Changfei Fiber Reaches Limit Up, G.652.D Price Soars 650%

On March 10th, the optical fiber sector on the A-share market experienced a sudden surge in afternoon trading. Changfei Fiber (601869.SH) saw its stock price rapidly climb, hitting the daily upward limit. Industry leaders like Furukawa Electric, Hengtong Optic-Electric, and Zhongtian Technology also posted significant gains. This rally is fueled by the AI boom, which is dramatically driving up prices for the underlying infrastructure: fiber optic cables.

Spot Prices "Skyrocket": G.652.D Fiber Multiples Since Start of Year

Latest industry monitoring data reveals the fiber optic market is undergoing an unprecedented price restructuring. Driven by dual pressures from data center and unmanned aerial vehicle (drone) demand, the spot price for mainstream G.652.D fiber has broken past the 50 yuan threshold.

Even more striking figures come from Kaiyuan Securities' in-depth research: as of March 4th, the price for single-mode G.652.D fiber has soared from 18 yuan per core-kilometer before the Lunar New Year to 85~120 yuan per core-kilometer, marking an increase of nearly 650%. The price for G.657.A1 fiber has also risen close to 500%.

AI as the Core Driver: Massive GPU Clusters Have Surprising "Appetite" for Fiber

Why has fiber suddenly become a scarce resource? A report from Guotai Junan Securities points out that the rigid demand for ultra-high bandwidth and ultra-low latency transmission in AI computing centers has fundamentally altered the industry's dynamics:

Exponential Demand Growth: The fiber demand of a single AI computing center is several times, even an order of magnitude greater than that of a traditional data center.

Massive Consumption by GPU Clusters: A typical large-scale GPU cluster requires tens of thousands of core-kilometers of fiber just for internal server interconnections.

Structural Shift: The share of demand driven by AI for Data Center Interconnect (DCI) scenarios is projected to rise from under 5% in 2024 to 35% by 2027.

Global Supply Relies on China: Output Accounts for Over Half the Market

According to the latest data from the UK-based Commodities Research Unit (CRU), global fiber output reached 662 million core-kilometers in 2025, far exceeding prior forecasts. Of this total, China's output was 372 million core-kilometers, accounting for 56.3% of the global supply. This underscores the pivotal role Chinese fiber manufacturers play in the global race to build AI compute infrastructure.

Valuation Reshuffle: From "Cyclical Manufacturer" to "Core Growth Stock"

Industrial Securities analysts suggest the valuation framework for optical communication companies is currently in a restructuring phase. As AI computing infrastructure becomes a long-term investment theme, related companies are poised to shed their "cyclical manufacturing" label and be re-rated as core growth stocks.

Following the continued leadership by top optical module companies, the momentum is now spreading across the entire optical fiber industry chain. For investors, this may present another golden opportunity to invest in core assets underpinning the AI computing revolution.