Guoxin Securities·2025-08-24 07:36Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The CSP cloud providers are entering the 2.0 era of AI arms race, with rapid development in intelligent computing center interconnection technology. Since 2023, the "large model revolution" ignited by ChatGPT 3.5 has led to significant investments in AI model research and intelligent computing center construction by major tech companies [2][18] - By 2025, the combined capital expenditure (Capex) of major overseas CSPs like Amazon, Google, Microsoft, and Meta is expected to reach $361 billion, a year-on-year increase of over 58%. Domestic companies like ByteDance, Tencent, and Alibaba are projected to exceed 360 billion yuan in Capex [2][19] - NVIDIA, as a leading AI chip manufacturer, is experiencing a supply-demand imbalance for its AI chips, while CSPs are increasing investments in intelligent computing centers, making self-developed ASIC chips a core focus of the new development phase in the AI arms race [2][3] Summary by Sections 01 CSP Arms Race Continues, AI Computing Infrastructure Shows High Prosperity - The competition among major tech companies in AI is intensifying, leading to a surge in token consumption and training demands for large models [9][10] 02 Chip Manufacturers Accelerate Iteration, Driving Industry Development - NVIDIA is accelerating the iteration of its AI chip performance, with upgrades occurring every two years instead of four, and the scale of AI chip clusters is increasing significantly [3][59] 03 CSP Cloud Providers Develop ASIC Chips and Data Center Networks - Major CSPs like Google, AWS, and Meta are actively developing their own ASIC chips and data center architectures to support their AI development paths [4][29] 04 New Technologies: CPO/OCS/Copper Backplane/OIO/PCIe Switch/DCI - The market for optical communication and copper connections is rapidly growing, with significant increases in the expected shipments of 800G and 1.6T optical modules [5] 05 Investment Recommendations - The report recommends focusing on optical module manufacturers such as Zhongji Xuchuang, Xinyi Technology, and Huagong Technology, as well as communication device manufacturers like ZTE and Unisoc [5]