山西证券研究早观点-20251224

Core Insights - The report highlights the significant developments in the domestic GPU market, with major players like Moer Technology and Muxi Co. making strides in the capital market, indicating a growing focus on domestic computing power in 2026 [8][9] - The demand for data center optical fibers is expected to surge, with early signs of price increases in the market, driven by the growing need for high-density connections in data centers [11] Industry Commentary - GPU Market Developments: - Moer Technology and Muxi Co. have recently entered the STAR Market, while Biran Technology and Tensu Zhixin have passed the Hong Kong Stock Exchange hearing, marking a pivotal moment for domestic GPGPU players [8] - Moer Technology's recent developer conference showcased its new architecture "Huagang," which promises significant performance improvements, including a 50% increase in density and a tenfold increase in efficiency [8] - Muxi Co. achieved a market capitalization exceeding 280 billion in its first week on the STAR Market, positioning itself as a strong competitor in the domestic GPGPU sector [8] - Biran Technology and Tensu Zhixin are also gaining traction, with Biran's BR106 series and Tensu's GPU products catering to a wide range of clients across various industries [8] - Optical Fiber Market Trends: - The report notes a 15% price increase in the common cable and fiber market, with major manufacturers indicating a robust demand for data center optical fibers [11] - By 2025, data center optical fiber demand is projected to account for 5% of global demand, with North America exceeding 14% [11] - The report anticipates that the global demand for data center optical fibers will surpass 50 million core kilometers by 2029, with a compound annual growth rate (CAGR) of 26% for AI application fibers [11] - The increasing power density of cabinets and the doubling of GPU bandwidth are expected to drive the demand for high-density MPO optical fibers [11] Investment Opportunities - The report suggests focusing on investment opportunities in upstream components such as copper connections, switching chips, network card chips, and interface IPs, particularly in the context of the rapid development of supernode servers [9] - Key companies to watch in the domestic supernode sector include Unisplendour, ZTE, Inspur, and others, while the commercial aerospace sector features companies like Shanghai Hanxun and Yifeng Communication [11]