国盛证券：普通光缆业务底部复苏 特种光纤打开长期成长空间

Core Viewpoint - The ordinary optical cable business is showing signs of recovery after a four-year bottoming period, while the special optical fiber business is experiencing explosive growth driven by AI computing demands, creating long-term growth opportunities for leading companies in the industry [1][2]. Group 1: Ordinary Optical Cable Market - The ordinary optical cable market has confirmed its bottom, with significant signs of supply-demand rebalancing and recovery [2]. - In the first half of 2025, China's optical cable production reached 12,532.3 million core kilometers, showing a reduced year-on-year decline, indicating a stabilization trend [2]. - Major optical fiber manufacturers report a price increase of approximately 15% for ordinary optical cables, signaling positive market dynamics and potential recovery in operator procurement prices [2]. Group 2: Special Optical Fiber Market - The demand for special optical fibers is experiencing rapid growth, driven by the requirements of AI computing clusters for lower latency, higher bandwidth, and greater density [3]. - Technologies such as hollow-core fibers are gaining traction due to their advantages in low latency and high bandwidth potential, with production technology breakthroughs accelerating commercialization [3]. - Domestic leaders in hollow-core and multi-core fiber technologies have reached internationally advanced levels, positioning them to seize new market opportunities [3]. Group 3: Valuation and Investment Appeal - The optical fiber and cable sector is attracting attention due to its low valuation and the clear market position of leading companies, which have stable revenue and profitability [4]. - The recovery trend in the industry, combined with the surge in demand for high-end products, enhances the investment value of leading companies in the sector [4].