广发证券发布研报称，根据中国电子元件行业协会，2026年1月，中国市场G.652.D单模光纤价格平均价 格超40元/芯公里，创下近七年来新高，部分厂商报价达到50元/芯公里；1月单月市场价格涨幅就超过 75%。数通侧和电信侧需求双双提振，行业供给关系有望进一步利好光纤厂商。北美、欧洲、中东等海 外数据中心用光纤需求大幅提振，原有海外供应商产能受限，国内厂商份额有望提升；该部分产品盈利 能力强，有望带来较好利润弹性。 光棒是光纤光缆产业链中扩产周期最长的链条；同时因技术壁垒最高，全球绝大多数光棒产能由国内、 日系和美系头部厂商掌握。根据中国电子元件行业协会，目前中国四大光纤龙头和海外头部厂商的产能 均已满负荷，短期内供需关系难以缓解，行业价格有望维持高位。 AI、特种产品挤占传统光纤产能。数据中心用G.657.A1光纤和无人机用G.657.A2光纤属于单模产品，和 G.652.D光纤可共用产线，AI和特种需求提振挤压传统；同时G.657.A系列产品技术难度高，拉丝效率 低，相同规格产品相较于G.652.D消耗更多产能。部分企业可重启关停产能，当前部分光纤产线亦可通 过工艺改善带领产能小幅提升，但受制于上游光棒供 ...

当市场将目光聚焦于AI算力产业链的高景气时，一些看似"传统"的行业正因供给被AI挤占而悄然迎来拐点。光纤光缆便是其中最典型的案例。 最新变化是，光纤行业的短缺与提价信号愈发清晰。国泰海通在2月5日的报告中称，国内主流G.652D散纤出现"高价现金难拿货"的结构性矛盾， 交期变长，价格在2025年下半年回升后，2026年1月进一步上行，临近运营商集采与春节前备货或推动涨价延续。 需求侧的核心增量来自AI数据中心内部互联与DCI（数据中心互联）。国泰海通援引CRU称，2025年全球数据中心光纤光缆需求同比提升75.9%， 并预计AI驱动场景的光纤需求占比有望从2024年不足5%升至2027年的35%。海外"锁量"也在加剧紧张情绪，康宁与Meta签署最高60亿美元长期供 应协议，并将扩产以支持其AI数据中心建设。 对投资者而言，光纤更像"没有完美复刻的存储，但有'小存储'"。申万宏源研究2月11日将光纤定位为"传统部分修复+短期AI业务进展预期的上行 期权"，认为行业自2023年以来供给持续回落、周期底部已确认，但板块PB处于历史高位，收益来源更偏向基本面兑现与结构升级，而非单纯的 估值修复。 存储提供的模板：高景 ...

【天风通信】光纤光缆持续大涨：持续涨价印证前期判断，AI光互联驱动高增长，产业复苏加速坚定看好 事件：光纤光缆近期持续上涨，海外康宁连续两天大涨8%，国内长飞光纤（A+H）、亨通、中天近期持续上 涨创下3年新高。 天风通信团队此前持续坚定推荐，散纤近期不断涨价同时电信端流标印证前期判断。 目前看，光纤光缆需求火热，652D&657散纤市场基本一天一个价表现火热。< 【天风通信】光纤光缆持续大涨：持续涨价印证前期判断，AI光互联驱动高增长，产业复苏加速坚定看好 事件：光纤光缆近期持续上涨，海外康宁连续两天大涨8%，国内长飞光纤（A+H）、亨通、中天近期持续上 涨创下3年新高。 天风通信团队此前持续坚定推荐，散纤近期不断涨价同时电信端流标印证前期判断。 目前看，光纤光缆需求火热，652D&657散纤市场基本一天一个价表现火热。 数据中心需求有望成为未来数年拉动整体光纤需求高速增长的细分场景，657A1/A2目前海外市场供不应求，国内 出海有很好的机会且价格增长持续性强。 从数据上来看，光纤光缆行业已呈现复苏涨价，散纤端价格持续上涨，从底部涨价已翻倍（价格能带来重要利 润弹性），且行业层面有望迎来反转。 电信流标， ...

此前市场关于涨价周期持续性的疑虑已全面消除。 供需失衡下，后续价格上行趋势具备强支撑。 AI驱动需求激增，价格实现翻倍增长。 需求端：AI大模型训练与推理的 【东北通信】光纤-重视MPO高价值环节，#上周路演持续推荐，#继续强call博创（长飞+博创＝康宁！！） #运营商招标流标验证供需格局，#涨价预期持续强化。 据统计，2025年底散纤价格为21元/芯公里，截至目前已突破60元/芯公里。 高价值环节：MPO作为光纤产业化的核心高价值环节，当前价格已上涨10～20%，盈利空间持续扩大。 聚焦长芯博创，把握MPO环节投资机遇。 技术与供应链优势：长芯博创依托母公司长飞光纤的核心资源，实现光纤原材料稳定保供，形成"长飞+博 创"的协同优势，技术实力对标行业龙头康宁。 【东北通信】光纤-重视MPO高价值环节，#上周路演持续推荐，#继续强call博创（长飞+博创＝康宁！！） #运营商招标流标验证供需格局，#涨价预期持续强化。 此前市场关于涨价周期持续性的疑虑已全面消除。 供需失衡下，后续价格上行趋势具备强支撑。 AI驱动需求激增，价格实现翻倍增长。 需求端：AI大模型训练与推理的快速迭代，叠加DCI、城域光缆建设的规 ...

Summary of Conference Call Notes Industry Overview - The focus is on the North American CSP (Cloud Service Provider) capital expenditure, which is experiencing strong growth. The report emphasizes the importance of the CPO (Coherent Photonic Optics) and fiber optic industries [1][2]. Key Points 1. **Acceleration of CPO Development** - Lumentum has announced that it has secured several hundred million dollars in orders related to CPO. - Expected revenue from CPO is projected to be approximately $50 million in Q4 2026, with a significant surge anticipated in the first half of 2027. - The report suggests paying attention to the CPO supply chain, including components such as optical engines, FAU, laser ELS, MPO, shuffle boxes, and polarization-maintaining fibers. - Relevant companies in this space include Tianfu Communication, Yuanjie Technology, Shijia Photonics, Taicheng Light, Changfei Fiber, Changying Tong, and Robotek [1][2]. 2. **Fiber Optic Industry Transition** - The fiber optic cable industry has shifted from recovery to a phase characterized by "tight supply and simultaneous increase in volume and price." - As a capital-intensive industry, it is expected that new capacity will be difficult to add in the short term, leading to continued price increases. - Companies with optical fiber rod production capacity, such as Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Fenghuo Communication, are recommended for focus. - Additionally, companies with significant fiber optic capacity or specialized fiber optics, such as Tefa Information and Changying Tong, are also highlighted [2]. 3. **Strong Capital Expenditure Growth Among CSPs** - Four major North American CSPs are expected to maintain strong capital expenditure growth through Q4 2025, with optimistic guidance for future capital expenditures. - All companies expressed a consensus on the "strong demand for AI and tight supply of computing power." - The overseas AI computing power supply chain is viewed positively, while the domestic AI competition is ongoing, with issues such as traffic congestion during Alibaba's Qianwen event noted. - Attention is also recommended for the domestic computing power supply chain [2]. Additional Recommendations - The report recommends specific companies for investment consideration: Zhongji Xuchuang, Tianfu Communication, Changfei Fiber, Hengtong Optic-Electric, Zhongtian Technology, and Yuanjie Technology [3].

Key Takeaways TRP will report Q4 earnings Feb. 13, with consensus EPS estimated at 65 cents and revenues at $2.93B.TRP delivered inline Q3 earnings, supported by Canadian, U.S., and Mexico natural gas pipeline segments.TRP's rising costs are expected to drive a 13.33% YoY drop in Q4 EPS despite higher revenues.TC Energy Corporation (TRP) is set to report fourth-quarter earnings on Feb. 13. The Zacks Consensus Estimate for earnings is pegged at 65 cents per share, and the same for revenues is pinned at $2.93 ...

Clearfield (NasdaqGM:CLFD) Q1 2026 Earnings call February 04, 2026 05:00 PM ET Company ParticipantsCheri Beranek - President and CEODan Herzog - CFOGregory McNiff - Managing Director of Investor RelationsConference Call ParticipantsMatt Cavanagh - Equity Research AnalystTim Savageaux - Managing Director and Senior Research AnalystOperatorGood afternoon, everyone, and welcome to the Clearfield Fiscal First Quarter 2026 Conference Call. All participants will be in a listen-only mode. A brief question and answ ...

Clearfield (NasdaqGM:CLFD) Q1 2026 Earnings call February 04, 2026 05:00 PM ET Speaker4Good afternoon, everyone, and welcome to the Clearfield Fiscal First Quarter 2026 conference call. All participants will be in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please also note, today's event is being recorded. At this time, I'd like to turn the fl ...

商报讯(记者叶晓珺)今年以来，光纤光缆等算力链景气度继续上行。近日，光纤概念连续活跃，多家上 市公司股价大涨。昨日早盘，杭电股份（603618）实现四连板，特发信息（000070）涨停，凯旺科技 （301182）涨超9%，华脉科技（603042）、全信股份（300447）等跟涨。 消息面上，华泰证券2月2日研报称，2026年1月，中国市场G.652.D单模光纤价格创下近七年来的新高， 平均价格来到35元/芯公里以上，仅1月份单月涨幅就超过75%；此外，北美光纤企业康宁和Meta达成60 亿美元的合作协议，Meta承诺将在2030年前向公司支付60亿美元用于AI数据中心的光缆采购。业内人 士分析认为，光纤光缆属于全球"硬通货"，北美市场需求最终将由全球市场来满足，国内光纤企业凭借 规模优势有望受益于全球光纤市场的量价齐升。 AI算力爆发带火光纤概念 连收三个涨停板之后，杭电股份紧急发布公告提示风险，公司股票自2026年1月30日至2月3日连续3个交 易日涨停，股价累计涨幅达32.97%，显著高于同行业水平。公司基本面未发生重大变化，市场情绪过 热，存在非理性炒作风险。此前公司预计2025年年度净利润为-3亿元。 ...

Net sales from continuing operations grew 16% year over year to $34.3 million; Gross margin from continuing operations improved by 4 percentage points to 33.2%Clearfield Introduces NOVA™ Platform, Optimizing Scalability and Installation Simplicity for High-Density Fiber ConnectivityReiterates full year fiscal 2026 guidance of net sales from continuing operations in the range of $160 million to $170 million and EPS of $0.48 to $0.62Share buybacks totaled $5.2 million with $23.1 million remaining available fo ...