（文章来源：每日经济新闻） 每经AI快讯，9月11日，港股半导体板块持续走强，长飞光纤光缆涨超17%，华虹半导体涨超5%，中芯 国际、上海复旦、宏光半导体纷纷上扬。 ...

Group 1 - The AI computing power sector in A-shares has experienced significant growth, with major companies like Industrial Fulian (601138) hitting the daily limit for two consecutive days, and CPO giants such as Xinyi Sheng (300502) and Zhongji Xuchuang (300308) rising over 8% [1] - The 5G communication ETF increased by 5.1%, while the AI-focused ETF from the ChiNext market rose by 4.27%, indicating strong investor interest in AI and related technologies [1] Group 2 - Notable stock performances include Cambridge Technology (603083) and Jingwang Electronics (603228), both achieving a 10% increase, while other companies like Fangzheng Technology (600601) and Lian Te Technology (301205) also saw significant gains [2] - Oracle's stock surged nearly 36% after its earnings report, with its cloud business growth forecast raised from 70% to 77%, and a $300 billion computing power agreement signed with OpenAI [2] Group 3 - Citigroup has raised the target price for "Yizhong Tian," suggesting that despite recent price increases in Chinese optical module stocks, the visibility of demand through 2027 warrants a reevaluation to over 20 times the price-to-earnings ratio [3] Group 4 - The 5G communication ETF (515050) is primarily weighted towards communication equipment, consumer electronics, and optical modules, while also covering AI computing hardware and PCB companies [4] - The ChiNext AI ETF (159381) has the highest CPO content and lowest fee rate, including major stocks like Xinyi Sheng and Zhongji Xuchuang [4] - The AI ETF (515070) covers the entire AI industry chain, including AI chips, computing infrastructure, and algorithm applications [4]

Core Insights - The global hollow-core fiber market is projected to grow significantly, with the overall fiber market expected to reach $8.22 billion in 2024, while China's hollow-core fiber market is currently valued at $0.07 billion, indicating substantial growth potential [1][4] - Europe dominates the hollow-core fiber market, holding a 45% share in 2023, supported by leading research institutions and a robust optoelectronic industry chain [1][4] - Major companies are accelerating their investments in hollow-core fiber technology, with Microsoft planning to deploy 15,000 kilometers of hollow-core fiber in the next 24 months to enhance data transmission capabilities [2][4] Industry Performance - The electronic sector experienced an overall decline, with the SW electronic industry index dropping by 4.57% during the week of September 1-5, 2025, ranking 28th out of 31 sectors [1] - The top-performing sectors included power equipment (+7.39%) and comprehensive industries (+5.38%), while the electronic sector was among the worst performers [1] Technological Advancements - Hollow-core fiber technology offers significant advantages over traditional solid-core fibers, including a 31.8% reduction in delay and enhanced power handling capabilities, leading to lower energy consumption and operational costs for data centers [3][4] - Recent advancements include a new hollow-core fiber technology published by Microsoft Azure and the University of Southampton, demonstrating superior bandwidth and loss characteristics compared to traditional microstructured waveguides [2][3] Investment Recommendations - Hollow-core fiber is expected to benefit from long-term investments in data center infrastructure, with a recommendation to focus on key suppliers like Yangtze Optical Fibre and Cable [5] - Yangtze Optical Fibre has achieved significant milestones in hollow-core fiber technology, including the world's first 800G hollow-core fiber experimental network in collaboration with China Mobile [5]

爱建证券指，空芯光纤在数据中心领域具有较强的性能优势，未来有望长期受益于数据中心基建投资。 建议关注空心光纤核心供应商长飞光纤。此外，甲骨文RPO大增引爆AI算力产业链。民生证券此前指， 长飞光纤各项业务稳健发展，同时伴随数据中心需求演化，公司有望核心受益。 消息面上，近日报道称，由微软支持的Lumenisity研究团队宣布，其研发的新型空芯光纤实现了有史以 来最低的信号衰减水平。这一成果于9月1日发表在国际权威期刊《自然.光子学》上，标志着光通信技 术迎来重大突破。据悉，随着AI驱动数据中心互联需求的增加，光纤产业加速演进，微软以及国内外 大厂也在加速布局空芯光纤。 长飞光纤（601869）光缆(06869)涨超9%，截至发稿，涨9.09%，报52.35港元，成交额7.37亿港元。 ...

Group 1 - Changfei Fiber Optics (06869) saw a stock increase of over 9%, reaching 52.35 HKD with a trading volume of 737 million HKD [1] - A new type of hollow-core fiber developed by the Lumenisity research team, supported by Microsoft, achieved the lowest signal attenuation level ever recorded, marking a significant breakthrough in optical communication technology [1] - The demand for data center interconnectivity driven by AI is accelerating the evolution of the fiber optics industry, with major companies, including Microsoft, rapidly investing in hollow-core fiber technology [1] Group 2 - Aijian Securities noted that hollow-core fiber has strong performance advantages in the data center sector and is expected to benefit from long-term investments in data center infrastructure [1] - Oracle's significant increase in RPO has sparked growth in the AI computing power supply chain [1] - Minsheng Securities previously indicated that Changfei Fiber Optics is experiencing steady development across its various business segments and is likely to be a core beneficiary of the evolving data center demand [1]

Group 1 - The global hollow-core fiber market is projected to reach $8.22 billion by 2024, with China's market size at $0.07 billion, representing only 0.8% of the total, indicating significant growth potential [1][4] - Europe is the largest market for hollow-core fiber, holding a 45% market share in 2023, supported by top-tier research institutions and a well-established optoelectronic industry chain [1][4] - Microsoft plans to deploy 15,000 kilometers of hollow-core fiber over the next 24 months to enhance data transmission capabilities, claiming significant improvements in speed, bandwidth, and energy efficiency compared to traditional fibers [3][5] Group 2 - The electronic sector experienced an overall decline, with the SW electronic industry index dropping by 4.57% during the week of September 1-5, 2025, ranking 28th out of 31 sectors [2] - The top-performing sectors included power equipment (+7.39%) and comprehensive (+5.38%), while the electronic sector was among the worst performers, alongside defense and military (-10.25%) and computer (-7.27%) [2] - Key players in the hollow-core fiber market are accelerating their strategies, with companies like Microsoft and NKT Photonics focusing on the development and deployment of hollow-core fiber technologies [5]

Core Insights - 长芯博创 reported a net profit attributable to the parent company of 168,221,541.28 yuan for the first half of 2025, with a total net profit of 284,726,356.66 yuan [2] Financial Data Summary - 长飞光纤光缆股份有限公司 is the parent company of 长芯博创 and has made adjustments to the financial data of 长芯博创 in its consolidated financial statements [2] - The adjustments were based on the fair value measurement of identifiable assets and liabilities at the time of consolidation [2] - There is a discrepancy between the net profit reported by 长飞光纤光缆股份有限公司 and the net profit data from 长芯博创 for the first half of 2025 due to these adjustments [2]

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1] Core Viewpoints - The hollow-core fiber (HCF) technology is expected to significantly enhance data transmission capabilities, with Microsoft planning to deploy 15,000 kilometers of HCF over the next 24 months [5][6] - The global hollow-core fiber market is on an upward trend, with the market size projected to reach $8.22 billion in 2024, and the Chinese market for hollow-core fiber at $0.07 billion, indicating substantial growth potential [12][13] - Long Fiber Optic Co. is highlighted as a key supplier in the hollow-core fiber sector, with significant advancements in manufacturing and technology [20][23] Summary by Sections 1. Hollow-Core Fiber Overview - Hollow-core fiber uses air as the transmission medium, offering advantages such as reduced latency (31.8% lower than traditional fibers), high input power, low attenuation, and large bandwidth [9][10][11] - The structure includes a hollow glass capillary and reflective layers, allowing for efficient transmission of long-wave infrared laser beams [6][9] 2. Application in Data Centers - Hollow-core fiber is poised to revolutionize data center connectivity, with applications in metropolitan, wide-area, and edge data centers, enhancing transmission speeds and efficiency [18][19] - The technology is expected to improve AI training efficiency by over 10% due to its low-latency characteristics [18] 3. Long Fiber Optic Co. Profile - Long Fiber Optic Co., established in 1988, is a leading player in the fiber optic market, with projected revenues of 12.197 billion yuan in 2024 and a compound annual growth rate of approximately 10.36% from 2020 to 2024 [20][23] - The company invests significantly in R&D, with a consistent increase in the proportion of R&D expenses relative to revenue [20][21] 4. Market Performance - The electronic industry index experienced a decline of 4.57% recently, ranking 28th out of 31 sectors, while the broader market index (CSI 300) fell by 0.81% [38] - Specific sectors within the electronic industry, such as digital chip design and integrated circuit packaging, faced significant declines, indicating market volatility [42][45]

Core Viewpoint - Changfei Fiber's stock price increased by nearly 6%, reaching HKD 48.58 with a trading volume of HKD 1.138 billion, following significant advancements in optical communication technology [1] Company Summary - Lumenisity's research team, supported by Microsoft, announced the development of a new type of hollow-core fiber that achieved the lowest signal attenuation level ever recorded, marking a major breakthrough in optical communication technology [1] - Changfei Fiber is highlighted by Zhongtai Securities for its leading hollow-core technology production capacity and successful bids in related projects [1] - Changfei has successfully laid the world's first 7-core submarine fiber optic cable, indicating a significant advancement in China's submarine space division multiplexing communication technology [1] Industry Summary - Minsheng Securities reports a surge in capital expenditure for AI data centers, leading to increased demand for high-end fiber applications [1] - The rapid development of generative AI and the fast iteration of AI models have created substantial demand for computing power, driving the construction of data centers [1] - Major North American cloud service providers, including Microsoft, Google, META, and Amazon, are projected to have a total capital expenditure of approximately USD 95.8 billion by Q2 2025, reflecting a year-on-year growth of about 64%, with an optimistic outlook for annual demand [1] - The ongoing construction of domestic and international data centers is expected to drive steady growth in demand for related products from companies like Changfei Fiber [1]

Core Viewpoint - Longi Fiber Optics (06869) has seen a nearly 6% increase in stock price, attributed to significant advancements in optical communication technology, particularly the development of a new type of hollow-core fiber with the lowest signal attenuation ever recorded [1] Company Summary - Longi Fiber Optics' stock rose by 5.88% to HKD 48.58, with a trading volume of HKD 1.138 billion [1] - The company has been recognized for its leading hollow-core technology capacity and has successfully won bids for related projects [1] - Longi, in collaboration with partners, has laid the world's first 7-core submarine optical cable, marking a significant breakthrough in China's submarine space division multiplexing communication technology [1] Industry Summary - The demand for high-end optical fiber applications is increasing due to a surge in capital expenditure for AI data centers [1] - The rapid development of generative AI and the fast iteration of AI models have created substantial demand for computing power, leading to ongoing construction of data centers [1] - Major North American cloud service providers, including Microsoft, Google, META, and Amazon, are projected to have a total capital expenditure of approximately USD 95.8 billion by Q2 2025, reflecting a year-on-year increase of about 64% [1] - The continuous construction of data centers both domestically and internationally is expected to drive steady growth in demand for related products [1]