电子行业深度报告AI基建，光板铜电—GTC前瞻Serdes，Rubin Ultra&CPO交换机详解

Investment Rating - Maintain "Buy" rating for the electronic industry [1] Core Insights - Focus on investment opportunities in the M9 PCB supply chain and CPO industry chain, highlighting key players such as 菲利华, 东材科技, and 英伟达 [2] - The report emphasizes the technological evolution of SerDes, which drives the upgrade of interconnect media for computing power, indicating a shift towards M9 materials and optical packaging [4][9] - The Rubin Ultra cabinet is expected to significantly enhance the performance of M9 materials and NPO optical engines, marking a definitive growth trend [4][34] - The CPO switch market is poised for rapid expansion, with core suppliers likely to benefit from increased demand for optical components [4][46] Summary by Sections 1. SerDes Evolution and Interconnect Media Upgrade - Continuous upgrades in SerDes technology are driving the growth of GPU interconnect bandwidth, with Nvidia's architectures showing a clear trend of doubling speeds from 56Gbps to 224Gbps [9][19] - The transition to M9 materials is necessary to support the increasing demands of SerDes speeds, as traditional materials cannot handle the higher frequencies without significant losses [19][22] - The report outlines the need for advanced materials and manufacturing techniques to meet the requirements of next-generation SerDes, emphasizing the importance of low-loss substrates [24][25] 2. Rubin Ultra Scale-Up Architecture - The Rubin Ultra cabinet achieves a groundbreaking total bandwidth of 1.5PB/s, representing a 12-fold increase over previous models, facilitated by a dual-layer network structure [34][37] - The internal network utilizes orthogonal backplane technology to minimize signal loss and latency, crucial for high-density GPU communication [38][42] - The second layer of the network employs NPO technology for inter-Canister communication, significantly enhancing bandwidth and reducing power consumption [43][45] 3. CPO Switch Product Matrix - Nvidia's Quantum X800-Q3450 is the first CPO switch to market, featuring a total switching bandwidth of 115.2T, showcasing advancements in port density and performance [46][49] - The upcoming Spectrum-X series will further expand Nvidia's CPO offerings, providing a complete technology layout from InfiniBand to Ethernet [54][57] - The design of the Spectrum-X switches emphasizes maintainability and redundancy, addressing challenges associated with tightly integrated optical components [58]