Investment Rating - The report maintains an "Outperform" rating for the communication industry [1]. Core Insights - The upgrade of AI cluster network architecture is driving demand for optical modules, switches, network cards, and fiber optic cables due to the need for enhanced backend networking to support increased east-west traffic [2][12]. - The upcoming release of NVIDIA's GB300 is expected to significantly boost the demand for 1.6T optical modules, as the new architecture requires a higher number of upgraded optical modules compared to its predecessor [2][67]. - The trend towards self-developed ASICs by major players like Google, AWS, Meta, and Microsoft is anticipated to further increase the demand for optical modules and AEC connections [2][69]. Summary by Sections AI Cluster Network Architecture Upgrade - Traditional network architectures are inadequate for AI computing, primarily due to high latency and bandwidth limitations [11][12]. - The AI network architecture necessitates the addition of backend networks, which increases the demand for switches and optical modules [12][34]. NVIDIA H100 and NVL72 Cluster Network Architecture - The report details the network architecture for NVIDIA's H100 and NVL72 clusters, highlighting the differences in optical module requirements between the GB200 and GB300 models [47][66]. - The GB300 model requires a significant number of 1.6T dual-port optical modules, reflecting a shift in optical module demand as network speeds increase [67][68]. North American Leading CSP Network Architecture - The report discusses the network architecture of leading cloud service providers in North America, emphasizing the importance of efficient interconnectivity and the role of optical modules in supporting large-scale AI operations [74][78]. Investment Recommendations - The report recommends leading companies in the optical device and module sector, such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, while also suggesting attention to companies like Huilv Ecology and Zhaolong Interconnect in the high-speed copper cable segment [2][113].

2024年1至12月份，兆龙互连的营业收入构成为：数字通信电缆行业占比95.46%，其他业务占比 4.54%。 （文章来源：每日经济新闻） 兆龙互连（SZ 300913，收盘价：51.12元）8月11日晚间发布公告称，公司于近日收到德清兆兴、德清 兆信、德清百盛出具的《关于股份减持计划实施完成的告知函》，截至2025年8月11日，德清兆兴、德 清兆信、德清百盛通过集中竞价方式已合计减持公司股份约311万股，本次减持计划已实施完毕。 ...

证券代码：300913 证券简称：兆龙互连 公告编号：2025-056 浙江兆龙互连科技股份有限公司 | 股东名称 | 减持方式 | | 减持期间 | | | 减持均价 （元/股） | 减持股数 （股） | 减持比例 （%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 德清兆兴 | 集中竞价 | 2025 年 | 7 月 | 29 | 日至 | 49.26 | 1,748,788 | 0.5592 | | | | 2025 | 年 7 | 月 31 | 日 | | | | | 德清兆信 | 集中竞价 | 2025 年 | 7 月 | 29 | 日至 | 49.28 | 816,333 | 0.2611 | | | | 2025 | 年 7 | 月 31 | 日 | | | | | 德清百盛 | 集中竞价 | 2025 年 | 7 月 | 17 | 日至 | 50.17 | 549,300 | 0.1757 | | | | 2025 | 年 8 | 月 11 | 日 | | | | | | 合计 | | | | | - | 3,114, ...

证券日报网讯兆龙互连（300913）8月11日在互动平台回答投资者提问时表示，公司极细同轴线可应用 于消费类电子领域，如笔记本电脑、手机、AR/VR等。 ...

Core Viewpoint - Zhaolong Interconnect's stock price closed at 50.00 yuan on August 8, 2025, reflecting a decline of 1.03% from the previous trading day, with a trading volume of 86,682 lots and a transaction amount of 437 million yuan [1] Company Overview - Zhaolong Interconnect specializes in the research and production of data cables, high-speed cables, and connection products, with applications in the communication equipment sector, including copper cable high-speed connections and optical communication modules [1] - The company has indicated that its products can be utilized in 6G high-frequency transmission and underwater data centers, showcasing its strategic positioning in cutting-edge communication technology [1] Financial Insights - On the same day, Zhaolong Interconnect experienced a net outflow of main funds amounting to 23.44 million yuan, with a cumulative net outflow of 104 million yuan over the past five days [1]

Core Viewpoint - The company, Zhaolong Interconnect, is actively engaged in the optical products sector, providing customized optical connection solutions and has established stable collaborations with clients in various fields, including financial data centers and automated factories [1] Product Offerings - The company's optical products include fiber optic cables, fiber optic jumpers, MPO/MTP pre-terminated connectors, LC fiber connectors, and optical distribution frames [1] - Zhaolong Interconnect is focusing on high-speed interconnects and hybrid optical-copper products, indicating a commitment to research and development in these areas [1] Client Collaboration - The company has initiated stable cooperation with clients in sectors such as financial data centers and automated factories, although the revenue contribution from these collaborations is currently relatively small [1] - Zhaolong Interconnect plans to deepen strategic cooperation with key clients to enhance its market position [1]

证券日报网讯兆龙互连8月7日在互动平台回答投资者提问时表示，公司伺服电缆主要用于数控机床、机 器人、自动化机械设备的伺服电机与控制器或变频器之间的连接，适用于高电磁干扰的场合；拖链电缆 主要用于数控机床、雕刻机、木工机械、钢铁生产线等自动化设备和机械生产线，特别适用于拖链应用 或频繁移动的场合。 （文章来源：证券日报） ...

Group 1 - The company, Zhao Long Interconnect (300913.SZ), has indicated that its products are applied in the renewable energy sectors, including photovoltaic and wind energy [1] - The company has successfully formed batch revenue from these applications [1]

Core Viewpoint - The company, Zhaolong Interconnect (300913.SZ), is actively engaged in the optical products sector, focusing on customized optical connection solutions for data centers and automation factories, with plans to enhance R&D investments in high-speed interconnect and hybrid optical-copper products [1] Group 1: Product Offerings - The company's optical products include optical cables, fiber jumpers, MPO/MTP pre-terminated connectors, LC fiber connectors, and optical distribution frames [1] - The company has established stable cooperation with clients in financial data centers and automated factories, although the revenue contribution from these collaborations is currently small [1] Group 2: Strategic Initiatives - The company plans to increase R&D investment in high-speed interconnect and optical-copper hybrid products [1] - There is an emphasis on deepening strategic cooperation with key clients [1]

Core Viewpoint - The company Zhaolong Interconnect (300913.SZ) specializes in servo cables and drag chain cables, which are essential for automation equipment and machinery in high electromagnetic interference environments [1] Group 1: Product Applications - Servo cables are primarily used for connecting servo motors to controllers or inverters in CNC machine tools, robots, and automated machinery [1] - Drag chain cables are utilized in CNC machine tools, engraving machines, woodworking machinery, and steel production lines, particularly suitable for drag chain applications or frequent movement scenarios [1]