CPO&光纤观点-0223 1、光纤光缆：春节假期，北美光纤和DCI明星股表现强势，其中康宁 （+6%），Ciena（+14%），Nokia（+12%），重视本轮DCI需求提升对北美高端光纤产能的挤占，国内头部企业 光纤价差有望进一步缩小，持续推荐：光纤-#长飞（A+H）、亨通、特发等，DCI-#德科立。 2、CPO&MPO：本周英伟达将发布最新财报，有望对CPO板块形成事件催化。 < 后续主要关注3月中旬GTC大会等。 建议关注#天孚通信 以及MPO产业链（CPO+光纤涨价共振）#太辰光、致尚科技、蘅东光 等。 3、传统光模块：我们认为CPO短期不会替代传统光模块的市场，头部企业业绩兑现度高。 此外，CSP客户推进的NPO方案主要替代铜缆市场，对头部光模块企业而言是增量市场。 根据催化和市场风格切换，上半年我们依旧看好可插拔光模块#旭创/新易盛 主升机会。 4、薄膜铌酸锂：单波400G是3.2T可插拔模块重要技术方案，薄膜铌酸锂调制优势明显，市场关注度稳步提升，3 月底OFC大会可能有相关催化，建议关注#天通股份、安孚科技、光库科技等。 CPO&光纤观点-0223 1、光纤光缆：春节假期，北美光纤和DCI明 ...

消息面上，在AI浪潮下，数据中心建设如火如荼，光纤作为数据中心之间连接的重要器件，也正迎来 价格上涨以及供应紧张的趋势。据光电通信，2025年第四季，国内G.652.D光纤含税价平均约为25元/芯 公里，较2025年第二季度的20元/芯公里环比增长约25%。此前21世纪经济报道记者致电产业龙头烽火 通信得知，受原材料成本变化影响，光纤光缆行业从2025年下半年已开启小幅涨价，2026年1月涨价幅 度与速度均明显提升。 南方财经2月9日电，光纤等算力硬件股进一步走强，长飞光纤、天孚通信、蘅东光、杰普特、长盈通、 炬光科技盘中创新高。 甬兴证券：随着AI算力网络、6G预研、全球数字基建等需求的持续释放，全球光纤光缆市场有望进入2 ～3年的高景气周期。建议关注光纤光缆相关投资机会。建议关注：长飞光纤、烽火通信、亨通光电、 中天科技等。查看原文：AI需求持续释放，光纤光缆涨价来袭，龙头股价新高！行业高景气周期将 至？丨行业风口2026-02-03 ...

智通财经APP获悉，长飞光纤光缆(06869)盘中涨超9%，高见92.1港元再创新高。截至发稿，涨7.05%， 报89.6港元，成交额19.64亿港元。 消息面上，Meta此前宣布将在2030年前向康宁支付60亿美元，用于购置其AI数据中心用的光纤光缆。 此前据光电通信，2025年第四季，国内G.652.D光纤含税价平均约为25元/芯公里，较2025年第二季度的 20元/芯公里环比增长约25%。第一上海认为，公司是全球光纤光缆行业的龙头，光纤预制棒、光纤、 光缆份额常年保持全球第一。在AI算力需求驱动的背景下，公司充分受益光纤需求升级以及海外市场 高景气度，光纤光缆及光互联组件产品有望持续量价齐升，开始盈利上行周期。 ...

Core Viewpoint - Weishin Fiber Optics has successfully enhanced its production capabilities and reduced costs through significant technological upgrades, positioning itself as a key player in the domestic fiber optic market while also aiming for global expansion [1][2]. Group 1: Technological Advancements - Weishin Fiber Optics has improved its fiber drawing speed from 2,200 meters per minute to 2,800 meters per minute by restructuring its drawing tower, achieving a 50% increase in production capacity and a 40% reduction in production costs without expanding its production area [1][2]. - The company invested 30 million yuan in a three-year "technology expedition," leading to breakthroughs in core processes such as drawing tower structure and winding equipment, which significantly lowered procurement and maintenance costs [2]. Group 2: R&D Investment and Support - Over the past three years, Weishin Fiber Optics has maintained a research and development investment ratio of over 9.63% of its sales revenue, demonstrating a commitment to continuous innovation [2]. - The company benefited from approximately 4.71 million yuan in R&D expense deductions by the end of the third quarter of 2025, alleviating financial pressure on its R&D efforts and enhancing its technological upgrade capabilities [2]. Group 3: Market Position and Future Outlook - As a core supplier in the domestic fiber optic cable sector, Weishin Fiber Optics has shifted from reliance on foreign imports to self-sufficiency in key technologies, thereby strengthening its market position [1][2]. - The company is now able to flexibly adjust production based on international market demands, with its high-quality fiber optic products gaining increasing influence in global markets [2].

Group 1: Technology Sector Outlook - The current technology market is expected to continue its upward trend after a short-term correction, primarily due to the low likelihood of a fundamental reversal in the AI industry in the US, which will provide significant valuation growth opportunities for comparable companies in the A-share market [1] - AI leaders in the US are still showing strong performance growth, and large-scale stock buybacks by US-listed companies are helping to offset institutional selling pressure, indicating a potential for high-level fluctuations and internal clearing at the individual stock level, but not a systemic collapse like the tech bubble of 2000 [1] Group 2: Quantum Technology Development - The year 2025 is designated as the "International Year of Quantum Science and Technology," marking a critical transition from theoretical research to industrial application in quantum technology, with major global players increasing their strategic investments [3] - Quantum computing, as the crown jewel of quantum technology, has the highest technical barriers and disruptive potential, expected to redefine classical computing boundaries and serve as a key engine for the next technological revolution [3] - The quantum computing industry is entering a phase of rapid growth, with the global market projected to exceed $800 billion by 2035, indicating significant growth potential despite being in the early stages of development [3] Group 3: Precious Metals Market - The current market for precious metals, particularly platinum, is experiencing a rapid increase in prices, with gold stabilizing above $4,500, suggesting a potential for further upward momentum [5] - The ongoing market dynamics for precious metals are largely driven by investor sentiment and market emotions rather than fundamental factors, with no signs of easing in the current market conditions [5] - The best strategy in such a market is to follow the trend rather than operate against it [5] Group 4: Fiber Optics Market - The continuous rise in fiber optic prices in the Chinese market reflects strong demand and overall tight supply, with robust overseas demand contributing to strong export performance [5] - Concerns about market structure persist, especially after the supply-demand imbalance in 2019 led to price crashes, but current production expansions are expected to be more rational [5] - The combination of demand recovery and price increases is likely to enhance both profitability and valuation for leading companies in the industry [5] Group 5: Market Trends and Sentiment - The short-term market trend appears strong, with noticeable inflows of new capital, although the overall market profitability effect remains weak [7] - The Shanghai Composite Index has shown significant volatility, influenced by recent regulatory tightening and the suspension of certain stocks, indicating a cooling trend in the market [11] - Despite recent corrections, the overall market is expected to remain in a "slow bull" trend, with anticipated narrow fluctuations and upward movement as the "14th Five-Year Plan" continues to promote new productive forces [11]

Group 1 - The core viewpoint of the report is that the development of AI is expected to drive demand for optical fibers and cables, particularly due to the ongoing iteration of AI large model training and the acceleration of AI application implementation [1] - The report highlights that the demand for high-end single-mode and multi-mode fibers, along with ultra-high-speed optical modules, will facilitate efficient short-distance data transmission and flexible interconnection, promoting the evolution of intelligent computing centers towards higher density and lower power consumption [1] - The report indicates that there is a significant advantage in hollow-core fibers, and both domestic and international markets are actively promoting the development of this new technology, which may gradually increase long-term demand [1] Group 2 - The report suggests that in the short term, there may be a supply shortage of optical fibers and cables, presenting investment opportunities [1] - The global growth of AI is continuously driving the demand for optical fibers and cables for interconnections within data centers and between data centers [1] - Due to limited production capacity among global manufacturers in the short term, a supply-demand imbalance is expected, leading to a steady increase in both demand and prices [1] Group 3 - The recommended stocks include Hengtong Optic-Electric and Zhongtian Technology, while benefiting stocks include Yangtze Optical Fibre and Cable, Yongding Co., Fenghuo Communication, and TeFa Information [1][3]

智通财经APP获悉，长飞光纤光缆(06869)涨近10%，截至发稿，涨9.8%，报42.14港元，成交额10.36亿 港元。 消息面上，华泰证券此前研报指出，公司光纤光缆主业在AI算力需求的驱动下，产品结构持续优化。 虽然国内电信侧传统光纤需求短期承压，但面向算力网络的高端产品需求旺盛。在下一代光纤技术方 面，公司空芯光纤的研发与产业化进程全球领先。此外，公司通过子公司长芯博创布局的MPO、 AOC、高速铜缆等光互联组件业务已成为强劲增长点，受益于北美AI数据中心建设，公司海外业务持 续拓展。 12月15日，长飞光纤发布公告称，其全资子公司长飞资本与控股子公司长芯博创拟共同参与设立"上海 并购私募投资基金三期合伙企业（有限合伙）"。该基金总规模达8.3亿元，长飞光纤子公司合计出资1 亿元，通过布局高端制造、集成电路等国家战略新兴产业，旨在借助专业投资机构资源，拓展产业链投 资机会，提升公司长期竞争力。 ...

Group 1: Technological Innovation and Industry Impact - Private enterprises are becoming the backbone in breaking technological bottlenecks and driving innovation in key technology fields [1] - The development of "hollow-core fiber" technology provides unlimited space for the massive data demands of AI and IoT, addressing the limitations of traditional optical fibers [7][9] - The company has laid over 110,000 kilometers of submarine cables globally, facilitating communication for billions of people and supporting national strategies like "Broadband China" and "5G + Dual Gigabit Network" [10] Group 2: Medical Technology Advancements - The domestic PET/CT technology has significantly reduced scanning time from 20-30 minutes to just 1-3 minutes, enhancing diagnostic efficiency [13] - The sensitivity of PET imaging has improved by 40 times compared to other devices, allowing for better detection of diseases [13] - Chinese medical equipment companies, such as United Imaging, have expanded globally, serving over 15,300 medical institutions in more than 80 countries [16] Group 3: Robotics and Automation - The past year has seen rapid advancements in humanoid robots, with improvements in their sensory capabilities to operate effectively in complex environments [18] - Data collection and training processes for robots are generating 30,000 to 50,000 real data points daily, enhancing their operational efficiency [19] - Humanoid robots are becoming key drivers of new productive forces, integrating into various application fields such as industrial production and healthcare [19]

Core Viewpoint - Gaoke Bridge (09963) experienced a significant stock price increase of over 40%, reaching a rise of 48.57% to HKD 0.52, with a trading volume of HKD 1.4497 million [1] Financial Performance - For the first half of 2025, Gaoke Bridge reported a revenue of HKD 38.746 million, representing a year-on-year decrease of 46.82% [1] - The decline in revenue was primarily attributed to a reduction in sales of optical cables, which decreased by approximately 46.0% to around HKD 37.4 million, and a significant drop in fiber sales, which fell by about 63.9% to around HKD 1.3 million [1] Industry Insights - Minsheng Securities highlighted a surge in capital expenditures for AI data centers, indicating a rapid increase in the demand for low-loss fibers such as multimode fibers and hollow fibers [1] - The investment focus of operators has shifted towards cloud computing and data centers, leading to sustained growth in the demand for multimode fibers in data centers and G.654.E optical cables in long-haul trunk applications [1] - Low-loss fiber connections are identified as a critical infrastructure for AI data centers, effectively supporting large-scale data transmission and high-speed computing tasks [1]

Core Viewpoint - The stock of Yangtze Optical Fibre and Cable Joint Stock Limited Company (长飞光纤) has surged significantly following Nvidia's strong earnings report and the announcement of new Ethernet technology, indicating a positive market sentiment towards optical communication and related technologies [1][2]. Company Performance - On August 28, Yangtze Optical Fibre's A-shares opened with a 10% increase, reaching a closing price of 82.95 CNY per share, with a market capitalization exceeding 50 billion CNY, specifically 51.7 billion CNY [1]. - The company reported a 19.37% year-on-year increase in revenue for the first half of 2025, amounting to 6.384 billion CNY, while net profit attributable to shareholders decreased by 21.69% to 296 million CNY [2]. Market Dynamics - Nvidia's recent earnings report highlighted a 56% year-on-year revenue growth, with data center revenue also increasing by 56.4%, which has positively influenced the optical module and related hardware sectors [1]. - The new Spectrum-XGS Ethernet technology introduced by Nvidia is expected to drive demand for next-generation transmission technologies, such as hollow-core optical fibers, which offer low latency and high capacity [1][3]. Industry Outlook - The hollow-core optical fiber market is still in its early commercialization stages, with a competitive landscape likely dominated by established players like Corning, while new entrants may find opportunities in collaboration with major cloud service providers [3]. - The demand for high bandwidth and low latency connections in data centers is anticipated to grow, supporting the long-term trend of replacing copper with optical fibers [3].