正如卡马克所观察到的，光纤传输的增长曲线可能比DRAM更有利，尤其是在元件小型化速度放缓的 情况下。但他承认存在一个主要障碍——200公里长的高品质光纤成本高昂，而且维持传输所需的放 大器和数字信号处理器可能会抵消任何节能效果。 这场辩论甚至转向了推测。埃隆·马斯克设想了基于真空的光数据传输——本质上是在自由空间中进 行激光存储——尽管这个想法目前更像是科幻小说，而非工程方案。 公众号记得加星标⭐️，第一时间看推送不会错过。 未来，光而非硅或许将定义人工智能存储和调用知识的方式。约翰·卡马克（John Carmack）——这 位因参与《毁灭战士》（Doom）和Meta虚拟现实项目而闻名的工程师——最近提出了这一想法，他 建议使用光纤环路作为人工智能模型的高速数据缓存。他在X论坛上的简短帖子引发了一场激烈的技 术讨论，研究人员和技术专家们对经典计算机理论与现代光网络技术的融合充满兴趣。 这个思想实验始于一个数字。单模光纤现在可以以每秒 256 太比特的速度传输 200 公里的数据。基 于这一容量，卡马克估计，在任何给定时刻，电缆中大约存储着 32 GB 的信息。 卡马克建议不要将此视为单纯的数据管道，而是将循环 ...

Core Viewpoint - Changfei Fiber's recent financial report shows a mixed performance with a significant increase in revenue but a notable decline in net profit, indicating potential challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 6.384 billion yuan, a year-on-year increase of 19.38% compared to 5.348 billion yuan in 2024 [1] - Net profit attributable to shareholders was 296 million yuan, down 21.71% from 378 million yuan in the previous year [1] - In Q2 2025, total revenue was 3.491 billion yuan, up 17.88% year-on-year, while net profit fell 54.96% to 144 million yuan [1] - The company's gross margin improved to 28.3%, up 1.42% year-on-year, while net margin decreased to 5.43%, down 11.52% [1] - Total receivables reached 5.645 billion yuan, an increase of 12.64% from 5.012 billion yuan in 2024, with receivables accounting for 835.25% of net profit [1][3] Cash Flow and Debt Situation - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 49.26% and the average operating cash flow over the past three years to current liabilities at 18.84% [3] - The interest-bearing debt ratio has reached 29.85%, indicating a significant level of debt [3] Business Model and Market Position - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper examination of these underlying drivers [2] - Changfei Fiber is focusing on the development and commercialization of hollow-core fiber technology, which has potential applications in data centers and high-frequency trading [6] - The hollow-core fiber technology is still in its early stages, with commercial viability dependent on production capacity, cost optimization, and the maturity of application scenarios [6] Investment Interest - Notable institutional interest has been observed, with a prominent fund manager increasing their stake in the company, indicating confidence in its long-term potential [3][5]