通信：空芯光纤商用进程加速，建议关注产业链核心标的

Industry Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Viewpoints - Hollow-core fiber (HCF) is accelerating its commercialization process, with significant potential in various applications such as data communication, healthcare, and industrial sectors [1][6][7] - HCF offers advantages over traditional silica-core fibers, including lower transmission latency, ultra-low nonlinear effects, and ultra-low loss, making it ideal for future high-speed, high-capacity, and low-latency optical communication systems [6][34] Key Companies and Technologies Overseas Companies - NKT Photonics: Specializes in HCF for narrow-linewidth transmission, power delivery, and nonlinear optics, with products like HC-800 and HC-1550 offering low loss thresholds (e.g., 30 dB/km for HC-1550) [9][10] - iXblue: Focuses on hollow-core photonic bandgap fibers with low nonlinearity and low background loss, suitable for power delivery and fiber sensors [12][13] - GLOphotonics: Develops Kagome hollow-core photonic crystal fibers with low loss (~40 dB/km) and broad transmission bandwidth (100-500 nm), ideal for ultrafast laser delivery [17][18] - Guiding Photonics: Provides HCF solutions for mid-infrared and high-power laser applications, with typical losses ranging from 0.1 dB/m to 4 dB/m depending on internal diameter [20][21] - OFS: Introduced the AccuCore HCF™, which reduces latency by 30% compared to traditional single-mode fibers, with applications in high-frequency trading and data centers [22][23] - Lumenisity: Acquired by Microsoft, its NANF® CoreSmart® HCF offers 47% faster light propagation than standard silica glass, enhancing cloud infrastructure performance [24][25] Domestic Companies - Changfei Fiber: Leading in HC-ARF (Hollow-Core Anti-Resonant Fiber) technology, with applications in high-power laser transmission and ultra-low latency communication [27] - Changyingtong: Specializes in hollow-core photonic crystal fibers with low attenuation and high damage thresholds, suitable for fiber gyroscopes and laser delivery [28][29] - FiberHome: Achieved a record-breaking 270 Tbit/s transmission capacity using HCF, validating its low loss and ultra-low nonlinear characteristics [31] - Lingxian Technology: Collaborated with China Mobile to achieve multiple world records in HCF transmission, including 200 Tbit/s bidirectional transmission [32][33] Investment Recommendations - HCF is considered the ideal transmission medium for future optical communication systems due to its low latency, low nonlinearity, and wide bandwidth [34] - Key companies to watch include Changfei Fiber, Changyingtong, FiberHome, and Lingxian Technology (unlisted), as well as AOC-related companies like Broadex Technologies [34][35] Valuation Comparison - Changfei Fiber: Market cap of 17.2 billion CNY, with 2024E EPS of 1.63 CNY and a PE ratio of 14x [35] - Changyingtong: Market cap of 2.4 billion CNY, with 2024E EPS of 0.77 CNY and a PE ratio of 25x [35] - FiberHome: Market cap of 17.3 billion CNY, with 2024E EPS of 0.60 CNY and a PE ratio of 24x [35] - Broadex Technologies: Market cap of 5.0 billion CNY, with 2024E EPS of 0.58 CNY and a PE ratio of 30x [35]