【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中泰证券认为，AI算力成为通信行业主要增长引擎，看好算力产业链投资机会，头部光模块厂商 交付能力将成为成长关键，重视光芯片、OCS、空芯光纤、液冷、电源等细分方向。国产算力重视芯片 进展，以及国产模型追赶变化，将影响AIDC景气节奏。 （责任编辑：张岩 ） 《浙江省"十五五"数字经济和数字基础设施规划》公开征求意见。其中提到，建设多元可控的算力 基础设施。 统筹推进区域级、 城市级算力中心建设，加快超大规模智算集群技术突破和工程落地，按 需建设边缘算力节点，提升国产算力芯片使用率，完善新型算力供给体系。加强算力互联互通和供需匹 配，创新算力基础设施运营模式，迭代省级算力监测调度平台，鼓励云服务商发展"以云调算"模式，打 造全省一体化算力网，推动算力资源跨区调度、协同互补。支持太空计算设施建设，探索布局量子计 算、生物计算等未来算力基础设施。 中信证券认为，2 ...

Investment Rating - The report assigns an "Outperform" rating for the communication industry [5] Core Insights - The communication sector has shown a mixed performance, with the communication index rising by 1.66% during the week of January 5 to January 11, 2026, underperforming compared to major indices like the Shanghai Composite Index, which rose by 3.82% [15] - The report highlights significant advancements in AI performance and efficiency with the launch of NVIDIA's Rubin architecture, which integrates multiple components to enhance AI capabilities [26][29] - The collaboration between Jiangsu Zhichi Zhiyuan and Wuxi Chelian Tianxia focuses on developing a system-level solution for smart automotive electronics, showcasing the potential of optical communication technology in the automotive sector [41][42] - AWS has initiated commercial deployment of hollow-core fiber, which is expected to play a crucial role in connecting data centers, despite current supply challenges [43][44] - CRU has identified key trends in the optical fiber and cable industry, emphasizing the growing demand driven by AI and data center investments, which are reshaping market dynamics [45][46] Summary by Sections 1. Market Review - The communication index underperformed relative to the broader market, ranking 27th among 31 sectors [15] - The highest gains in sub-sectors included communication application value-added services (17.99%) and other communication equipment (15.46%) [18] - Notable stock performances included Nanjing Panda (49.10%) and Tongyu Communication (42.34%) leading in gains, while Hengbao Co. (-8.05%) and Cambridge Technology (-7.96%) faced significant declines [21] 2. Industry Dynamics 2.1 NVIDIA's Rubin Architecture - The Rubin platform significantly enhances AI performance, with a 5x increase in inference performance and a 3.5x increase in training performance compared to previous generations [26][29] 2.2 Optical Communication in Automotive - The Deep Fusion EEA architecture aims to support high-density data transmission for smart vehicles, addressing the limitations of traditional wiring [41][42] 2.3 AWS Hollow-Core Fiber Deployment - AWS is deploying hollow-core fiber to connect approximately 10 data centers, although supply remains a challenge [43][44] 2.4 CRU's Industry Trends - AI-driven data center investments are expected to be the strongest growth driver, with a shift towards high-density optical fiber connections [46][49]

数据中心光纤是现代数据中心高速数据传输的核心基础设施，凭借其高带宽、低损耗、抗干扰等优势， 成为支撑云计算、大数据、人工智能等技术的关键载体。 单模光纤（如OS2）芯径细（约9微米），仅允许单一模式光传输，适用于长距离、高带宽场景，如跨 楼层或跨数据中心互联，支持10公里以上传输，损耗低至0.2dB/公里，可满足100Gbps甚至400Gbps速率 需求。 高速光模块：QSFP28、QSFP-DD等模块支持100Gbps至400Gbps传输，采用PAM4调制技术提升频谱效 率，满足5G、AI等场景的巨量数据交互需求。 优化布线架构：脊叶架构（Leaf-Spine）通过脊层与叶层交换机分离，实现东西向流量低延迟直达，扩 展性强，可容纳数千台服务器，成为大型数据中心首选。 新型光纤技术：空芯光纤通过空气芯传输光信号，损耗低至0.1dB/公里以下，理论支持全波段传输，且 具备低时延、低非线性等特性，有望颠覆传统光纤，微软已计划部署1.5万公里空芯光纤用于智算中心 互联。 当前，数据中心光纤市场持续增长，预计到2032年规模将达607.5亿美元，年复合增长率12.99%，主要 驱动因素包括云计算普及、AI模型训练需求 ...

格隆汇1月6日丨中兴通讯(000063.SZ)在投资者互动平台表示，空芯光纤等新的传输介质将成为光传输 设备代际演进的重要因素，公司不涉及空芯光纤的生产，公司光传输设备已完成与空芯光纤的适配工 作。为充分发挥空芯光纤的大容量传输优势，提升频谱利用效率和传输容量，公司研究掌握了更高阶的 光调制方式、更高功效的放大器技术、更先进的色散补偿算法等，并联合运营商基于空芯光纤创下 10714公里传输的世界纪录。 ...

Core Viewpoints - The report anticipates a continuation of high demand for AI computing power in 2026, driven by both domestic and international investment opportunities in the computing power supply chain [21][23] - The investment strategy focuses on three main lines: embracing AI computing power, new productive forces, and core assets [21][22] Group 1: AI Computing Power Chain - The report predicts a significant increase in demand for 800G and 1.6T optical modules in 2026, benefiting leading manufacturers and upstream material suppliers [21][23] - Domestic liquid cooling manufacturers are expected to accelerate their international expansion, leveraging China's manufacturing advantages to gain market share [21][23] - The report highlights the importance of super nodes in bridging the performance gap between domestic and foreign computing cards, with 2026 projected as a pivotal year for domestic super node deployment [21][23] Group 2: Core Assets - Despite a slowdown in revenue growth for the three major domestic telecom operators, improved operational efficiency and declining capital expenditures are expected to support steady profit and dividend growth [22][21] - The telecom operators are positioned to play a crucial role in AI transformation across various industries, adhering to prudent investment and project evaluation principles [22][21] Group 3: Emerging Industries - The "14th Five-Year Plan" outlines significant investment opportunities in emerging sectors such as commercial aerospace, low-altitude economy, and quantum technology [22][21] - The commercial aerospace sector is expected to accelerate due to favorable policies, increasing launch frequencies, and technological advancements in reusable rocket technology [22][21]

文 | 钛资本研究院 在算力需求爆发式增长的今天，光通信作为数据传输的核心支撑，技术迭代正面临着前所未有的机遇与 挑战。电子计算的高效与光子传输的优势，本应形成完美互补，而光电转换的现实难题，让光模块成为 连接两者的关键枢纽。从硅光技术的集成理想与分离现实，到CPO的激进创新与NPO的折中探索，再到 空心光纤、MicroLED光通信等前沿技术的潜力与桎梏，一系列新技术试图突破现有瓶颈，却也陷入了 路线选择的分歧、成本与可靠性的博弈。 核心技术的发展现状、优缺点及产业格局如何？哪些技术是真突破，哪些仍停留在概念阶段，哪些路线 可能成为未来主流，又有哪些挑战亟待解决？近期，钛资本邀请公众号《LEO光通信观察》作者叶磊 Leo进行分享，Leo毕业于南京大学、渥太华大学，早年在美国的JDSU/Lumentum、Finisar(现Coherent) 负责产品研发和设计，之后在珠海光库、Oplink、Finisar、Source Photonics（索尔思）等企业负责供应 链和运营管理。对光通信产业的技术逻辑、市场方向有着深入独特的见解。主持人是钛资本半导体组、 人工智能组资深行业专家周晔。以下为分享实录： AI光模块市 ...

格隆汇12月24日丨通光线缆(300265.SZ)在投资者互动平台表示，公司尚无空芯光纤产品。公司与长飞 光纤合资设立的子公司主要从事光纤光缆的研发、生产和销售。 ...

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 ...

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，或持续驱动资料中心内部 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、中天科技；受益标的：长飞光 纤、永鼎股份、烽火通信及特发信息（维权）。 格隆汇12月24日｜开源证券发表报告表示，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，高端单模及多 模光纤与超高速光模块协同，或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 功耗的方向演进。除此之外，由于空芯光纤具有低时延、宽带谱、低损耗和低非线性效应等优势，国内 外正积极推动空芯光纤等新技术发展，长期来看，空芯光纤需求或逐步提升。 ...

Core Viewpoint - The continuous iteration of AI large model training and the acceleration of AI application implementation are expected to drive global demand for optical fibers and cables, particularly in data centers [1][2]. Demand Side - The construction of AI data centers and DCI interconnections is likely to sustain the demand for optical fibers and cables, with high-end single-mode and multi-mode fibers, along with ultra-high-speed optical modules, facilitating efficient short-distance data transmission and flexible interconnections [2]. - G.654.E optical fibers significantly enhance transmission distance and system capacity, contributing to the development of more efficient and economical long-distance high-bandwidth networks [2]. - The demand for hollow-core fibers is anticipated to gradually increase due to their advantages such as low latency, wide spectrum, low loss, and low nonlinearity, with active promotion of new technologies in both domestic and international markets [2]. Supply Side - The production cycle for traditional optical preforms is long, and the manufacturing process has high technical requirements, leading to potential short-term supply tightness [2]. - The expansion of optical fiber production capacity is constrained by the lengthy production cycle of optical preforms and the need for high precision in the manufacturing process, which may result in a tight supply situation in the short term [2]. - According to predictions from the Asia-Pacific Optical Fiber and Cable Industry Association and the China Academy of Information and Communications Technology, global demand for optical fibers and cables is expected to reach hundreds of millions of core kilometers by 2025, maintaining a growth trend [2]. Investment Opportunities - The global development of AI is likely to continue driving demand for optical fibers and cables in data centers and DCI interconnections, creating a potential supply-demand imbalance in the short term [3]. - Recommended investment targets include Hengtong Optic-Electric and Zhongtian Technology, with beneficiaries including Yangtze Optical Fibre and Cable, Yongding Holdings, FiberHome Technologies, and TeFa Information [3].