【海通通信】高速铜缆专题：AI催化数据中心短距互连高增

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The increase in transmission rates has led to a demand for copper cables due to their cost-effectiveness in short-distance data center connections [5][6]. - AI is driving the rapid construction of data centers, creating a vast market for copper cables [21][25]. - NVIDIA's new architecture is catalyzing an increase in the number of copper connections required [36][38]. Summary by Sections 1. Copper Connections: Cost-Effective Solutions for Short-Distance Transmission - Copper connection products play a crucial role in high-speed interconnects within data centers, particularly for short-distance transmission scenarios, offering significant advantages in heat dissipation, signal transmission, and cost [5][6]. - High-speed copper cables, such as Direct Attach Cables (DAC), are constructed using silver-plated conductors and foam-insulated cores, making them suitable for high-speed applications [5]. 2. Market Space: AI Computing Power Boosts Server Demand - The global server shipment volume is projected to grow by 6% in 2022, reaching 13.8 million units, with revenue expected to increase by 17% to $111.7 billion [21]. - The annual shipment of AI servers equipped with GPUs is anticipated to grow by 8% in 2023, indicating a strong demand for copper cables in data centers [21][24]. 3. Industry Trends: Energy Efficiency and Cost Reduction - The increasing energy consumption of data centers necessitates energy-saving solutions, with copper cables showing significant advantages over optical transmission in short-distance applications [28]. - The market for high-speed cables is expected to double in the next five years, with active electrical cables (AECs) gradually capturing market share from active optical cables (AOCs) and passive copper cables (DACs) [25][26]. 4. Key Companies to Watch - Key companies in the industry include Bochuang Technology, Credo, and Zhaolong Interconnect, which are actively developing high-speed interconnect solutions [50][54][57].