Nvidia(US:NVDA) KAIYUAN SECURITIES·2025-08-24 14:45Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report emphasizes the importance of the AI industry, particularly focusing on developments in distributed data centers and the introduction of NVIDIA's Spectrum-XGS Ethernet, which aims to address challenges in power and capacity within data centers as AI demand grows [4][5] - The Spectrum-XGS Ethernet is expected to enable the combination of multiple distributed data centers into a unified AI super factory, marking a significant advancement in AI computing infrastructure [4] - The report highlights investment opportunities in related sectors such as optical interconnects, liquid cooling, and domestic computing power, recommending specific companies for investment [6] Summary by Sections Industry Overview - The report discusses the rapid growth of AI and its impact on data center infrastructure, necessitating innovations like the Spectrum-XGS Ethernet to enhance performance and reduce latency [4][5] Key Developments - NVIDIA's Spectrum-XGS Ethernet integrates with the Spectrum-X platform, improving communication performance between network and data center facilities, thus facilitating the creation of a unified AI super factory [5] Investment Recommendations - Recommended stocks in the optical module sector include Zhongji Xuchuang and Xinyi Technology, while beneficiaries include Dongshan Precision and Changxin Bochuang [6] - In the liquid cooling sector, Yinvike is recommended, and in the optical fiber sector, Zhongtian Technology and Hengtong Optic-Electric are highlighted as recommended stocks [6]