隔离器在光通信领域的重要性及其市场前景如何？ 隔离器在光通信领域具有重要作用，主要是为了保证光的单向传输，防止反射 光对光源造成损害。随着技术的发展，从 EML 方案推进到硅光方案，对隔离器 的需求和品质要求进一步增加。特别是在北美市场，对光模块稳定性的要求较 高，而隔离器是其中关键部件之一。 当前隔离器市场存在供需紧张的局面，主 要原因在于上游材料如法拉第旋光片和偏振片的供应不足。这些材料大部分由 海外厂商掌控，如住友、Coherent、豪雅和康宁等。由于这些上游厂商扩产 周期较长且保守，导致供货紧张并推动价格上涨。 从价值量来看，一组隔离器 的价值量已经超过 CW 光源，并且未来可能还有涨价空间。因此，我们认为隔 离器赛道在无源器件中具备中长期投资价值，有望成为市场热点。龙头企业如 顺浩股份、东田微等有望受益并走出强劲走势。 英伟达 H200 相比 H20 具有显著性价比优势，吸引阿里巴巴、腾讯等领 先组织。H200 的推出推动了国内外 AI 技术的发展，当前先进的 GPT-5 模型就是基于 H200 进行训练的。 光通信产业链因紧缺程度高、商业格局优越和轻资产模式而表现强劲。 中际旭创和新易盛等龙头公司 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the optical communication sector, including Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [5][10]. Core Insights - The optical isolator is a critical passive device in optical communication systems, relying on the combination of polarizers and Faraday plates. There is a significant technological dependency and supply gap in the upstream manufacturing of these core components, particularly in high-end Faraday magnetic optical materials, which has become a bottleneck for industry development [1][19]. - The report highlights the low domestic production rate of core materials for polarizers, which are monopolized by Japanese and Korean suppliers, indicating a need for increased localization [3][21]. - The global shortage of Faraday plates is a critical issue, as their complex material growth and precision processing are dominated by a few companies in the US and Japan, leading to supply constraints that hinder the expansion of isolators and high-speed optical modules [4][22][23]. Summary by Sections Investment Strategy - The report suggests focusing on the upstream gaps in isolators, particularly polarizers and Faraday plates, and recommends companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication for investment [8][24]. Market Review - The communication sector has seen an increase, with optical communication performing particularly well, as indicated by various indices showing significant growth [15][18]. Supply Chain Dynamics - In 2024, China's production capacity for polarizers is expected to account for approximately 73% of the global market, yet the localization rate of core materials remains below 10%, posing challenges to supply chain stability [6][7][24]. Key Companies to Watch - The report identifies several key companies to monitor within the optical communication and related sectors, including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others involved in the supply chain [8][9][24].

Company Developments - Changfei Company will showcase its innovations in the fields of 5.5G, AI computing power, and green lighting at the 2025 "China Optics Valley" International Optoelectronic Exposition from May 15 to 17, 2025, under the theme "Light Leading a Green Future" [2] - In the 5.5G sector, Changfei has launched several innovative products, including the Farbei® ultra-low loss G.654.E optical fiber, which is ideal for long-distance data center transmission, and various flexible multimode fibers that meet diverse transmission needs [2] - The company also presented a full range of cable solutions, including indoor and outdoor cables, leakage cables, ODN, and submarine cables, ensuring excellent product quality through its advanced drawing technology [2] Breakthroughs in Special Optical Communication - Changfei has made significant breakthroughs in special optical communication and sensing products, introducing a polarizer that effectively blocks reverse transmission signals, enhancing the stability and security of optical communication systems [3] - The company showcased its "Panda" polarization-maintaining fiber and other star products, demonstrating its deep expertise and innovative capabilities in the special fiber sector [3] AI Green Computing Solutions - In response to the explosive growth of data driven by AI computing and reasoning, Changfei launched AI green computing solutions centered around hollow-core and multi-core fibers [3] - The hollow-core fiber, a disruptive technology for next-generation optical communication, achieves efficient signal transmission in air cores, with a speed increase of approximately 47% and a delay reduction of about 31% compared to conventional fibers [3] - At the recent OFC in March, the company demonstrated the latest advancements in hollow-core fiber technology, achieving a single fiber length exceeding 20 kilometers and a minimum attenuation coefficient of 0.05 dB/km, setting a new global record [3][4] Multi-Core Fiber Applications - The application of multi-core fibers has significantly increased transmission capacity to dozens of times that of conventional single-mode fibers, enhancing information transmission efficiency and reducing cable volume by over 75% [4] - Changfei also showcased 400G/800G high-speed optical modules and high-density integrated wiring products, effectively covering the optical interconnection needs of intelligent computing hubs from 7 meters to 2 kilometers [4] Green Lighting Innovations - In the green lighting sector, Changfei introduced an intelligent sunlight introduction system that uses specialized optical fiber lamps and lighting cables to bring outdoor natural light indoors, addressing the needs for green lighting, environmental health, energy conservation, and low-carbon living [4] - This system has been successfully applied in various locations, including Shanghai Hongqiao, Xiamen North Station, and residential villas [5]