交换机网络：AI基建的“神经中枢”

Investment Rating - The report maintains a "Recommended" rating for the industry [4] Core Insights - The demand for AI model training and inference is driving a significant acceleration in the upgrade of switches to higher speeds, with a single AI training cluster often requiring thousands of GPU servers interconnected by multiple 400G ports [3][14] - The Ethernet switch market is experiencing exponential growth, with global sales reaching nearly $14.7 billion in Q3 2025, a year-on-year increase of 35.2%, driven by the need for low-latency, high-bandwidth data transmission in AI applications [14][15] - The report highlights the importance of Ethernet's flexibility and compatibility across various network scenarios, making it the preferred choice for large-scale data centers [15][16] Summary by Sections 1. AI Restructuring Demand, Ethernet Becomes the Main Character - Ethernet switches accounted for 60% of total switch shipments, with data center switches contributing 59.5% of the market share and a year-on-year growth rate of 62% [14] - The report emphasizes that as AI model parameters increase, the need for efficient data transmission in distributed clusters becomes critical for training and inference efficiency [14][15] 2. Market Review: Communication Sector Decline, Satellite Communication Navigation Performs Relatively Well - The communication sector has seen a decline, underperforming compared to the Shanghai Composite Index [17][19] 3. Industry News - Gartner predicts that global AI spending will reach $2.5 trillion by 2026, with a 44% year-on-year growth [26] - The report notes that Chinese AI models have captured a 15% global market share, a significant increase from 1% a year prior [27] 4. Company News - Tianfu Communication forecasts a net profit of 1.88 to 2.15 billion yuan for 2025, representing a year-on-year growth of 40% to 60% [29] - Tengjing Technology has signed a $12.8 million order for customized collimator arrays, supporting AI computing centers and large-scale optical interconnect networks [29] 5. Investment Recommendations: Switches Expected to Undergo Value Reassessment, Continued Optimism for Computing Sector - The report suggests focusing on companies in the switch network sector such as Ruijie Networks and ZTE, as well as in the optical module industry like Zhongji Xuchuang and Tianfu Communication [3][31]