从供给端而言：光棒扩产周期长，工艺要求高，短期供给或趋紧。传统光棒扩产周期较长，光纤制备方 法中熔芯拉伸法适用于长距离光纤，主要包括预制棒成型以及光纤拉丝，其中主流预制棒制备方法包括 PCVD、OVD、VAD三种，光纤拉丝是将预制棒通过光纤拉丝塔进行高温拉丝，拉丝过程并不复杂，但 需协调下棒速度、炉内温度、拉丝速率等，对厂商技术成熟度及精密控制良率 要求较高，扩产难度较 大。 该行指短期或将供不应求，重视光纤光缆投资机会，随着全球AI蓬勃发展，或持续驱动数据中心内部 与DCI互联对光纤光缆的需求。短期来看，全球厂商扩产能力有限，或将形成供不应求的格局。该行认 为光纤光缆需求与价格有望维持稳步提升。该行推荐标的：亨通光电(600487.SH)、中天科技 (600522.SH); 受益标的：长飞光纤(06869,601869.SH)、永鼎股份(600105.SH)、烽火通信(600498.SH)及 特发信息(000070.SZ) 。 智通财经APP获悉，开源证券发布研报称，从需求端而言，随着AI大模型训练侧持续迭代，推理侧AI应 用落地加速，或持续拉动全球光纤光缆需求。面向数据中心内部的海量数据流动需求，高端单模 ...

亨通光电 20251222 摘要 全球光纤需求紧张，受益于国内外市场共振，国内建设加速及海外骨干 网、城域网和接入网建设提速，国际市场涨幅显著，预计未来几年 AR 技术普及将持续推动需求增长。 国内运营商招标量虽持平，但新八纵八横项目带动超集总光纤需求，行 业整体向好。光纤供给侧，国际厂商如康宁、普瑞斯曼及国内企业均在 扩展特种光纤，影响传统 652D 光纤产能。 光纤价格上涨，国内涨幅约 10%，美国市场 652D 价格远高于国内。预 计未来供需关系变化将推动价格进一步上涨。疫情后国内中小产能出清， 头部企业如亨通关注特种光纤发展。 亨通光电常规光纤产能稳定，特种光纤投入大，如 G6,541 超低损耗光 纤、多芯空心激光等。新光纤中心预计明年一二季度释放产能，光纤产 能扩充周期约 6-12 个月。 亨通光电在多芯光纤领域领先，价格约为 G652D 的 10 倍，已获联通和 移动认证。公司今年以来满产，特种光纤中心投资及新增产能信息将在 明年 4 月公布。 Q&A 今年（2025 年）二季度以来，国内 AI 的发展对光通信行业产生了哪些影响？ 从今年（2025 年）二季度开始，国内 AI 的发展显著带动了全光 ...

12月22日，AI算力表现强势，光模块CPO、光通信板块领涨市场，亨通光电触及涨停，长芯博创、致尚 科技、新易盛、中际旭创等CPO个股领涨。截止10:15，聚焦通信+电子算力硬件的5G通信ETF （515050）大涨3.69%，光模块CPO含量超57%且同类费率最低的创业板人工智能ETF华夏（159381） 涨3.28%，云计算50ETF（516630）涨1.40%。 消息面上，三季度以来国内G652D光纤价格持续环比提升，海外AI需求推动2025年1—11月我国光棒出 口量同比增87.78%，行业供需偏紧。同时，LightCounting12月最新报告显示2025年光模块市场将突破 230亿美元，目前包括光模块在内的许多产品的需求超出供应两倍或更多，明年的市场预测将取决于供 应商增加产能的能力。 展望后市，中信建投认为，AI大模型仍在持续迭代升级，竞争远未结束，算力需求旺盛，继续看好AI 算力板块。北美链继续看好之外，国内链也建议重视，一方面国内链公司前期调整较多，而北美链光模 块公司近期已纷纷新高，另一方面随着国产GPU能力及供给量的提升以及H200的放开，有望加速国内 AI算力基础设施的部署节奏。 5G ...

近年来，光纤光缆行业发生了哪些显著变化？ 光纤光缆行业在近年来经历了一些显著的变化。首先，中国移动在 2025 年五 六月份的招标中，价格表现较为疲软，这导致市场对普通光纤（如 G652D） 的认知停留在景气度低、产能利用率低和价格下行周期的阶段。然而，人工智 展望 2026 年，海外需求强劲，AI 技术带动非运营商市场增长，推动价 格上涨。截至 10 月出口同比增长 100%-150%。光棒短期内不会产能 过剩，扩产需一年以上，新进入厂商需一年半以上。目前全球光纤光缆 需求约为 5-6 亿芯公里，中国占一半以上，国内主要厂商具备灵活扩产 能力，整体产能处于紧平衡状态。 多模产品维持较高毛利率，如 OM4、OM5 售价可达四五百元每芯公里， 毛利率 30%以上。800G 多模模块对应大量多模光纤需求。华为等公司 仍以多模为主，单模产品方面，各头部厂商指引清晰，也有较好的预期。 多模和单模式市场均有良好前景，各自利润率表现也较为可观。 AI 技术显著拉动高性能光纤光缆需求，北美地区需求提升康宁、藤仓等 公司产能利用率，并积极扩产。欧洲、东南亚等市场需求由国内厂商承 担。AI 相关应用，如数据中心内部 GPU 迭 ...

Core Viewpoint - The nuclear energy industry is experiencing significant positive developments, with major projects like the successful grid connection of the "Hualong One" nuclear power unit and advancements in thorium-based molten salt reactors, indicating a promising future for the sector [3][4]. Group 1: Company Performance - Yongding Co., Ltd. has seen its stock price surge nearly 280% year-to-date and approximately 450% over the past 15 months, driven by the positive sentiment in the nuclear energy sector [4]. - Despite the stock price increase, the controlling shareholder, Yongding Group, has been reducing its stake, selling 3.0165 million shares for over 48 million yuan, raising concerns about the company's ability to sustain its high market valuation [6][10]. - In the first three quarters of 2025, Yongding reported revenue of 3.63 billion yuan, a year-on-year increase of 22.1%, breaking a long stagnation in revenue growth [10]. Group 2: Profitability Analysis - The company's net profit for the same period reached 330 million yuan, a staggering increase of 474.3%, with the non-recurring net profit soaring by 613.7%, suggesting a one-year profit equivalent to seven years [8][10]. - However, the majority of this profit (96.66%) stemmed from investment income, primarily from real estate ventures, raising questions about the sustainability of its core business [10][11]. - Excluding investment income, the company's remaining profit was only 11 million yuan, down from 31 million yuan the previous year, indicating a decline in operational performance [11][12]. Group 3: Business Segments - Yongding's main business lines include optical communication and power transmission, with automotive wiring harnesses being the largest revenue source, projected to generate 1.206 billion yuan in 2024, accounting for nearly 30% of total revenue [26]. - The power engineering segment, which is heavily reliant on overseas projects, is expected to generate 1.041 billion yuan in 2024, but its profitability is unstable due to project dependency [33]. - The high-temperature superconducting wire segment, while seen as having significant potential, has underperformed compared to peers, with revenue of only 586 million yuan in 2024, representing 14.24% of total revenue [38]. Group 4: Market Position and Challenges - The optical communication business, despite the industry's growth, has seen a revenue decline of 7.8% to 428 million yuan in the first half of 2025, failing to capitalize on the overall market expansion [51]. - The company faces significant competition in the high-temperature superconducting market, with its performance lagging behind competitors like Western Superconducting, which reported a net profit of 546 million yuan in the same period [42][44]. - Overall, Yongding's narrative reflects a company that has been buoyed by market trends but lacks substantial operational performance to justify its stock price, raising concerns about its long-term viability [53][54].

Core Viewpoint - The advancements in submarine optical cable technology by companies in Wuhan, such as Changfei and FiberHome, are crucial for enhancing global communication infrastructure and ensuring data security, thereby contributing to China's strategic goals in becoming a maritime power [1][3][6]. Group 1: Technological Breakthroughs - Changfei has successfully laid the world's first 7-core optical fiber submarine experimental cable, providing a revolutionary solution for expanding submarine cable capacity without increasing size [3]. - FiberHome, in collaboration with China Mobile and other institutions, achieved a transmission speed of 254.7 Tb/s over a 200 km standard single-mode fiber, supporting long-distance signal transmission [5]. - These technological advancements break the physical limitations of capacity and distance, allowing for enhanced data transmission capabilities [6]. Group 2: Strategic Importance - The developments in submarine optical cable technology are seen as a strategic response to international technological competition, particularly against monopolies held by companies from the US, France, and Japan [3][6]. - The strategic value of these breakthroughs includes enhancing security by ensuring self-sufficiency in technology, reducing costs through improved transmission efficiency, and preparing for future communication technologies like 6G and quantum communication [6]. Group 3: Industry Impact - FiberHome's investment of nearly 3 billion yuan in building Asia's largest marine communication industrial park aims to produce 10,000 km of submarine cables annually, enhancing China's capabilities in marine network solutions [9]. - The establishment of a complete industrial ecosystem in Wuhan, despite its non-coastal location, demonstrates the city's ability to innovate in deep-sea technology and contribute to national maritime strategies [10]. - Collaborations between companies and academic institutions in Wuhan are fostering a sustainable innovation model, enabling rapid conversion of technological breakthroughs into industrial capabilities [10].

Core Viewpoint - Hangzhou Cable Co., Ltd. reported a revenue increase of 16.77% in the first half of 2025, but net profit decreased by 46.27% compared to the same period last year, indicating challenges in profitability despite revenue growth [2][3][4]. Company Overview and Financial Indicators - The company achieved an operating income of approximately 4.52 billion yuan in the first half of 2025, up from 3.87 billion yuan in the same period last year [2][3]. - Total profit for the period was approximately 54.88 million yuan, down 33.25% from 82.21 million yuan in the previous year [2][3]. - Net profit attributable to shareholders was approximately 37.81 million yuan, a decrease of 46.27% from 70.37 million yuan [2][3]. - The company's total assets increased by 8.31% to approximately 10.87 billion yuan compared to the end of the previous year [2][3]. Business Segments Cable and Wire Segment - The cable and wire segment focuses on the research, production, and sales of various types of power cables, including high and ultra-high voltage cables, and is a major supplier to State Grid and Southern Power Grid [4][5]. - The company operates four production bases located in Fuyang, Hangzhou, and Suzhou, with a production strategy that emphasizes order-based manufacturing [4][5]. Optical Communication Segment - The optical communication segment, led by Fuchunjiang Optoelectronics, produces optical fiber preform, fiber, and cable, and is expanding its market presence in both domestic and international markets [4][5][6]. - The company is actively involved in the supply chain for telecommunications and is enhancing its market influence through quality products and services [4][5][6]. Copper Foil Segment - The copper foil segment is focused on the production of ultra-thin copper foil for lithium batteries and high-performance electronic circuit applications, with significant progress in the new energy battery materials sector [4][5][8]. - The company has successfully entered the supply chains of leading domestic enterprises in the PCB industry, enhancing its market share and brand influence [4][5][8]. Industry Context - The cable and wire industry is experiencing increased demand due to the national push for green energy and infrastructure development, particularly in renewable energy and smart grid projects [5][6]. - The optical communication industry is also growing, driven by the expansion of 5G networks and digital infrastructure, with significant increases in fiber optic cable deployment [6][7]. - The copper foil market is witnessing a shift towards high-performance materials, with the lithium battery sector being a key growth area, although there are signs of oversupply in the market [8].

Core Viewpoint - Jiangsu Yongding Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in various business segments, particularly in investment income from joint ventures and strategic market expansions [2][3][10]. Financial Performance - The company achieved a revenue of approximately 2.26 billion RMB, representing a 24.07% increase compared to the same period last year [2]. - The total profit reached approximately 312.22 million RMB, a substantial increase of 339.86% year-on-year [2]. - The net profit attributable to shareholders was approximately 318.53 million RMB, marking a remarkable increase of 917.66% compared to the previous year [2]. Business Segments - In the optical communication segment, revenue was lower than the previous year, but improvements in gross margin were noted due to technological innovations and cost optimizations [3][4]. - The automotive wiring harness and copper conductor segments experienced significant revenue growth, although initial project costs led to a decrease in gross margin [3][10]. - The power engineering segment saw increased revenue from the completion of projects, but overall profit decreased due to lower margins from other projects [3][10]. Industry Trends - The global optical module market is projected to grow from 11.5 billion USD in 2023 to 22 billion USD by 2028, with AI computing demand being a major driver [8]. - The demand for high-performance optical fibers is increasing due to the expansion of data centers and the implementation of AI technologies [7][8]. - The automotive market is experiencing steady growth, particularly in the electric vehicle sector, with a reported 41.4% increase in production and sales of new energy vehicles in the first half of 2025 [10][11]. Strategic Developments - The company is expanding its overseas power engineering projects, focusing on the "Belt and Road" initiative, with significant projects underway in Bangladesh and Ethiopia [10][13]. - In the superconducting materials sector, the company is advancing the industrialization of high-temperature superconducting tapes, which are crucial for various applications including energy and medical fields [15]. - The company is enhancing its digital transformation and automation processes in manufacturing, which is expected to improve operational efficiency and product quality [14].

Summary of Yongding Co., Ltd. Conference Call Company Overview - **Company**: Yongding Co., Ltd. - **Date**: June 10, 2025 Industry Focus - **Key Industries**: Superconducting wire materials, optical chips, traditional optical products, and overseas power engineering projects Core Insights and Arguments 1. **Expansion in Superconducting Wire Materials**: Yongding is actively expanding its superconducting wire materials business, establishing partnerships with various enterprises and research institutions. The market demand is rapidly increasing, particularly in the controlled nuclear fusion sector, with plans to expand production capacity to 20,000 kilometers to meet this demand [2][7][13] 2. **Optical Chip Factory Completion**: The optical chip factory was completed in June 2023, and the company has established connections with leading domestic manufacturers. Sales are expected to see breakthroughs in the second half of this year and next year [4][2] 3. **Stable Traditional Business**: The traditional business segments, including optical rods, fibers, and cables, are maintaining stability. Overseas projects, such as the Bangladesh power grid renovation project valued at $1.14 billion, are expected to contribute to sales [6][2] 4. **Broad Market Prospects for Superconducting Materials**: The superconducting wire market has vast potential, with applications in controlled nuclear fusion, maglev transportation, MRI medical technology, and military sectors. However, domestic production capacity is currently insufficient [7][2] 5. **High Technical Barriers**: The technical barriers in superconducting materials are significant, primarily due to R&D investment and intellectual property accumulation. Yongding has invested heavily and developed core processes, making it one of the few manufacturers capable of large-scale production globally [10][2] 6. **Future Development Strategy**: The company plans to accelerate capacity expansion to meet growing market demand while continuing to push for technological advancements. The focus will be on developing optical chips and superconducting wire materials [8][9][2] Additional Important Points 1. **Market Demand Growth**: The demand for superconducting wire materials in the controlled nuclear fusion field has significantly increased, with requirements growing from several kilometers to potentially hundreds of kilometers in the coming years [3][2] 2. **Challenges in Material Development**: The compact design of devices poses challenges for internal materials, and while the issue of quenching has not been fully resolved, existing superconducting materials meet current design requirements [12][2] 3. **Production Capacity and Profitability**: Yongding aims to achieve a production capacity of 5,000 kilometers by the end of 2025, with current capacity exceeding 2,000 kilometers. The company plans to rapidly expand to 18,000 to 20,000 kilometers by 2026 [13][2] 4. **Diverse Applications Beyond Fusion**: The company is also making significant progress in various superconducting applications, including magnetic levitation technology and military applications, while also planning to promote superconducting cables and power applications [14][2] 5. **Strategic Layout in Optical and Electrical Fields**: Yongding's strategic layout focuses on enhancing its supply chain in both optical and electrical fields, with an integrated solution in the optical sector and increased investment in electric vehicle wiring and superconducting power [15][2]

Summary of Zhongtian Technology Conference Call Company Overview - Zhongtian Technology's total revenue for 2024 is projected to be approximately 40 billion yuan, with contributions from the communication, marine, and power sectors being 8 billion, 3.6 billion, and 1 billion respectively [2][5][19] - The company generates 80% of its revenue from domestic markets, with less than 20% from international markets [6] Financial Performance - In 2024, Zhongtian Technology achieved operating revenue of 48 billion yuan and a net profit attributable to shareholders of 2.8 billion yuan, with a non-recurring net profit of 2.545 billion yuan [4] - The power sector's revenue is 19.8 billion yuan, while the communication sector's revenue is 22 billion yuan [4] - The marine cable segment has a gross margin of approximately 40%, benefiting from the delivery of 337 kV products [2][5] - The marine engineering segment has a negative gross margin of 8%, but profitability is expected to improve in 2025 as construction volume increases [2][5][17] Sector Insights Marine Energy - The marine energy sector has an order backlog of 31.2 billion yuan, with 13.4 billion yuan from marine projects, 14 billion yuan from power projects, and nearly 4 billion yuan from new energy projects [7] - The Jiangsu Yancheng Guoxin project is in a dense delivery phase, with most revenue expected to be recognized in Q2 and Q3 [8] Power Sector - The power sector is expected to benefit from the domestic ultra-high voltage construction and European energy interconnection projects, with a favorable growth outlook for the next 5 to 10 years [19] - The company has secured two ultra-high voltage projects totaling nearly 2 billion yuan, which will enhance overall gross margins [16][19] Communication Sector - The communication sector is stable, with a gross margin of around 25% [2][5] - The traditional optical fiber business accounts for 40%-50% of revenue, while emerging products like 5G antennas and optical modules account for 20% and are growing rapidly [12] International Market Opportunities - The acceleration of offshore wind power construction in Europe presents opportunities for high-voltage cables in markets like Turkey, which may enhance overseas revenue [6][14] - The company aims to increase its overseas marine cable revenue share to 20%-30% in the future [14] Project Delivery and Order Status - As of April 23, 2025, domestic orders are estimated at 6-7 billion yuan, with 70% expected to be delivered in 2025 [15] - The company has a target of adding 3-4 billion yuan in new orders this year, with a focus on matching production capacity [14] Emerging Trends and Future Outlook - The company is transitioning production capacity towards specialty optical fibers, including multi-mode and hollow fibers [23] - The overall business is expected to achieve stable growth, with a focus on high-quality development in the coming years [25][26] Additional Insights - The marine cable business is influenced by geopolitical factors, with the company actively participating in domestic demand growth [22] - The company is not focusing on nuclear fusion or superconducting technologies, which are not core areas of interest [10] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, sector insights, international opportunities, project delivery status, and future outlook.