AEC：铜连接之光

Industry Investment Rating - Overweight (Maintained) [1] Core Views - The report highlights the growing importance of AEC (Active Electrical Cable) in the data center and computing power industry, particularly for short-distance, high-bandwidth connectivity [4][11] - AEC is expected to see rapid market penetration due to its cost-effectiveness and superior performance compared to traditional cables like DAC (Direct Attach Cable) and ACC (Active Copper Cable) [6][11] - The AEC market is projected to double in the future, driven by demand for 400G and higher-speed applications, with technology advancing towards 800G and 1.6T [11] - The report emphasizes the complementary relationship between AEC and optical modules, with domestic manufacturers gaining a competitive edge through innovation and industry collaboration [11] - The computing power industry is entering an era of strategic alliances, with AEC and CSP (Cloud Service Provider) independent solutions playing a pivotal role [11] Industry Trends - The communication sector outperformed the broader market, with the industry index rising by 2.0%, surpassing the Shanghai Composite Index [28] - IoT and mobile communication sectors showed significant growth, increasing by 8.1% and 2.3% respectively, outperforming the industry average [29] - Blockchain index underperformed, declining by 3.2% [29] Key Companies and Recommendations - The report recommends companies with comprehensive layouts in the connectivity sector, such as Zhongji Innolight, Eoptolink, TFC Optical Communication, and TFC Optical Fiber [11][22] - In the copper connectivity sector, Wolfspeed, Jintai Copper, and Luxshare Precision are highlighted as key players [11][22] - Other recommended sectors include liquid cooling, edge computing platforms, and satellite communication, with companies like Envicool, Shenling Environment, and China Satcom [22] Market Performance - Runxin Technology led the communication sector with a 76.9% increase, driven by the Chiplet concept [30] - Sanwei Communication and Beiyi Technology also saw significant gains, rising by 51.4% and 34.8% respectively, benefiting from AI application and PaaS concepts [30] Technology and Innovation - AEC technology is gaining traction due to its ability to support longer transmission distances and higher stability compared to DAC and ACC, making it ideal for high-bandwidth, short-distance applications [6][11] - The report notes that AEC's cost advantage over optical modules and its integration of Retimer chips for signal quality improvement are key drivers of its adoption [6][11] Global AI and Communication Trends - Overseas AI markets showed strong growth, with companies like Google, Microsoft, and Amazon rising by 8.56%, 0.83%, and 0.19% respectively [25] - NVIDIA faced a 5.75% decline due to a market investigation, while Marvell, Broadcom, and Credo reported earnings that highlighted the importance of computing power communication [25]