AI算力系列之交换机：算力网络稳定“核心”，助力AI高效发展

Investment Rating - The industry investment rating is maintained as "Outperform" [1] Core Viewpoints - The demand for switches is driven by the growth of data center construction, with the global market for switches expected to grow significantly [2][18] - The Ethernet switch market is highly concentrated, with the top five manufacturers holding a significant market share [2][70] - The transition to white box technology is reducing procurement and operational costs, while the CPO switch market shows promising prospects [30][36] - AI is driving the upgrade and expansion of data center switches, with a notable increase in the adoption of higher-speed ports [119] Summary by Sections 1. Overview of the Switch Industry and Technology Trends - Switches are key devices for network interconnection, expanding network coverage and providing more connection ports [9] - The global Ethernet switch market is projected to grow from $61.9 billion in 2020 to $96.8 billion by 2025, with a CAGR of 9.4% [23] - In China, the market is expected to grow from 116.8 billion yuan in 2020 to 318 billion yuan by 2025, with a CAGR of 22.2% [23] 2. Analysis of the Switch Industry Chain - The switch industry chain includes upstream components like chips, midstream manufacturing, and downstream applications in telecommunications, cloud services, and data centers [60] - The chip cost accounts for the highest proportion of switch costs at 32% [60] - The global switch OEM market is transitioning towards China, with a significant share of manufacturing now located in mainland China [74] 3. AI Development Driving Switch Upgrades - The increasing demand for AI models is leading to a rise in the need for high-performance data center switches [119] - The adoption of RDMA technology is crucial for reducing communication latency in distributed training [111] - By 2027, Ethernet is expected to surpass InfiniBand in terms of deployment in AI backend networks [118] 4. Recommended Companies to Watch - Companies to focus on include: Shengke Communication, Yutai Micro, Ruijie Networks, Unisplendour, ZTE, Feiling Kesi, and Gongjin [4]