8月22日，山东省青岛市即墨区龙山街道一家科技纺织企业的工人在智慧纺纱生产线上生产高端纤维。新华社发（梁孝鹏摄）从"一根光纤丝"中突围，企业 直面技术封锁，筑牢产业根基。在今年5月举行的"中国光谷"国际光电子博览会上，长飞光纤光缆股份有限公司展出代表全球最高技术水平的空芯反谐振光 纤。公司执行董事兼总裁庄丹介绍："在下一代光纤领域，长飞公司已进入全球第一方阵。"技术的突破，有多年沉淀的厚积薄发。从最初连一颗螺丝钉都依 赖进口，到如今掌握光纤预制棒、光纤、光缆等全部关键技术，成为"标准制定"赛道的引领者，长飞公司在"引进—消化—吸收—创新—再输出"发展道路深 耕数十年。技术的突破，也有"从0到1再到N"的协同攻关。长飞公司牵头组建联合实验室，从攻关基础技术，到成员单位承接工程化和产业化，最后联合实 验室牵头单位率先应用作为牵引，产学研协同实现核心材料产业化。"科技创新必须从产业需求出发，以应用为导向。"长飞光纤光缆股份有限公司技术总监 罗杰说，科研团队与企业工程师并肩作战，哪里有难题，攻关就推进到哪里，"企业出题、联合答题"让创新直抵生产一线。 丝，可织就锦绣，也可联通万物。从传统产业的转型攻坚，到新兴产业的技 ...

Group 1 - On December 24, 2025, SMIC (00981), Alibaba-W (09988), and China Mobile (00941) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 2.939 billion, 1.946 billion, and 1.041 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) also ranked as the top three companies by trading volume, with transaction amounts of 1.678 billion, 1.074 billion, and 0.916 billion respectively [1][2] Group 2 - In the Southbound Stock Connect, the top ten active trading companies included SMIC (00981) with a net buying amount of 65.43 million, while Alibaba-W (09988) and China Mobile (00941) had net selling amounts of 1.57 billion and 513 million respectively [2] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981) had a net buying amount of 425 million, while Alibaba-W (09988) and Tencent Holdings (00700) recorded net selling amounts of 1.31 billion and 553 million respectively [2]

智通财经APP获悉，12月24日港股市场，北水成交净卖出11.75亿港元，其中港股通(沪)成交净卖出5.52亿港元，港股通(深) 成交净卖出6.24港元。 北水净买入最多的个股是中芯国际(00981)、农业银行(01288)、华虹半导体(01347)。北水净卖出最多的个股是中国移动 (00941)、腾讯(00700)、阿里巴巴-W(09988)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 中芯国际 HK 00981 | 15.02亿 | 14.37亿 +6543.08万 | 29.39亿 | | 阿里巴巴-W | 8.94 Z | 10.51 乙 | 19.46亿 | | HK 09988 | | | -1.57 乙 | | 中国移动 | 2.64亿 | 7.77亿 | 10.41 乙 | | HK 00941 | | | -5.13 Z | | 长飞光纤 ... | | 4.71亿 | 8.92亿 | | HK 08869 | 4.20亿 | | -5087.05万 | | 华虹米营体 | 3.32亿 | 5. ...

格隆汇12月24日丨通光线缆(300265.SZ)在投资者互动平台表示，公司尚无空芯光纤产品。公司与长飞 光纤合资设立的子公司主要从事光纤光缆的研发、生产和销售。 ...

从供给端而言：光棒扩产周期长，工艺要求高，短期供给或趋紧。传统光棒扩产周期较长，光纤制备方 法中熔芯拉伸法适用于长距离光纤，主要包括预制棒成型以及光纤拉丝，其中主流预制棒制备方法包括 PCVD、OVD、VAD三种，光纤拉丝是将预制棒通过光纤拉丝塔进行高温拉丝，拉丝过程并不复杂，但 需协调下棒速度、炉内温度、拉丝速率等，对厂商技术成熟度及精密控制良率 要求较高，扩产难度较 大。 该行指短期或将供不应求，重视光纤光缆投资机会，随着全球AI蓬勃发展，或持续驱动数据中心内部 与DCI互联对光纤光缆的需求。短期来看，全球厂商扩产能力有限，或将形成供不应求的格局。该行认 为光纤光缆需求与价格有望维持稳步提升。该行推荐标的：亨通光电(600487.SH)、中天科技 (600522.SH); 受益标的：长飞光纤(06869,601869.SH)、永鼎股份(600105.SH)、烽火通信(600498.SH)及 特发信息(000070.SZ) 。 智通财经APP获悉，开源证券发布研报称，从需求端而言，随着AI大模型训练侧持续迭代，推理侧AI应 用落地加速，或持续拉动全球光纤光缆需求。面向数据中心内部的海量数据流动需求，高端单模 ...

该行指短期或将供不应求，重视光纤光缆投资机会，随着全球AI蓬勃发展，或持续驱动资料中心内部 与DCI互联对光纤光缆的需求。短期来看，全球厂商扩产能力有限，或将形成供不应求的格局。该行认 为光纤光缆需求与价格有望维持稳步提升。该行推荐标的：亨通光电、中天科技；受益标的：长飞光 纤、永鼎股份、烽火通信及特发信息（维权）。 格隆汇12月24日｜开源证券发表报告表示，从需求端而言，随着AI大模型训练侧持续迭代，推理侧AI 应用落地加速，或持续拉动全球光纤光缆需求。面向数据中心内部的海量数据流动需求，高端单模及多 模光纤与超高速光模块协同，或实现短距离数据高效传输与灵活互联，推动智算中心向更高密度、更低 功耗的方向演进。除此之外，由于空芯光纤具有低时延、宽带谱、低损耗和低非线性效应等优势，国内 外正积极推动空芯光纤等新技术发展，长期来看，空芯光纤需求或逐步提升。 ...

Core Viewpoint - The continuous iteration of AI large model training and the acceleration of AI application implementation are expected to drive global demand for optical fibers and cables, particularly in data centers [1][2]. Demand Side - The construction of AI data centers and DCI interconnections is likely to sustain the demand for optical fibers and cables, with high-end single-mode and multi-mode fibers, along with ultra-high-speed optical modules, facilitating efficient short-distance data transmission and flexible interconnections [2]. - G.654.E optical fibers significantly enhance transmission distance and system capacity, contributing to the development of more efficient and economical long-distance high-bandwidth networks [2]. - The demand for hollow-core fibers is anticipated to gradually increase due to their advantages such as low latency, wide spectrum, low loss, and low nonlinearity, with active promotion of new technologies in both domestic and international markets [2]. Supply Side - The production cycle for traditional optical preforms is long, and the manufacturing process has high technical requirements, leading to potential short-term supply tightness [2]. - The expansion of optical fiber production capacity is constrained by the lengthy production cycle of optical preforms and the need for high precision in the manufacturing process, which may result in a tight supply situation in the short term [2]. - According to predictions from the Asia-Pacific Optical Fiber and Cable Industry Association and the China Academy of Information and Communications Technology, global demand for optical fibers and cables is expected to reach hundreds of millions of core kilometers by 2025, maintaining a growth trend [2]. Investment Opportunities - The global development of AI is likely to continue driving demand for optical fibers and cables in data centers and DCI interconnections, creating a potential supply-demand imbalance in the short term [3]. - Recommended investment targets include Hengtong Optic-Electric and Zhongtian Technology, with beneficiaries including Yangtze Optical Fibre and Cable, Yongding Holdings, FiberHome Technologies, and TeFa Information [3].

智通财经APP获悉，中金发布研报称，AI对光纤光缆需求深刻重塑，推动行业供需关系走向新周期，行 业有望在未来两年内出现供不应求。供给趋紧已然带来产品涨价的现象——据调研，G.652.D散纤价格 较2025年初回升20%以上，虽该型号更多用于电信市场，但该行认为其涨价的核心原因之一是AI拉动的 多模光纤、G.657.A、G.654.E等型号挤占产能，导致传统品类供应也趋紧。如果供需关系进一步转为供 不应求，涨价趋势有望延续，在位厂商或迎来量价齐升。 中金主要观点如下： 2027年AI需求有望占光纤光缆下游35% AI推动数据中心建设蓬勃发展，二级市场过去对数据中心里各类硬件进行了深度的价值挖掘。而其中 光纤光缆行业由于传统电信需求占比较高(约九成)、且电信需求景气度低，得到的关注度有限。该行注 意到，随着AI需求在快车道上持续跃升，其在光纤光缆下游的占比正迎来明显提升，该行测算AI有望 推动数据中心内部&DCI两大场景下的光纤光缆需求，从2024年占比不到5%、提升至2027年的35%，带 动全球光纤需求攀升至2027年的8.8亿芯公里。 供需拐点将至 而在供给端，受到2019-2020年连续两次中国移动普缆集 ...

Core Viewpoint - The article discusses the emergence of a new trend in the market, driven by advancements in AI technology, particularly focusing on the M9 material and the rising prices of optical fiber rods as key investment opportunities [1]. Group 1: Breakthrough in Quantity - The M9 material, essential for high-end computing substrates, is set to experience significant growth due to the deployment of Nvidia's Rubin architecture and Google's TPU products, expected to reach a tipping point by 2025 [1]. - Q fabric, a core component of M9 material, is facing an expanding supply-demand gap, with price expectations for domestic Q fabric projected to rise to 250-300 RMB per square meter by 2026, up from a previous estimate of 200-250 RMB [1]. - Core companies in this sector include China National Materials (leading domestic Q fabric producer) and Feilihua (leading quartz material company) [2]. Group 2: Price Recovery - The optical fiber market is undergoing a structural change driven by AI, with demand expected to grow significantly; global optical fiber demand is projected to reach approximately 600 million core kilometers by 2025, with AI-related demand increasing from 5% to 10% annually [3]. - The supply side is constrained by the production of optical rods, which are essential for fiber production and face high technical barriers, leading to a strong likelihood of price increases [4]. - Historical data shows that previous supply constraints led to significant price increases in the optical fiber market, indicating a potential for similar trends in the current AI-driven environment [5]. - Key companies in the optical fiber sector include Yangtze Optical Fibre and Cable (leading in optical fiber and rod production) and Hengtong Optic-Electric (integrated layout benefiting from both submarine cables and AI fiber demand) [5].

智通财经APP获悉，开源证券发布研报称，随着全球AI蓬勃发展，或持续驱动数据中心内部与DCI互联 对光纤光缆的需求。除此之外，由于空芯光纤具有低时延、宽频谱、低损耗和低非线性效应等优势，国 内外正积极推动空芯光纤等新技术发展，长期来看，空芯光纤需求或逐步提升。短期来看，全球厂商扩 产能力有限，或将形成供不应求的格局，该行认为光纤光缆需求和价格有望维持稳步提升。 开源证券主要观点如下： 需求端：AI数据中心建设及DCI互联或持续拉动光纤光缆需求 供给端：光棒扩产周期长，工艺要求高，短期供给或趋紧 随着AI大模型训练侧持续迭代，推理侧AI应用落地加速，或持续拉动全球光纤光缆需求。面向数据中 心内部的海量数据流动需求，高端单模及多模光纤与超高速光模块协同，或实现短距离数据高效传输与 灵活互联，推动智算中心向更高密度、更低功耗的方向演进。在骨干网与城域网层面，G.654.E光纤显 著提升传输距离与系统容量，助力构建更高效、更经济的超长距大带宽网络。除此之外，由于空芯光纤 具有低时延、宽频谱、低损耗和低非线性效应等优势，国内外正积极推动空芯光纤等新技术发展，长期 来看，空芯光纤需求或逐步提升。 传统光棒扩产周期较长，光 ...