智通财经网·2025-12-08 07:47Core Insights - The report from Huazhong Securities highlights the increasing demand for Optical Circuit Switches (OCS) due to the high requirements of AI large model training for communication bandwidth, latency, and power consumption [1][3] - The global OCS market is projected to grow from $0.07 billion in 2020 to $0.78 billion by 2025, with a compound annual growth rate (CAGR) of 62% [3] - The OCS industry chain consists of upstream core components, midstream equipment integration, and downstream applications, with high technical barriers and significant value concentration in upstream components [4] Market Growth - The OCS market is expected to reach $2.02 billion by 2031, with a CAGR of approximately 17.2% from 2025 to 2031 [3] - Major players in the market include Google and Coherent, with the top four companies expected to hold about 69% of the market share by 2025 [3] Applications and Efficiency - OCS is primarily applied in three scenarios within AI computing clusters: Scale-Up, Scale-Out, and Scale-Across, showcasing its efficiency in expanding TPU cluster capabilities [2] - For instance, a Google TPU cluster with 4096 TPU v4 chips requires 48 OCS switches, demonstrating a TPU to OCS ratio of 85:1, which improves to 192:1 with future upgrades [2] Industry Participants - Companies like Yintan Zhikong and Saiwei Electronics are positioned to benefit from the OCS market growth, with Yintan focusing on semiconductor design and manufacturing, and Saiwei leading in MEMS technology [5] - Yintan plans to acquire Guilin Guanglong Integration to enhance its OCS capabilities, while Saiwei is set to start mass production of MEMS-OCS, capitalizing on the expanding AI computing demand [5]