Zhong Guo Yin He Zheng Quan·2025-09-24 11:58Investment Rating - The report maintains a "Recommended" rating for the communication industry [3]. Core Insights - 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 are actively pursuing the industrialization of hollow-core fiber optics, with plans to increase global production to meet the growing demand for network infrastructure [5]. - The hollow-core fiber optics technology promises to significantly enhance transmission speed and reduce latency, making it a competitive medium for 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. Companies like Lumensity and Changfei Fiber Optics are at the forefront, while domestic players such as Hengtong Optic-Electric and Zhongtian Technology are also making strategic moves [2]. Market Dynamics - The report highlights that the demand for multi-mode fiber optics is increasing, and as the industrialization of hollow-core fiber optics accelerates, domestic manufacturers are expected to achieve large-scale shipments and capture a larger market share [2]. Technological Advancements - Hollow-core fiber optics utilize air or inert gas instead of solid fiber cores, which allows for faster signal transmission and reduced latency compared to traditional glass fiber optics. This technology is particularly beneficial for data centers, which are expanding in scale and energy consumption [5]. Investment Recommendations - The report suggests focusing on companies such as Changfei Fiber Optics, Hengtong Optic-Electric, and Zhongtian Technology for potential investment opportunities in the hollow-core fiber optics sector [6].