Group 1 - The company has a leading advantage in the cable-making process of hollow-core optical fibers, which require systematic performance testing due to their fragile structure [1] - Hollow-core optical fibers are being advanced for applications in data center interconnections, high-frequency financial trading, and telemedicine [1] - The company has addressed technical bottlenecks in the cable-making of hollow-core optical fibers and has collaborated with partners to assist operators in launching the world's first 800G hollow-core optical fiber transmission technology trial network [3] Group 2 - The company is exploring future development opportunities for hollow-core optical fiber cables and is inquiring about new orders and potential breakthroughs in overseas markets [3]

Core Points - The company announced a cash dividend of 0.268 yuan per share (including tax) for A shares [1][2] - The total cash dividend distribution amounts to 203,118,569 yuan (including tax) based on the total share capital of 757,905,108 shares [2] - The dividend distribution plan was approved at the annual shareholders' meeting held on June 30, 2025 [1] Distribution Plan - The cash dividend of 0.268 yuan per share will be distributed to all A share shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on August 25, 2025 [2] - The dividend will not include stock dividends or capital reserve transfers, with remaining undistributed profits carried forward to the next year [2] - The relevant dates for the dividend distribution are as follows: - Record date: August 25, 2025 - Last trading day: August 26, 2025 - Ex-dividend date: August 26, 2025 [2] Implementation Method - The cash dividends for A share shareholders will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited [2] - H share shareholders will have a separate dividend distribution arrangement, which will be detailed in a future announcement [3] - The company will directly distribute cash dividends to specific shareholders, including China Huaxin Postal and Telecommunications Technology Co., Ltd. and Wuhan Yangtze Communication Industry Group Co., Ltd. [3] Taxation Information - For individual shareholders holding A shares for more than one year, dividend income is temporarily exempt from individual income tax [4] - For QFII shareholders, a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.2412 yuan per share [5][6] - For Hong Kong investors, the company will withhold a 10% tax on dividends until further identification data is provided [5][6]

消息面上，中泰证券（600918）指出，空芯光纤以空气为传输介质，其具备更低时延和更低损耗两种主 要特性，是未来AI数据中心互联的主要品种。2025年7月中国移动（600941）首条空芯光纤商用或标志 商用化进程有望加快，长飞光纤唯一中标人，实际中标价约3.6万元/芯公里。该行称，重点关注长飞光 纤（空芯技术产能水平领先，并已在相关项目中标）等。中信证券也表示，随着AI驱动数据中心互联 需求的增加，光纤产业加速演进，海外大厂加速布局空芯光纤，看好其技术标准化带动规模化应用不断 落地。 长飞光纤（601869）光缆(06869)涨超9%，年内股价已累涨2.1倍。截至发稿，涨9.02%，报37.48港元， 成交额9.37亿港元。 ...

智通财经APP获悉，长飞光纤光缆(06869)涨超9%，年内股价已累涨2.1倍。截至发稿，涨9.02%，报 37.48港元，成交额9.37亿港元。 消息面上，中泰证券指出，空芯光纤以空气为传输介质，其具备更低时延和更低损耗两种主要特性，是 未来AI数据中心互联的主要品种。2025年7月中国移动首条空芯光纤商用或标志商用化进程有望加快， 长飞光纤唯一中标人，实际中标价约3.6万元/芯公里。该行称，重点关注长飞光纤（空芯技术产能水平 领先，并已在相关项目中标）等。中信证券也表示，随着AI驱动数据中心互联需求的增加，光纤产业 加速演进，海外大厂加速布局空芯光纤，看好其技术标准化带动规模化应用不断落地。 ...

Core Insights - The article highlights the significant advancements and achievements in the optical fiber and cable industry in China, particularly in the Wuhan East Lake New Technology Development Zone, known as "Optical Valley" [1][2]. Group 1: Industry Achievements - China has achieved multiple global firsts in the optical fiber and cable sector, including the world's largest optical fiber preform and the highest drawing speed, producing over 10,000 kilometers of fiber [2]. - Longhua Fiber has maintained the highest global market share in the optical fiber and cable industry for nine consecutive years, with overseas business accounting for over 30% for four years [2]. - The number of national-level specialized and innovative enterprises in Optical Valley has reached 173, ranking fourth among national high-tech zones [8]. Group 2: Tax Incentives and Support - Over the past three years, tax authorities have provided more than 20 billion yuan in tax incentives to enterprises in Optical Valley, significantly boosting their growth [3]. - The number of enterprises applying for R&D expense deductions has increased annually, with 5,692 companies reported in 2024, reflecting a 16.35% average annual growth [3]. - Longhua Fiber has benefited from approximately 1.5 billion yuan in tax reductions over five years, allowing for increased R&D investment [2]. Group 3: Compliance and Risk Management - The establishment of the "Optical Valley Tax Aid Station" aims to enhance compliance and reduce tax-related risks for companies, providing one-stop services for tax assistance and legal support [4][5]. - Companies like Wuhan Dameng Database have implemented comprehensive internal management systems to ensure tax compliance, supported by local tax authorities [4]. Group 4: Talent Development and Innovation - Optical Valley has launched new talent policies and a global talent service system to attract high-end talent, with tax incentives for technology transfer and innovation [7]. - In the past three years, tax incentives for technology achievement cash rewards have benefited 1,224 individuals, encouraging talent to settle and innovate in Optical Valley [7].

公司积极寻找优质项目投资标的，拓展主业投资项目，进一步加大对清洁能源项目资源获取和项目并购 的力度，不断做强做优做大清洁能源主业。公司积极稳妥推进四川宜宾屏山抽水蓄能可研阶段相关前期 工作，成功摘牌湖北远安抽水蓄能电站项目，正抓紧推进项目开工前各项准备工作。 公司坚持"一主两辅"产业布局，以清洁能源为核心主业，并涵盖轨道交通电气自动化系统以及光纤光缆 产品的研发和生产等高新技术领域。在锚定做强做优做大清洁能源核心主业的同时，在新基建的大背景 下大力发展高新技术产业，积极抢抓高铁建设、城市轨道交通、通信等市场机遇，公司产业结构得到进 一步优化。 中证报中证网讯(王珞)8月14日晚间，川投能源（600674）发布2025年半年报显示，公司2025年上半年 实现营业收入7.12亿元，同比增长17.95%；归属于上市公司股东的净利润24.61亿元，同比增长6.9%。 2025年上半年，公司整体经营态势稳中向好，主要经营指标实现增长。公司装机规模持续扩张，其中参 控股总装机容量3741.19万千瓦(不含三峡新能源、中广核风电与中核汇能)，权益装机1765.19万千瓦。 一是坚定不移专注清洁能源核心主业，积极做好电力生产 ...

Summary of the Conference Call for Fenghuo Communication Industry Overview - The optical fiber and cable industry is experiencing new opportunities driven by the surge in AI-driven computing demand, particularly in data centers, with a significant increase in internal demand observed [2][6] - The demand for multimode optical fibers is outstripping supply due to the rapid growth in AI data centers, leading to strong pricing and profitability, with gross margins reaching 50% [2][7] Key Points on Fenghuo Communication - Fenghuo Communication plans to significantly increase production capacity from 1.5 million core kilometers this year to 4 million core kilometers next year, which is expected to result in substantial profit growth [2][8] - The domestic demand for multimode fibers is robust, with a high proportion of 400G and multimode fibers driving demand. Although the overseas market is dominated by Corning and Tencan, there are still opportunities for expansion [2][9] - The development of hollow-core fibers is progressing rapidly, with Microsoft having procured 15,000 kilometers. Fenghuo Communication is well-positioned to leverage its technological advantages in this area [2][10] - The company has set a conservative revenue target of 10 billion yuan for its domestic server business this year, with potential for upward revision if performance exceeds expectations. The financial client base has doubled, and the server business is expected to contribute 40% of profits [2][11] Financial Performance and Outlook - Despite a decline in revenue, profits are on the rise, reflecting the company's focus on improving net profit margins from 2.5% last year to an expected 5-6% this year [2][13] - The stock price of Fenghuo Communication has increased by approximately 30% this year, with an optimistic forecast for profit growth exceeding 40% for the year [2][14] Additional Insights - The optical fiber and cable industry has seen a decline in revenue over the past three years, but the AI trend is positively impacting demand for optical fibers in data centers [2][6] - The market for optical modules and their supply chain is experiencing significant growth, driven by the commercial application of large models like GPT-5, which is enhancing the demand for computing power [2][3] - Fenghuo Communication's business structure includes three main segments: optical fibers and cables, data network products, and communication systems, indicating strong growth potential [2][5] - The company is also focusing on its marine communication business, which has shown strong performance in niche areas like seabed monitoring since its establishment in 2020 [2][12]

Summary of Conference Call on Hollow Fiber Optics Industry Industry Overview - The hollow fiber optics industry is gaining traction due to its low latency and low loss characteristics, making it highly suitable for data center interconnects, with transmission speeds up to 4 orders of magnitude faster than traditional fibers [1][2] - The domestic market for hollow fiber optics is currently expensive, with China Mobile's procurement price for Longi hollow fiber reaching a maximum of 150,000 yuan per core kilometer, which is 2,500 times that of solid fiber optics [1][4] Key Insights - **Market Demand and Pricing**: The actual bidding price for hollow fiber optics is approximately 36,000 yuan per core kilometer, influenced by the early commercial stage and limited production capacity from leading companies [1][5] - **Global Market Trends**: Microsoft has acquired Nanosity and plans to deploy 15,000 kilometers of hollow fiber optics in the next two years, indicating strong interest from major tech companies like Meta and Google [1][6] - **Future Growth Projections**: Corning anticipates that the global network connectivity business will reach $1 billion by the end of 2023, with a compound annual growth rate (CAGR) of about 56% in the coming years [1][8] Competitive Landscape - The competitive landscape is characterized by both established companies like Corning and Yangtze Optical Fiber and new startups that collaborate with internet giants, allowing for a mix of dominance and opportunity in the market [1][7] - Major players in the traditional fiber optics market are expected to maintain their positions in the hollow fiber era, while startups can find growth opportunities through partnerships [1][7] Investment Opportunities - Significant investment opportunities exist in the hollow fiber optics sector, particularly for data center interconnects, with projects like the East Data West Computing initiative driving demand [1][12] - Companies to watch include Longi Fiber, Hengtong, and Fenghuo, as well as those in the connection chip and module sectors like LightSpeed Technology and Dekoli [1][12][14] Challenges and Opportunities in Traditional Fiber Market - The traditional fiber optics market faces challenges due to declining capital expenditures from operators, but opportunities arise from expanding overseas markets and decreasing raw material costs [1][13] - The export volume of multimode fibers is expected to grow, with a projected 24.8% increase in fiber exports in 2024 [1][11] Conclusion - The hollow fiber optics market is poised for rapid growth, driven by technological advancements and increasing demand from major tech companies, while traditional fiber optics companies can benefit from cost reductions and export opportunities [1][8][13]

Summary of Conference Call Industry Overview - The focus of the conference call was on the AI and optical fiber industry, particularly following the release of GPT-5, which has continued the positive business cycle in the sector [1] - The optical fiber industry is experiencing significant growth due to the influence of AI technologies, with companies like Corning reporting substantial revenue increases [1][8] Key Insights and Arguments - The introduction of GPT-4 has led to a 26% reduction in major error rates and a decrease in deceptive behaviors from 4.8% to 2%, indicating substantial improvements in AI capabilities [2] - The estimated annual revenue for AI-related services could reach $20 billion by the end of the year, reflecting a significant increase in user engagement and payment willingness [3] - Companies are increasingly using AI for code generation, enhancing efficiency and leading to a willingness to pay for these services, with some users reportedly paying $200 monthly [4] - The demand for optical fibers is outpacing supply due to long production cycles, with a projected timeline of 1-2 years for capacity expansion [9] - The price of multimode optical fibers has surged to 20 times that of standard fibers, while hollow fibers are priced at 100 times, indicating a dramatic increase in market value [13] Financial Performance and Projections - Corning's performance has shown a significant increase in net profit margins, with the optical fiber segment experiencing a shift from a 5% to a 40% net profit margin [12] - Domestic optical fiber companies are capturing over 50% of the global market share, with leading firms like Changfei and Hengtong showing strong production capabilities [10] - Hengtong plans to achieve an annual production capacity of 4 million kilometers by 2026, representing a growth of over 150% compared to the current year [11] Potential Investment Opportunities - The optical fiber sector is highlighted as a key area for investment, with recommendations for companies like Tonghua and Hengtong, which are positioned well for future growth [15] - The AI data center's optical fiber profits have surpassed those of traditional telecom operators, suggesting a shift in profitability dynamics within the industry [14] Additional Considerations - The conference call emphasized the importance of monitoring developments in the optical fiber market, particularly in relation to AI applications and the evolving demand landscape [15] - Future discussions will include a focus on cellular communication and the role of domestic server manufacturers like Huawei, which are gaining market traction [15]

中泰证券（600918）发布研报称，空芯光纤是未来AI数据中心互联的主要品种；随着AI带来数据中心 建设，DC内MPO亦有望带来特种光纤增量需求。鉴于空芯光纤这一细分领域市场刚起步，未来竞争格 局或将仍有头部企业主导，但初创企业结合头部CSP大厂仍有一定机会。中国移动（600941）首条空芯 光纤正式商用，运营商或将引领国内需求节奏、技术突破，成本下降将推动规模应用。 中泰证券主要观点如下： 空芯光纤以空气为传输介质，其具备更低时延和更低损耗两种主要特性，是未来AI数据中心互联的主 要品种 空芯光纤的导光原理是以特殊微结构形成的光子禁带或反谐振效应来抑制纤芯中光的横向泄漏，实现低 折射率纤芯中的轴向光传输。空芯光纤中绝大部分光能量(95%以上)在空气芯中传输，非线性效应和延 迟较小，损伤阈值高，热稳定性好，且其超低时延(较传统光纤降低30%)和超低损耗(0.1dB/km以下)特 性，可支撑金融高频交易、AI算力集群跨地域互联等时延敏感场景。此外，随着AI带来数据中心建 设，DC内MPO亦有望带来特种光纤增量需求。 海外微软引领空芯光纤技术、产品及商业化，DCI初创企业进展迅速 海外微软或将长期引领空芯行业，2 ...