三季度来价格持续上行，特种光纤赛道迎来爆发

Core Viewpoint - The recent price increase in optical fibers is driven by a structural surge in demand, particularly from AI computing clusters and data centers, alongside supply constraints that exacerbate the price trend [1][2] Group 1: Demand Drivers - The demand for optical cables has surged due to the construction of AI computing clusters, leading to a significant increase in the need for optical fibers in data centers and interconnects [1] - The export volume of optical rods and fibers from China is projected to grow by 87.78% and 48.74% year-on-year, respectively, from January to November 2025, indicating strong overseas market demand [1] - The number of optical fibers required per cabinet has increased significantly due to large-scale shipments of optical modules and MPOs [1] Group 2: Supply Constraints - The complex manufacturing process of optical rods and the long expansion cycle of 2-3 years have led to cautious expansion among domestic and international manufacturers [1] - Since 2018, there has been no expansion in the production of common optical cables in China, and global manufacturers are operating at full capacity [1] - Some overseas manufacturers have begun sourcing domestic optical fibers to fill supply gaps [1] Group 3: Market Outlook - The optical fiber industry is expected to experience a dual trend, with the common cable market benefiting from price stabilization and demand recovery, leading to a mild rebound in operator procurement prices [1] - The special optical fiber segment is anticipated to see explosive growth, with high-end varieties like hollow-core and multi-mode fibers achieving higher penetration and profit margins driven by low latency and high bandwidth demands [1] - Domestic leaders in the optical fiber sector are likely to convert their technological advantages in special fibers into increased market share [1] Group 4: Impact on A-Share Market - The price increase in optical fibers enhances the growth certainty of the sector, with leading optical fiber and cable companies benefiting directly from both volume and price increases [2] - Companies involved in optical modules and optical devices are expected to benefit indirectly from the surge in optical fiber demand, fostering collaborative growth within the industry [2] - AI computing-related optical communication companies are likely to unlock long-term growth opportunities through the development of special optical fibers [2]