6月29日， 长飞光纤光缆盘中跌超7%，报232.4港元，成交额35.17亿港元。
此前光纤价格上涨带动行业景气预期快速升温，但近期扩产消息开始密集出现。由于光纤价格上行提升了行业投资回报率， 亨通光电、 远东股份、 通鼎互联、 合盛硅业、 大族激光等企业陆续推进光棒及光纤产能建设。如果后续新增产能逐步落地，前期由供需紧张支撑的高现货价格和利润率扩张逻辑会被削弱。
与此同时，康宁发布Glass Bridge玻璃光互连平台，也加重了市场对技术路线变化的关注。该技术通过玻璃光波导实现光纤与光子芯片的被动对准，市场担心其会简化传统CPO架构中对光纤阵列单元及精密主动耦合设备的依赖，从而影响部分中游组件需求预期。
野村认为，短期内供应限制仍将支撑长飞光纤光缆受益于较高现货价格和AI数据中心需求；但如果新进入者顺利推进空芯光纤、多芯光纤等高端产品开发及扩产计划，行业竞争可能加剧，现有龙头的利润率扩张空间将受到市场重新评估。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.