Summary of Conference Call Notes on Yongding Co., Ltd. Company Overview - Yongding Co., Ltd. is the first privately listed company in China's optical cable industry, having established a complete vertically integrated industrial chain from optical rods to optical fibers and optical cables [4] Key Points and Arguments Shareholder Reduction Plan - The controlling shareholder, Yongding Group, plans to reduce its holdings by up to 14,619,900 shares, which is not more than 1% of the total share capital, due to personal funding needs [1][2] Long-term Business Impact - The shareholder reduction is not expected to impact the long-term development of the company [3] Subsidiary Developments - Subsidiary Dingxin Optoelectronics is expanding its product lineup to include EML and CW light source chips, with existing customer agreements in place, indicating potential for increased order volumes [3] - Dingxin Optoelectronics is expected to double its production capacity by 2026 and again by 2027, with recent capital increases from external investors [3] High-Temperature Superconducting Materials - Subsidiary Dongbu Superconductor is focusing on high-temperature superconducting materials using unique domestic technology, with applications in controlled nuclear fusion and other fields [3] - The company plans to expand production by 50,000 kilometers to meet growing downstream demand [3] Optical Fiber and Cable Industry Trends - The optical fiber and cable industry is experiencing significant changes in supply and demand, driven by AI and drone applications, leading to increased operational rates for fiber manufacturers [3] - Recent bidding failures in China's telecom fiber and cable procurement indicate previously low pricing, suggesting future price increases for operators [3] Production Capacity Expansion - The company is actively expanding production capacity, with projections to reach 9.5 million tons for optical rods and 36 million core kilometers for optical fibers by the end of 2026, which is expected to contribute to flexible profits [4] Automotive Wire Business Growth - The automotive wire business is anticipated to maintain rapid growth, with significant orders already secured [5] Dual-Driving Growth Strategy - The company is leveraging a dual-driving strategy of "Optical Communication + Superconductors" for future growth, with strong overseas demand for optical modules and a supply-demand gap in optical chips [6] Future Growth Potential - The high-temperature superconducting materials are expected to benefit from the rapid development of controlled nuclear fusion, and the company's expansion in optical fiber and cable production is projected to contribute to flexible profits [7] - The company has broad growth potential, and investors are encouraged to maintain interest [7]

光纤调研纪要：需求结构及价格走势，国内大厂扩产情况，空心光纤发 展趋势等 当前国内市场上光纤的主要型号及其应用情况如何？ 目前国内市场上，约 90%以上的需求集中在 G652D 单模光纤，这也是主要的产 能集中点。中国移动等三大运营商的大部分采购需求都集中在这一型号。然而， 随着市场需求的变化，其他类型光纤如 G657A2 和 G654E 也逐渐受到关注。数据 中心大量使用的是 G657A2，这种弯曲不敏感光纤广泛应用于蝶形光缆和皮线光 缆中。此外，无人机对光纤的需求也显著增加，每台无人机消耗约 20-40 公里的 光纤，这种需求量级达到百万级别。 光纤价格为何持续上涨？ 光纤价格上涨主要受供需关系影响。例如，单模光纤从去年集采时的 18-20 元左 右暴涨至现在的 30-50 元，而 G657A2 从 30-38 元涨至 70 元仍然供不应求。这一 现象背后有几个原因：首先是北美数据中心建设带来的巨大需求增长，其次是生 产工艺复杂度增加导致产能受限。此外，美国对中国部分厂家的关税政策也影响 了供应链，例如长飞公司面临 33%的关税，而其他一些厂家则高达 70%以上。 不同类型光纤在具体应用中的差异是什么？ ...

Core Viewpoint - China Telecom has announced an emergency procurement project for fiber optic cables in its Guangdong branch for Q1 2026, indicating a significant price increase in the fiber optic market, with the maximum price for GJYXFCH-1 core cable set at 310 yuan per kilometer, reflecting a 45.36% increase from previous prices [1][2]. Group 1: Procurement Details - The procurement focuses on FTTH butterfly-shaped fiber optic cables, with a maximum response price of 1,726,955.49 yuan for the project [2]. - The previous maximum price for GJYXFCH-1 core cable was 213.27 yuan per kilometer, highlighting a substantial price increase in the current procurement [2]. Group 2: Market Trends - The demand for fiber optic cables is increasing, with operators raising procurement prices; for instance, China Telecom's procurement prices for G.652.D cables have risen by over 31% year-on-year, with some prices increasing by as much as 64.29% [3]. - The price of G.652.D fiber has exceeded 50 yuan per core kilometer, compared to 20 yuan in November 2025 and 35.6 yuan in January 2026, indicating a robust market [3]. Group 3: Industry Outlook - The fiber optic market is experiencing sustained price increases due to rapid growth in AI and computing networks, with a projected global demand increase of 4.1% for fiber optic cables by 2025, and a 75.9% increase in data center fiber cable demand [4]. - Supply constraints are expected to persist due to the long expansion cycle for optical fiber preform, which is approximately two years, suggesting continued price potential for fiber optic cables [4]. Group 4: Key Companies - The report highlights several core manufacturers in the fiber optic cable sector, including Zhongtian Technology, Hengtong Optic-Electric, Yangtze Optical Fibre and Cable, TeFa Information Technology, Yongding Co., and FiberHome Technologies [5].

智通财经APP获悉，香港联交所最新资料显示，2月27日，长飞光纤光缆(06869)股东将股票由花旗银行 转入法国巴黎银行，转仓市值22.20亿港元，占比3.90%。 近期MSCI中国指数成分股作出变更，本次MSCI中国指数新增37只成分股，其中涉及港股新增包括长飞 光纤光缆等。 ...

近期MSCI中国指数成分股作出变更，本次MSCI中国指数新增37只成分股，其中涉及港股新增包括长飞 光纤光缆等。 香港联交所最新资料显示，2月27日，长飞光纤（601869）光缆(06869)股东将股票由花旗银行转入法国 巴黎银行，转仓市值22.20亿港元，占比3.90%。 ...

亨通光电形成光通信、智能电网、海洋业务与工业智能综合布局，收入 稳定增长，但利润受光通信业务下滑影响，后续增长依赖海洋业务驱动。 2025 年收入占比智能电网和半导体较高，利润贡献主要来自海洋电力 和海洋通信，海洋电力占比超 30%。 全球光纤光缆需求结构变化显著，数据中心和无人机光纤需求激增，预 计 2025 年合计占比达 20%，2026 年或超 25%。美国数据中心光纤需 求占比接近 30%。本轮结构性变化主要由无人机和 AI 驱动的数据中心 需求拉动。 光缆零售价格自 2025 年下半年企稳上涨，2026 年初实现翻倍增长， 当前已超 50 元/芯公里。主要原因是数据中心和无人机光纤需求挤压供 给，头部厂商稼动率已满。海外厂商产能排期已到 2027 年，国内稼动 率达 90%。 光纤光缆产业利润主要集中在光棒环节，利润集中度可超 70%，甚至达 80%-90%。评估利润弹性关键在于头部厂商的光棒产能，亨通光电光 棒产能位列前三，采用有机硅路线，成本较四氯化硅材料有优势，毛利 率可提升近 5 个百分点。 Q&A 亨通光电的发展历程、业务布局与当前收入及利润结构是怎样的？ 亨通光电 1993 年成立，20 ...

中天科技在光纤光缆、海缆等细分领域的行业位置如何，业务版图与收入/利润 结构大致是什么格局？ 中天科技 20260227 摘要 中天科技业务多元，电力电缆为主要收入来源，其次是光通信和海缆。 海洋业务利润贡献受周期影响波动，电力传输板块稳定增长成为利润大 头，公司整体业绩呈小幅震荡。 全球光纤光缆行业反弹由 AI 数据中心和特种需求驱动，需求结构变化显 著，运营商需求占比下降，数据中心和特种需求占比提升，行业自 25 年下半年进入新一轮涨价周期。 中天科技光通信业务综合竞争力国内领先，全球化布局均衡，通过海外 工厂本地化生产。本轮行业景气上行，公司有望充分受益于需求上行与 涨价红利。 展望 26-27 年，预计海洋业务利润占比将显著提升，光通信板块借助 AI 数据中心需求与无人机等特种需求实现业绩贡献增长，电力电缆利润占 比最大，但后续预计出现再平衡。 海洋板块在手订单充裕，亨通与中天整体在手订单体量约在 100–140 亿元区间，大部分项目将在 26 年开始交付，500kV 海缆交付占比预计 提升，带动海洋板块毛利率呈现改善趋势。 Q&A 中天科技为国内领先的光纤光缆及海缆厂商，海缆业务体量位居国内第 2– ...

Investment Rating - The report maintains a "Buy" rating for the communication industry [1] Core Viewpoints - The demand for optical fiber and cable is experiencing significant growth, with procurement prices increasing due to strong demand from operators [3] - The price of GJYXFCH-1 core cable has increased by 45.36%, indicating a sustained trend of price hikes in the industry [3] - The industry is characterized by high demand and a long expansion cycle, leading to a clear competitive landscape, which supports the potential for continued price increases in optical fiber and cable [3] Summary by Relevant Sections - **Demand and Supply Dynamics**: The report highlights a robust demand growth forecast, with a projected increase of 4.1% in 2025 and 8.8% in 2027. Supply constraints are expected to persist, reinforcing the potential for price increases in optical fiber and cable products [3] - **Price Trends**: The report notes that the price for G.652.D optical fiber is expected to rise from 28-35 yuan in 2025 to 37-46 yuan in 2026, reflecting a 31% increase. Similarly, G.654.A2 prices are projected to rise from 75-80 yuan in 2025 to 79.5 yuan in 2026 [3] - **Investment Recommendations**: The report suggests that investors should consider the optical fiber and cable sector due to its favorable demand-supply dynamics and the potential for price increases [3]

行业周报 · 通信行业 两会召开在即，科技创新将成为关注重点 眽眻眽睁 年 眾 月 眼 日 光通信相关标的：中际旭创（眾眻眻眾眻睃）， 新易盛（眾眻眻着眻眽）等；IDC 相关标 的：光环新网（眾眻眻眾睃眾）等；光纤光缆龙头：长飞光纤（睁眻眼睃睁睄），亨通光电 （睁眻眻眿睃睂），中天科技（睁眻眻着眽眽）等；量子通信：国盾量子（睁睃睃眻眽睂）等； 运营商相关标的：中国移动（A+H），中国电信（A+H），中国联通（A+H） 等；卫星互联网相关标的：通宇通讯（眻眻眽睂睄眽），普天科技（眻眻眽着眿眿）等。 风险提示：AIGC 应用推广不及预期的风险；国内外政策和技术摩擦的不确定 性风险；着G 规模化商用推进不及预期的风险等。 通信行业 | | | 分析师 赵良毕 ：眻眼眻-睃眻睄眽-睂睁眼睄 ：zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S眻眼眾眻着眽眽眻眾眻眻眻眾 研究助理：刘璐 ：yj.liulu@chinastock.com.cn 相对沪深 眾眻眻 表现图 眽眻眽睁-眻眽-眽睃 资料来源：Wind，中国银河证券研究院 -50% 0% 50% 100% 150% 2025/2/ ...

本报记者 陈潇 "现在（光纤）一天一个价，涨得非常厉害。"2月26日，《证券日报》记者以投资者身份致电江苏中天科技股份有限公 司，该公司工作人员表示，近期光纤市场确实出现明显涨价现象。 上述工作人员表示，以G.652.D单模光纤为例，产品价格已从去年低点的18元/芯公里至19元/芯公里，上涨至目前最高约50 元/芯公里。随着数据中心相关需求快速增长，对部分光纤产能形成一定挤压。在整体产能相对有限的情况下，供需格局阶段 性偏紧。 事实上，在全球算力基础设施建设提速的背景下，光纤行业景气度正显著回升。多家券商研报认为，AI大模型训练、智算 中心建设及数据中心互联（DCI）等需求的快速增长，正成为拉动光纤产业的新引擎。 国泰海通证券研报认为，与传统数据中心相比，单个智算中心的光纤需求量可达数倍甚至十倍以上，一个典型万卡GPU集 群仅服务器内部互连就需数万芯公里光纤。其预测，AI驱动的数据中心内部及DCI（数据中心互联）场景的光纤需求占比，有 望从2024年的不到5%激增至2027年的35%。 工信部信息通信经济专家委员会委员盘和林向《证券日报》记者表示，中国光纤具有规模、技术和成本优势。预计未来2 年至3年间，光纤 ...