Summary of Key Points Industry Involved - The document pertains to the optical fiber industry, specifically focusing on single-mode optical fibers produced in China [1]. Core Points and Arguments - On January 22, 2026, the Korea Trade Commission issued a final ruling on anti-dumping measures against single-mode optical fibers originating from China [1]. - The ruling suggests that the Ministry of Economy and Finance of South Korea impose a five-year anti-dumping duty on specific Chinese companies, including: - Hengtong Optic-Electric Co., Ltd. and its affiliates - Yangtze Optical Fibre and Cable Joint Stock Limited Company and its affiliates - Hangzhou Jinxingtong Optical Fiber Technology Co., Ltd. and its affiliates - Other Chinese manufacturers/exporters [1]. - The proposed anti-dumping duty rate is set at 43.35% for the mentioned companies [1]. Other Important Content - The case involves products under South Korea's tax code 9001.10.0000, excluding low-loss fiber bundles, cables, and single-mode optical fibers specified as G.652.D, which are primarily used for optical equipment [2].

江苏技术技能大奖是江苏省技术技能人才最高奖项，由省政府颁发，分"江苏大工匠""江苏工匠"两 个层次。其中，"江苏大工匠"为江苏省技能人才最高荣誉，从"江苏工匠"中择优产生，每两年评选一 次。目前，苏州累计有12人获评"江苏大工匠"，84人获评"江苏工匠"。 据苏州市人社局消息，2025年江苏技术技能大奖表彰对象揭晓，苏州18名高技能人才榜上有名，其 中3人获评"江苏大工匠"，15人获评"江苏工匠"。 苏州此次获评"江苏大工匠"的3人，分别为苏州市吴中技师学院高级讲师王胜、江苏亨通华海科技 股份有限公司检测高级工程师冯富、苏州港张家港港务集团港埠分公司门机司机黄强。王胜长期从事糖 艺、西点相关课程教学与研究，累计指导选手获得各类奖项20余项，其中国家级金奖8项、银奖5项，培 养了大批专业人才。冯富带领团队啃下大长度海底光缆可靠性这一"硬骨头"，拿到了国内首张UJ国际认 证证书，助力中国海缆叩开国际市场大门。黄强立足岗位总结经验，形成《黄强门机操作法》，助 力"中国智造"远航全球，并带领团队完成60余项工艺技术创新，累计创造效益近千万元。 ...

近日，韩国贸易委员会发布第2026-1号公告（案件调查号23-2025-1），对原产于中国的单模光纤作出反 倾销肯定性终裁，建议韩国企划财政部对江苏亨通光电股份有限公司及其关联企业、长飞光纤光缆股份 有限公司及其关联企业、杭州金星通光纤科技有限公司及其关联企业以及中国其他生产商/出口商征收 为期五年的反倾销税，税率均为43.35%。本案涉及韩国税号9001.10.0000项下的产品，但不包括低损耗 光纤束、光缆以及规格为G.652.D主要用于光学设备的单模光纤。 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the optical fiber industry, highlighting key players and market dynamics. Key Players - **First Tier (Top Four Leaders)**: - **Changfei Fiber** - **FiberHome Technologies** - **Hengtong Optic-Electric** - **ZTT (Zhongtian Technology)** - These companies focus on high-end multimode and hollow-core fiber, which exhibit profit elasticity [1][1][1] - **Second Tier**: - **Yongding Co., Ltd.** - This company is positioned as a significant player but not in the top tier [1][1][1] Additional Notes - **Beijing Stock Exchange**: - Mention of **Gobi Technology**, indicating its relevance in the market [1][1][1] This summary captures the essential points regarding the optical fiber industry and its key players as discussed in the conference call.

Group 1 - The CPO concept stocks in the A-share market experienced a broad increase, with notable gains from several companies [1] - Changfei Fiber Optics saw an increase of over 8%, while Jepu Te rose by 5% [1] - Other companies such as Tiantong Co., Guangxun Technology, and Ruijie Networks increased by over 4% [1] Group 2 - The following are the performance details of key stocks: - Changfei Leishe (601869) increased by 8.37%, with a total market value of 172.5 billion and a year-to-date increase of 79.06% [2] - Jepu Te (688025) rose by 5.08%, with a market value of 21.2 billion and a year-to-date increase of 57.91% [2] - Tiantong Co. (600330) increased by 4.81%, with a market value of 22 billion and a year-to-date increase of 36.10% [2] - Guangxun Technology (002281) rose by 4.34%, with a market value of 59 billion and a year-to-date increase of 4.49% [2] - Ruijie Networks (301165) increased by 4.01%, with a market value of 63.8 billion and a year-to-date decrease of 9.72% [2] - Other companies also showed positive performance, with increases ranging from 1.22% to 3.74% [2]

Summary of Conference Call Notes Industry Overview - The focus is on the North American CSP (Cloud Service Provider) capital expenditure, which is experiencing strong growth. The report emphasizes the importance of the CPO (Coherent Photonic Optics) and fiber optic industries [1][2]. Key Points 1. **Acceleration of CPO Development** - Lumentum has announced that it has secured several hundred million dollars in orders related to CPO. - Expected revenue from CPO is projected to be approximately $50 million in Q4 2026, with a significant surge anticipated in the first half of 2027. - The report suggests paying attention to the CPO supply chain, including components such as optical engines, FAU, laser ELS, MPO, shuffle boxes, and polarization-maintaining fibers. - Relevant companies in this space include Tianfu Communication, Yuanjie Technology, Shijia Photonics, Taicheng Light, Changfei Fiber, Changying Tong, and Robotek [1][2]. 2. **Fiber Optic Industry Transition** - The fiber optic cable industry has shifted from recovery to a phase characterized by "tight supply and simultaneous increase in volume and price." - As a capital-intensive industry, it is expected that new capacity will be difficult to add in the short term, leading to continued price increases. - Companies with optical fiber rod production capacity, such as Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Fenghuo Communication, are recommended for focus. - Additionally, companies with significant fiber optic capacity or specialized fiber optics, such as Tefa Information and Changying Tong, are also highlighted [2]. 3. **Strong Capital Expenditure Growth Among CSPs** - Four major North American CSPs are expected to maintain strong capital expenditure growth through Q4 2025, with optimistic guidance for future capital expenditures. - All companies expressed a consensus on the "strong demand for AI and tight supply of computing power." - The overseas AI computing power supply chain is viewed positively, while the domestic AI competition is ongoing, with issues such as traffic congestion during Alibaba's Qianwen event noted. - Attention is also recommended for the domestic computing power supply chain [2]. Additional Recommendations - The report recommends specific companies for investment consideration: Zhongji Xuchuang, Tianfu Communication, Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Yuanjie Technology [3].

Group 1 - The A-share market saw a general rise in CPO concept stocks, with notable increases in several companies' stock prices [1] - Changfei Fiber Optics experienced an increase of over 8%, while Jepu Te rose by 5% [1] - Other companies such as Tiantong Co., Guangxun Technology, and Ruijie Networks saw stock price increases of over 4% [1] Group 2 - Detailed stock performance includes: - Changfei Leishe (601869) with an 8.37% increase and a total market value of 172.5 billion, year-to-date increase of 79.06% [2] - Jepu Te (688025) with a 5.08% increase and a market value of 21.2 billion, year-to-date increase of 57.91% [2] - Tiantong Co. (600330) with a 4.81% increase and a market value of 22 billion, year-to-date increase of 36.10% [2] - Guangxun Technology (002281) with a 4.34% increase and a market value of 59 billion, year-to-date increase of 4.49% [2] - Ruijie Networks (301165) with a 4.01% increase and a market value of 63.8 billion, year-to-date decrease of 9.72% [2]

Core Viewpoint - Deep-sea technology is crucial for transforming potential resource advantages into real productivity, playing a significant role in economic development and ensuring national resource security [1][5]. Group 1: Definition and System of Deep-Sea Technology - Deep-sea technology refers to a series of scientific technologies and equipment systems used for exploring, researching, and developing deep-sea resources, typically below 200 meters [1]. - The essence of deep-sea technology lies in systematic technological innovation, transforming the deep sea from a cognitive blank area into a sustainable development space [2]. - The internal system of deep-sea technology includes three core dimensions: scientific cognition, engineering technology, and industrial application, which support and develop together with policy evolution [2]. Group 2: Current Development Status of Deep-Sea Technology - The deep sea is increasingly recognized as a strategic space for ensuring national resource security as land resources deplete [4]. - China's marine economy has shown strong growth, with an estimated marine economic output of approximately 5.1 trillion yuan in the first half of 2025, reflecting a year-on-year increase of about 5.8% [4]. - The rapid development of deep-sea technology in China over the past decade is unprecedented domestically and considered a miracle in international technological history [5]. Group 3: Market Size and Growth Projections - The market size of China's deep-sea technology is projected to be approximately 2.7 trillion yuan by 2025, with an expected increase to about 2.92 trillion yuan by 2026 [5]. Group 4: Industry Chain of Deep-Sea Technology - The deep-sea technology industry chain consists of a complete structure from upstream raw materials and components to midstream equipment manufacturing and downstream diverse applications [6]. - Upstream includes key raw materials like titanium alloys and special steel, while midstream focuses on deep-sea detection and operational equipment manufacturing [6]. Group 5: Development Environment and Policies - The deep-sea technology sector is receiving significant attention and support from the government, with multiple policies encouraging its development and innovation [6]. - The 2025 Government Work Report explicitly mentions promoting deep-sea technology as a new emerging industry [6]. Group 6: Competitive Landscape - Major companies in the deep-sea technology sector include China CRRC, China Shipbuilding, and Zhenhua Heavy Industries, focusing on deep-sea detection, resource development, and comprehensive systems [7]. - China CRRC has established a presence in the deep-sea robotics sector and reported revenues of approximately 183.87 billion yuan in the first three quarters of 2025 [8]. - Zhenhua Heavy Industries has made significant advancements in intelligent marine engineering equipment, achieving revenues of about 34.46 billion yuan in 2024, with a year-on-year growth of 4.62% [9]. Group 7: Development Strategies - The development of deep-sea technology is a strategic choice for China to overcome resource constraints and expand development space, contributing to the goal of building a marine power and sustainable development [10]. - The industry is expected to evolve towards interdisciplinary integration, collaborative efficiency across the entire chain, and participation in global governance [10].

Core Viewpoint - The article highlights the significant growth and transformation of China's broadband network, emphasizing the shift from copper cable to fiber optic connections, and the increasing number of broadband access ports and users, reflecting a trend towards higher speed and full fiber networks [1][9]. Broadband Industry Overview - Broadband networks are defined as communication networks with bandwidth exceeding 155kbps, consisting of backbone and access networks that support various multimedia services [3]. - The industry has evolved from narrowband and dial-up internet to support high-definition video and immersive applications, with typical bandwidth increasing from 64Kbps to current levels of 1Gbps and beyond [3]. Broadband Industry Development History - The transition to fiber-to-the-home (FTTH) has been a key development, with significant upgrades in network infrastructure to meet growing user demands for high-quality digital services [3]. Current State of the Broadband Industry - The broadband network infrastructure in China is rapidly advancing, with a focus on broadband, intelligence, and integration to support diverse new business applications [5]. - As of the end of 2024, the number of fixed internet broadband access ports reached 1.202 billion, with a net increase of 66.12 million from the end of 2023 [1][9]. Key Companies in the Broadband Industry - Major players include China Telecom, China Unicom, and China Mobile, which dominate the market due to their extensive user bases and network coverage [2][10]. - Emerging companies like ZTE, FiberHome, and others are gaining traction in broadband network equipment manufacturing and services [10]. Industry Challenges - The broadband industry faces challenges such as unclear public infrastructure positioning, regional and urban-rural development imbalances, and insufficient service application diversity [12][13]. Future Trends in the Broadband Industry - The industry is expected to evolve towards "full-fiber" access and "cloud-network integration," enhancing speed and network architecture [14]. - The focus will shift from merely providing connectivity to offering comprehensive, intelligent digital service platforms, integrating various applications for enhanced user experience [15]. - There will be an emphasis on ensuring "deterministic experience" and "green low-carbon" development in network planning and operations [16].

Investment Rating - The report maintains a "Buy" rating for several key companies in the communication and AI computing chain, including沃尔核材, 奥飞数据, 锐捷网络, 中国移动, 新易盛, 中际旭创, 万国数据, 天孚通信, and 亨通光电 [8][39]. Core Insights - The North American cloud service providers (CSPs) have shown a significant increase in capital expenditures, with a year-on-year growth of 66.64% in Q4 2025, totaling $117.6 billion. This trend is expected to continue into 2026, with a projected capital expenditure of $570.77 billion, reflecting a 53.2% increase [2][12][13]. - Major CSPs such as Microsoft, Amazon, Meta, and Google are optimistic about their capital spending for 2026, with Microsoft estimating $115.2 billion, Amazon $161.3 billion, Meta $123.7 billion, and Google $170.5 billion [2][12][13]. - The report emphasizes the potential for growth in the global AI computing chain, including components like optical modules, liquid cooling, copper connections, and switches, driven by the increasing demand for computing power [1][11]. Summary by Sections Market Overview - The communication index fell by 6.95% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 1.27% and 2.11%, respectively [1][11]. Key Companies and Dynamics - The report identifies a primary investment theme in the communication industry for 2026, focusing on the AI computing chain, with recommended companies including 中际旭创, 新易盛, 天孚通信, and others [3]. - The report highlights the strong performance of the four major North American cloud providers, collectively known as MAMG, which includes Microsoft, Amazon, Meta, and Google, with a total capital expenditure of $372.55 billion in 2025 [2][12]. Company Recommendations - Specific companies are recommended for investment based on their growth potential and market position, including: - 沃尔核材 (Target Price: 43.21) [39] - 奥飞数据 (Target Price: 31.17) [39] - 锐捷网络 (Target Price: 102.51) [39] - 中国移动 (Target Price: 126.20) [39] - 新易盛 (Target Price: 476.71) [39] - 中际旭创 (Target Price: 626.68) [39] - 万国数据 (Target Price: 45.83) [39] - 天孚通信 (Target Price: 211.92) [39] - 亨通光电 (Target Price: 25.73) [39]