再论光纤光缆或涨价 | 投研报告

Core Viewpoint - The continuous iteration of AI large model training and the acceleration of AI application implementation are expected to drive global demand for optical fibers and cables, particularly in data centers [1][2]. Demand Side - The construction of AI data centers and DCI interconnections is likely to sustain the demand for optical fibers and cables, with high-end single-mode and multi-mode fibers, along with ultra-high-speed optical modules, facilitating efficient short-distance data transmission and flexible interconnections [2]. - G.654.E optical fibers significantly enhance transmission distance and system capacity, contributing to the development of more efficient and economical long-distance high-bandwidth networks [2]. - The demand for hollow-core fibers is anticipated to gradually increase due to their advantages such as low latency, wide spectrum, low loss, and low nonlinearity, with active promotion of new technologies in both domestic and international markets [2]. Supply Side - The production cycle for traditional optical preforms is long, and the manufacturing process has high technical requirements, leading to potential short-term supply tightness [2]. - The expansion of optical fiber production capacity is constrained by the lengthy production cycle of optical preforms and the need for high precision in the manufacturing process, which may result in a tight supply situation in the short term [2]. - 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 [2]. Investment Opportunities - The global development of AI is likely to continue driving demand for optical fibers and cables in data centers and DCI interconnections, creating a potential supply-demand imbalance in the short term [3]. - Recommended investment targets include Hengtong Optic-Electric and Zhongtian Technology, with beneficiaries including Yangtze Optical Fibre and Cable, Yongding Holdings, FiberHome Technologies, and TeFa Information [3].