华福证券：AI大模型快速发展助力交换机市场扩张 国内市场具有较高发展潜力

Core Insights - The current data center is evolving towards intelligent operation, integration of computing power networks, and enhanced security, with switches being a core component of computer networks [1][2] Market Overview - The global switch market is projected to reach $41.8 billion in 2024, a decrease of 5.4% year-on-year, with an expected growth to $43.89 billion in 2025 [2] - The Chinese switch market is expected to grow by 5.9% year-on-year in 2024, reaching approximately 42.36 billion yuan, and is projected to reach 44.48 billion yuan in 2025, indicating significant growth potential [2] Demand Upgrades - There is a need for upgrades in switch demand, focusing on white-box switches, market expansion, and OCS optical switching [2] - White-box switches, which decouple hardware and software, offer flexible configuration management and can reduce network deployment costs [2] AI and Network Requirements - The development of AI large models is driving higher demands for network capabilities, including ultra-high bandwidth, low latency, and high stability [1][4] - The coexistence of Scale-Up and Scale-Out networks is essential for powering today's AIGC large models, leading to a significant increase in switch demand [2] OCS Switches - OCS switches establish end-to-end pure optical physical channels, ensuring transparency to signal rates and protocols, and can seamlessly support services from 400G to future rates of 1.6T and above [3] Investment Opportunities - Companies to watch include Shengke Communication-U (688702.SH), ZTE Corporation (000063.SZ), Ruijie Networks (301165.SZ), and Unisplendour Corporation (000938.SZ) [5]