AI硬件系列报告（一）：OCS光交换机：AI算力集群时代的新蓝海

Investment Rating - The report rates the OCS optical switch industry as a promising investment opportunity, highlighting its potential growth driven by AI computing demands [3]. Core Insights - The OCS (Optical Circuit Switch) technology is positioned as an ideal solution for high-bandwidth, low-latency communication, essential for AI model training and data center interconnectivity [3][10]. - The global OCS market is projected to grow from $0.7 billion in 2020 to $7.8 billion by 2025, with a compound annual growth rate (CAGR) of 62% [3][50]. - The OCS industry is characterized by high technical barriers and a fragmented supply chain, with key players concentrated in specific segments of the value chain [3][55]. Summary by Sections 1. OCS Technology Overview - OCS operates on a fully optical signal basis, eliminating the need for optical-electrical-optical conversion, thus reducing latency and power consumption [9]. - The technology is crucial for AI computing clusters, particularly in scenarios like Scale-Up, Scale-Out, and Scale-Across, which require efficient interconnectivity [10][12]. 2. Market Growth and Demand - The demand for OCS is driven by the increasing requirements for bandwidth and low latency in AI model training, with major applications in data centers [3][10]. - Major companies like Google and Coherent are leading the market, which is expected to see significant growth in the coming years [3][50]. 3. Industry Chain Analysis - The OCS industry chain consists of upstream core components, midstream equipment integration, and downstream applications, with high technical barriers in the upstream segment [55][57]. - Key players in the upstream include MEMS manufacturers, while midstream is dominated by international firms like Ciena and domestic players like Guangke Technology [55][56]. 4. Investment Opportunities - Companies like Ying Tang Intelligent Control are recommended for their comprehensive OCS technology layout and potential for growth in the AI computing market [66]. - Semiconductor manufacturer Saiwei Electronics is highlighted for its strong position in the MEMS sector, which is critical for OCS technology [66][94].