未来的算力竞争不再是单个数据中心的竞争，而是跨地域算力网络的竞争。 随着AI算力需求的增加，单一数据中心在电力、散热、土地等方面逐渐逼近极限。 跨区域扩展（scale-across）的出现，成为了继纵向扩展（scale-up）和横向扩展（scale-out）之后的AI计 算"第三大支柱"。 庄昌磊指出，传统Scale-Up（增加单机柜GPU密度）和Scale-Out（增加同一数据中心内机柜数量）模式 难以满足AI算力无限增长的需求。Scale-Across打破了地理边界，允许将不同城市、国家甚至洲际的数 据中心整合为一个统一的计算资源。 以英伟达Spectrum-XGS的首批客户之一——云服务商Coreweave为例，该公司采用该技术后，其数据中 心整合效率提升了40%。 近日，英伟达在Hot Chips大会上发布了全新的Spectrum-XGS以太网技术。新技术通过"跨区域扩 展"（scale-across）的创新理念，将地理上分散的多个数据中心整合为一个统一的千兆规模AI超级工 厂，以应对单个数据中心在电力和空间上的物理极限。 该技术作为一套软硬件协同解决方案，通过动态距离自适应算法和先进的拥塞控制机制， ...

Core Viewpoint - Tongguang Cable has stated that the company currently has no applications, technologies, or patents related to hollow core optical fibers [1] Company Summary - Tongguang Cable confirmed the absence of any hollow core optical fiber products in its portfolio [1]

长飞光纤发布异动公告称，公司注意到近期市场对算力数据中心相关光纤光缆产品，尤其是空芯光纤关 注度较高。与数据中心相关的光纤光缆产品占全球光纤光缆需求总量的比例较小，其中，空芯光纤作为 行业前沿产品，其应用目前仍处于早期阶段，尚未形成规模销售、尚未形成稳定的价格及利润水平，而 后续业务发展也有待于产业链的进一步成熟。目前，空芯光纤相关业务尚未对公司财务数据产生明显影 响，敬请广大投资者注意投资风险，理性决策，审慎投资。 ...

武汉以科技创新为引领，正在加快构建体现武汉优势的现代化产业体系。光电子信息产业是武汉五大优势产业之首，产业规模已达 7566亿元，正向首个万亿级产业集群迈进，成为武汉能级跃升的"强引擎"。 武汉华星光电技术有限公司运行中的t3项目生产线。 今年上半年，武汉计算机、通信和其他电子设备制造业增长15.4％。 数字背后是"智"变。长江日报调研组（以下简称调研组）走访发现，当"光"遇上"智"，武汉光电子信息产业正获得突破性发展，从版 图上"独树一帜"迈向全球引领。 今年上半年，华工正源光模块产品实现海外业务同比增长128%。华工正源总经理胡长飞向调研组介绍，800G光模块商用后，将提速 与DeepSeek等AI产品的交互等待时间。 "老本行"里长出"新本事" 乘"智"而上，光纤由信息通道变神经中枢 1976年，武汉南望山脚的实验室拉出17米石英光纤，中国首根石英光纤诞生，由此开启我国光电子产业序幕，为武汉奠定产业先发基 础。 近半个世纪后，武汉已成全球最大光纤光缆生产基地，且向技术"第一"突破——未来光纤信号传输介质将由空气替代，这一颠覆式技 术源自武汉。 1988年创立的长飞光纤光缆股份有限公司（以下简称长飞公司） ...

烽火通信（600498）(600498.SH)在营收承压背景下交出了一份"增利稳质"的半年成绩单。8月23日，烽 火通信发布2025年半年度报告，公司实现营业收入111.17亿元；净利润达2.87亿元，同比增长32.02%。 作为全球光通信领域的创新标杆，烽火通信近年来持续以高强度研发投入构筑技术护城河。2019年至 2024年期间，公司累计研发投入达196.62亿元，2025年上半年，公司研发费用为14.39亿元，占营业收入 比例为12.95%，为关键技术的突破和产品的升级换代提供了坚实的资金保障。 国际市场表现亮眼。公司光网络、光宽带等产品在东南亚、美洲、非洲市场实现多点突破，获得较大市 场份额。截至期末，公司境外资产规模达10.46亿元，占总资产比例2.43%。 研发费14.39亿保持高强度投入 烽火通信面临全球运营商资本开支收缩的挑战。受此影响，国内光网络设备及光纤光缆订单减少。2025 年上半年，公司营业总收入111.17亿元；归母净利润2.87亿元，同比增长32.02%；扣非净利润2.82亿 元，同比增长31.59%。 分业务看，公司传统光通信业务仍占主导，但高毛利的算力与存储业务增长显著。服务器 ...

突破CO2气体吸收峰抑制瓶颈。现网试点中发现，C+L波段CO2吸收峰可能干扰波分复用系统稳定性。 通过气体成分优化与封装工艺改进，将吸收峰损耗波动降低至工程可容忍阈值，为超宽波段(S+C+L)稳 定传输奠定基础。 开展空芯光纤OPGW光缆及雷击实验研究。光纤复合架空地线(OPGW)作为兼具电力传输与光通信功能 的战略基础设施，其偏振稳定性成为制约系统可靠性的关键因素，而实芯光纤的抗电磁干扰能力较弱， 在雷击时会诱发偏振态复合扰动，导致偏振复用系统误码率呈指数级上升。通过特殊的空芯光纤光缆结 构仿真、设计与雷击实验平台搭建验证，将偏振态旋转速度(RSOP)波动范围稳定在0.1-0.2krad/p，较 G.652.D光纤(1-15krad/s)降低2个数量级，为OPGW光缆选型提供了量化依据，更为反谐振空芯光纤替代 传统OPGW光缆中的实芯光纤提供了可行性，还为雷电多发区域的电力通信网络提供参考。 近日，烽火通信（600498）依托自研空芯反谐振光纤(HC-ARF)在工程化应用研究方面取得突破性进 展。针对各项指标满足现网应用条件的长跨距空芯光纤所面临的水汽浸入、CO2气体吸收峰、OPGW空 芯光缆雷击实验等工程 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Viewpoints - The company, as a "national team" in the optical communication field, has outstanding technological innovation achievements and stable market operations. It is actively expanding into growth sectors such as computing and storage, with a positive outlook on its long-term development potential amidst the digital economy wave [2][4]. - In the first half of 2025, the company achieved operating revenue of 11.117 billion yuan, a year-on-year decrease of 19.73%, while the net profit attributable to shareholders increased by 32.02% to 287 million yuan [4]. Summary by Relevant Sections Business Performance - The company has consolidated its market share in the domestic operator market while accelerating the layout of new products. It has successfully won bids for various projects, including optical network procurement for major telecom operators and server projects for China Tower and Unicom [9]. - Internationally, the company has seen continuous improvement, achieving breakthroughs in Southeast Asia, the Americas, and Africa, capturing significant market shares [9]. Technological Innovation - The company ranked first in the "Top 100 High-tech Enterprises in Hubei Province for 2024," showcasing its strong innovation capabilities. It has completed the world's first 400G/800G hybrid rate ROADM network pilot and launched the industry's first 50G PON technology solution [9]. - The company has successfully incubated five national-level specialized and innovative "little giant" subsidiaries, demonstrating its industry-leading technological advantages [9]. Financial Forecast and Investment Recommendations - The company is expected to see accelerated profit release due to high demand for domestic computing power. The marine communication technology accumulation is expected to facilitate continuous overseas expansion, improving the quality of main business operations. The subsidiary, Changjiang Computing, is anticipated to become a significant growth driver in the coming years [9]. - The projected net profit attributable to shareholders for 2025-2027 is 1.0 billion, 1.3 billion, and 1.57 billion yuan, representing year-on-year growth rates of 42%, 30%, and 20%, respectively [9].

Core Insights - Hubei Province has made significant progress in technological innovation during the "14th Five-Year Plan" period, with a 6.98 percentage point increase in the regional comprehensive technology innovation level index compared to 2020, ranking first in Central China and among the top in the nation [1] Group 1: Technological Innovation Achievements - Hubei has strengthened the construction of innovation platforms, achieving a breakthrough with the establishment of the Hanjiang Laboratory and the approval of national laboratories [1] - The number of major national scientific and technological infrastructure in Hubei has reached 8, with 45 national key laboratories, ranking 4th in the country [1] - The province has seen a surge in new research and development institutions, totaling 545, placing it among the top in the nation [1][2] Group 2: Major Innovation Outcomes - Key breakthroughs in basic research include the discovery of key genes for increasing corn and rice yields and the creation of new world records in pulsed magnetic fields [2] - In strategic fields, Hubei has made significant advancements in three-dimensional flash memory chip technology and centimeter-level satellite navigation precision [2] - The province has achieved multiple world records in optical transmission with self-developed "hollow core fibers" and has broken international monopolies in key equipment such as high-power lasers [2] Group 3: Industrial Upgrading and Economic Growth - Hubei's high-tech enterprises have nearly doubled from 10,404 at the end of the "13th Five-Year Plan" to nearly 30,000, while technology-based small and medium-sized enterprises have increased over fivefold [3] - The total transaction amount of technology contracts has risen from 168.7 billion to 550 billion, ranking 3rd in the nation, with a consistent annual increase of over 100 billion [3] - The core industry value added of the digital economy has grown by 139%, from 240.2 billion to 574.3 billion [3] Group 4: Future Development Plans - Hubei is advancing traditional industry upgrades, emerging industry growth, and future industry cultivation simultaneously, with a focus on establishing a "51020" advanced manufacturing industry cluster [4] - The province aims for its five pillar industries to achieve a breakthrough of over one trillion yuan by the end of the "14th Five-Year Plan" [4] - Hubei is preparing for new requirements and opportunities in the "15th Five-Year Plan" period, aiming to become a nationally influential technology innovation hub [4]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week of August 11-17, 2025, saw the Shanghai Composite Index rise by 1.70%, the Shenzhen Component Index by 4.55%, and the ChiNext Index by 8.58%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 7.66% during the same period [2][11]. - Within the telecommunications sector, the highest increase was observed in the communication network equipment and devices sub-sector, which rose by 12.40%. In contrast, the communication engineering and services sub-sector had the lowest increase at 1.22% [2][14]. - Notable individual stock performances included Hengbao Co., which surged by 49.23%, followed by Guangku Technology at 48.90% and Beiwai Technology at 41.12% [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a significant increase in stock prices, with the Shenwan Communications Index rising by 7.66% during the week [11]. - The sub-sector of communication network equipment and devices led the gains with a 12.40% increase, while communication engineering and services saw a modest rise of 1.22% [14]. Notable Developments - The successful launch of the GW 08 satellite constellation on August 9, 2025, marked a significant advancement in satellite internet capabilities, focusing on applications such as intelligent connected vehicles and marine fisheries [18]. - ZTE Corporation and China Mobile achieved a global first by completing a real-world verification of a single-core hollow fiber with a transmission capacity of 114.9Tb/s, showcasing advancements in optical communication technology [20][21]. - Lumentum reported a substantial increase in revenue driven by AI-related services, with a 55.9% year-over-year growth in the fourth fiscal quarter [22][23]. Future Focus Areas - The report suggests focusing on the computing power industry chain and satellite internet as key areas for investment [3].

Core Viewpoint - The article emphasizes the importance of developing new quality productivity in Wuhan, highlighting the city's efforts in traditional industry transformation, emerging industry growth, and future industry layout, driven by technological innovation and government support [14][15][17]. Group 1: Traditional Industry Transformation - Wuhan's Dongfeng Motor Corporation has developed a new energy vehicle equipped with a domestically produced high-performance microcontroller chip, set to be mass-produced next year [15]. - The city's automotive industry has seen significant growth, with new energy vehicle production reaching 168,000 units in the first half of the year, a year-on-year increase of 152% [15]. - Traditional industries in Wuhan are undergoing revitalization, with examples such as the transformation of the old WISCO plant into a green super factory and the digitalization of the century-old pharmaceutical brand, Mayinglong [15][16]. Group 2: Emerging Industry Development - Wuhan's optical electronics industry, particularly in the "China Optics Valley," is expanding with a focus on innovation and industry chain improvement, aiming for over 20% annual growth [16]. - The scale of the optical fiber and cable industry in Wuhan has surpassed 600 billion yuan, showcasing the city's strength in this sector [16]. - Companies like Changfei Optical Fiber and Huagong Technology are leading advancements in optical technology, enhancing signal transmission speeds and precision manufacturing capabilities [16]. Group 3: Future Industry Layout - Wuhan is making strides in the field of brain-computer interfaces, with the first clinical application and surgery completed in the region, indicating rapid advancements in this cutting-edge technology [17]. - The city is focusing on 13 key areas, including humanoid robots and new energy storage, to establish a competitive future industry landscape [17]. - The local government is committed to integrating technological innovation with existing industries to enhance productivity and quality, aligning with national development goals [17].