球光纤光缆需求。面向数据中心内部的海量数据流动需求，高端单模及多 模光纤与超高速光模块协同，或实现短距离数据高效传输与灵活互联，推动智算中心向更高密度、更低 功耗的方向演进。除此之外，由于空芯光纤具有低时延、宽带谱、低损耗和低非线性效应等优势，国内 外正积极推动空芯光纤等新技术发展，长期来看，空芯光纤需求或逐步提升。 ...

Core Viewpoint - Hengtong Optic-Electric Co., Ltd. is preparing for its second extraordinary general meeting of shareholders in 2025, focusing on several key proposals, including anticipated related party transactions for 2026 [1] Group 1: Stock Performance - As of December 23, 2025, Hengtong Optic-Electric's stock closed at 26.21 yuan, reflecting a 0.27% increase from the previous trading day [1] - The stock opened at 25.92 yuan, reached a high of 26.68 yuan, and a low of 25.56 yuan, with a trading volume of 59.78 billion yuan and a turnover rate of 9.32% [1] Group 2: Shareholder Meeting Proposals - The most notable proposal for the upcoming shareholder meeting is the expected related party transactions for the year 2026, which will be reviewed by shareholders [1] - Other proposals include providing guarantees for subsidiaries and joint ventures, applying for comprehensive credit from financial institutions, engaging in foreign exchange and commodity futures hedging, and signing financial service agreements with Hengtong Financial Company [1] - Additional matters for discussion include adjusting the repurchase price of restricted stock and canceling part of the stock, changing registered capital, amending the company’s articles of association, and electing non-independent directors [1]

证券日报网讯 12月23日，亨通股份发布公告称，公司第九届董事会第二十八次会议审议通过《关于聘 任副总裁的议案》。 （文章来源：证券日报） ...

2025 年第二次临时股东会会议材料 江苏亨通光电股份有限公司 2025 年第二次临时股东会 会 议 材 料 二○二五年十二月三十日 2025 年第二次临时股东会会议材料 目 录 一、会议议程 二、会议须知 三、2025 年第二次临时股东会议案 | 序号 | | 议 案 名 称 | | --- | --- | --- | | 1 | 关于预计公司 | 2026 年度发生的日常关联交易的议案 | | 2 | 关于公司 | 2026 年度为控股子公司及联营企业提供担保的议案 | | 3 | 关于公司 | 年度向金融机构申请综合授信额度的议案 2026 | | 4 | 关于公司 | 2026 年度开展外汇套期保值业务的议案 | | 5 | 关于公司 | 年度与日常经营生产业务相关的商品期货套期保值业务的议案 2026 | | 6 | 关于公司 | 年度开展票据池业务的议案 2026 | | 7 | 的议案 | 关于与亨通财务有限公司签署《金融服务框架协议》暨金融服务日常关联交易 | | 8 | 关于调整 | 2024 年限制性股票激励计划回购价格并回购注销部分限制性股票的 | | | 议案 | | | 9 | | ...

2025 年 12 月 23 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(元) | 32 | | 基金 | 1.8% | | --- | --- | | 一般法人 | 21.7% | 股价相对大盘走势 亨通光电（600487） Buy 买进 公司基本资讯 | 产业别 | | 通信 | | | --- | --- | --- | --- | | A 股价(2025/12/22) | | | 26.14 | | 上证指数(2025/12/22) | | | 3917.36 | | 股价 12 个月高/低 | | 26.14/13.65 | | | 总发行股数(百万) | | | 2466.73 | | A 股数(百万) | | | 2445.18 | | A 市值(亿元) | | | 639.17 | | 主要股东 | | 亨通集团有限 | | | | | 公司(24.07%) | | | 每股净值(元) | | | 12.48 | | 股价/账面净值 | | | 2.10 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 37. ...

亨通股份公告称，为满足全资子公司亨通精密铜箔科技（德阳）有限公司经营发展资金需求，公司近日 与浦发德阳分行签署《最高额保证合同》，提供不超5000万元连带责任保证，无反担保。截至公告日， 实际为其担保余额（不含本次）3.87亿元，公司及控股子公司对外担保总额4.92亿元，占2024年度经审 计净资产的14.42%，无逾期担保。此次担保在股东会批准额度内，风险可控。 ...

Core Viewpoint - The continuous iteration of AI large model training and the acceleration of AI application implementation are expected to drive global demand for optical fibers and cables, particularly in data centers [1][2]. Demand Side - The construction of AI data centers and DCI interconnections is likely to sustain the demand for optical fibers and cables, with high-end single-mode and multi-mode fibers, along with ultra-high-speed optical modules, facilitating efficient short-distance data transmission and flexible interconnections [2]. - G.654.E optical fibers significantly enhance transmission distance and system capacity, contributing to the development of more efficient and economical long-distance high-bandwidth networks [2]. - The demand for hollow-core fibers is anticipated to gradually increase due to their advantages such as low latency, wide spectrum, low loss, and low nonlinearity, with active promotion of new technologies in both domestic and international markets [2]. Supply Side - The production cycle for traditional optical preforms is long, and the manufacturing process has high technical requirements, leading to potential short-term supply tightness [2]. - The expansion of optical fiber production capacity is constrained by the lengthy production cycle of optical preforms and the need for high precision in the manufacturing process, which may result in a tight supply situation in the short term [2]. - According to predictions from the Asia-Pacific Optical Fiber and Cable Industry Association and the China Academy of Information and Communications Technology, global demand for optical fibers and cables is expected to reach hundreds of millions of core kilometers by 2025, maintaining a growth trend [2]. Investment Opportunities - The global development of AI is likely to continue driving demand for optical fibers and cables in data centers and DCI interconnections, creating a potential supply-demand imbalance in the short term [3]. - Recommended investment targets include Hengtong Optic-Electric and Zhongtian Technology, with beneficiaries including Yangtze Optical Fibre and Cable, Yongding Holdings, FiberHome Technologies, and TeFa Information [3].

Group 1 - The core viewpoint emphasizes the need for non-electric utilization to address the consumption issues of renewable energy, with recent policies highlighting this approach [1][27] - The National Energy Administration has proposed expanding the utilization pathways for renewable energy, including incorporating green methanol into the renewable energy non-electric consumption assessment system [1][27] - The investment in power generation has significantly outpaced that in the grid during the early stages of the 14th Five-Year Plan, but grid investment is expected to accelerate in the later stages to improve renewable energy consumption [1][26] Group 2 - Wind turbine manufacturers are transitioning their business models from asset turnover to full-chain operations, with companies like Goldwind and Envision investing in wind-to-hydrogen and methanol projects [2] - The long-term trend of carbon reduction is confirmed despite delays in the implementation of the IMO net-zero framework, with rising carbon prices expected to enhance the comparative advantage of wind-to-green methanol production [2][36] - The demand for offshore wind energy in Europe is anticipated to increase, with supply constraints in cables and infrastructure favoring Chinese manufacturers [3] Group 3 - The wind power industry is experiencing significant growth, with cumulative installed capacity reaching 590 million kW by October 2025, a year-on-year increase of 21.4% [5] - The average single-unit capacity of newly installed wind turbines has increased to 6046 kW, reflecting a slowdown in the pursuit of larger turbine sizes [13] - The financial performance of wind power equipment companies has generally improved, with 37 out of 42 selected companies reporting revenue growth year-on-year [16] Group 4 - The investment in non-electric utilization is expected to drive value reconstruction for manufacturers, with a focus on green hydrogen and methanol production [4][29] - Major projects in green hydrogen and methanol production are being developed, such as Goldwind's 500,000-ton green methanol project in Inner Mongolia [29] - The overall cash flow from operating activities for wind power equipment has shown significant improvement, indicating a positive trend in financial health [20]