Core Insights - The Hubei Science and Technology Innovation Conference held on January 4, 2026, focused on technological innovation, showcasing 36 achievements from the "61020" innovation system for 2025 [1][2] - Hubei aims to have 35,000 high-tech enterprises and 50,000 technology-based SMEs by 2025, representing increases of 2.4 times and 5.7 times respectively compared to the end of the 13th Five-Year Plan [1][5] - The total value of technology contracts is expected to exceed 600 billion yuan, marking a continuous annual increase of over 100 billion yuan for five consecutive years [1][5] Technological Achievements - Hubei has established a "61020" innovation system, aiming to produce 6 major basic research results, break through 10 key technologies, and create 20 landmark products annually [2] - Significant breakthroughs include the discovery of a key gene for rice heat resistance, which increased yield by up to 78%, and the development of a continuous stable operation technology for CO2 electro-catalytic formic acid production [2][3] - The first domestic 100nm silicon-based gallium nitride RF PDK was developed, and a new adaptive control technology for intelligent shield tunneling was achieved [3] Industry Impact - The proportion of application research projects led or participated in by enterprises reached 87.71%, highlighting the increasing role of companies in innovation [4] - Hubei's industrial enterprises' R&D institution coverage rose from 12.96% in 2020 to 31.8% currently, indicating a significant enhancement in innovation capabilities [4] - The cumulative loan issuance for various innovation-related financial services reached 103.3 billion yuan, supporting over 10,000 enterprises [5]

创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），单日涨跌幅达20%，该 指数从创业板市场中选取涉及人工智能技术及相关应用领域的上市公司证券作为指数样本，覆盖从硬件 制造到软件开发等多个环节，以反映创业板市场内人工智能相关上市公司证券的整体表现，具有突出的 科技创新和成长性特征。 （文章来源：每日经济新闻） 根据Wind数据，创业板人工智能ETF国泰（159388）盘中流入2300万份，盘中净流入400万份，资金抢 筹布局。 中信建投指出，今年Q3以来中国市场光纤价格持续上涨，反映需求向好、整体供应偏紧，海外需求旺 盛，出口表现强劲，尤其是北美市场受AI需求拉动显著。预计AI带来的光纤需求将持续高增，包括 2026年光模块需求增长带动的Scale out需求、2027年Scale up需求起量以及DCI需求。行业经历2019年供 需失衡后，厂商扩产趋于理性，且光棒扩产周期长、技术门槛高，龙头公司有望在此轮需求回暖与价格 上涨中实现盈利与估值双提升。此外，全球光纤光缆市场旺盛，2025年1~11月光棒及光纤出口量同比 大幅增长，印证海外AI及特种应用（如无人机）需求强劲。 ...

Core Viewpoint - The stock of Changfei Fiber Optics (06869) has seen significant price increases, with a recent rise of over 5% following a previous surge of over 21%, indicating strong market interest and potential growth in the fiber optics sector driven by AI demand [1] Group 1: Stock Performance - Changfei Fiber Optics' stock price reached 48.94 HKD with a trading volume of 1.163 billion HKD [1] - The stock has experienced a two-day consecutive increase, reflecting positive market sentiment [1] Group 2: Market Trends - There is a notable shift in the fiber optics market, with recent price increases of approximately 15% reported by major domestic and international manufacturers, including Corning and Fujikura [1] - Previously, the market was in a price decline phase due to reduced broadband investment from operators, but the current trend suggests a reversal [1] Group 3: Company Developments - Changfei's core product, G.654.E fiber, is gaining traction as a preferred choice for long-distance trunk network upgrades, particularly in the context of China's "East Data West Computing" initiative [1] - The company secured the largest share in a recent group-level procurement by China Telecom for G.654.E cables [1] - Changfei is leading in the research and industrialization of next-generation hollow-core fiber technology [1] - The company's subsidiary, Changxin Bochuang, is expanding into high-growth areas such as MPO, AOC, and high-speed copper cable components, benefiting from the construction of AI data centers in North America [1]

此次冲击IPO，长进光子拟募集资金约7.8亿元，扣除发行费用后，将用于高性能特种光纤生产基地及研 发中心、补充流动资金。 北京商报讯（记者 马换换 李佳雪）11月30晚间，上交所官网显示，武汉长进光子技术股份有限公司 （以下简称"长进光子"）科创板IPO对外披露了首轮审核问询函回复。 据悉，长进光子是特种光纤厂商，具备高性能、多品类特种光纤研发与产业化能力。公司科创板IPO于 2025年8月29日获得受理，并于当年9月11日进入问询阶段。 在首轮审核问询函中，长进光子产品与市场竞争、公司技术、收入确认等问题遭到追问。 ...

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.

Group 1 - The optical fiber sector is experiencing a strong upward trend, with multiple companies reaching new highs and significant price increases [1] - Tengjing Technology hit a new high during the trading session, while TeFa Information achieved three consecutive trading limit increases [1] - Changfei Optical Fiber and Fuzhijing Technology reached the daily limit, and Changxin Bochuang saw an increase of over 15% [1] Group 2 - Companies such as Kexin Technology, Yunzuka Technology, Guangku Technology, and Juguang Technology all experienced price increases of over 10% [1] - Other companies including Changguang Huaxin, Shijia Photon, Taicheng Light, Yongding Co., Changjiang Communication also showed positive price movements [1]

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]