March 24, 2026 11:06 PM GMT China Equity Strategy | Asia Pacific Focus List Changes – China/HK and China A-share Thematic Focus List 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 We add Zhongtian Technology (600522.SS) and remove Spring Airlines (601021.SS) in our China/HK Focus List and China A- share Thematic Focus List. We also add Shenhua Energy (1088.HK) and remove ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 March 24, 2026 09:02 AM GMT Jiangsu Zhongtian Technology Co. Ltd. | Asia Pacific Post meeting takeaways: Persistent Optical Fiber Upcycle; Structural Upside for Offshore Wind 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 ZTT expects the optical fiber demand upcycle to benefit from industry demand. We see notable earnings upside risk on ASP h ...

继续推荐光纤光缆板块 20260325 摘要 2026 年全球光纤供需将呈紧平衡，需求受 AI 与无人机驱动预计达 7.5 亿芯公里，而有效供给仅约 7 亿芯公里，价格下行空间极小。 AI 与无人机成为核心增量：北美 AI 相关需求 2026 年有望增至 1 亿芯公 里以上；无人机光纤制导需求预计从 5,000 万翻倍至 1 亿芯公里以上。 国内运营商集采价格看涨：黑龙江电信光缆限价折算光纤不含税价达 120 元/芯公里，超过散线市场价，反映运营商对未来供应短缺的担忧。 海外需求结构性爆发：1-2 月俄罗斯光纤出口价值量同比增约 1,000%；波兰 G.657.A2 光纤年度采购意向超 2000 万芯公里。 供给端增量受限：康宁、藤仓扩产周期长达 18-24 个月；国内头部厂商 （长飞、中天、亨通）扩产谨慎，优先保障长期确定性订单。 投资逻辑转向成长：光纤作为 AI 光互联基础具纯增量属性，估值逻辑由 周期向成长偏移，建议关注具备 G.657 高占比及海外突破能力的标的。 Q&A 2026 年 1-2 月的海关出口数据显示了光纤光缆行业的哪些新趋势与变化？ 2026 年 1-2 月的海关数据显示，光纤光缆出口 ...

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：GTC/OFC 光互联技术迸发，国内 云厂商 AI 服务调价 报告要点 [Table_Summary] 2026 年第 11 周，通信板块上涨 1.96%，在长江一级行业中排名第 1 位；2026 年年初以来， 通信板块上涨 6.8%，在长江一级行业中排名第 7 位。GTC 2026，英伟达发布推理"五机柜" 方案，Scale-out 光互连迎新增量。OFC 2026，AI 驱动光通信行业迎指数级增长，头部企业加 速产能扩张，CPO/NPO/OCS/XPO 多技术路径落地。AI 需求爆发叠加供应链成本上涨，国内 头部云厂商密集调价。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信周观点：2]GTC/OFC 光互联技术迸发，国内 云厂商 AI 服务调价 [Table_Summary2] 板块行情 ...

欧洲海缆市场供需情况梳理 20260323 摘要 欧洲海风进入爆发期，2025-2030 年装机量预计从 2GW 增至 15GW，存在 5 倍以上增长空间。 高压直流化趋势显著，320kV 及 525kV 直流送出缆市场占比达 81%， 成为核心增量需求。 供需缺口扩大，2026-2030 年海外高压海缆年均需求 8,000 公里，而 全球供给仅约 6,000 公里。 欧洲本土三巨头订单积压严重，交付周期已排至 2029-2035 年，为中 国企业提供溢出订单机会。 中国厂商实现从 0 到 1 突破，东方电缆、中天科技已获 220kV/275kV 订单，并切入 525kV 柔直研发。 出海策略升级，中天科技拟在北欧建产值 20-30 亿基地，东方电缆通过 股权投资卡位跨洲直流项目。 业绩弹性巨大，受益于欧洲高毛利市场，相关龙头公司业绩具备 2-5 倍 增长潜力，估值修复空间大。 Q&A 在当前能源安全需求迫切的宏观背景下，欧洲清洁能源投资，特别是风电产业， 呈现出哪些新的发展趋势与核心驱动因素？ 在能源安全独立需求迫切的背景下，欧洲作为传统油气资源对外依存度较高的 区域，正在加速其清洁能源的投资与建设。近期一 ...

Core Viewpoints - The report emphasizes the continuous improvement of AI network density and scalability through new products in the optical fiber and cable industry, highlighting investment opportunities in this sector [1][6][13]. Market Review - The communication sector outperformed the CSI 300 index by 4.29 percentage points during the period from March 16 to March 20, 2026, with a sector increase of 2.10% compared to a decrease of 2.19% for the index [17]. - Over the past 30 days, the communication sector rose by 6.2%, significantly outperforming both the ChiNext and CSI 300 indices [18]. - Year-to-date, the communication sector has increased by 8.5%, again outperforming the broader market indices [18]. Industry Data Updates - As of the end of 2025, China had 4.838 million 5G base stations, marking a net increase of 588,000 from the previous year, with 5G stations accounting for 37.6% of all mobile phone base stations [30]. - In January 2026, the domestic smartphone shipment was 22.866 million units, a year-on-year decrease of 16.1%, with 5G smartphones making up 86.9% of total shipments [31]. - The number of mobile IoT terminal users reached 2.888 billion by the end of 2025, with a net increase of 232 million users [33]. Key Company Developments - Corning showcased multi-core fiber and MMC connectors at the OFC 2026, which are expected to enhance data center network density significantly. Their multi-core fiber solution can increase fiber capacity several times while reducing cable quality by up to 70% and installation time by up to 60% [6][14]. - Yangtze Optical Fibre and Cable demonstrated new AI-oriented optical fibers and ultra-high-speed interconnection solutions, including a hollow-core fiber with a length of 91.2 km and a loss of 0.04 dB/km, aimed at future AI computing centers [6][15]. - The report suggests focusing on the optical fiber and cable sector due to improving supply-demand dynamics and the introduction of high-value products, with a recommendation to pay attention to leading companies like Yangtze Optical Fibre, Hengtong Optic-Electric, Zhongtian Technology, and FiberHome [6][15].

行业研究报告 北美光纤：北美AIDC需求释放， 扩产极慢导致供需紧平衡 行业投资评级：强于大市｜维持 李佩京/王思 中邮证券研究所 人工智能团队 中邮证券 1 1 发布时间：2026-03-18 摘要 核心观点 需求测： 供给侧： 风险提示：供给侧，海外厂商扩产节奏快于预期或中国厂商更快进入北美供应链；需求侧，云厂商Capex支出总量或节奏不及预期；技术侧，CPO、空心光纤等技术进步不及预期或技术替 代超预期；宏观局势风险等 2 近年来全球光纤光缆市场处于低谷周期，2025年起需求复苏，CRU预计2026年全球需求总量将达5.77亿芯公里，同比增长5%，其中北美需求占比超过25%，同比增速+17%； Ainvest预计生成式 AI 驱动的数据中心所需光纤数量是传统数据中心网络的10倍以上，CRU预计AI有望推动数据中心内部与DCI两大场景下的光纤光缆需求；从2024年占比不到5%、提升 至2027年的35%；按应用方向划分，面向AI应用的光缆需求在 2024 年将同比增长138%，并预计在2025年增长77%；到2029年五年复合年增长率将达到 26%，远超非 AI 应用。 我们预计，向外扩展 (Scale- ...

Group 1 - The core viewpoint of the report is that the power equipment industry is transitioning from "high growth" to "accelerated growth," indicating strong sustainability and certainty in its performance [2][12][27] - The report highlights that the current investment strategy should focus on "marginal changes in growth," emphasizing both G (growth) and Δg (change in growth rate) [2][12][26] - The power equipment sector is expected to experience a high prosperity cycle comparable to the coal industry in 2022, driven by a reversal in performance anticipated in 2025 [3][14] Group 2 - Energy security is projected to bring further valuation premiums to the power equipment sector, as the geopolitical landscape emphasizes the need for energy independence [4][5] - The report outlines three macro trends driving demand for power equipment: reshaping of supply-side dynamics, enhancement of energy system resilience, and the reconfiguration of national strategic reserves [4][5] - The power equipment industry is positioned to benefit from the transition towards domestic energy sources, particularly in wind, solar, and nuclear energy [4][5] Group 3 - Investment recommendations suggest prioritizing segments within the power equipment industry that align with both energy security and growth metrics [5][9] - Key focus areas include battery storage, grid equipment, synergistic computing and electricity solutions, and domestic energy sources [5][9] - The battery storage sector is identified as a core component of national strategic reserves, transitioning from commercial exploration to a strategic material [5][9]

Investment Rating - The report maintains a "Buy" rating for the optical fiber and cable industry, emphasizing a new upward cycle driven by AI [4]. Core Insights - The current cycle is characterized by a structural change in demand driven by AI and drone applications, leading to a significant increase in optical fiber consumption [2][19]. - The supply side is constrained due to the long production cycle of optical preforms, which takes 18-24 months, resulting in a rigid supply environment [2][14]. - The report highlights the emergence of drones as a new consumption market for optical fibers, transforming them from infrastructure components to consumables [2][44]. Summary by Sections Investment Rating - The report suggests focusing on leading companies in the optical fiber and cable sector, such as Yangtze Optical Fibre and Cable Joint Stock Limited Company (6869.HK), Hengtong Optic-Electric, Zhongtian Technology, and FiberHome Technologies [2]. Demand Dynamics - AI-driven data centers (AIDC) are expected to significantly increase optical fiber demand, with projections indicating that AIDC fiber demand will rise from 5% in 2024 to 30% by 2027 [21][22]. - The demand for optical fibers in AI data centers is projected to reach approximately 53 million core kilometers annually by 2026, driven by the expansion of cloud service providers (CSPs) [22][39]. Supply Constraints - The global optical fiber production capacity is highly concentrated, with over 60% located in China, and new supply is expected to remain scarce due to cautious expansion strategies [2][54]. - The report estimates a supply-demand gap of 6% in 2026, which is expected to widen to 15% by 2027, indicating a tightening market [2][51]. Price Dynamics - The report notes that the current price increases are not merely cyclical but are driven by a fundamental shift in demand and supply constraints, leading to a "supply-demand gap price increase" [19][27]. - The price elasticity of optical fibers is expected to be greater than in previous cycles due to the rigid supply constraints and the inability to quickly respond to demand changes [14][18]. Key Companies - The report identifies key players in the optical fiber and cable industry, including Yangtze Optical Fibre and Cable Joint Stock Limited Company, Hengtong Optic-Electric, Zhongtian Technology, and FiberHome Technologies, as potential investment opportunities [2][8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The upcoming GTC conference is expected to showcase advancements in GPU architecture, power supply upgrades, and liquid cooling technologies, which will further solidify the global computing ecosystem and accelerate the commercialization of core components and supporting infrastructure [3][12] - The OFC conference is anticipated to highlight the ongoing upward trend in the optical communication sector, with significant developments in high-speed optical modules and advanced packaging technologies [4][15] - The report emphasizes the resonance of the global AI industry, recommending investment in four main areas: optical communication, liquid cooling, domestic computing power, and satellite technology [5][13] Summary by Sections GTC and OFC Insights - The GTC conference will take place from March 16 to 19, 2026, focusing on new GPU architectures and related technologies [11] - The OFC conference will occur from March 15 to 19, 2026, showcasing advancements in high-speed optical modules and related technologies [15] Investment Recommendations - Recommended stocks in the optical communication sector include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [13][17] - Beneficiary stocks include: Longfly Optical Fiber, Robot Technology, and others [13][16] - In the liquid cooling and power supply sectors, recommended stocks include: Yingweike and others [20][18] Market Review - The communication index experienced a slight decline of 0.12% during the week of March 9 to March 13, 2026 [25] 5G Infrastructure Data - By December 2025, the total number of 5G base stations in China reached 4.84 million, with a net increase of 588,000 stations from the previous year [27] - The number of 5G mobile phone users reached 1.204 billion, reflecting a year-on-year growth of 18.74% [27][29]