Summary of Conference Call on AI Infrastructure and Related Industries Industry Overview AI Data Center (AIDC) - China's AIDC market experienced a significant surge in the second half of 2025, driven by rapid AI adoption and advancements in domestic chip technology [1][7] - ByteDance's token usage increased dramatically from 4 trillion in February to 30 trillion in September 2025 [1][7] - AIDC investments are primarily led by cloud vendors, telecom operators, and third-party firms, with construction costs ranging from RMB 17,000 to 23,000 per kW [1][8][9] - Major players like ByteDance, Tencent, and Huawei are actively pursuing new data center projects, including a notable 800MW park for ByteDance [1][10] Liquid Cooling - Liquid cooling technology in China has low adoption rates, remaining below 10% in 2025, compared to over 3,000 units deployed overseas [2][14] - The market for liquid cooling is projected to grow at a 64% CAGR from 2025 to 2030, with penetration expected to rise from 10% in 2025 to 45% by 2030 [2] - Cold plate systems dominate the liquid cooling market with a 90% share, while immersion cooling faces high costs and lacks standardization [2][15] - Domestic competition is intense, leading to significant price gaps; CDU pricing ranges from US$10 to 230 per kW [2][16] Optical Fiber - China accounts for approximately 50% of global fiber demand, with projections of 260 million fiber-km domestically and 568 million globally by 2025 [3][19] - The optical cable market is expected to grow at a 5% CAGR, with a shift towards high-end products like G654E fiber and hollow-core fiber [3][20] - Profitability in the optical fiber market is concentrated upstream, with preforms contributing 70% of profits, fiber 20%, and cables only 10% [3][22] - Intense domestic competition has led to price reductions, making it challenging for smaller players to survive [3][21] Key Insights AIDC Developments - The AIDC market is rebounding due to broader AI applications across various sectors, including manufacturing and healthcare [7] - Domestic chips are being commercially deployed, although they still lag behind NVIDIA's technology [7] - The construction of training clusters in western China is part of the "Eastern Data, Western Computing" strategy [8] Liquid Cooling Market Dynamics - The domestic AI market is in an early stage of rapid growth, with server memory prices tripling [13] - Liquid cooling systems are becoming critical components of the data center value chain, with export opportunities emerging [11][18] - Future growth in liquid cooling will depend on cost reductions and advancements in microchannel technology [2][18] Optical Fiber Market Trends - The demand for fiber optic communication is projected to reach nearly 170 million fiber-kilometers in 2025 [19] - Export opportunities are concentrated in Southeast Asia, while Europe and North America present challenges due to trade barriers [20] - Emerging technologies like hollow-core fiber and multi-core fiber are expected to enhance competitiveness in the market [21] Conclusion - The AIDC, liquid cooling, and optical fiber industries are poised for significant growth driven by technological advancements and increasing demand for AI applications. However, challenges such as intense competition and reliance on imported components may impact profitability and market dynamics in the near future.

每经AI快讯，11月25日，光纤概念持续走强，腾景科技盘中创新高，特发信息3连板，长飞光纤、福晶 科技涨停，长芯博创涨超15%，科信技术、昀冢科技、光库科技、炬光科技涨超10%，长光华芯、仕佳 光子、太辰光、永鼎股份、长江通信跟涨。 （文章来源：每日经济新闻） ...

Group 1 - The article discusses a new IPO in Wuhan, Hubei, focusing on a fiber optic company backed by Huawei Hubble [1] - The company is a supplier for Guangxun Technology, indicating a strategic partnership that may enhance its market position [1] - The IPO is seen as a significant development in the fiber optic industry, reflecting growing investment interest in this sector [1]

Group 1 - The core point of the article is that Changjin Photon Technology Co., Ltd. has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board [1] - Changjin Photon is a manufacturer of specialty optical fibers, with capabilities in high-performance and multi-category specialty optical fiber research and industrialization [1] - The company aims to raise approximately 780 million yuan through the IPO, which will be used for the construction of a high-performance specialty optical fiber production base and research center, as well as to supplement working capital [1]

Core Viewpoint - Wuhan Changjin Photon Technology Co., Ltd. has had its IPO application accepted by the Shanghai Stock Exchange, aiming to raise 780 million yuan for a high-performance specialty fiber production base and R&D center, as well as to supplement working capital [2] Company Overview - Established in 2012, Changjin Photon focuses on the R&D, production, and sales of specialty optical fibers, with its main product being rare-earth-doped fibers used in various applications such as advanced manufacturing, optical communication, measurement sensing, and national defense [4] - The actual controller and chairman of the company is Li Jinyan, who has a PhD and has held various positions in the optical communication field since 2001 [4] Financial Performance - Revenue is projected to grow from 108 million yuan in 2022 to 192 million yuan in 2024, while net profit is expected to increase from 37 million yuan to 76 million yuan during the same period, with gross margins of 66.37%, 69.31%, and 69.13% respectively [4] Investment History - From 2012 to March 2025, Changjin Photon completed six rounds of financing, with post-investment valuation rising from 200 million yuan to 1.8 billion yuan, supported by notable investors including Jepter, Hubble Investment, and Hillhouse Capital [4] Shareholder Changes - Prior to the IPO, existing shareholders faced a significant exit, with Tianheng Venture Capital acquiring shares from Li Jinyan and others at 25.62 yuan per share, while Huagong Mingde Fund's shares were sold at 24.34 yuan per share, leading to a valuation drop to 1.71 billion yuan [5]

Group 1 - The core viewpoint of the articles emphasizes the urgent demand for high-performance information transmission carriers in the context of the AI wave and the global AI arms race, highlighting the significance of special optical fibers in facilitating efficient data flow [1][2][3] - Hengtong Optic-Electric has officially commenced the construction of its advanced optical fiber materials R&D and manufacturing center, with plans for completion by February 2026, marking a significant expansion aimed at creating a more powerful and intelligent "neural network" for AI, cloud computing, and 5G-A [1][2] - The expansion project will cover over 200 acres and will introduce more than 100 advanced equipment sets for processes, testing, and public utilities, showcasing Hengtong's commitment to innovation in the special optical fiber sector [2] Group 2 - The core products of the expansion include ultra-low loss hollow-core fibers, ultra-low loss multi-core fibers, and high-performance multi-band multimode fibers, which are designed to meet the stringent requirements of real-time data interaction in AI training clusters [1][2] - Hengtong's strategic investments in high-end optical materials, precision tubing, and hollow-core fiber R&D reflect a forward-thinking "ecological mindset," positioning the company to meet engineering performance requirements and demonstrating its industrialization capabilities [2] - The article suggests that in the era defined by AI and computing power, the strength and speed of the information transmission "pipes" are crucial, indicating that Hengtong's investment in advanced optical fiber materials is aligned with the irreversible trend of future computing advantages [2][3]

Group 1 - Wuhan Changjin Photon Technology Co., Ltd. has completed its initial public offering (IPO) guidance work with Guotai Junan as the advisory institution [2] - The guidance work included 11 sessions from November 2022 until the report was issued, focusing on cleaning up occasional fund borrowing between the company and its directors and executives [2] - The company has successfully cleared all related party fund borrowings by the end of 2022, and no such transactions have occurred since 2023, indicating effective rectification measures [2] Group 2 - Changjin Photon was established in July 2012 and specializes in the research, production, and sales of specialty optical fibers, along with providing technical services [3] - The company possesses comprehensive R&D capabilities in core components such as rare-earth-doped fibers and microstructured fibers, mastering all core process technologies from preform preparation to fiber drawing and performance characterization [3] - The actual controller, Li Jinyan, holds 41.82% of the voting rights, while other investors include Jieput, Lihua Kechuang, Wotu Fund, and Huawei's Hubble Investment [3][4]

Core Viewpoint - Changjin Photonics, a hard-tech company emerging from Hubei, is redefining the boundaries of light with "special optical fibers" and is currently pursuing an IPO [1][2]. Company Overview - Established in 2012, Changjin Photonics' core technology originates from Huazhong University of Science and Technology, particularly from the optical fiber laser technology team led by Professor Li Jinyan, who is also the chairman of the company [5]. - The company's main products include special optical fibers, such as rare-earth-doped fibers, passive fibers for lasers, and special fibers for communication [6]. Product Features - Rare-earth-doped fibers enhance the optical performance of standard fibers by incorporating rare-earth elements, improving laser generation efficiency [6]. - Special optical fibers are designed for complex and specialized applications, such as precision laser surgery and high-power laser applications in automotive welding and chip cutting [6]. Market Dynamics - The industry has historically relied heavily on imported products, with 30% of high-end special optical fibers in China being imported, often at 2-5 times the price of domestic alternatives [7][8]. - Changjin Photonics offers competitive pricing, with its products costing about half of imported counterparts, significantly reducing costs for manufacturers [9]. Financial Performance - In 2024, the company is projected to achieve a revenue of 445 million yuan, representing a year-on-year growth of 30.96%, and a net profit of 69 million yuan, with a growth of 66.53% [10]. Emerging Opportunities - The new opportunities in the special optical fiber market are primarily driven by AI computing power connections and satellite internet [11]. - The demand for AI data centers is expected to surge, with major cloud providers planning significant capital expenditures, such as Amazon's over $100 billion and Microsoft's $80 billion for data center construction [11]. - The global market for special optical fibers is anticipated to exceed $15 billion by 2025, with China accounting for nearly 40% of this market [12].

Group 1 - The market space for humanoid robot electronic skin has expanded from 0.15 billion to 15.5 billion, indicating significant growth potential [1] - Institutions have detailed the barriers in "materials/algorithms/processes/channels" and revealed a list of beneficiaries [1] - Microsoft has deployed 15,000 kilometers of hollow core fiber, opening up a business opportunity worth 1 billion dollars, with a compound annual growth rate of 56.52% over six years [1] - Four major domestic leaders are expected to share the largest portion of this market opportunity [1]

Group 1 - Wuhan Changjin Photon Technology Co., Ltd. has completed its initial public offering (IPO) guidance work with Guotai Junan as the advisory institution [2] - The guidance agreement was signed on November 4, 2022, and a total of 11 guidance sessions were conducted from November 2022 until the report was issued [2] - The actual controller and chairman, Li Jinyan, holds 41.82% of the voting rights in the company [4][5] Group 2 - Changjin Photon was established in July 2012 and specializes in the research, production, and sales of specialty optical fibers and related technical services [4] - The company possesses comprehensive R&D capabilities and technology in core components such as rare-earth-doped fibers and micro-structured fibers [4] - Li Jinyan has a total shareholding ratio of 21.09%, while the company is also backed by investors including Jieput, Lihua Kechuang, Wotu Fund, and Huawei's Hubble Investment [4][6]