Yin He Zheng Quan·2025-09-24 11:20Investment Rating - The report maintains a "Recommended" rating for the communication industry [3] Core Viewpoints - The enthusiasm for the industrialization of hollow-core fiber optics is high both domestically and internationally, with domestic manufacturers expected to leverage cost and technological advantages to capture a significant market share [2] - Major companies like Microsoft, Corning, and Heraeus are actively collaborating to advance the production of hollow-core fiber optics, with Microsoft planning to lay 15,000 kilometers of this fiber in the next two years [5] - Hollow-core fiber optics can significantly enhance transmission speed and reduce latency, making it a promising medium for future global optical communication [5] Summary by Sections Industry Overview - The hollow-core fiber optics market is currently small, but manufacturers with technological and patent advantages are in a leading position [2] - Companies such as Lumensity and Yangtze Optical Fibre are key players in the hollow-core fiber production, with other domestic firms like Hengtong Optic-Electric and Zhongtian Technology also making strategic moves [2] Market Dynamics - The demand for multi-mode fiber is expected to rise, and as the industrialization of hollow-core fiber accelerates, domestic manufacturers are likely to achieve large-scale shipments [2] - The collaboration between Microsoft and Corning aims to enhance the performance and reliability of AI networks through the production of hollow-core fiber [5] Future Outlook - The report suggests that while there are still technical challenges to overcome for mass production, the trend towards industrialization of hollow-core fiber optics is clear, with significant growth expected in demand for long-distance data transmission applications [5]