Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the significant "siphon effect" of AI and the accelerated development of satellite internet, recommending a focus on the dual core themes of "AI + Satellite" and four key segments: "Optical + Liquid Cooling + Domestic Computing Power + Satellite" [5][15] - It highlights the expected growth in AI applications, particularly in voice and image recognition technologies, which will drive demand for smart computing modules and CDN services [7][17] - The report notes the increasing importance of satellite internet as a core component of 6G, driven by national policies emphasizing self-sufficiency and technological upgrades [8][18] Summary by Sections 1. Investment Outlook for 2026 - The report suggests actively positioning in multiple sub-sectors, focusing on "AI + Satellite" as the main investment themes for 2026 [5][15] 2. Key Segments for 2026 Segment One: Global AI Resonance - 2026 is projected to be the year of significant deployment for 1.6T optical modules, with advancements in silicon photonics technology expected to become mainstream [6][16] - The report anticipates a substantial increase in the penetration rate of liquid cooling technologies, driven by the release of new computing power chips from major companies [6][16] Segment Two: AI Applications - The development of AI toys and applications is expected to accelerate, leading to increased demand for intelligent computing modules and CDN services [7][17] Segment Three: Satellite Internet Development - The report identifies four key areas of focus within the satellite internet sector: satellite manufacturing, launch, ground equipment, and operations, all of which are expected to benefit from increased demand and government support [8][18] 3. Investment Recommendations - The report recommends specific companies across various segments, including optical network equipment, computing devices, and AI applications, highlighting potential beneficiaries in each category [19][20][26][27] 4. Market Review - The communication index experienced a decline of 1.41% during the week of December 29 to December 31, 2025, ranking fourth among TMT sectors [28] 5. Communication Data Tracking - As of November 2025, China had a total of 4.83 million 5G base stations, with 5G mobile phone users reaching 1.193 billion, marking a year-on-year growth of 19.06% [29][34]

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]

Core Insights - The State Intellectual Property Office of China has granted a patent titled "A Marine Umbilical Cable and Equipment" to several companies including Zhongtian Technology Submarine Cable Co., Ltd. and Jiangsu Zhongtian Technology Co., Ltd. The patent authorization announcement number is CN118335392B, with an application date of April 2024 [1][2]. Company Summaries - Zhongtian Technology Submarine Cable Co., Ltd. was established in 2004 and is located in Nantong City. The company primarily engages in the manufacturing of electrical machinery and equipment, with a registered capital of 1.88 billion RMB. It has invested in 7 companies, participated in 5,000 bidding projects, holds 7 trademark registrations, 599 patents, and possesses 343 administrative licenses [1]. - Jiangsu Zhongtian Technology Co., Ltd. was founded in 1996 and is also based in Nantong City. This company focuses on electrical machinery and equipment manufacturing, with a registered capital of approximately 3.41 billion RMB. It has invested in 58 companies, participated in 5,000 bidding projects, holds 70 trademarks, 2,060 patents, and has 7,371 administrative licenses [1]. - Zhongtian Dafeng Submarine Cable Co., Ltd. was established in 2020 and is located in Yancheng City. The company operates in the electrical machinery and equipment manufacturing sector, with a registered capital of 200 million RMB. It has participated in 19 bidding projects, holds 109 patents, and has 16 administrative licenses [2]. - Shandong Haigong Cable Co., Ltd. was founded in 2022 and is situated in Weihai City. This company is also involved in electrical machinery and equipment manufacturing, with a registered capital of approximately 27.1 million RMB. It has invested in 2 companies, participated in 20 bidding projects, holds 49 patents, and has 18 administrative licenses [2]. - Nanhai Submarine Cable Co., Ltd. was established in 2019 and is located in Shanwei City. The company focuses on electrical machinery and equipment manufacturing, with a registered capital of 700 million RMB. It has invested in 1 company, participated in 145 bidding projects, holds 156 patents, and has 35 administrative licenses [2].

Core Viewpoint - The Chinese optical cable industry is experiencing a decline in production, with a notable decrease in output in 2025 compared to previous years [1] Industry Summary - According to the National Bureau of Statistics, the optical cable production in China for November 2025 was 22.71 million core kilometers, representing a year-on-year decrease of 2% [1] - From January to November 2025, the cumulative optical cable production in China reached 226.469 million core kilometers, showing a cumulative decline of 6.7% [1] - The report titled "2026-2032 China Power Optical Cable Industry Market Panorama Assessment and Development Trend Research Report" by Zhiyan Consulting provides insights into the market trends and forecasts for the optical cable industry [1] Company Summary - Listed companies in the optical cable sector include Changfei Optical Fiber (601869), TeFa Information (000070), Zhongtian Technology (600522), and Hengtong Optic-Electric (600487) [1]

Core Insights - The communication cable industry in China is experiencing steady growth driven by the increasing demand for 5G networks, gigabit optical networks, and the development of the "dual-gigabit" network [1][12] - The market size of China's communication cable industry is projected to grow from 794.8 billion yuan in 2018 to 1200 billion yuan by 2025, with a compound annual growth rate (CAGR) of 5% [1][13] Industry Overview - Communication cables are essential for transmitting telecommunication signals and are categorized into various types based on their structure and application [4] - The industry is supported by government policies aimed at promoting the development of communication cables, including initiatives for advanced technology applications [4][5] Market Demand - As of October 2025, the total number of fixed internet broadband users in China is expected to reach 697 million, with a net increase of 27.01 million users from 2024 [1] - The number of mobile IoT terminal users is projected to reach 2.89 billion, reflecting a net increase of 23.4 million users from 2024 [1] Industry Growth Factors - The exponential growth in data traffic due to the increasing number of internet users and the proliferation of mobile internet is driving the demand for communication infrastructure and cables [1] - The large-scale commercialization of 5G technology requires a vast amount of communication cables to support dense base station construction and extensive network deployment [1] Application Areas - The traditional communication sector remains dominant, accounting for 58.5% of total revenue, while high-speed communication devices are expected to capture 14.8% of the market by 2024 [10] - Emerging applications in smart manufacturing, smart cities, and the Internet of Things (IoT) are expanding the use of communication cables in diverse scenarios [1][10] Industry Structure - The communication cable industry features a competitive landscape with a mix of leading national enterprises and numerous small to medium-sized companies focusing on niche markets [13] - Key players in the industry include companies like Walden Materials, Wanma Co., Hengtong Optic-electric, and Tongding Interconnection Information [2][13] Future Trends - The industry is expected to evolve towards higher speeds, integration of functionalities, and sustainability, with a focus on developing multi-functional cables that can handle data transmission, power supply, and sensing [15][16][18] - The shift towards green practices will involve the use of eco-friendly materials and the establishment of efficient recycling systems throughout the cable lifecycle [18]

Group 1 - The core viewpoint of the news is that Zhongtian Technology's stock has shown a slight increase, with a current price of 18.29 yuan per share and a market capitalization of 624.23 billion yuan [1] - Zhongtian Technology, established on February 9, 1996, and listed on October 24, 2002, operates in various sectors including communication, electricity, marine, new energy, new materials, and non-ferrous metal trading [1] - The company's main business revenue composition includes: 41.17% from grid construction, 17.44% from copper products, 16.84% from optical communication and networks, 14.57% from new energy, 7.58% from marine series, and 1.39% from other sources [1] Group 2 - According to data, one fund under Jianxin Fund holds a significant position in Zhongtian Technology, specifically Jianxin Xingli Flexible Allocation Mixed A (002585), which held 42,800 shares, accounting for 4.34% of the fund's net value [2] - The fund has a total scale of 18.55 million, with a year-to-date return of 13.11%, ranking 5,330 out of 8,087 in its category [2] - The fund manager, Yin Runquan, has been in position for 4 years and 78 days, with the fund's total asset scale at 4.692 billion yuan and a best return of 25.82% during his tenure [3]

Group 1 - The core viewpoint of the news is that Zhongtian Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 28.58% [1] - As of September 30, 2025, Zhongtian Technology reported a revenue of 37.974 billion yuan, representing a year-on-year growth of 10.66%, and a net profit attributable to shareholders of 2.338 billion yuan, with a growth of 1.20% [2] - The company has distributed a total of 4.441 billion yuan in dividends since its A-share listing, with 2.11 billion yuan distributed in the last three years [3] Group 2 - The company operates in various sectors including communication, electricity, marine, new energy, and new materials, with the main revenue sources being power grid construction (41.17%), copper products (17.44%), and optical communication and networks (16.84%) [1] - As of September 30, 2025, the number of shareholders increased to 235,000, while the average circulating shares per person decreased by 9.89% to 14,520 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 221 million shares, and new entrants like Guotai Junan CSI Communication Equipment ETF, which holds 16.48 million shares [3]

Summary of Fiber Optic Cable Industry Conference Call Industry Overview - The global fiber optic cable market has a profit distribution heavily skewed towards the upstream preform segment, accounting for approximately 70% of profits, while the midstream fiber segment accounts for about 20%, and the downstream cable segment only 10% [1][2] - The industry is highly concentrated, with the top 10-11 companies holding over 90% of the global market share. Key players in China include Yangtze Optical Fibre and Cable, Hengtong, Zhongtian Technology, and FiberHome [1][3] Core Insights and Arguments - The acceleration of AI construction in North America has led to a surge in demand for fiber optic cables, tightening upstream supply and driving prices up. The price of G652D fiber increased by 10%-20% quarter-over-quarter in Q3 [1][4] - Although domestic manufacturers do not directly serve the North American market, the supply-demand imbalance has indirectly affected non-North American markets, resulting in increasing export volumes and prices for domestic manufacturers [1][4][6] - AI development is reshaping the demand structure for fiber optic cables, with increased demand for both single-mode and multi-mode cables within data centers. Despite the higher cost of multi-mode cables, their lower overall system costs make them widely used in short-distance applications [1][5] - The Data Center Interconnect (DCI) market is expected to grow from $1 billion in 2023 to $3 billion by 2028, driven by AI development. Overseas cloud providers are actively building their own fiber networks, while domestic DCI construction is primarily undertaken by operators using leased fiber or self-built equipment [1][9][10] Important but Overlooked Content - The market for specialty fibers, which have higher prices than standard cables, is projected to grow from $2 billion in 2023 to $3 billion by 2028. The Chinese market for specialty fibers is expected to increase from 7.6 billion RMB to 13.1 billion RMB [2][11] - The demand for AI cables within data centers is projected to grow from 6 million core kilometers in 2023 to over 200 million core kilometers by 2027, with North America expected to account for about 60% of this demand [12][13] - By 2027, a significant supply gap is anticipated in China, where domestic manufacturers currently hold 50%-60% of global capacity, with a utilization rate of 90%. Export revenues from Chinese manufacturers have reached 40%-50%, providing pricing flexibility in non-North American markets [2][14] Recommended Companies - The report recommends investing in companies with leading technology and capacity advantages in the upstream segment, including Yangtze Optical Fibre and Cable, Hengtong, Zhongtian Technology, and FiberHome. Emerging suppliers like India's STL are also highlighted as potential beneficiaries of the accelerating global AI construction [7][15]

Core Viewpoint - China Mobile has announced a centralized procurement project for lithium iron phosphate batteries for communication from 2026 to 2028, with a procurement scale of approximately 8.229 billion Ah (2.633 GWh) [2][4]. Group 1: Procurement Details - The number of winning bidders is set to be between 9 to 10, with share allocations varying based on the number of bidders. If 9 companies win, the shares will be 17.07%, 14.63%, 13.41%, 12.20%, 10.98%, 9.76%, 8.54%, 7.32%, and 6.09%. If 10 companies win, the shares will be 15.63%, 13.54%, 12.50%, 11.46%, 10.42%, 9.38%, 8.33%, 7.29%, 6.25%, and 5.20% [2][4][5]. - The highest bid limit is set based on the average market price of lithium iron phosphate and electrolyte as of the last pricing cycle before the bid submission deadline [5]. Group 2: Bidder Qualifications - Bidders must be legally established independent entities within the People's Republic of China and must be manufacturers, as agent bids and joint bids are not accepted [6][7]. - Bidders must provide a complete range of capacity specifications for the lithium iron phosphate battery products, with a sales performance of no less than 50 million RMB in the domestic market from July 1, 2022, to June 30, 2025 [6][7]. Group 3: Submission and Evaluation Process - Bids must be submitted electronically through China Mobile's procurement system, with a deadline set for February 9, 2026, at 10:00 AM [11]. - The evaluation of bids will include a qualification review, and any bids that do not pass this review will be rejected [10].

证券日报网讯12月26日，中天科技（600522）在互动平台回答投资者提问时表示，中天金投是中天科技 全资子公司，属于合并报表范围，盈亏已在公司合并报表中体现，具体投资情况请参考定期报告中"证 券投资情况"。 ...