开源证券：短期或将供不应求 重视光纤光缆投资机会

Core Viewpoint - The demand for optical fibers and cables is expected to steadily increase due to the growth of AI data centers and DCI interconnections, alongside advancements in hollow-core fiber technology [1][2]. Demand Side - The construction of AI data centers and DCI interconnections is likely to continuously drive the demand for optical fibers and cables, as the iterative training of AI models and the acceleration of AI applications will create a massive flow of data [2]. - High-end single-mode and multi-mode fibers, along with ultra-high-speed optical modules, will facilitate efficient short-distance data transmission and flexible interconnections, promoting the evolution of intelligent computing centers towards higher density and lower power consumption [2]. - G.654.E optical fibers will significantly enhance transmission distance and system capacity, aiding in the development of more efficient and economical long-distance high-bandwidth networks [2]. - The advantages of hollow-core fibers, such as low latency, wide spectrum, low loss, and low nonlinearity, are driving both domestic and international advancements in this technology, suggesting a gradual increase in demand for hollow-core fibers in the long term [2]. Supply Side - The production cycle for traditional optical preforms is lengthy, and the manufacturing process requires high technical standards, leading to potential short-term supply constraints [3]. - The main methods for preform preparation include PCVD, OVD, and VAD, with the fiber drawing process being complex and requiring precise control, which poses challenges for manufacturers [3]. - The increasing demand for optical fibers and cables is expected to push manufacturers' capacity utilization rates to high levels, but the long production cycle for preforms and the allocation of capacity to new products may result in a tight supply situation in the short term [3]. - According to predictions from the Asia-Pacific Optical Fiber and Cable Industry Association and the China Academy of Information and Communications Technology, global demand for optical fibers and cables is expected to reach hundreds of millions of core-kilometers by 2025, maintaining a growth trend [3]. - Prices have shown a significant rebound since May, and the construction of AI data centers is anticipated to continue driving the steady increase in demand and prices for optical fibers and cables [3].