China Mobile announced 2026-27 optical cable tender Quick Note

研报英文原文证据摘录

China Mobile announced 2026-27 optical cable tender Quick Note

Global Markets Research

YOFC 6869.HK 6869 HK 9 July 2026

EQUITY: TECHNOLOGY

RatingChina Mobile announced 2026-27 optical cable tender Remains Buy

Target price HKD 266.00 RemainsQuick Note

Closing price HKD 151.90 8 July 2026What happened?

China Mobile (CM) (941 HK, Buy) on 8 July released a tender announcement for the

2026-27 normal optical cable centralized procurement. The procurement of normal optical

cable products is about 69.2mn fiber km (fkm), and the demand fulfillment period is 9 Research Analysts

months after the issuance of the procurement results, which translates to an annual China Technology

demand of about 92.3mn fkm. This annual demand volume decreases by 6.6% y-y, Bing Duan - NIHK

compared to 98.8mn fiber km for the 2025-26 procurement. CM did not announce the bing.duan1@nomura.com

bidding price limit for this tender; however, based on the recent price hike in the fiber optic +852 2252 2141

industry, we expect bidding prices to rise this year. In 2025, the weighted average bidding Ethan Zhang - NIHK

price was CNY53.85 per fkm (including VAT) for cable products (while the optical fiber ethan.zhang@nomura.com

price was <CNY25fkm). We expect the tender results to be announced within a month, +852 2252 2157

alongside details about prices and share allocation to suppliers who have won the bid.

Nomura’s view

We think optical fiber demand has gone through a meaningful shift from the telecom

market to the AIDC market, which has led to a meaningful market spot price hike in the

past 6 months. For CM’s 2026-27 tender, we expect a meaningful price increase vs last

year, but we think optical fiber players bidding for this tender would still offer a discount to

CM, which is a large strategic customer.