Huaxi Securities: New space infrastructure competition pushes the industry to accelerate the iterative evolution of the hollow optical fiber industry during a critical window
The Zhitong Finance App learned that Huaxi Securities released a research report saying that at present, in the face of global geopolitical conflicts, the Sino-US technology game, and overseas questions about AI investment, the market is expected to remain volatile, and the sector suggests a relatively cautious and neutral configuration. In the medium to long term, we are still firmly optimistic about AI domestic computing power and optical modules and other related equipment vendors, 6G industry trends, domestic substitution, autonomous control, and military industry trends and industry growth, thereby catalyzing market opportunities including domestic computing power, optical network upgrades, computing power leasing, satellite communications, military communications, and 6G.
Huaxi Securities's main views are as follows:
New space infrastructure competition drives industry acceleration
According to Xinhua News Agency, US President Trump signed an executive order on December 18 calling for measures such as increasing research and development and attracting private sector investment to ensure America's “space advantage.”
The bank believes that space is one of the key areas in the next global game, especially between China and the US. With the accelerated launch of domestic constellations, the accelerated development of commercial space and commercial testing of satellite IoT applications, the related market size is expected to expand at an accelerated pace. As the foundation for 6G network construction, the satellite network currently complies with 6G standards and construction time. Since August, relevant departments have indicated that they will issue satellite Internet licenses. China's satellite Internet commercial operation has taken a critical first step. The issuance of licenses is expected to accelerate the expansion of the entire industry chain to scale. With the launch of the first launch project in the pre-research phase of recyclable rockets, commercial space has entered the accelerated landing stage. Satellite internet is developing rapidly, and constellation launches have been normalized, increasing communication capacity and reducing latency. At the same time, it is expected that applications related to mobile broadband direct connection satellites and low-orbit satellite intelligent driving systems will be implemented rapidly.
Hollow fiber demand is expected to benefit from AI catalysis
According to C114 communication network information, the “Research Report on the Development and Application of Information Photonics Technology (2025)” was officially released on December 15. The report points out that hollow fiber has the advantages of low latency, wide spectrum, low loss, and low nonlinear effects, and is a disruptive solution to the physical bottlenecks of traditional optical fibers. At present, air core fiber is in a critical window of rapid iterative evolution.
The bank believes that hollow fiber is still in the early stages of commercialization, but its characteristics such as low latency, wide spectrum, and low loss are expected to gradually increase demand for large AI model connections. Its multiple potential values are highlighted, including internal interconnection, metropolitan data center interconnection, and wide-area connectivity, all of which have obvious advantages. Relevant beneficiaries include Changfei Optical Fiber, Hengtong Optoelectronics, Firefight Communications, and Zhongtian Technology.
Investment advice
Beneficial targets related to satellite communications and satellite Internet of Things: Industry beneficiaries related to chips and T/R components include: Listed companies: Chengchang Technology, Guobo Electronics, Zhenlei Technology, Shanghai Hanxun, and Xinke Mobile. The terminal antenna related industry chain includes listed companies such as Chengchang Technology, Tongyu Communications, Guobo Electronics, and Zhuosheng Wei. Terminal chips and core networks: China Mobile, China Unicom, China Telecom, Haige Communications, Huali Chuangtong, Zhenyou Technology, etc. Test instruments: Kun Heng Shunwei, Chuangyuan Information Technology, etc.
Risk Alerts
Relevant technology and application progress fell short of expectations; cooperation among all parties in the industrial chain fell short of expectations; progress of relevant policies fell short of expectations.