Core Viewpoint - The optical fiber and cable market is experiencing a significant price surge driven primarily by the demand from AI data centers, rather than traditional drivers like FTTH or 5G construction [1][2]. Group 1: Market Dynamics - Since the end of 2025, the price of G.652.D bare fiber has been continuously rising, surpassing 30 yuan per core kilometer by February 2026, with actual transaction prices concentrated between 40 to 50 yuan per core kilometer, reflecting an increase of 94% to 144% [1]. - The demand structure for optical fibers has fundamentally changed due to the high consumption levels and specifications required by AI data centers, which exceed those of traditional telecom networks [1]. - The demand for special fibers like G.657.A2 and hollow-core fibers has surged to meet the low-latency and high-bandwidth interconnection needs of GPU clusters [1]. Group 2: Supply Constraints - The core raw material for optical fibers, optical preform, accounts for about 70% of the fiber's cost and has a long production cycle of 1.5 to 2 years, leading to tight supply constraints [2]. - Following previous years of price wars and supply clearances, there has been little large-scale expansion in production capacity, causing a mismatch between rising demand and constrained supply [2]. - As high-end special fiber demand surges, preform manufacturers prioritize capacity for higher-margin products, further squeezing the production of standard fibers like G.652.D [2]. Group 3: Investment Opportunities - Companies with optical preform production capacity, such as Yangtze Optical Fibre and Cable, Hengtong Optic-electric, Zhongtian Technology, FiberHome, and Hangzhou Hikvision, are expected to benefit significantly from the price increase [3]. - Key suppliers in the upstream of the computing power supply chain, particularly in the optical module sector like Zhongji Xuchuang and NewEase, as well as optical device manufacturers like Tianfu Communication and Shijia Photon, are also highlighted as potential investment targets [3]. - Companies with advanced technological reserves, particularly those involved in next-generation technologies like hollow-core fibers, are likely to see valuation catalysts as these technologies enter operator trials [3].

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法律责任。 一、董事离任情况 烽火通信科技股份有限公司（以下简称"公司"）于近日收到非独立董事肖希先生的辞职报告，因公司治 理结构调整，肖希先生申请辞去公司非职工董事及董事会审计委员会委员职务，辞呈自送达公司董事会 之日起生效。辞去前述职务后,肖希先生将不再担任公司任何职务。 (一)提前离任的基本情况 ■ (二)离任对公司的影响 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《公司章程》及相关规定，肖希先生的辞 职不会导致公司董事会成员人数低于法定最低人数，不会影响董事会正常运作，亦不会对公司规范治理 及日常经营产生不利影响。 公司董事会对肖希先生在任职非独立董事期间为公司发展所做出的贡献表示衷心感谢！ 二、职工董事选举情况 为进一步完善公司治理结构，根据《中华人民共和国公司法》《上市公司章程指引》等法律、法规及规 范性文件和《公司章程》的相关规定，公司董事会中可设职工董事，经由职工代表大会、职工大会或者 其他形式民主选举产生。 公司于2026年2月召开职工代表大会，选举马守灏先生 ...

证券代码：600498 证券简称：烽火通信 公告编号：2026-005 烽火通信科技股份有限公司 关于公司董事辞职暨选举职工董事的公告 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法律责任。 为进一步完善公司治理结构，根据《中华人民共和国公司法》《上市公司章程指引》等法律、法规及规 范性文件和《公司章程》的相关规定，公司董事会中可设职工董事，经由职工代表大会、职工大会或者 其他形式民主选举产生。 公司于2026年2月召开职工代表大会，选举马守灏先生（简历附后）为公司第九届董事会职工董事，任 期自本次职工代表大会选举通过之日起至第九届董事会任期届满之日止。马守灏先生符合相关法律、法 规及规范性文件对董事任职资格的要求，其担任公司职工董事后，公司第九届董事会中兼任公司高级管 理人员职务的董事以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法 律、法规及规范性文件的要求。 特此公告。 一、董事离任情况 烽火通信科技股份有限公司（以下简称"公司"）于近日收到非独立董事肖希先生的辞职报告，因公司治 理结构调整，肖希先生申请 ...

关于公司董事辞职暨选举职工董事的公告 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法律责任。 一、董事离任情况 烽火通信科技股份有限公司（以下简称"公司"）于近日收到非独立董事肖 希先生的辞职报告，因公司治理结构调整，肖希先生申请辞去公司非职工董事及 董事会审计委员会委员职务，辞呈自送达公司董事会之日起生效。辞去前述职务 后,肖希先生将不再担任公司任何职务。 | | | | | 离任 | 离任时间 | 原定任期到 | 离任原因 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 职务 | | 期日 | | | | | | | | | | 股子公司任职 | 公开承诺 | | 肖希 | 董事 | 2026-2-14 | 2026-12-24 | 公司治理 结构调整 | 否 | 否 | 证券代码：600498 证券简称：烽火通信 公告编号：2026-005 烽火通信科技股份有限公司 二、职工董事选举情况 为进一步完善公司治理结构 ...

格隆汇2月24日丨烽火通信(600498.SH)公布，公司于近日收到非独立董事肖希先生的辞职报告，因公司 治理结构调整，肖希先生申请辞去公司非职工董事及董事会审计委员会委员职务，辞呈自送达公司董事 会之日起生效。辞去前述职务后,肖希先生将不再担任公司任何职务。 公司于2026年2月召开职工代表大会，选举马守灏先生为公司第九届董事会职工董事，任期自本次职工 代表大会选举通过之日起至第九届董事会任期届满之日止。马守灏先生符合相关法律、法规及规范性文 件对董事任职资格的要求，其担任公司职工董事后，公司第九届董事会中兼任公司高级管理人员职务的 董事以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律、法规及规范 性文件的要求。 ...

Group 1 - The CPO concept stocks in the A-share market have collectively strengthened, with notable gains from Tianfu Communication and Dekeli, both rising over 14% [1] - Other companies such as Juguang Technology and Hengtong Optic-Electric also saw significant increases, with some stocks reaching the daily limit of 10% [1] - The overall market sentiment appears positive, as indicated by the strong performance of multiple stocks in the sector [1] Group 2 - Tianfu Communication (300394) increased by 14.32%, with a total market capitalization of 276.9 billion and a year-to-date increase of 75.44% [2] - Dekeli (688205) rose by 14.13%, with a market cap of 28.9 billion and a year-to-date increase of 32.75% [2] - Juguang Technology (688167) saw a rise of 13.28%, with a market cap of 35.9 billion and a remarkable year-to-date increase of 128.43% [2]

Core Viewpoint - The "Belt and Road" theme has made a strong comeback on the first trading day after the Spring Festival, with the Belt and Road ETF (515150) seeing a price increase of 3.12% [1] Group 1: Market Performance - The energy and shipping sectors emerged as the main drivers of today's market gains, with several stocks such as Southern Power Grid Energy, Sinopec Oilfield Service, COSCO Shipping Energy, and China Merchants Energy hitting the 10% daily limit [1] - Other energy stocks like CNOOC, China Jushi, Fenghuo Communication, and Yuntianhua also recorded gains exceeding 7% [1] Group 2: Factors Driving Market Strength - The strong market performance post-holiday is attributed to multiple favorable factors, including the accelerated implementation of key "Belt and Road" projects, which were announced during the Spring Festival, boosting the related industry chain's outlook [1] - The resilience of foreign trade has also been highlighted, with a rapid recovery in cross-border trade demand reinforcing market confidence in trade and investment along the Belt and Road [1] Group 3: Investment Opportunities - The Belt and Road ETF (515150) serves as an efficient tool for investors to gain exposure to core assets in the Belt and Road initiative, covering leading companies in infrastructure, energy, resources, and communications [1] - Investors can also participate through linked funds (Class A 007786/Class C 007787/Class E 022096) to capitalize on the recovery opportunities in the post-holiday thematic market [1]

Core Viewpoint - The optical fiber sector is experiencing significant growth, driven by unprecedented demand for high-performance optical fibers and cables due to the global AI wave and the need for low latency and high bandwidth [1] Industry Summary - Optical fiber concept stocks are on the rise, with companies like Hangzhou Dianzi, Tianfu Communication, Hengtong Optic-Electric, Changjiang Communication, Fenghuo Communication, Tongguang Cable, and Huamai Technology seeing substantial gains [1] - According to Huatai Securities, the price of G.652.D single-mode optical fiber in the Chinese market is expected to reach a seven-year high of 35 yuan per core kilometer by January 2026, with a monthly increase of over 75% in January alone [1] - Guotai Junan Securities indicates a confirmed upward trend in the optical fiber industry's pricing cycle, with prices of scattered fibers rising significantly due to increased overseas demand for G657A2 and reduced supply of G652D, leading to longer delivery times [1] - Anticipation of price increases is supported by upcoming procurement from telecom and mobile operators, as well as heightened pre-Spring Festival inventory demands, suggesting that major domestic clients are likely to accept price hikes [1] - The sector is expected to benefit from the price surge, with leading domestic optical fiber and cable manufacturers like Yangtze Optical Fiber, Hengtong Optic-Electric, and Zhongtian Technology poised to gain from the explosive demand and price trends [1]

Investment Rating - The report maintains a "Positive" outlook for the defense and military industry [4] Core Insights - The focus is on increasing allocations in the large aircraft and military trade sectors, with expectations for growth in these areas due to geopolitical events and advancements in core technologies [8] - The large aircraft sector is expected to see accelerated development, particularly with the C919 aircraft, as key components are set to achieve certification and production targets [11][12] - Military trade is anticipated to benefit from heightened defense spending in the Middle East due to regional tensions, with expectations for increased market share for Chinese military exports [12] - The commercial aerospace sector is viewed positively for the first half of the year, despite recent adjustments and lower-than-expected launch activities [13] - Domestic demand in the military sector is expected to recover, with potential for exceeding current market pessimism as the "14th Five-Year Plan" progresses [14] Summary by Sections 1.1 Large Aircraft - The report highlights that the current market has low expectations for the large aircraft sector, particularly regarding the C919's delivery volumes. However, advancements in engine and onboard systems are expected to accelerate, potentially leading to a faster-than-expected development pace in the next two years [11][12] 1.2 Military Trade - The report notes that escalating tensions in the Middle East are likely to increase defense spending and military imports in the region. China's military trade share is expected to rise as countries diversify their defense procurement sources [12] 1.3 Commercial Aerospace - Despite recent adjustments in the commercial aerospace sector, the report maintains a positive outlook for investment opportunities in leading companies, particularly in satellite manufacturing and related technologies [13] 1.4 Domestic Military Demand - The report suggests that the market has been overly pessimistic regarding domestic demand recovery. It anticipates that as geopolitical uncertainties rise and the "14th Five-Year Plan" is implemented, demand in the military sector may recover faster than expected [14] 1.5 Investment Recommendations - The report recommends actively investing in core targets within the large aircraft and military trade sectors, while monitoring the commercial aerospace sector for potential catalysts. Specific companies are highlighted for investment consideration [16]

Group 1 - The core viewpoint of the news highlights the robust production activities of several companies in the optical module industry during the Spring Festival, indicating strong demand and operational efficiency [2] - Huagong Technology's optical module production line is operating at full capacity, with orders scheduled until Q4 2026, reflecting a significant demand for AI high-speed optical modules [2] - The production facilities of companies like Yifang Communication and Changfei are also running continuously, ensuring quality and timely delivery of optical fiber and cables [2] Group 2 - The optical module industry is characterized by its upstream components, including optical devices, optical chips, and PCB manufacturers, while the downstream primarily consists of communication equipment manufacturers [4] - The Chinese optical module market is projected to reach USD 10.34 billion by 2030, with a compound annual growth rate (CAGR) of 15.1%, driven by the expansion of AI computing power, 5G/6G network upgrades, and data center construction [4] - The industry is evolving towards miniaturization, cost reduction, and high-speed capabilities, with a focus on high-end and domestic production during the 14th Five-Year Plan period [4] Group 3 - The competition in the optical module industry is expected to intensify over the next year, focusing on capacity and supply chain management, which may widen the gap between leading companies and smaller firms [6]