服务器行业深度报告：AI和“东数西算”双轮驱动，服务器再起航

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Insights - The server industry is driven by AI and the "East Data West Computing" initiative, leading to a resurgence in server demand as they serve as the computing power engine for the digital economy [2][7] - The AI server market is projected to grow significantly, with a global market size expected to reach $21.1 billion in 2023 and$31.79 billion by 2025, reflecting a CAGR of 22.7% from 2023 to 2025 [7][10] - AI servers are characterized by a shift in component value, where the GPU's cost share in AI servers is significantly higher compared to traditional servers, indicating a clear trend towards specialized hardware for AI applications [3][18] Summary by Sections Section 1: AI as the Computing Power Engine - The demand for computing power is increasing due to the rise of large AI models, with significant computational requirements for training and inference [7][10] - The AI server market is expected to see a steady increase in shipments, with AI server shipments projected to reach 1.2 million units in 2023, representing a 38.4% year-on-year growth [10][11] Section 2: AI Server Industry Chain Analysis - The AI server industry chain includes critical components such as CPUs, GPUs, memory (DRAM), and storage (SSD), with a notable increase in the value share of AI chips [18][24] - The architecture of AI servers is evolving, with a focus on high-performance components that enhance computational efficiency [24][25] Section 3: Listed Companies and Investment Recommendations - Key companies to watch include Inspur, Hygon, Longsys, and others involved in the AI server supply chain, particularly in chip manufacturing and storage solutions [3][67][71] - The report highlights the growth potential of companies like Hygon and Longsys, which are positioned to benefit from the increasing demand for AI servers and related technologies [71][75]