行业供需关系显著改善，光纤光缆有望迎来新一轮景气周期

Core Viewpoints - The communication industry is expected to enter a new prosperity cycle due to significant improvements in supply and demand relationships, particularly in the fiber optic cable sector [1][14]. Industry Overview - In January 2026, the average price of G.652.D single-mode fiber in China exceeded 40 CNY per core kilometer, reaching a seven-year high, with some manufacturers quoting prices as high as 50 CNY per core kilometer. The price increase in January alone exceeded 75% [7][14]. - Demand is surging from data centers and special products, with a notable recovery trend in telecom demand. AI data center requirements are driving both volume and price increases for fiber optic cables, as they are widely used in data center scale-out scenarios [15][16]. - The ongoing Russia-Ukraine conflict has led to a rapid increase in demand for fiber optic drones, with deployment expected by mid-2024. These drones typically require fiber optics as consumables, indicating a significant demand increase [15][16]. Supply Dynamics - The utilization rate of optical preforms remains high, with AI and special products occupying traditional G.652.D fiber production capacity. The production of optical preforms is the longest cycle in the fiber optic cable industry, and most capacity is controlled by leading domestic and international manufacturers [16]. - The production capacity of major fiber optic manufacturers is currently at full capacity, making it difficult to alleviate supply-demand imbalances in the short term, which is likely to keep prices high [16]. Investment Recommendations - The report emphasizes the importance of the improving supply-demand relationship in the fiber optic cable sector and the layout of high-value products. Both data communication and telecom demand are expected to benefit fiber manufacturers, with prices likely to continue rising in the short term [17]. - There is a significant increase in demand for fiber optics from data centers in North America, Europe, and the Middle East, with domestic manufacturers expected to gain market share due to limited capacity from existing overseas suppliers [17]. - The report suggests focusing on leading companies in the fiber optic cable sector, including Yangtze Optical Fibre and Cable Joint Stock Limited Company, Hengtong Optic-Electric Co., Ltd., Zhongtian Technology Co., Ltd., and FiberHome Technologies Group [17].