Core Viewpoint - The article discusses the recent developments in the U.S. ETF market, highlighting the launch of innovative leveraged products and the flow of funds into various ETFs, particularly in the digital currency sector. Group 1: New ETF Products - A total of 13 new ETFs were launched in the U.S. last week, with a notable number of leveraged inverse products [1] - Leverage Shares introduced a new series of "accelerated" products that provide 2x returns on stock increases and 1x on decreases, with a monthly cap on returns, linked to companies like Tesla, Nvidia, MicroStrategy, Coinbase, and Palantir [2] - ProShares launched a 2x leveraged product linked to the top 30 stocks in the Nasdaq 100 index [2] - Harbor and Invesco collaborated to issue a stock enhancement product that combines 75% passive index investment with 75% trend-following futures strategies [2] Group 2: ETF Fund Flows - The inflow of funds into digital currency ETFs has increased significantly, with the Nasdaq 100 ETF seeing the highest inflow of $50.89 billion [3][5] - The top inflows included the iShares Ethereum Trust ETF with $23.17 billion and ARK Innovation ETF with $12.66 billion, while several leveraged ETFs experienced outflows [6] - Over the past two weeks, the overall fund flow in major U.S. ETFs showed a net inflow of $189.35 billion, despite some fluctuations in individual products [7] Group 3: ETF Performance - The ARK Innovation ETF (ARKK) outperformed other technology ETFs with a year-to-date return of over 35%, while the VanEck Semiconductor ETF gained over 20% [8] - The overall technology sector has shown a growth of more than 10% this year, with various ETFs reflecting this trend [8][9]

Core Viewpoint - The global AI server market is expected to grow at a compound annual growth rate (CAGR) of approximately 27.2% from 2022 to 2029, with significant market size projections for 2025 and 2027 [1][4]. Market Dynamics - The shift in performance bottlenecks in the inference era is moving from "computing power" to "transport capacity," necessitating a transition from Scale-Out to Scale-Up network architectures to reduce communication latency and enhance throughput [1][2]. - The internal switch chips in AI servers can be categorized into CPU-GPU connections and GPU-GPU interconnections, which are crucial for high bandwidth and low latency communication within GPU clusters [2]. Competitive Landscape - The AI inference market is diversifying with various acceleration chips, moving away from NVIDIA's dominance, as open standards like PCIe6/7 and UALink create opportunities for third-party interconnect vendors [3]. - Astera Lab is emerging as a key player in the non-NVIDIA ecosystem, actively participating in AMD's UALink and AWS's Trainium NeuronLink, positioning itself for growth alongside AI infrastructure expansion [3]. Market Size Projections - The AI server market is projected to reach approximately 49.139 billion yuan by 2025 and expand to about 102.223 billion yuan by 2027, driven by increasing demand for GPU interconnect switches and CPU-GPU interconnect switches [4]. Investment Recommendations - Companies such as 盛科通信-U (688702.SH) and 海光信息 (688041.SH) are highlighted for their advancements in high-spec Ethernet switch chips and Chiplet interconnect technologies, respectively, with 澜起科技 (688008.SH) also recommended for its PCIe and CXL products [5].

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The AI Scale-Up trend is expected to create a market space worth hundreds of billions for switch chips by 2025 [1] - Key companies recommended for investment include Shengke Communication and Haiguang Information, with a suggestion to pay attention to Lankai Technology [2] Industry Trends - The report highlights a shift in the industry from "computing power" to "operational power" in the inference era, emphasizing the need for lower latency and higher bandwidth through Scale-Up networks [5] - The AI server market is projected to grow significantly, with a compound annual growth rate of approximately 27.2% from 2022 to 2029, leading to a doubling of the switch chip market size from 2025 to 2027 [5][11] - The estimated market size for switch chips is projected to reach approximately 49.139 billion yuan in 2025 and expand to about 102.223 billion yuan by 2027 [5][11] Company Summaries - Shengke Communication is advancing high-spec Ethernet switch chips with a maximum port rate of 800G and a switching capacity of 12.8T/25.6T, with small-scale deliveries expected in 2024 [5] - Haiguang Information is engaged in advanced packaging and high-bandwidth, low-latency Chiplet interconnect research, covering PCIe and CXL support [5] - Lankai Technology has released PCIe 6.x/CXL 3.x Retimer and has already sent samples to customers, with previous versions already in mass production [5] Valuation of Key Companies - Shengke Communication has a total market value of 38.548 billion yuan, with a closing price of 94.02 yuan and an EPS forecast of -0.07 for 2025 [6] - Haiguang Information has a total market value of 354.717 billion yuan, with a closing price of 152.61 yuan and an EPS forecast of 1.23 for 2025 [6]