OCS或加速发展，光通信、液冷迎新机遇

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The demand for AI custom acceleration cards remains strong, with a new major client expected to generate an additional $1 billion in AI rack orders by Q3 2026 [5] - Optical Circuit Switch (OCS) technology is anticipated to provide new solutions for large-scale data center architectures, significantly reducing latency and power consumption compared to traditional electronic switches [6][7] - OCS technology is expected to create growth opportunities in optical communication, liquid cooling, and OCS switch manufacturing [7] Summary by Sections Industry Overview - The report highlights the ongoing strong demand for AI-related technologies and the introduction of new products like the Tomahawk 6 switch chip, which enhances network efficiency [5] Technological Developments - OCS technology offers advantages such as reduced latency and power consumption, and it allows seamless interconnection of next-generation devices without frequent upgrades [6] - The integration of OCS with high-speed optical modules and other components is expected to form a cost-effective and efficient large-scale optical switching system [6] Investment Recommendations - Recommended stocks include Zhongji Xuchuang, Xinyi Technology, and others that are positioned to benefit from advancements in OCS and related technologies [7]