上涨来自于“必然中的偶然”，光纤迎来需求上行大周期？

Core Insights - The current uptrend in the fiber optic cable industry is driven by a combination of inevitable trends and accidental catalysts, with long-term demand supported by AI data center construction and global digitalization [1] - Major tech companies signing long-term contracts, such as Meta's $6 billion agreement with Corning, have accelerated the visibility of supply-demand imbalances, leading to shortages and rising prices [1] Industry Supply and Demand Dynamics - The fiber optic cable industry is entering a new phase of supply-demand restructuring, characterized by tight market supply and extended order lead times for high-quality products from leading companies [2] - The reversal in supply-demand dynamics is driven by years of capacity clearance on the supply side and a concentrated upward cycle in demand due to AI data center construction and network upgrades [2] - The production of fiber preform, a core raw material, has a long capacity construction cycle of about two years, leading to periodic mismatches between supply and demand [2] Growth in Fiber Demand - The structural growth in fiber demand is driven by both domestic and overseas markets, with AI data center construction in China and large-scale projects in North America contributing significantly [3] - The North American market has seen a historic shift, with the data center market size surpassing that of the traditional telecom market, highlighting the urgent need for fiber to meet demand [3] - The rapid expansion of AI training clusters and the development of large-scale data center parks are creating new interconnectivity demands, necessitating higher performance fiber products [3] Challenges in Supply Balance - Data center operators are pushing for high-performance cables to optimize network speed, latency, throughput, and energy efficiency, leading to a surge in demand that outpaces traditional telecom markets [4] - The demand from AI data centers may exert pressure on traditional telecom market demand, while major domestic operators maintain stable procurement levels, supporting leading fiber companies [5] - Companies that innovate and expand their business around data center and AI demands are likely to enhance capacity utilization and optimize costs, solidifying their market position [5]