Core Viewpoint - The Zhejiang Provincial People's Congress has passed the "Regulations on Promoting High-Quality Development of Marine Economy," which emphasizes the expansion of offshore wind power into deep waters and the development of various clean energy sources, including nuclear and tidal energy [1] Group 1: Offshore Wind Power Development - The current global offshore wind power costs are now economically viable alternatives to traditional fossil fuels, with a favorable carbon emission profile throughout its lifecycle [1] - Offshore wind power projects are advantageous due to their distance from residential areas, minimizing noise and visual pollution, and the absence of road construction limitations [1] - The ability to select optimal wind conditions and higher capacity factor sites enhances the reliability and efficiency of offshore wind power [1] Group 2: Industry Recommendations - The transition from nearshore to deep offshore wind power is underway, with provinces actively promoting demonstration projects to build experience for future large-scale developments [2] - Companies in the submarine cable segment, such as Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, are recommended for investment [2] - In the offshore wind foundation and marine engineering sector, companies like Dajin Heavy Industry, Haili Wind Power, and Tian Shun Wind Energy are highlighted as potential beneficiaries [2] - For turbine manufacturers with sufficient orders, companies like Goldwind Technology, Yunda Co., and Sany Renewable Energy are suggested for attention [2]

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]

Core Viewpoint - The report from Kaiyuan Securities indicates that the demand for optical fibers and cables is expected to increase due to the ongoing iteration of AI large model training and the accelerated application of AI in inference, which will drive global demand for optical fibers and cables [1] Group 1: Demand Drivers - The massive data flow demand within data centers, along with the collaboration of high-end single-mode and multi-mode fibers and ultra-high-speed optical modules, is likely to enable efficient short-distance data transmission and flexible interconnection, pushing intelligent computing centers towards higher density and lower power consumption [1] - The development of new technologies such as hollow-core fibers, which offer advantages like low latency, broad bandwidth, low loss, and low nonlinearity, is being actively promoted both domestically and internationally, suggesting a gradual increase in demand for hollow-core fibers in the long term [1] Group 2: Market Outlook - In the short term, there may be a supply-demand imbalance, with limited capacity for global manufacturers to expand production, potentially leading to a situation of supply shortage [1] - The demand and prices for optical fibers and cables are expected to maintain a steady upward trend, driven by the robust growth of AI and the resulting needs for interconnection within data centers and DCI [1] Group 3: Recommended Stocks - Recommended stocks include Hengtong Optic-Electric and Zhongtian Technology, while beneficiaries include Yangtze Optical Fibre and Cable, Yongding Co., Fenghuo Communication, and TeFa Information [1]

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. ...

Core Viewpoint - The company has signed a maximum guarantee contract with SPD Bank Deyang Branch to provide a joint liability guarantee of up to 50 million yuan for its wholly-owned subsidiary, Hengtong Precision Copper Foil Technology (Deyang) Co., Ltd, to meet its operational funding needs [1] Group 1 - The actual guarantee balance (excluding this new guarantee) is 387 million yuan, with the total external guarantees by the company and its subsidiaries amounting to 492 million yuan [1] - The total external guarantees represent 14.42% of the audited net assets for the fiscal year 2024, with no overdue guarantees reported [1] - The guarantee is within the approved limit by the shareholders' meeting, indicating that the associated risks are manageable [1]

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].