在经历近二十年亏损后，康宁的光纤业务正成为AI数据中心建设浪潮中的关键受益者之一。这家拥有175年历史的材料科学企业近期与Meta签订 价值60亿美元的光纤供应协议，为其扩张中的AI数据中心提供核心连接解决方案，股价也随之升至历史高位附近。 这一转型背后是明确的物理优势：光子传输数据在短距离内效率是电子的三倍，长距离更可达二十倍。随着全球算力基础设施加速建设，低功 耗、高效率的光纤传输成为首选。 康宁的技术布局已延伸至光电共封装（CPO），直接嵌入服务器内部提升数据传输效率。英伟达等算力巨头正积极评估该项技术，进一步巩固康 宁在AI基础设施领域的战略地位。 通过长期坚持技术投入并精准卡位算力革命中的连接需求，这家百年企业证明了战略定力在产业变革中的价值。 从灯泡玻璃到AI光纤 康宁成立于1851年，初期主要业务是为爱迪生公司的白炽灯提供玻璃灯罩。在超过170年的经营历程中，该公司通过一系列材料技术创新参与了多 个重要产业的发展：例如耐热玻璃PYREX、电视显像管玻璃，以及1970年研发的低损耗光纤，这项技术后来成为现代通信网络的基础设施之一。 该公司在1970年已实现低损耗光纤的技术突破，但该业务长期未能实现 ...

The stock has jumped 121% over the past 12 months. ...

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - The communication sector saw a 5.26% increase in the fourth week of 2026, ranking third among major industries in the Yangtze River region; since the beginning of 2026, the sector has risen by 5.42%, ranking sixteenth [2][3] - Microsoft continues to experience high growth in its cloud business, with Azure revenue increasing by 39% year-over-year, and a significant increase in data center capacity [4] - Meta's advertising business has benefited from AI enhancements, leading to a 24% year-over-year increase in advertising revenue, with a capital expenditure guidance of $115 to $135 billion for 2026 [4] - Corning's optical communication business is growing rapidly, with a 35% year-over-year increase in revenue, driven by a long-term agreement with Meta worth up to $6 billion [5][6] Summary by Sections Microsoft - In FY26Q2, Microsoft cloud revenue reached $51.5 billion, up 26% year-over-year; Azure and other cloud services grew by 39% [4] - Microsoft expects Azure revenue growth of 37%-38% in FY26Q3 [4] Meta - Meta's Family of Apps advertising revenue was $58.1 billion in Q4 2025, up 24% year-over-year, with AI driving both volume and pricing increases [4] - Meta's capital expenditure for Q4 2025 was $22.1 billion, a 49% increase year-over-year [4] Corning - Corning reported Q4 2025 revenue of $4.22 billion, a 20% increase year-over-year, with optical communication revenue growing by 24% [5] - Corning's long-term agreement with Meta is expected to support its expansion in the U.S. [5][6] Investment Recommendations - Recommended companies include China Mobile, China Telecom, and China Unicom for operators; for optical modules, companies like Zhongji Xuchuang and Tianfu Communication are highlighted [6]

Core Insights - The rapid expansion of artificial intelligence is significantly driving the growth of data centers, leading to unprecedented levels of investment in this sector [1] Industry Summary - Total investment in data centers is expected to reach unprecedented levels due to the demand generated by artificial intelligence [1]

再谈光纤光缆行业的供需变化 20260204 Q&A 最近光纤光缆行业的价格上涨引起了广泛关注，请问这背后的主要原因是什么？ 光纤光缆价格的上涨主要有三大原因。首先，短期内无人机和战争需求对 657A2 型光纤的拉动作用显著。例如，2025 年大量出口到俄乌战场用于无人 机作战，随后欧美国家也开始进行战略备货。其次，AI 带来的长期且持续的需 求更为重要。康宁财报显示，其高端疏通光纤供不应求，这表明 AI 相关需求正 在快速增长。此外，北美几家主要供应商如康宁和普瑞斯曼等产能利用率已接 近满负荷，这导致全球产品流向北美市场，从而进一步推高了价格。第三个原 因是供给端的问题，例如富通在进行破产重整，其部分产能停滞，以及其他厂 商扩产缓慢，使得整体供给偏紧。 光纤光缆价格上涨是否具有持续性？未来可能涨到什么程度？ 摘要 无人机作战及欧美战略备货引发短期需求激增，AI 驱动的长期需求成为 光纤光缆行业增长的关键动力，预计到 2026 年 AI 相关需求将占全球总 需求的 20%。 康宁等北美主要供应商产能利用率接近满负荷，新建产能释放缓慢（如 康宁预计 2028-2029 年），导致全球产品流向北美，进一步推高价格 ...

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Investment Rating - The investment rating for the AI computing industry is maintained as "Buy" for specific companies such as沃尔核材, 天孚通信, and 长飞光纤, while 立讯精密 is rated as "Add" [7]. Core Insights - Meta has signed a long-term supply agreement with Corning for fiber optic cables worth up to $6 billion to accelerate AI data center construction, highlighting the strong demand for fiber optics in computing infrastructure [3]. - Nvidia is hosting a webinar focused on co-packaged silicon photonics (CPO) switches, emphasizing their strategic value in scaling AI computing capabilities [4]. - The report suggests focusing on companies like 天孚通信, 立讯精密, 长飞光纤, and 沃尔核材 for potential investment opportunities [5]. Weekly Market Analysis - From January 26 to January 30, the communication industry saw a significant increase of 5.83%, ranking second among all sectors, while the electronics sector experienced a decline of 2.51% [12][19]. - The AI computing-related sub-sectors mostly showed an upward trend, with the communication network equipment and devices sector leading with an increase of 8.56% [19]. Company Announcements - Lotus Holdings announced progress in its transition to computing power business, including various contracts for GPU servers and cloud services [49]. - Tongfu Microelectronics reported a reduction in shareholding by its major shareholder, which will not affect the company's governance or operations [51]. - Tianfu Communication completed a share reduction plan by a board member, which was executed in accordance with regulations and did not impact company control [52].

周一（2月2日）美股盘前，稀土概念明显走强。 截至发稿，NioCorp Developments盘前涨近9%，Critical Metals涨超7%，TMC the metals、 American Resources、United States Antimony涨逾6%，USA Rare Earth涨近6%、MP Materials涨近 5%。 | 代码 | 名称 | 盘前治失幅\ | | --- | --- | --- | | NB | NioCorp Developments | 8.98% | | CRML | Critical Metals | 7.52% | | TMC | TMC the metals | 6.50% | | AREC | American Resources | 6.01% | | UAMY | United States Antimony | 6.00% | | USAR | USA Rare Earth | 5.71% | | MP | MP Materials | 4.88% | | PPTA | Perpetua Resources | 4.13% | | UUUU | ...

Disclaimer: This newsletter's content aims to provide readers with the latest technology trends and changes in the industry, and should not be construed as business or financial advice. You should always do your own research before making any investment decisions. Please see the About page for more details. 免责声明：本通讯的内容旨在向读者提供最新的技术趋势和行业变动，不应被视为商业或金融建 议。在做出任何投资决策之前，您应始终自行进行研究。更多详情请参见 " 关于 " 页面。 In the previous article that I wrote back in July this year (The Bonder War – An update on ASMPT (522 HK)，BESI (BESI ...

Rare earth and critical mineral stocks rallied as the Trump administration continued to promote its most aggressive step yet to decouple American industry from Chinese mineral supply chains. The sector reacted on Tuesday to the formal launch of Project Vault, a massive $12 billion public-private partnership aimed at insulating the U.S. economy from global resource volatility.CRML stock is climbing. See the chart and price action here. Rare Earth Funding ApprovedOn Monday, the U.S. Export-Import Bank (EXIM) ...