黄天佑 长江证券通信分析师: 好的，尊敬各位投资人，大家晚上好。我是那个长江通信分析师黄天佑。那么今天的话， 我们给大家开始做一个系列的汇报，就是针对我们光纤光缆还有海缆这边，就是最新的一 个行业这边的这个近期发展的一个更新。因为那么今天第一期的话，我重点是汇报一下这 个光纤光缆这一块，因为最近的话可能也看到了板块这边有相当不错的一个股价的表现那 这边的话我们也是，一方面就是把过去的这个光联光缆的一些周期，再给它做一个简单复 盘。那么帮大家更好地去判断这一轮周期的一个持续性吧。 然后第二个的话，就是可能就讲一下我们当前对光纤光缆的整体观点那么第一个的话，还 是去复盘一下周期，因为其实，在上一期我们也，就是在去年 12 月份的时候，我们也做 过一次汇报，也是在复盘这个过去，那么实际上实际上我们说两波。比较显著的这个光年 光缆周期的话，一个是发生在当时的这个 15 年到 18 年吧，15 年到 18 年就是我们有一个 4G 的周期，再加上这个中国移动发力这个固网建设，正好叠加这个我们国内的一个流量 爆发。国内一个流量爆发，其实那个阶段里面的话。 就是有，以这个中国市场为主，就看到了一个光纤光缆市场的一个井井喷式的 ...

Core Viewpoint - The article emphasizes the growing importance and potential of hollow-core optical fibers in the telecommunications industry, driven by advancements in technology and increasing demand for high bandwidth and low latency solutions [2][3]. Optical Cable Market - In the previous year, China's optical cable market reached a total sales volume of approximately 270 million core-kilometers, with major demand coming from telecom operators like China Mobile, China Telecom, and China Unicom [5]. - The market's activity is largely attributed to ongoing infrastructure upgrades and expansions, particularly the "fiber to the home" policy, which is replacing outdated lines and increasing the demand for higher core counts [5]. - Long Fiber Optic Cable Company is projected to achieve sales of 12 billion yuan in 2024, with 90% of revenue coming from fiber business, especially preform sales, and 35% of revenue from overseas markets [5]. Hollow-Core Optical Fiber - Hollow-core optical fiber represents a revolutionary technology in optical communication, with a core that is hollow and filled with high-purity argon gas, allowing light to travel at near-light speed and significantly reducing transmission loss by about 50% [7][8]. - The technology was initiated in 2016 and has seen practical applications, such as Microsoft's acquisition of Lumenisity for data security purposes [8]. - Current usage of hollow-core optical fiber in China is around 1,000 core-kilometers, with rapid market expansion anticipated [8]. Market Potential and Challenges - Microsoft predicts that global production capacity for hollow-core optical fiber could reach 10,000 core-kilometers by 2025 and potentially 1 million core-kilometers by 2030, with a market size that could increase tenfold if prices drop significantly [9]. - Despite its promising outlook, high costs remain a significant barrier, with domestic prices ranging from 30,000 to 36,000 yuan per core-kilometer compared to only 20 yuan for standard single-mode fiber [10]. - Technical challenges include complex production processes and the need for specialized equipment, which can hinder widespread adoption [10]. Industry Players - Long Fiber is a global leader in the hollow-core optical fiber sector, utilizing advanced preform technologies and achieving a significant reduction in attenuation rates [11]. - The company has begun supplying products to major clients like Guangdong Mobile and Guangdong Telecom, and 35% of its revenue comes from exports, indicating strong international competitiveness [11]. - However, potential risks from international policy changes affecting exports should be monitored [11].