文/梧桐兄弟 3月27日，IPO共审核3家公司（科创板1家、北交所2家），3家均获通过。 单位：万元 | 科创板 | | | | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 主营业务 | 2025年营收 | 2025年净利润 | 审核结果 | 保荐/律所/审计 | | 长讲光子 | 特种光纤研发、生产与销售 | 24.682.76 | 8,680.96 | 通过 | 国泰海通/上海通力/立信 | | 北交所 | | | | | | | 公司简称 | 主营业务 | 2025年营收 | 2025年净利润 | 审核结果 | 保荐/律所/审计 | | 千岸科技 | 自有品牌产品研发、设计并主要涌 过电商平台和自营网站进行销售 | 198,092.27 | 21.336.58 | 通讨 | 兴业证券/中伦/容诚 | | 金戈新材 | 功能性材料 | 53.364.74 | 5.770.68 | 通过 | 中金公司/广东信达/天健 | 注：净利润为扣非归母净利润 武汉长进光子技术股份有限公司 主要从事特种光纤的研发、生产和销售，核心产品为掺稀土光纤。公司控股股东为 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 March 24, 2026 09:02 AM GMT Jiangsu Zhongtian Technology Co. Ltd. | Asia Pacific Post meeting takeaways: Persistent Optical Fiber Upcycle; Structural Upside for Offshore Wind 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 更多一手调研纪要和海外投行研报数据加V：shuimu2026 ZTT expects the optical fiber demand upcycle to benefit from industry demand. We see notable earnings upside risk on ASP h ...

掺稀土光纤，顾名思义指在特种光纤纤芯中精准掺入镱、铒、铥等稀土离子，用以产生特定波长激光和放大光信号，比如让激光 拥有"削铁如泥"的精准切割、焊接能力，或者实现长距离、大容量、高速率的光信号无衰减传输，支撑全球互联网通信。 但我国高性能掺稀土光纤市场却长期受制于海外巨头，直到近年来才在国内企业的不懈攻坚下逐步打破垄断， 武汉长进光子技术 股份有限公司 （以下简称"长进光子"）便是其中的核心突破者之一。公司在掺镱光纤、掺铒光纤等领域实现了自主研发和批量供 应，成功突破美国《商业管制清单》对我国部分高性能特种光纤的技术封锁与贸易禁运。3月27日，长进光子即将在科创板上 会，迎来资本市场的关键检验。 硬核研发团队领衔，攻克海外技术封锁 1985 年，英国南安普顿大学借助改进的化学气相沉积法（MCVD）成功研制出低损耗掺铒光纤，这一技术突破彻底重塑了光通信 行业的发展格局：光信号无需光电转换即可直接"接力"传输，传输距离从百公里级跃升至数千公里，通信容量更是实现百倍提 升。该团队负责人Payne爵士表示，"这就像给光纤通信装上了'心脏起搏器'，让全球互联网的基础架构得以成型。" 正因掺稀土光纤的核心战略地位，其成为美 ...

Core Insights - Artificial intelligence (AI) has emerged as a significant investment theme, with applications expanding into various sectors such as healthcare and robotics [1] - Major tech companies are investing heavily in AI infrastructure, with a collective spending target of $690 billion for the year, and projections of total spending reaching $4 trillion by the end of the decade [2] Company Insights - **Taiwan Semiconductor Manufacturing (TSMC)** - TSMC is a key player in the AI chip manufacturing space, producing chips for leading designers like Nvidia [5] - The company is positioned to benefit from the growing demand for AI infrastructure, making it a safer investment choice in the AI sector [6] - Current market cap is $1.8 trillion, with a gross margin of 58.73% and a dividend yield of 0.99% [8] - TSMC has confirmed strong demand and anticipates continued momentum as cloud companies expand their data centers for AI [8] - **Corning** - Corning specializes in optical fiber and connectivity, which are in high demand for AI data centers [9] - The company has developed new products specifically for the AI market and has seen revenue growth as a result [11] - Corning recently secured a multi-year deal worth up to $6 billion with Meta to provide essential connectivity products, indicating strong potential for future revenue growth [12]

Crude oil prices remain high despite attempts to boost global supplies. The IEA last Wednesday released 400 million barrels from emergency oil stockpiles and said the war against Iran is disrupting 7.5% of global oil supply, and the conflict will cut global oil supply by 8 million bpd this month. The closure of the Strait of Hormuz, through which about a fifth of the world’s oil and natural gas flows, has choked off oil and gas flows due to Iran’s attacks on shipping in the waterway and forced Gulf producer ...

Crude oil prices remain high despite attempts to boost global supplies. The IEA last Wednesday released 400 million barrels from emergency oil stockpiles and said the war against Iran is disrupting 7.5% of global oil supply, and the conflict will cut global oil supply by 8 million bpd this month. The closure of the Strait of Hormuz, through which about a fifth of the world’s oil and natural gas flows, has choked off oil and gas flows due to Iran’s attacks on shipping in the waterway and forced Gulf producer ...

行业研究报告 北美光纤：北美AIDC需求释放， 扩产极慢导致供需紧平衡 行业投资评级：强于大市｜维持 李佩京/王思 中邮证券研究所 人工智能团队 中邮证券 1 1 发布时间：2026-03-18 摘要 核心观点 需求测： 供给侧： 风险提示：供给侧，海外厂商扩产节奏快于预期或中国厂商更快进入北美供应链；需求侧，云厂商Capex支出总量或节奏不及预期；技术侧，CPO、空心光纤等技术进步不及预期或技术替 代超预期；宏观局势风险等 2 近年来全球光纤光缆市场处于低谷周期，2025年起需求复苏，CRU预计2026年全球需求总量将达5.77亿芯公里，同比增长5%，其中北美需求占比超过25%，同比增速+17%； Ainvest预计生成式 AI 驱动的数据中心所需光纤数量是传统数据中心网络的10倍以上，CRU预计AI有望推动数据中心内部与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%；按应用方向划分，面向AI应用的光缆需求在 2024 年将同比增长138%，并预计在2025年增长77%；到2029年五年复合年增长率将达到 26%，远超非 AI 应用。 我们预计，向外扩展 (Scale- ...

Summary of ZTT (600522.SS) Conference Call Company Overview - **Company**: ZTT (600522.SS, Not Covered) - **Industry**: Optical Fiber and Communication Products - **Products**: Optical fiber, optical fiber cable, copper cable, antennas, and optical transceivers - **Global Presence**: Exports to over 160 countries, with overseas revenue accounting for 17% of total revenue in 1H25 [3][4] Key Points 1. Rising Demand and Pricing Trends - **Optical Fiber Demand**: Management highlighted a significant increase in demand for optical fiber driven by AI data center clients, leading to rising average selling prices (ASP) [1][4] - **Price Hike Expectations**: The procurement prices for optical fiber are expected to increase as major telcos in China conduct centralized procurement to secure supply [4][4] - **Growth Drivers**: Optical products are anticipated to be key growth drivers for ZTT's business in 2026 [4][4] 2. Product Expansion and Innovation - **Comprehensive Offerings**: ZTT is expanding its product range to include high-speed optical transceivers, alongside existing products like optical fiber and copper cables [1][9] - **Mass Production Plans**: The company plans to start mass production of 400G optical transceivers in 2025, with expectations for 800G transceivers to contribute significantly to revenue in 2026 [3][9] 3. Competitive Advantages - **Manufacturing Capabilities**: ZTT's ability to produce preform, optical fiber, and optical fiber cable showcases its strong intellectual property (IP) reserves and manufacturing capabilities [10][10] - **Total Solutions for Data Centers**: The company is providing comprehensive electromechanical solutions for data centers, enhancing the efficiency of AI deployments for customers [10][10] 4. Capacity Expansion - **New Projects**: ZTT is actively expanding its production capacity, with a project in Indonesia set to begin in February 2026 [10][10] - **Optimization Focus**: Management is focusing on optimizing existing production lines and equipment to increase capacity for preform production [10][10] 5. Market Outlook - **Positive Demand Forecast**: Management's positive outlook on optical communication product demand aligns with broader expectations for rising global demand for optical transceivers, driven by AI chip shipments and data center networking migrations [2][2] Additional Insights - **Revenue Contribution**: The company anticipates that optical products will significantly contribute to its revenue growth in the coming years, particularly with the expected rise in demand from AI-related applications [4][4][9] - **Strategic Positioning**: ZTT's proactive approach in capturing growth opportunities in the optical communication sector positions it favorably against competitors [3][4] This summary encapsulates the key insights from the conference call regarding ZTT's strategic direction, market positioning, and growth prospects in the optical fiber industry.

Summary of Longfly Optical Fiber Conference Call Company Overview - The conference call focused on Longfly Optical Fiber, specifically the launch of their new hollow core fiber brand, HollowBand®, during MWC Barcelona 2026 [1][2]. Key Points and Arguments - Longfly has achieved a significant milestone with their hollow core fiber, boasting the lowest attenuation globally at 0.04 dB/km, which is a reduction from the previous 0.05 dB/km [3]. - The length of a single hollow core fiber preform has reached 91.2 km, which is expected to accelerate commercialization efforts [3]. - Compared to traditional solid core fibers, the hollow core fibers exhibit a 31% reduction in latency and a 47% increase in transmission speed, with non-linear effects nearly eliminated, making them suitable for long-distance backbone network construction [3]. - The demand for hollow core fibers is particularly strong in North America, driven by AI data centers and drone applications, which are expected to increase fiber demand significantly [4]. - Longfly has established a wholly-owned subsidiary in Singapore to focus on the research and development of hollow core fiber technology and its market promotion, potentially opening up overseas market opportunities [4]. Market Dynamics - The price of G652D fiber increased significantly in February, exceeding 50 yuan per core kilometer, compared to 25 yuan in Q4 2025, indicating a rising trend in fiber prices due to supply-demand mismatches [4]. - Domestic telecom operators are expected to raise prices to meet their network construction needs, as evidenced by the failed bidding in February for telecom procurement, which reflected that the highest price limit could not match market demand [4]. - Longfly's production capacity for optical preforms stands at 4,000 tons, utilizing VAD+OVD and PCVD technologies, allowing for flexible adjustments in the production of single-mode, multi-mode, and specialty optical fibers [4]. Competitive Position - Longfly's exposure to overseas markets is higher than that of its peers, positioning it to benefit from the current price increases [5]. - The company maintains a leading position in multi-mode fiber production, which is primarily used for data center jumpers, with prices ranging from 200 to 1,000 yuan depending on the type [5]. - Longfly holds a 49% stake in Changxin Sheng, which specializes in MPO fiber connectors and AOC, serving major domestic and international CSP manufacturers [5]. - The company is one of the few domestic suppliers capable of directly providing fiber connectors to North America, where there is a shortage of production capacity among overseas connector manufacturers [5]. Additional Insights - Longfly is diversifying its growth points by developing products in various segments, including MPO, AOC, hollow core fibers, and multi-mode fibers, while also exploring opportunities in submarine cables, lasers, quartz, and semiconductors [5]. - The recommendation is to pay attention to the stock during market dips [6].

南方财经2月27日电，光纤概念盘中震荡回升，烽火通信触及涨停，创历史新高，震有科技、杭电股 份、中天科技、亨通光电跟涨。消息面上，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。 ...