Core Viewpoint - Microsoft collaborates with Corning and Heraeus to scale up the production of hollow-core fiber (HCF), aiming to enhance the performance and reliability of AI networks and meet the growing demand for network infrastructure [1][2] Group 1: Industry Trends - The trend towards industrialization of hollow-core fiber is clear, with significant potential for demand growth in long-distance data transmission and applications requiring high reliability and low latency [3][4] - Hollow-core fiber can significantly increase transmission speed and reduce latency, achieving approximately one-third lower latency compared to traditional glass-core fibers [3] Group 2: Company Developments - Microsoft acquired Lumenisity in 2022 and launched the world's first hollow-core fiber factory in the UK, with plans to deploy 15,000 kilometers of hollow-core fiber over the next two years [2] - Corning's manufacturing facility in North Carolina will produce HCF for Microsoft, expanding global fiber production and supporting Azure's network deployment [1][2] Group 3: Competitive Landscape - Domestic and international enthusiasm for the industrialization of hollow-core fiber is high, with companies like China Mobile launching commercial lines and Microsoft and Amazon actively promoting its use [4] - The current market for hollow-core fiber is relatively small, but companies with technological and patent advantages are expected to lead, with domestic firms like Hengtong Optic-Electric and Zhongtian Technology positioning themselves well for market share [4][5]

Core Viewpoint - Hengtong Optic-Electric experienced a decline in stock price on September 25, 2023, with a current price of 22.15 yuan per share, reflecting a year-to-date increase of 30.37% and a recent 5-day decline of 0.32% [1] Financial Performance - For the first half of 2025, Hengtong Optic-Electric reported revenue of 32.049 billion yuan, representing a year-on-year growth of 20.42%, while net profit attributable to shareholders was 1.613 billion yuan, showing a slight increase of 0.24% [2] - The company has distributed a total of 2.614 billion yuan in dividends since its A-share listing, with 1.121 billion yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 11.80% to 161,700, while the average number of circulating shares per person increased by 13.38% to 15,118 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 64.5046 million shares, an increase of 10.1831 million shares from the previous period [3]

Core Viewpoint - Jiangsu Broadcasting Cable Information Network Co., Ltd. has announced a tender for a general server centralized procurement project with a budget of 6.2 million yuan [1] Group 1 - The tender announcement was published on September 24, 2025 [1] - The project is a re-tendering process for the general server procurement [1] - The company is jointly owned by Dae Oriental and Hengtong Optic-Electric, with ownership stakes of 0.56% and 1.37% respectively [1]

Investment Rating - The report maintains a "Recommended" rating for the communication industry [3]. Core Insights - The enthusiasm for the industrialization of hollow-core fiber optics is high both domestically and internationally, with domestic manufacturers expected to leverage cost and technological advantages to capture a significant market share [2]. - Major companies like Microsoft are actively pursuing the industrialization of hollow-core fiber optics, with plans to increase global production to meet the growing demand for network infrastructure [5]. - The hollow-core fiber optics technology promises to significantly enhance transmission speed and reduce latency, making it a competitive medium for global optical communication [5]. Summary by Sections Industry Overview - The hollow-core fiber optics market is currently small, but manufacturers with technological and patent advantages are in a leading position. Companies like Lumensity and Changfei Fiber Optics are at the forefront, while domestic players such as Hengtong Optic-Electric and Zhongtian Technology are also making strategic moves [2]. Market Dynamics - The report highlights that the demand for multi-mode fiber optics is increasing, and as the industrialization of hollow-core fiber optics accelerates, domestic manufacturers are expected to achieve large-scale shipments and capture a larger market share [2]. Technological Advancements - Hollow-core fiber optics utilize air or inert gas instead of solid fiber cores, which allows for faster signal transmission and reduced latency compared to traditional glass fiber optics. This technology is particularly beneficial for data centers, which are expanding in scale and energy consumption [5]. Investment Recommendations - The report suggests focusing on companies such as Changfei Fiber Optics, Hengtong Optic-Electric, and Zhongtian Technology for potential investment opportunities in the hollow-core fiber optics sector [6].

Investment Rating - The report maintains an investment rating of "Recommended" for the communication industry [3]. Core Viewpoints - There is a strong enthusiasm for the industrialization of hollow-core fiber optics both domestically and internationally, with domestic manufacturers expected to leverage cost and technological advantages to capture a significant market share [2]. - Major companies like Microsoft are actively pursuing the industrialization of hollow-core fiber optics, with plans to increase global production to meet the growing demand for network infrastructure [5]. - The hollow-core fiber optics technology promises to significantly enhance transmission speeds and reduce latency, making it a competitive medium for global optical communication [5]. Summary by Sections Industry Overview - The hollow-core fiber optics market is currently small, but manufacturers with technological and patent advantages are in a leading position. Companies like Lumensity and Changfei Fiber Optics are at the forefront, while domestic players such as Hengtong Optic-Electric and Zhongtian Technology are also making strategic moves [2]. Market Dynamics - The report highlights that the demand for multi-mode fiber optics is expected to rise, and as the industrialization of hollow-core fiber optics accelerates, domestic manufacturers will likely achieve large-scale shipments and capture a substantial market share [2]. Technological Advancements - Hollow-core fiber optics utilize air or inert gas instead of solid fiber cores, which allows for faster signal transmission and reduced latency compared to traditional quartz glass fibers. This technology is particularly beneficial for data centers, which are increasingly expanding in scale and energy consumption [5]. Investment Recommendations - The report suggests focusing on companies such as Changfei Fiber Optics, Hengtong Optic-Electric, and Zhongtian Technology for potential investment opportunities in the hollow-core fiber optics sector [6].

Core Viewpoint - Hengtong Optic-Electric has shown significant stock price appreciation in 2023, with a year-to-date increase of 32.37% and notable gains over various trading periods [2]. Group 1: Stock Performance - As of September 24, Hengtong Optic-Electric's stock price reached 22.49 CNY per share, with a trading volume of 1.726 billion CNY and a turnover rate of 3.22%, resulting in a total market capitalization of 55.477 billion CNY [1]. - The stock has experienced a 11.34% increase over the last five trading days, an 18.99% increase over the last 20 days, and a 46.04% increase over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Hengtong Optic-Electric reported a revenue of 32.049 billion CNY, reflecting a year-on-year growth of 20.42%, while the net profit attributable to shareholders was 1.613 billion CNY, showing a slight increase of 0.24% [2]. - The company has distributed a total of 2.614 billion CNY in dividends since its A-share listing, with 1.121 billion CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders for Hengtong Optic-Electric was 161,700, a decrease of 11.80% from the previous period, while the average circulating shares per person increased by 13.38% to 15,118 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 64.505 million shares, an increase of 10.1831 million shares from the previous period [3].

（文章来源：证券日报） 证券日报网讯 9月23日晚间，亨通光电发布公告称，控股股东亨通集团有限公司将其持有的1500万股无 限售流通股质押给平安银行股份有限公司苏州分行。 ...

截至公告披露日，亨通集团累计质押股份为3.5亿股，占其所持股份的59.7%及公司总股本的14.19%。 （智通财经记者 李晓青） 9月23日，亨通光电（600487.SH）公告称，控股股东亨通集团将其持有的1500万股股份办理质押，占 其所持股份的2.56%及公司总股本的0.61%。 ...

证券代码：600487 证券简称：亨通光电 公告编号：2025-036 号 江苏亨通光电股份有限公司 关于控股股东增持公司股份计划的进展公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况 基于对江苏亨通光电股份有限公司（以下简称"公司"）未来发展的信心和 对公司价值的认可，提振投资者信心，切实维护投资者利益，促进公司持续、稳 定、健康发展,公司控股股东亨通集团有限公司（以下简称"亨通集团"）拟增持 公司股份，增持金额拟不低于 1.5 亿元(含)、不超过 3 亿元(含)，具体内容详见 公司 2025 年 4 月 10 日于上海证券交易所网站（www.sse.com.cn）披露的《公司 关于控股股东增持公司股份计划的公告》（公告编号：2025-008 号）以及 2025 年 4 月 25 日于上海证券交易所网站（www.sse.com.cn）披露的《亨通光电关于 控股股东增持公司股份计划的进展公告》（公告编号：2025-012 号）。 增持计划的实施进展/本次增持情况 公司于 202 ...

关于控股股东部分股权质押公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 江苏亨通光电股份有限公司（以下简称"公司"）控股股东亨通集团有限公司（以下 简称"亨通集团"）持有公司股份 586,329,925 股，占公司总股本的比例 23.77%；截至本公 告披露日，亨通集团持有公司股份累计质押数量（含本次）350,050,000 股，占其持股数量的 比例为 59.70%，占公司总股本的比例为 14.19%。 一、公司股份质押情况 公司于 2025 年 9 月 23 日收到亨通集团关于部分股份质押的通知，具体情况如下： （一）本次股份质押基本情况 2025 年 9 月 19 日，亨通集团将其持有的本公司 1,500 万股无限售流通股质押给平安银行 股份有限公司苏州分行。该股份质押登记手续已于 2025 年 9 月 22 日办理完毕。本次股份质 押情况具体如下： 证券代码：600487 证券简称：亨通光电 公告编号：2025-037 号 江苏亨通光电股份有限公司 注：本次股份质押涉及的被担保主债权到期日为 ...