  We perform a general chiral symmetry and unitarity based analysis of a local
process of the fermion-antifermion creation from the vacuum by a high-energy
photon as well as an explicit partial wave analysis of the vector current in
QED and QCD. It turns out that such a local process proceeds necessarily via a
certain superposition of the $S$- and $D$-wave contributions. These constraints
from chiral symmetry and unitarity are confronted then with the well-known
theoretical and experimental results on $e^+e^-\to\gamma\to e^+e^-$,
$e^+e^-\to\gamma\to \mu^+\mu^-$, and $e^+e^-\to\gamma\to q\bar{q}$ in the
ultrarelativistic limit. It is shown that these well-known results are
consistent with the $S+D$-wave structure of the vertex and are inconsistent
with the pure $S$-wave interpretation of the vertex. Then a free quark loop in
the $1^{--}$ channel, representing the leading term in the Operator Product
Expansion, contains both $S$-wave and $D$-wave contributions. This fact rules
out the possibility that there is only one radial trajectory for the
$\rho$-mesons with the fixed $S$-wave content. It also implies that all
holographic models that assume a pure $S$-wave content of the $\rho$-meson have
to fail to satisfy the matching conditions at the ultraviolet border $z=0$.
