通信行业专题研究：GSE技术助力AIGC快速发展

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications industry [4]. Core Insights - The GSE technology, developed by China Mobile and partners, integrates high-performance computing needs into Ethernet, facilitating the rapid development of AIGC (Artificial Intelligence Generated Content) and other high-performance applications. The GSE1.0 technology has been commercially deployed in over 10,000 computing centers, reducing communication time during training processes by over 20%, achieving international leading levels [2][6][10]. Summary by Sections 1. GSE Technology Facilitates Rapid Development of AIGC - The GSE technology addresses the high-performance and low-latency communication requirements essential for distributed parallel computing in AI model training. It is designed to support the construction of large-scale intelligent computing centers and the deployment of AI large models [10][11]. 1.1 Emergence of GSE Technology - GSE technology is not a complete overhaul of Ethernet but rather incorporates high-performance computing demands into the existing Ethernet framework, maximizing the reuse of Ethernet's physical layer and ensuring compatibility with the Ethernet ecosystem [11][12]. 1.2 Maturation of the GSE Ecosystem - The GSE ecosystem has matured, with China Mobile planning to invest over 1 billion in developing a 51.2T switching chip suitable for various computing scenarios. The GSE technology standards and the first commercial GSE products were launched during the China Computing Conference, marking a significant milestone [7][14]. 1.3 Ruijie Networks Wins GSE First Bid - Ruijie Networks has been awarded the first GSE project by China Mobile, successfully completing the first commercial GSE network pilot verification. The pilot network achieved over 95% utilization and improved performance by over 50% in LLaMA2-13B model tests [15][16]. 2. Investment Recommendations: Focus on GSE Industry Chain Opportunities - The report emphasizes the investment opportunities within the GSE industry chain, recommending attention to companies such as Ruijie Networks, Unisoc, ZTE, and China Mobile, as AI development continues to drive demand for computing power [16].