中邮证券研报指出，AI数据中心与无人机需求快速放量，光纤光缆快速涨价，大幅贡献利润弹性。中 天科技研发的高密度、大芯数特种光缆将受益，市场份额有望持续上升。据CRU近日发布的最新数 据，CRU中国市场光纤光缆指数（FOCI）为106.5，环比反弹10.8%，从上三个月的收缩转为扩张。其 中，价格指数创近三年新高。布局反谐振空芯光纤，打通全链条核心制备技术，攻克多项工程部署关键 难题。海洋业务在手订单饱满，海缆业务全球化布局；国家电网资本开支增长40%，公司系国家电网核 心供应商，特高压业务有望充分受益。预计公司2025/2026/2027年分别实现收入543.38/636.02/728.59亿 元，分别实现归母净利润33.52/43.64/50.54亿元，首次覆盖，给予"买入"评级。 ...

February 25, 2026 12:25 AM GMT Jiangsu Zhongtian Technology | Asia Pacific Optical Repricing Drives Earnings Upside | What's Changed | | | | --- | --- | --- | | Jiangsu Zhongtian Technology Co. Ltd. (600522.SS) | From | To | | Price Target | Rmb29.45 | Rmb35.74 | We note a clear optical fiber pricing upcycle is feeding into ZTT earnings expansion, amid booming demand from AIDC and drones. OW, PT up 21% to Rmb35.74 implied 22.0x 2026E P/E. We see ZTT with notable earnings upside from optical fiber upcycle. W ...

机构建议聚焦以下投资方向：一是拥有光棒产能的公司，如长飞光纤/长飞光纤光缆、亨通光电、中天 科技、烽火通信、杭电股份等，这类公司或将充分受益于涨价逻辑。二是算力产业链上游的核心材料与 器件供应商，重点包括光模块领域的中际旭创、新易盛，以及光器件环节的天孚通信、仕佳光子、太辰 光等。此外，随着空芯光纤等下一代技术逐步进入运营商试点，具备前瞻技术储备的厂商也将获得估值 提升的催化剂。 风险提示：光纤需求增长不及预期，光纤价格上涨不及预期，产能扩张进度较快风险。以上观点均来自 中信建投证券、天风证券、国泰海通证券、国盛证券、兴业证券近期公开的研究报告，不代表本平台立 场，敬请投资者注意投资风险。 作者：聂林浩 刘禹希 需求集中增长的同时，供给端也面临刚性约束。光纤的核心原材料是光棒，占据产业链价值与技术的高 点，约占光纤成本的70%。光棒的扩产周期长达1.5至2年，且行业经历了前几年的价格战与供给出清 后，鲜有大规模扩产，这使得光棒供给紧张。当高端特种光纤需求爆发时，光棒厂商优先将产能投向利 润率更高的产品，客观上挤占了G.652.D等普通散纤的产能。一边是需求全面增长，一边是供给端受制 于光棒产能无法快速响应，供 ...

证券研究报告：通信 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2025-02 2025-05 2025-07 2025-09 2025-12 2026-02 -24% -14% -4% 6% 16% 26% 36% 46% 56% 66% 76% 中天科技 通信 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 24.42 | | --- | --- | | 总股本/流通股本（亿股）34.13 | / 34.13 | | 总市值/流通市值（亿元）833 | / 833 | | 52 周内最高/最低价 | 25.21 / 12.74 | | 资产负债率(%) | 38.5% | | 市盈率 | 29.25 | | 第一大股东 | 中天科技集团有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 中天科技(600522) AI 驱动光通信需求，空芯光纤实现商业化突破 l 投资要点 AI 数据中心与无人机需求快速放量，光纤光缆快速涨价，大幅 贡献利润弹性。2025 年三大运营商及互联网公司全力推 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The demand for optical fibers is expected to surge due to the rapid growth of AI data centers and drone applications, leading to significant profit elasticity for the company. The three major telecom operators and internet companies are pushing for the construction of computing networks, which will drive the demand for high-density, large-core optical cables and new multimode fibers [4][5]. - The company has successfully commercialized the application of anti-resonant hollow-core fibers in data centers, achieving a 30% reduction in transmission latency compared to traditional fibers [5]. - The company has a robust order backlog in its marine business, with approximately 31.8 billion yuan in hand orders, including significant projects in the energy interconnection sector [6]. - The company is positioned to benefit from a 40% increase in capital expenditure by the State Grid, as it is a core supplier for the State Grid and Southern Grid [7]. Financial Projections - The company is projected to achieve revenues of 54.34 billion yuan, 63.60 billion yuan, and 72.86 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 3.35 billion yuan, 4.36 billion yuan, and 5.05 billion yuan for the same years [9][11]. - The company's earnings per share (EPS) is forecasted to be 0.98 yuan, 1.28 yuan, and 1.48 yuan for 2025, 2026, and 2027, respectively [11]. - The price-to-earnings (P/E) ratio is expected to decrease from 29.37 in 2024 to 16.49 by 2027, indicating improving valuation metrics [11]. Market Performance - The stock price has shown a significant upward trend, with a projected increase of 77% year-on-year in optical cable demand driven by AI applications by 2025, significantly outpacing non-AI applications [4]. - The company's market share in high-density, large-core specialty optical cables is expected to continue rising due to the increasing demand [4]. Company Overview - The latest closing price of the company's stock is 24.42 yuan, with a total market capitalization of 83.3 billion yuan [3]. - The company has a debt-to-asset ratio of 38.5%, indicating a relatively stable financial structure [3]. - The largest shareholder is Zhongtian Technology Group Co., Ltd. [3].

1、机构称AI芯片领域，钻石散热潜在市场空间广阔。 明日线索 2月24日，培育钻石概念大涨，四方达20cm涨停，黄河旋风涨停。 消息面上，河南省科技厅官微此前消息，热沉片是金刚石家族的新成员，它让超硬材料成功进入高端芯片散热这个新赛道。黄 河旋风表示，从热沉片上切割出来所需要的形状，以某种方式贴合在芯片上，做成顶级散热器，这将大大促进高功率器件、 5G/6G通信、AI算力性能的提升。如今，制约产业化的尺寸瓶颈已被突破，黄河旋风成功研制出国内可量产的最大8英寸热沉 片。据悉，公司热沉片生产车间将于今年2月份投入量产，这是功能性金刚石从实验室，迈向规模化商业应用的一个里程碑。 据中邮证券，AI芯片领域，钻石散热潜在市场空间广阔。假设2030年全球AI芯片市场规模为3万亿人民币；AI芯片中钻石散热方 案渗透率分别为5%、10%、20%、50%；钻石散热价值量占比分别为5%、8%、10%，进行弹性测算，钻石散热市场空间的区间 为75亿至1500亿元。 | 图表12: Al 芯片领域钻石散热市场空间弹性测算表 | | | | | | | --- | --- | --- | --- | --- | --- | | 单位( ...

大会彰显尊企重企导向，企业家成为会场"主角"。会上发布产业体系、新型工业化、产创融合等重磅政策，为企业发展注入强心剂。国家中小企业特色产 业集群——如东海上风电装备产业集群正式揭牌，集中发布产业目录与典型案例，通报表彰工业20强、优秀高新技术企业等。 扬子晚报网讯(记者朱亚运通讯员王军)2月23日，如东县新型工业化暨"AI+制造"创新发展大会召开，擂响产业立县、制造强县战鼓，动员全县上下坚定不 移走好新型工业化道路，以人工智能赋能制造业转型，着力构建向新提质的大产业，为"十五五"开好局、起好步提供坚实支撑。 过去五年，如东工业发展硕果累累：规上工业增加值年均增长6.7%，新能源、新材料、新装备三大产业产值超1500亿元，中天科技（600522）成为南通 首家营收超千亿企业，获评国家级专精特新"小巨人"企业16家，高新技术企业数量较"十三五"末翻番，海上风电装备产业集群入选国家级中小企业特色产 业集群。 会议明确，如东将锚定智能化、绿色化、融合化方向，构建现代化产业体系。推动纺织、健身器材等传统产业绿色提档，做强海上风电、安防等特色产 业，强链补链延链；实施"双百计划"，建强招商队伍，主攻重特大与专精特新项目， ...

格隆汇2月24日｜A股市场CPO概念股集体走强，其中，天孚通信、德科立涨超14%，炬光科技涨超 13%，亨通光电、华工科技、天通股份10CM涨停，沃格光电涨8%，长芯博创、光库科技、烽火通信、 中天科技涨超7%，永鼎股份、华懋科技、联特科技、聚飞光电、仕佳光子、中际旭创涨超6%。 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 300394 | 天孚通信 | 1 | 14.32 | 2769亿 | 75.44 | | 688205 | 德科工 | 张 | 14.13 | 289亿 | 32.75 | | 688167 | 炬光科技 | 1 | 13.28 | 359亿 | 128.43 | | 600487 | 草通光电 | 1 | 10.00 | 1045 乙 | 71.25 | | 000988 | 华工科技 | 1 | 10.00 | 829亿 | 3.90 | | 600330 | 天通股份 | 1 | 9.99 | 225 ...

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]

Core Viewpoint - The main investment logic in A-shares for 2026 is centered around price increases, where rising prices of certain goods and services are expected to lead to higher stock prices for related companies, as increased selling prices enhance profitability and provide support for stock prices [1][10]. Price Increase Concept - Market expert Peng Zu has identified 2026 as a "big year" for price increases, emphasizing the significance of this trend in investment strategies [2][11]. - The most resilient sectors benefiting from price increases include computing power, cloud services, and optical fiber, all driven by the demand surge from AI applications [3][12]. - Year-to-date, stocks related to computing power and cloud services, such as Wangsu Technology, have seen significant gains, with an increase of over 110% since the beginning of the year [3][13]. Optical Fiber Sector - The optical fiber sector has also experienced substantial price increases, with monthly price rises exceeding 75% since the beginning of 2026, reaching an average price of over 40 yuan per core kilometer, with some manufacturers quoting prices as high as 50 yuan per core kilometer [3][13]. - Companies like Yangtze Optical Fibre and Hengtong Optic-Electric have seen their stock prices rise significantly due to these trends [3][13]. Chemical Sector - The chemical sector has emerged as a strong performer, with companies like Runtu Co., Ltd. seeing their stock prices nearly double since January 19, 2026, driven by rising prices of key products [4][14]. - Baichuan Co., Ltd. has also reported significant price increases for its products, with TMP prices soaring from over 8,000 yuan per ton at the end of 2025 to 15,000 yuan per ton by February 2026, enhancing profit expectations [5][15]. Demand and Supply Dynamics - The recovery in downstream demand from sectors like real estate and new energy is driving increased demand for chemical raw materials, while industry capacity reductions and rising raw material costs are forcing collective price increases [6][14]. - The ongoing supply-demand imbalance in sectors such as computing power, cloud services, and optical fiber is expected to persist, supporting the price increase logic [8][17]. Institutional Investment Trends - Institutional investors are likely to remain engaged, with expectations of continued accumulation of leading stocks in the computing power and optical fiber sectors, as they have shown confidence in the sustainability of price increases [9][18]. - Following the Spring Festival, there is an anticipated influx of capital into A-shares, particularly favoring sectors with strong price increase narratives [9][18]. Policy and Industry Support - Post-Spring Festival, policies supporting the "East Data West Computing" project and AI industry are expected to further stimulate demand in computing power, cloud services, and optical fiber sectors [9][18].