【开源证券：AI发展或拉动光纤光缆需求，推荐亨通光电等标的】12月24日，开源证券发布报告称， 从需求端看，AI大模型训练侧持续迭代、推理侧AI应用落地加速，或拉动全球光纤光缆需求。面向数 据中心海量数据流动需求，高端单模及多模光纤与超高速光模块协同，可实现短距离数据高效传输与灵 活互联，推动智算中心向更高密度、更低功耗演进。此外，空芯光纤优势明显，国内外正积极推动其等 新技术发展，长期需求或逐步提升。该行指出，短期光纤光缆或供不应求，应重视投资机会。全球AI 蓬勃发展，持续驱动数据中心内部与DCI互联对光纤光缆的需求。短期全球厂商扩产能力有限，将形成 供不应求格局，需求与价格有望稳步提升。该行推荐标的为亨通光电、中天科技；受益标的有长飞光 纤、永鼎股份、烽火通信及特发信息。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 扫码查看原文 该行推荐标的为亨通光电、中天科技;受益标的有 长飞光纤、永鼎股份、烽火通信及特发信息。 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 和讯财经 和而不同 迅达天下 ...

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].

Core Viewpoint - Jiangsu Zhongtian Technology Co., Ltd. (ZTT) emphasizes its commitment to Environmental, Social, and Governance (ESG) principles, integrating them into corporate strategy and operations to promote sustainable development and social progress [1][11]. Environmental Initiatives - ZTT has launched the Green Low Carbon Manufacturing (GLCM) action plan, adding 5 new national green factories, totaling 13, and aims to reduce carbon dioxide emissions by approximately 130,000 tons through the use of over 190 million kWh of renewable electricity [3][4]. - The company has achieved a compliance rate of 100% for ISO 14001 environmental management system certification across its operational manufacturing companies [3]. Social Responsibility - ZTT focuses on employee well-being, providing employment opportunities for people with disabilities, and promoting diversity and inclusion within the workforce [1][3]. - The company has a 100% signing rate for collective contracts and has organized 278 safety drills, emphasizing its commitment to employee rights and safety [3][4]. Governance and Compliance - ZTT adheres to principles of transparency, compliance, and efficiency, optimizing its corporate governance structure and strengthening risk management to build trust with shareholders and investors [1][3]. - The company has joined the Science-Based Carbon Target Initiative (SBTi) to establish scientifically grounded emission reduction paths, demonstrating its commitment to climate action [3][5]. Financial Performance - In 2024, ZTT reported revenues of approximately RMB 48.05 billion, with operating costs of about RMB 45.27 billion, and employee wages and benefits totaling around RMB 2.86 billion [14]. - The company has maintained steady growth in revenue and controlled operating costs while increasing investments in R&D and environmental protection [12][14]. Technological Innovation - ZTT has established an "Energy and Carbon Cloud Platform" to enhance its green management system, integrating energy monitoring and carbon footprint accounting [3][4]. - The company has pioneered the "Intellectual Property Bank" platform, attracting over 11,000 participants and fostering a culture of innovation [3][4]. Global Strategy - ZTT has expanded its global footprint with 14 overseas marketing centers and 5 factories in countries such as India and Brazil, enhancing its international competitiveness [8][9]. - The company aims to achieve carbon neutrality by 2055, aligning its strategic goals with China's national targets for carbon peaking by 2030 [4][5].