智通财经APP获悉，高盛近日发布了对美国光纤公司Lumen Technologies Inc.(LUMN.US)2025年第四季 度财报及即将到来的投资者日活动的前瞻报告。目前，该行维持Lumen"中性"评级，并将其12个月目标 股价从5美元上调至5.5美元。 2026年投资者日备受关注 Lumen计划于2026年2月25日举行投资者日，这被视作关键催化剂。高盛预计，Lumen管理层将发布未 来五年EBITDA利润率、利息支出及资本支出目标，并进一步披露PCF业务和Lumen Digital部门的运营 数据，这将提升公司增长举措贡献度及传统业务下滑放缓趋势的透明度。若与AT&T的资产出售交易顺 利完成，公司管理层还可能公布后续资本配置框架，包括加大网络基础设施投资以支持AI工作负载增 长、进一步削减债务以实现目标杠杆率，以及在AI安全、边缘计算等高增长领域开展战略并购等。 现金流方面，高盛预计Lumen第四季度自由现金流(FCF)为-4.35亿美元，全年自由现金流为13.7亿美 元，符合公司12-14亿美元的指引。不过该行提示，由于美国联邦政府停摆可能导致退税延迟，该数据 存在下行风险——公司原本预计第四季度 ...

本次大会授予312项(人)科学技术奖励。其中，武汉大学龚健雅院士和华中科技大学丁烈云院士获"科学 技术突出贡献奖"，奖金各200万元。 一批关键核心技术取得重大突破。湖北九峰山实验室开发国内首个100nm硅基氮化镓射频PDK，完成芯 片小批量试制;长飞公司研制空芯反谐振光纤，衰减低至0.05dB/km，完成百公里级商业部署;华中科技 大学丁烈云院士团队研发智能盾构自适应控制技术，全球首次实现"边挖掘、边拼装、不停机"，应用于 沪通铁路、中俄天然气管道等工程。 一批标志性产品开始走向市场。武汉大学龚健雅院士团队研制的"武汉一号"卫星，是全国首颗为城市定 制的专用光学遥感卫星，平面定位精度优于5米，重量和成本不到国际同性能商业小卫星的一半;安琪酵 母通过"向微生物要蛋白"，开发出蛋白含量超80%的酵母源微生物蛋白，是我国首个获批的新食品原 料，打破优质蛋白长期依赖进口局面。 数据显示，湖北近年来历次获评国家科学技术奖数量均居全国前5，拥有1家国家实验室、35家全国(国 家)重点实验室，组建了10家湖北实验室，已建在建大科学装置达到9个、国家级创新平台163家、新型 研发机构525家，均居全国前列。这些科创平台有效 ...

证券研究报告|行业动态报告 [Table_Date] 2025 年 12 月 21 日 [Table_Title] 太空新基建竞赛推动产业加速，空心光纤产业 迭代演进关键窗口期 [Table_Title2] 通信行业 [Table_Summary] 1、太空新基建竞赛推动产业加速 根据新华社资讯，美国总统特朗普 12 月 18 日签署行政令，要求 采取加大研发和吸引私营部门投资等举措，确保美国的"太空优 势"。 我们认为，太空是下一个全球尤其是中美博弈关键领域之一。伴 随国内星座加速发射，以及商业航天加速发展与卫星物联网应用 展开商用试验，相关市场规模有望加速扩大。卫星网络作为 6G 网络建设基础，当前时点符合 6G 标准及建设时间。自 8 月以来 相关部门表示会发放卫星互联网牌照，我国卫星互联网商业运营 迈出关键的第一步，牌照的发放有望推动全产业链向规模化加速 迈进。伴随可回收火箭预研阶段开启首个发射项目，商业航天进 入加速落地阶段，卫星互联网发展势头迅猛，星座常态化发射， 实现通信容量增大，时延降低，同时有望看到手机宽带直连卫星 与低轨卫星网联智能驾驶系统的相关应用快速落地。卫星通信、 卫星物联网相关受益 ...

公司同意按配售价每股配售股份32.26港元发行配售股份，而配售代理同意作为公司之代理，按竭尽全 力基准，促使承配人按配售价每股配售股份32.26港元认购配售股份。经扣除费用、佣金和开支后的配 售事项所得款项净额预计约为22.29亿港元，配售价净值为每股配售股份约31.85港元。公司拟将所得款 项净额用于发展公司的海外业务及集团的一般营运资金。 智通财经APP讯，长飞光纤(601869.SH)发布公告，公司将根据一般性授权新增发行H股。公司与配售代 理于2025年12月9日订立了配售协议，公司将根据配售协议所列条款并在配售协议所列条件的规限下， 发行公司股本中每股面值人民币1元的7000万股新H股。 配售股份经悉数发行后，将分别占公司于公告日期已发行H股总数约19.91%及已发行股本总数约 9.24%，及分別占经公司发行配售股份扩大后已发行H股总数约16.60%及发行配售股份扩大后已发行股 本总数约8.46%。配售股份每股面值为人民币1元，总面值约为人民币7000万元(根据2025年12月9日的现 行汇率，按1港元兑人民币0.9098元的汇率计算，约为7694万港元)。 ...

Core Viewpoint - The company is accelerating the implementation and mass production of multimode optical fiber (OM3/OM4/OM5) projects in the communication frontier field, while also advancing the application of cutting-edge technologies such as hollow core fiber [1] Group 1 - The company is focusing on the communication frontier field [1] - The implementation of multimode optical fiber projects is being accelerated [1] - The company is promoting the application of hollow core fiber technology [1]

Core Insights - The recent research breakthrough in quantum communication using hollow-core fiber optics was announced at the 2025 APC Global Fiber Optic Conference in Nantong, Jiangsu, marking a significant advancement for the Chengdu Quantum Internet Demonstration Network [1][2] - The research demonstrated the feasibility of quantum teleportation through hollow-core fiber channels, establishing a solid foundation for the construction of next-generation quantum information networks [1] Group 1: Research and Development - The joint research team, including Tianfu Jiangxi Laboratory, University of Electronic Science and Technology of China, China Telecom, and Zhongtian Technology, successfully constructed a 19-kilometer hollow-core fiber transmission link, achieving stable quantum state transmission with an average fidelity of 85% [1] - Hollow-core fiber, which uses air as the transmission medium, significantly reduces signal attenuation and shows great potential in the field of quantum interconnection networks due to its immunity to environmental fluctuations and low loss characteristics [1] Group 2: Future Applications - The Chengdu Quantum Internet Demonstration Network is set to undergo substantial upgrades, with plans to deploy a hollow-core fiber quantum transmission experimental line around Xinglong Lake in Chengdu, creating an open and shared "Air-Quantum Large Scientific Device" for surrounding research institutions [2] - This experimental line aims to further explore the transmission performance of hollow-core fiber in real-world environments, facilitating the practical application of quantum teleportation technology [2] - The advancements in hollow-core fiber technology are expected to integrate with the rapid development of 5G-A, 6G, and computing networks, continuously releasing technological dividends [2]

Core Points - The visit of Wuhan's Deputy Director Lin Wenshu to Brazil highlights the potential for cooperation between Wuhan and Brazil in various sectors, particularly in infrastructure and emerging industries [2][4] - The Brazilian Chinese Peaceful Unification Promotion Association aims to strengthen ties between the Chinese community in Brazil and Wuhan, emphasizing the importance of cultural and economic exchanges [4][6] Group 1 - Wuhan has a robust industrial system in fiber optics, display manufacturing, information technology, and chip industries, with significant advantages in "new infrastructure" [2] - The city is rich in educational and research resources, providing a strong foundation for technological innovation and industrial upgrades [2] - There is a call for deeper exchanges and practical cooperation between Wuhan and Brazil to explore mutually beneficial models [2][4] Group 2 - The Brazilian Chinese Peaceful Unification Promotion Association has been dedicated to promoting cross-strait exchanges and social welfare since its establishment [4] - The association's president expressed a desire to enhance exchanges with Wuhan, leveraging the overseas Chinese community's role in economic, cultural, and educational fields [4][6] - The Brazilian Chinese Friendship Association has actively built cooperation bridges between local governments, enterprises, and academic institutions in both countries [6]

Core Viewpoint - Optical fiber communication plays a crucial role in modern communication networks, utilizing light waves as signal carriers and glass fibers as transmission media, allowing for high capacity and low loss transmission [1]. Group 1: Optical Fiber Production Process - The production of optical fibers primarily involves two core processes: preform preparation and fiber drawing [1]. - Preform is the "mother body" of optical fibers, and its manufacturing methods can be categorized into chemical vapor deposition (CVD) and external deposition methods [3]. Group 2: Preform Preparation Techniques - CVD methods include: - MCVD (Modified Chemical Vapor Deposition): Uses a quartz glass tube as a substrate to deposit silica on the inner wall through hydrogen-oxygen flame heating [4]. - PCVD (Plasma Chemical Vapor Deposition): Utilizes plasma instead of hydrogen-oxygen flame, offering higher deposition rates but with more complex equipment [4]. - VAD (Vapor Axial Deposition): Forms a porous body on a rotating seed rod, suitable for large preform production [4]. - OVD (Outside Vapor Deposition): Deposits silica powder on the outer surface of the seed rod, achieving high purity and low cost, although it has a lengthy process and high energy consumption [5][6]. Group 3: Natural Quartz Processing - PSOD (Plasma Solid Deposition): Uses high-purity quartz sand to produce thick-walled quartz tubes without introducing hydroxyl groups or toxic gases, providing significant cost advantages [8]. - Hydrogen-oxygen melting method: A simpler process but results in larger size fluctuations and higher hydroxyl content [9]. - Electric melting method: Utilizes electricity to melt quartz sand, with various sub-methods like vacuum electric melting and continuous melting, but commercial applications are limited [11]. Group 4: Fiber Drawing Process - Fiber drawing involves heating the preform above 2000°C and precisely controlling temperature and tension to draw fibers with a diameter of approximately 125 micrometers [14]. - Polarization-maintaining fibers require the introduction of stress rods into the preform, increasing the complexity of the process [14]. Group 5: Requirements for Quartz Materials - Optical fiber quartz glass is categorized into natural and synthetic quartz materials, with synthetic quartz being preferred due to its high purity and low hydroxyl content [16]. - The purity of quartz materials is critical, as impurities can lead to excessive fiber attenuation and signal distortion [16]. - A new standard for high-purity quartz sand for optical fiber processing has been proposed, applicable to both main and auxiliary materials [16][17].

Financial Data and Key Metrics Changes - The company reported a consolidated pro forma revenue decline of approximately 6% year over year, primarily due to the decline in legacy TDM services and Uniti Solutions [17] - Fiber revenue grew by 13%, with the highest number of fiber gross adds ever and the highest net adds in two years at Kinetic [7][14] - Adjusted EBITDA is expected to reach $1.1 billion at the midpoint of the 2025 outlook, with consolidated revenue projected at $2.2 billion [20] Business Line Data and Key Metrics Changes - Kinetic consumer fiber revenue grew 26% year over year, driven by strong adoption of the fiber-to-the-home product [14] - Fiber penetration at Kinetic reached almost 29%, up 50 basis points sequentially and 130 basis points year over year [15] - The fiber infrastructure segment recorded consolidated pro forma bookings MRR of approximately $1.6 million, the second highest level in over two years [14] Market Data and Key Metrics Changes - The total addressable market for AI and hyperscalers for fiber providers is now estimated to be approximately 50% higher than earlier estimates [12] - Hyperscaler activity as a percentage of the total funnel has improved materially year over year to around 30% of MRR [11] - The company has seen a 13% growth in its hyperscaler funnel since the second quarter [11] Company Strategy and Development Direction - The company aims to continue building fiber into unique locations and overbuilding legacy networks while aggressively managing out of legacy products [4] - The strategy includes a focus on operational excellence and a customer-centric approach, which has led to industry-leading churn and NPS scores [5] - The company is well-positioned to capture share in the wholesale fiber market, particularly in dark fiber and waves, with a strong national footprint [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the fiber business, expecting fiber revenue to overtake legacy services by the end of 2026 [18] - The company anticipates strong visibility into at least three years of value-accretive deal flow, particularly in the hyperscaler segment [12] - Management acknowledged ongoing headwinds from legacy services but emphasized the strong cash flow generation from the core fiber business [60] Other Important Information - The company has successfully closed its merger with Windstream, enhancing its position as a premier fiber provider [4] - The integration process is progressing smoothly, with no significant disruptions reported [25] - The company is focused on maintaining a healthy mix of ABS and non-ABS debt in its capital structure [24] Q&A Session Summary Question: What is the outlook for the hyperscale opportunity? - Management noted that the total addressable market for fiber is expanding, with strong demand outpacing supply, particularly in AI infrastructure [31][32] Question: What is the plan to reduce churn in Kinetic's fiber business? - The company is implementing several strategies, including targeted pricing adjustments and improving customer experience to reduce churn rates [70][72]

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a 12-month target price of 45.80 yuan [4][8]. Core Views - The company achieved a revenue of 269 million yuan in the first three quarters of 2025, representing a year-on-year increase of 46.77%, and a significant turnaround in net profit to 30.79 million yuan from a loss of 3.69 million yuan in the same period last year [1]. - The growth in revenue is primarily driven by a substantial increase in the delivery volume of optical fiber components, with a 65.5% year-on-year growth in Q3 2025 [1]. - The company continues to invest heavily in R&D, with R&D expenses increasing by 42.6% to 29.33 million yuan in the first three quarters of 2025, representing a R&D expense ratio of 10.9% [2]. - The company is expanding its business into the optical fiber energy sector and has made a strategic acquisition of Shengyisheng for 158 million yuan, which will enhance its capabilities in optical communication and AI optical modules [3]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 77 million yuan, with a net profit of 1.68 million yuan, marking a significant recovery from a loss of 18.87 million yuan in the same quarter last year [1]. - The gross margin improved by 6.4 percentage points to 45.4%, and the net margin increased by 43.8 percentage points to 1.7% in Q3 2025 [1]. R&D and Competitive Position - The company is focused on maintaining its leading position in optical fiber sensing by continuously increasing R&D investments and attracting high-end talent [2]. - The establishment of a complete supply chain from fiber to modules enhances the company's core competitiveness [2]. Growth Strategy - The company is actively pursuing both organic and inorganic growth strategies, particularly in the fields of 6G communication, artificial intelligence, and AI computing power [3]. - The acquisition of Shengyisheng is expected to open up new growth avenues and enhance the company's long-term growth potential [3].