【天风通信】长飞光纤大涨点评：充分受益光纤光缆供需改变，长芯盛、空芯光纤和多模也将贡献重要利润 北美AI数据中心以及无人机对光纤需求有明显增量，直接或间接带动国内光纤光缆厂产能稼动率提升，促使散纤 和出口价格提升，G652D散纤 【天风通信】长飞光纤大涨点评：充分受益光纤光缆供需改变，长芯盛、空芯光纤和多模也将贡献重要利润 长飞光纤A股涨停、港股涨5%，3日累计涨幅30%，对标美股Corning康宁3个交易日涨幅20%。 我们重申对公司的观点： 长飞光纤A股涨停、港股涨5%，3日累计涨幅30%，对标美股Corning康宁3个交易日涨幅20%。 我们重申对公司的观点： 光纤光缆供需正改变。 公司多模光纤产能保持全球领先，多模光纤主要用于数据中心跳线产品，价格按种类不同从200到1000元不等，公 司一方面自用多模光纤，另一方面也向外出售。 25年全球多模光纤需求近1000万芯公里，26年受益AI需求增加、保持快速增长。 公司持有长芯盛49%股权（直接+博创间接），长芯盛主营MPO光纤连接器、AOC、综合布线等业务，主要客 户为国内外CSP厂商。 公司是国内少数可直供北美光纤连接器的厂商，海外连接器厂商产能不足， ...

光连接专家交流-CPO、NPO、LPO、AOC技术进展，客户订单，价值量及拆分，供应商_导读 2026年01月28日 11:46 关键词 AOC LPO 光模块 DSP 多模 单模 LC 800G1.6T谷歌 旭创 新易盛 传输距离 硅光 价值量 供应链 验证 互联互通 TIA 芯片 马威尔 全文摘要 本次对话深入探讨了光互联技术，集中于AOC、LPO、NPO和CPO四种互联方式，覆盖了它们的应用场景、优缺 点及技术细节。讨论包括光模块形态、光缆特性、DSP功能、传输距离、成本及供应链状态。特别聚焦NPO和 CPO的发展，探讨了技术挑战、市场趋势及在云计算、人工智能领域的应用前景。 光连接专家交流-CPO、NPO、LPO、AOC技术进展，客户订单，价值量及拆分，供应商_导读 2026年01月28日 11:46 关键词 AOC LPO 光模块 DSP 多模 单模 LC 800G1.6T谷歌 旭创 新易盛 传输距离 硅光 价值量 供应链 验证 互联互通 TIA 芯片 马威尔 全文摘要 本次对话深入探讨了光互联技术，集中于AOC、LPO、NPO和CPO四种互联方式，覆盖了它们的应用场景、优缺 点及技术细节。讨论包括 ...

【DBTX】长芯博创：光通信beta已来，谷歌光模块/MPO订单或大爆发致26Q1业绩大幅增长！-0127 26年：数通有源方面，Q1谷歌AOC/光模块订单即将落地，Q2-Q4有望放量；数通无源方面，26年谷歌MPO需求指 引翻倍 光纤涨价持续受益：2025年以来，散纤价格持续上涨，价格上涨并未缓解供应紧张，供应缺口已导致海外市场交 货周期延长；长飞光纤作为母公司保障长芯博创光纤供应，相较于其他厂商有更低的拿货价 【DBTX】长芯博创：光通信beta已来，谷歌光模块/MPO订单或大爆发致26Q1业绩大幅增长！-0127 26年：数通有源方面，Q1谷歌AOC/光模块订单即将落地，Q2-Q4有望放量；数通无源方面，26年谷歌MPO需求指 引翻倍 光纤涨价持续受益：2025年以来，散纤价格持续上涨，价格上涨并未缓解供应紧张，供应缺口已导致海外市场交 货周期延长；长飞光纤作为母公司保障长芯博创光纤供应，相较于其他厂商有更低的拿货价，MPO/AOC成本优势 有望显现 长芯博创是稀缺的光电互连解决方案综合提供商，光模块突破谷歌后将显著打开公司天花板，当前位置持续推 荐。 ...

南财智讯1月22日电，世嘉科技在投资者关系活动中表示，标的公司光彩专注于光通信领域的传输与接 入技术，主要从事光模块、AOC、AEC等产品的研发、生产与销售，产品矩阵覆盖100G至800G以及 1.6T系列高速光模块产品，具备较强的技术布局和市场发展潜力。 ...

Group 1: Company Overview - The company specializes in mobile communication equipment and precision box systems, with key products including RF devices and antennas primarily used in outdoor macro base stations [1] - Major clients include telecommunications equipment integrators such as ZTE, Ericsson, and Japan Electric Power [1] Group 2: Investment Progress - As of January 14, 2026, the company disclosed an investment of 120 million CNY, acquiring a 20% stake in the target company [2] - Future plans include increasing the shareholding to achieve control over the target company, although no binding agreements have been signed yet [2] Group 3: Synergistic Effects of Investment - The investment will provide financial support for the target company's expansion and development [2] - There will be a sharing of customer resources between the listed company and the target, enhancing complementary and synergistic benefits [2] - The company plans to utilize its surplus production capacity to assist the target company's expansion [2] Group 4: Target Company Product Information - The target company focuses on optical communication technologies, specializing in the R&D, production, and sales of optical communication products such as optical modules and AOC [2] - The product range includes optical modules covering 100G to 800G and 1.6T series [2]

Group 1 - The core viewpoint of the article is that Changxin Bochuang is expected to achieve a net profit attributable to shareholders of 320-370 million yuan in 2025, representing a year-on-year increase of 344.01%-413.39% [1] - The company's net profit for the fourth quarter is projected to be 95 million yuan, with a quarter-on-quarter increase of 16.25% and a year-on-year increase of 174.89% [1] - The overall performance for the year and the fourth quarter meets expectations, indicating strong financial health [1] Group 2 - Changxin Bochuang is identified as a rare comprehensive provider of optoelectronic interconnection solutions, which positions the company favorably in the market [1] - The long-term stable partnership with Google in the MPO field and the company's strategic layout in active products such as optical modules and AOC are expected to drive significant growth in the data communication business [1] - Revenue projections for 2025-2027 are 3.452 billion, 6.992 billion, and 12.022 billion yuan respectively, with net profits of 370 million, 1.094 billion, and 1.905 billion yuan [1]

Core Viewpoint - The stock price of Changfei Fiber Optics (06869) has shown a significant increase, reflecting a positive market trend in the optical fiber industry, particularly for G.652.D fiber, which is experiencing price recovery and supply tightness [1][5]. Company Performance - Changfei Fiber Optics' stock rose over 5% during trading, with a current price of HKD 56.70 and a trading volume of HKD 1.139 billion [1][5]. - Longxin Bochuang, a subsidiary of Changfei, forecasts a net profit for 2025 between RMB 320 million and RMB 370 million, representing a year-on-year growth of 344.01% to 413.39% [1][5]. Industry Trends - The average market price of G.652.D optical fiber has increased for two consecutive quarters, indicating a clear recovery trend [1][5]. - According to Yongxing Securities, significant price increases and supply constraints for G.652.D fiber are expected by the fourth quarter of 2025, with some major manufacturers unable to meet their own orders and turning to external sourcing [1][5]. - The demand structure in the optical fiber and cable industry is undergoing transformation, driven by these market dynamics [1][5]. Growth Drivers - Changfei Fiber Optics is benefiting from the growth of its optical interconnect components business, including MPO, AOC, and high-speed copper cables, which have become strong growth points [1][5]. - The company is also expanding its overseas business, particularly in response to the construction of AI data centers in North America [1][5].

Group 1 - The core viewpoint of the article highlights the significant price increase in G.652.D optical fiber, indicating a recovery trend in the market after two consecutive quarters of price rises [1] - Longfly Optical Fiber (06869) saw its stock price rise by over 5%, reaching HKD 57.65, with a trading volume of HKD 1.07 billion [1] - According to Yongxing Securities, the G.652.D optical fiber is expected to experience notable price increases and supply tightness by Q4 2025, with some major manufacturers unable to meet their own orders and turning to external sourcing [1] Group 2 - Changxin Bochuang has forecasted a net profit of RMB 320 million to RMB 370 million for the fiscal year 2025, representing a year-on-year growth of 344.01% to 413.39% [1] - Huatai Securities noted that Longfly Optical Fiber's subsidiary, Changxin Bochuang, has seen strong growth in its MPO, AOC, and high-speed copper cable businesses, benefiting from the construction of AI data centers in North America and the continuous expansion of its overseas business [1]

Core Viewpoint - The optical fiber market is experiencing a significant price recovery, particularly for G.652.D optical fibers, which are expected to see notable price increases and supply tightness by Q4 2025 [1] Company Summary - Changfei Optical Fiber (601869) saw its stock price increase by over 5%, currently trading at 57.65 HKD with a transaction volume of 1.07 billion HKD [1] - Changxin Bochuang (300548) forecasts a net profit of 320 million to 370 million CNY for 2025, representing a year-on-year growth of 344.01% to 413.39% [1] - Changfei Optical Fiber's subsidiary, Changxin Bochuang, is expanding its business in MPO, AOC, and high-speed copper cable components, benefiting from the construction of AI data centers in North America [1]

Core Viewpoint - Changfei Fiber Optics (06869) saw a stock price increase of over 9%, reaching HKD 55.3 with a trading volume of HKD 1.008 billion, driven by positive earnings forecasts from its subsidiary Changxin Bochuang for 2025 [1] Company Summary - Changxin Bochuang forecasts a net profit attributable to shareholders of HKD 320 million to HKD 370 million for 2025, representing a year-on-year growth of 344.01% to 413.39% [1] - The growth in net profit is attributed to the increasing demand for computing power driven by new-generation information technologies such as cloud computing, artificial intelligence, and big data, which are propelling the rapid development of the data communication market [1] - The company's revenue from data communication-related products is steadily increasing, contributing to the overall profit growth [1] Industry Summary - Huatai Securities noted that the MPO, AOC, and high-speed copper cable businesses, developed through Changxin Bochuang, have become strong growth points, benefiting from the construction of AI data centers in North America and the ongoing expansion of overseas business [1] - According to a report by Founder Securities, China's optical cable production reached 125 million core kilometers in the first half of 2025, showing a decrease year-on-year, but the decline has narrowed compared to previous periods [1] - The prices of common optical fibers have started to rebound, and the procurement prices from operators are expected to stabilize and recover, indicating that the overall industry outlook may enter an upward phase [1]