证券日报网2月27日讯 ，永鼎股份在接受调研者提问时表示，旗下子公司鼎芯光电拥有完善的激光器芯 片产品矩阵，建成了化合物半导体工艺产线。公司采用IDM（集成器件制造）模式，技术覆盖芯片设 计、晶体生长、晶圆制造及测试封装全流程，通过严格的质量管控与高可靠性测试标准，确保产品性能 优异。当前，市场高度关注100GEML及硅光100mW/70mWCWHP等高功率芯片。受全球AI算力中心建 设驱动，此类芯片供需缺口扩大。鼎芯光电已具备上述产品的批量化生产能力，公司正积极推进与国内 外主流光模块厂商的合作。为匹配市场需求，公司已启动扩产计划，相关内容已完成备案公示。（2025 年1月-9月公司光芯片业务营收规模占比较小，尚未实现盈利） （编辑 丛可心） ...

证券日报网2月27日讯 ，永鼎股份在接受调研者提问时表示，当前，光纤光缆行业供需格局发生显著变 化。受益于全球AI基础设施投资激增及光纤无人机等带来的新增量，市场需求旺盛，带动厂商稼动率 持续提升，散纤价格稳步上涨。叠加光棒产能扩张周期长、技术门槛高等因素，行业呈现阶段性供需错 配，行业盈利能力有望显著修复。作为国内光缆行业首家民营上市公司，公司已构建起完整的"光棒— 光纤—光缆"垂直产业链。面对行业机遇，公司紧跟趋势积极扩产，相关内容已完成备案公示。 （编辑 丛可心） ...

Core Viewpoint - Yongding Co., Ltd. is focusing on the development of second-generation high-temperature superconducting tapes (REBCO) and application products through its subsidiary, Eastern Superconductor, utilizing a unique domestic "IBAD+MOCVD" technology route [1] Group 1 - The superconducting thin films produced exhibit excellent magnetic flux pinning performance [1] - The products have been successfully applied in fields such as controllable nuclear fusion magnets, superconducting induction heating, magnetic single crystal pulling, and medical applications [1] - The company has established deep cooperation with multiple clients [1]

3 月金股报告 ——指数震荡，风格再平衡 证券研究报告/策略定期报告 2026 年 02 月 27 日 分析师：王永健 执业证书编号：S0740522050001 （2）国内政策流动性宽松，筑牢市场底部。2 月 25 日央行开展 6000 亿元 MLF 操作 并净投放 3000 亿元，连续第 12 个月加量续作，确保春节前后的流动性合理充裕；人 民币汇率持续走强稳定了跨境资金流动预期。 科技大类中，高端制造领涨；周期品中，建材钢铁走强。 （1）科技类资产内部，中游高端制造领涨。国防军工、机械设备、电力设备等中游 高端制造表现突出。其中，地缘政治动荡推动国防军工的走强，产业突破亦为其注入 了新的增长动力；海外制造业回暖、国内设备更新周期为机械设备提供支撑；电力设 备受益于 AI 产业海外缺电叙事与两会前的产业政策预期。 （2）周期大类中，建筑材料、钢铁、煤炭占优，有色金属回调。建筑材料中以玻璃 纤维主题领涨，主要受益于供给端优化、AI 算力和新能源需求预期的外溢。此外，在 地产政策托底预期与高股息属性共振下，钢铁与煤炭板块亦有突出表现。相反，受美 联储降息预期反复、海外地缘扰动与商品震荡走势传导，前期涨幅过大的 ...

| - 级: | | --- | | 増す 自 次 | 通信设备 执业证书编号：S0740524060005 Email：yanglei01@zts.com.cn 执业证书编号：S0740525100002 Email：sunyw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,461.99 | | 流通股本(百万股) | 1,461.99 | | 市价(元) | 29.60 | | 市值(百万元) | 43,275.05 | | 流通市值(百万元) | 43,275.05 | 永鼎股份（600105.SH） 证券研究报告/公司点评报告 2026 年 02 月 27 日 | 增持（首次） 评级： | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杨雷 | 营业收入（百万元） | | 4,345 | 4,111 | 4,690 | 5,650 | ...

通信设备 | - 级: | | --- | | 増す 自 次 | 执业证书编号：S0740524060005 Email：yanglei01@zts.com.cn 执业证书编号：S0740525100002 Email：sunyw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,461.99 | | 流通股本(百万股) | 1,461.99 | | 市价(元) | 29.60 | | 市值(百万元) | 43,275.05 | | 流通市值(百万元) | 43,275.05 | 长新空间 核心观点：永鼎股份当前展现出"全产业链底座坚实，新翼蓄势待发"的良好发展态 势。公司以"光棒-光纤-光缆"等网络基础通信产品为根基，构建了从基础材料到高 端光电子器件的垂直一体化全链条能力，并在主业稳健发展的基础上，凭借旗下两大 核心高科技子公司——专注于光芯片的鼎芯光电与深耕高温超导材料的东部超导，形 成了强劲的"双轮驱动"增长模式。随着公司依托全产业链优势实现核心环节自主可 控，叠加高端光芯片产能释放以及超导材料在核聚变等前沿领域的应用落地，两大新 兴板块有望彻底打开 ...

执业证书编号：S0740525100002 Email：sunyw@zts.com.cn 通信设备 | - 级: | | --- | | 増す 自 次 | 执业证书编号：S0740524060005 Email：yanglei01@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,461.99 | | 流通股本(百万股) | 1,461.99 | | 市价(元) | 29.60 | | 市值(百万元) | 43,275.05 | | 流通市值(百万元) | 43,275.05 | 永鼎股份（600105.SH） 证券研究报告/公司点评报告 2026 年 02 月 27 日 | 增持（首次） 评级： | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杨雷 | 营业收入（百万元） | | 4,345 | 4,111 | 4,690 | 5,650 | ...

Group 1 - The China Securities 1000 ETF (159845) opened down 0.83% at 3.469 yuan [1] - Major holdings in the ETF experienced declines, including Xiangnong Chip Innovation down 1.83%, Dongxin Co. down 1.63%, and Yuanjie Technology down 3.28% [1] - The ETF's performance benchmark is the China Securities 1000 Index return, managed by Huaxia Fund Management Co., with a return of 45.08% since its inception on March 18, 2021, and a return of 1.47% over the past month [1]

Core Viewpoint - The rapid development of AI is driving an increased demand for upstream raw materials, leading to a rise in prices for these materials, particularly in the optical fiber market, which has reached a seven-year high with prices exceeding 40 yuan per core kilometer, reflecting an annual increase of over 80% [3][6]. Demand Side - The growth in AI computing power is significantly increasing the demand for high-speed connections within data centers and in non-traditional communication fields, leading to a surge in demand for new types of optical fibers such as multi-mode fibers and G.654.E fibers [6]. - Major tech companies like Microsoft are planning to deploy extensive lengths of hollow-core fiber for their AI data centers, indicating a strong market demand [6]. - The "East Data West Computing" national project in China is expected to generate a concentrated procurement demand for over 3 million core kilometers of ultra-low loss optical fibers by 2025 [6]. Supply Side - The production capacity of optical fibers is constrained by the availability of optical fiber preform rods, which are critical raw materials and represent a bottleneck in the supply chain [7]. - The expansion cycle for optical fiber preform rods is approximately two years, and the industry has seen cautious capital investment since 2019, resulting in a mismatch between supply and demand [7]. - The introduction of hollow-core fibers, which offer advantages such as low latency and low loss, is expected to change the market dynamics, although their high cost remains a barrier [7]. Market Concentration - Domestic manufacturers hold 80% of the global optical fiber preform capacity, enhancing their market power and limiting the expansion of traditional and hollow-core fiber production [8]. - The global optical fiber market is highly concentrated, with the top four manufacturers accounting for over 50% of the market share, and the top ten companies exceeding 90% [8]. Company Highlights - **Changfei Fiber**: A leading global company in the optical fiber industry, expected to reach a production capacity of 100 million core kilometers per year by 2025, benefiting from price increases [12]. - **Hengtong Optic-Electric**: Among the top three in optical fiber communication and submarine cables, with a projected capacity of 95 million core kilometers per year by 2025 [15]. - **ZTT**: A major player with a comprehensive product range and a projected capacity of 90 million core kilometers per year by 2025 [17]. - **FiberHome**: Unique in integrating optical communication systems, with a projected capacity of 85 million core kilometers per year by 2025 [19]. - **Tongding Interconnection**: Established a complete industry chain, with a projected capacity of 75 million core kilometers per year by 2025 [21]. - **Yongding Co., Ltd.**: Recognized as a national champion in fire-resistant communication cables, with a projected capacity of 70 million core kilometers per year by 2025 [23]. - **TeFa Information**: Focused on high-end optical communication products, with a projected capacity of 65 million core kilometers per year by 2025 [25].

Summary of the Conference Call Company Overview - The document pertains to Yongding Co., Ltd., a company involved in the production of optical components. Key Points - The company has completed the latest government filing for a production technology transformation project aimed at increasing the annual production capacity of high-speed optical module chips to 70 million units, which includes an addition of 30 million units [1] - Additionally, the company is set to enhance its production capacity for optical rods to 950 tons and for optical fibers to 36 million units through a technology transformation project, which includes an increase of 500 tons of optical rods and 20 million units of optical fibers [2]