服务器及佩套产业链深度：算力浪潮螺旋升，AI时代新机遇

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The server industry is experiencing significant demand growth driven by advancements in technology and the rise of AI, with supernodes and computing clusters being the primary technical directions for AI servers [3][6] - The server hardware architecture is similar to that of ordinary computers, but with higher requirements for performance, stability, security, and scalability [6][14] - The market is segmented into 12 levels based on the capabilities of server manufacturers, influencing their positioning, technological barriers, and profit margins [6][8] - The investment opportunities in the server industry are primarily in areas such as AI chips, storage, SSDs, PCBs, power supplies, and domestic replacements for high-end CPUs and AI chips [8][75] Summary by Sections Server Definition and Functionality - Servers are specialized high-performance computers that provide computing, storage, and networking services to client machines [14][16] - They are essential infrastructure for the IT industry, acting as the core of network systems and responding to service requests from other computers [16][19] Supply Perspective - The server market has evolved through phases, including a shift from self-branded products to customized ODM services, with significant growth driven by domestic replacements and cloud computing [6][8] - The competition in the server industry has transitioned from a focus on technology to a comprehensive comparison of capabilities, with cabinet-level AI server delivery capabilities becoming crucial for high-end competition [6][8] Server Industry Chain Composition - The hardware components of servers include processors, memory, chipsets, I/O components, hard drives, chassis, power supplies, and fans, with CPUs and chipsets, memory, and external storage being the largest cost components [8][19] - The cost structure of AI servers is significantly different, with GPU costs potentially accounting for up to 70% of the total [8][75] Investment Opportunities - Investment opportunities are identified in the following areas: 1. Following the overall increase in server, especially AI server, demand 2. Focusing on components with increasing value proportions in AI servers, such as AI chips and storage solutions 3. Domestic replacements for high-end CPUs and AI chips [8][75] AI Server Era - The emergence of AI has led to a surge in demand for AI servers, which require high-performance GPUs and specialized architectures for parallel computing [75][84] - The global AI infrastructure market is projected to exceed $200 billion by 2028, with significant growth driven by investments in AI deployment servers [84][87]