从下游覆铜板看玻纤电子布需求和格局 20250702 摘要 AI 加速卡需求提升带动 low DK 玻璃布及马 8 级别材料紧缺，电子公司 高速材料的 30%-40%用于生产训练主板，预计 2025 年 low DK 布需 求量达七八百万平方米以上，主要应用于 ASIC 和 GPU。 国产 low DK 布性能逐步提升，已切入生益和台光等大规模供应商，但 与日台产品仍存在差异，稳定性是关键。CCL 端对新型低 DK 玻璃布认 证周期通常为一年，具体取决于公司策略和客户需求。 覆铜板行业主要使用一代玻璃布，尤其在 AI 加速卡领域占据 80%市场 份额，二代玻璃布主要用于以太网交换机，三代玻璃布预计在下一代产 品中使用，但产能有限。 不同客户对材料价格敏感度差异大，北美客户注重性能不计成本，其他 客户关注性价比。覆铜板行业预计 2026 年继续扩产，产品层数也将增 加，如谷歌下一代 TPU 可能使用 34 层 PCB。 覆铜板行业预计 2026 年产能增加 30%-40%，玻纤布需求量也将相应 增长。韩国供应商每月生产约 140 万平米覆铜板，其中 70 万平米为马 8 级别材料。 Q&A 一代玻璃布每平米价格 ...

Core Viewpoint - The article emphasizes the importance of interconnect architecture in AI infrastructure, highlighting that while GPUs are crucial, the ability to train and run large models relies heavily on effective interconnect systems [1]. Group 1: Interconnect Architecture - Interconnect architecture encompasses various levels, including chip-to-chip communication within packages and system-level networks that support thousands of accelerators [1]. - Nvidia's dominance in the industry is attributed to its expertise in developing and integrating these interconnect architectures [1]. - Broadcom has been quietly advancing various technologies related to interconnect architecture, including Ethernet architectures for large-scale expansion and internal chip interconnect technologies [1][3]. Group 2: Ethernet Switch Technology - Broadcom has introduced high-capacity switches, such as the 51.2Tbps Tomahawk 5 and the recently launched 102.4Tbps Tomahawk 6, which can significantly reduce the number of switches needed for large GPU clusters [3]. - The number of switches required decreases as the switch's port count increases, allowing for more efficient connections among GPUs [3]. - Nvidia has also announced its own 102.4Tbps Ethernet switch, indicating a competitive landscape in high-capacity switch technology [4]. Group 3: Scalable Ethernet Solutions - Broadcom's Tomahawk 6 switches are positioned as a shortcut for rack-level architectures, supporting between 8 to 72 GPUs, with future designs expected to support up to 576 GPUs by 2027 [6]. - Ethernet technology is being utilized for both scalable and large-scale networks, with Intel and AMD also planning to implement Ethernet for their systems [7]. Group 4: Co-Packaged Optics (CPO) Technology - Broadcom has invested in co-packaged optics (CPO) technology, which integrates components typically found in pluggable transceivers into the same package as the switch ASIC, significantly reducing power consumption [9][10]. - The efficiency of Broadcom's CPO technology is reported to be over 3.5 times that of traditional pluggable devices [10]. - The third generation of CPO technology is expected to support up to 512 200Gbps optical ports, with future developments aiming for 400Gbps channels by 2028 [11]. Group 5: Multi-Chip Architecture - As Moore's Law slows, the industry is shifting towards multi-chip architectures, allowing for higher yields and optimized costs by using smaller chips [14]. - Broadcom has developed a 3.5D eXtreme Dimension System in Package (3.5D XDSiP) technology to facilitate the design of multi-chip processors, which is open for licensing to other companies [15]. - The first products based on this design are expected to enter production by 2026, although the specific applications of Broadcom's technology in AI chips may remain undisclosed [15].

公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 semianalysis 。 今天，超级以太网联盟 (UEC)宣布发布UEC 规范 1.0，这是一个基于以太网的全面通信堆栈，旨在 满足现代人工智能 (AI) 和高性能计算 (HPC) 工作负载的严苛需求。此次发布标志着我们朝着重新定 义下一代数据密集型基础设施以太网迈出了关键一步。 UEC 规范 1.0 为网络堆栈的所有层（包括 NIC、交换机、光纤和电缆）提供了高性能、可扩展且可 互操作的解决方案，从而实现了无缝的多供应商集成并加速了整个生态系统的创新。 UEC 规范正在推动整个行业的采用，通过推广开放、可互操作的标准来避免供应商锁定。随着积极 的实施和合规计划的推进，UEC 正在为整个行业建立一个统一且易于访问的生态系统铺平道路。 超级以太网联盟技术咨询委员会主席 Hugh Holbrook 补充道："超级以太网 1.0 规范是人工智能、高 性能计算 (HPC) 和网络专家、系统和芯片供应商以及网络运营商通力合作的成果。它融合了与应 用、传输协议、拥塞控制、直接内存访问、以太网链路和 PHY 技术以及网络安全相关的丰富知识、 经验和理念 ...

博通公司 20250606 43%。 具体来看，Broadcom 公司的半导体解决方案部门在第二季度表现如何？ 半导体解决方案部门在 2025 财年第二季度收入达到 84 亿美元，同比增长 17%，占总收入的 56%。其中，AI 半导体收入超过 85 亿美元，同比增长 20%，连续 15 个季度保持强劲增长势头。推动这一增长的关键因素包括定制 AI 加速器和 AI 网络业务，其中基于以太网的 AI 网络表现尤为强劲，占 AI 收入 的 40%。Tomahawk 交换机、CherryRouter 路由器和 Nis 网络产品组合是 成功的重要驱动力。此外，本周发布的新一代 Tomahawk 6 交换机进一步巩 固了这一势头。 Broadcom 公司的基础设施软件业务在本季度有何表现？ 摘要 Broadcom 2025 财年第二季度业绩亮眼，合并调整后 EBITDA 达 100 亿美元，同比增长 35%，毛利率高达 79.4%。营业收入 98 亿美元，同 比增长 37%，营业利润率 65%，自由现金流 64 亿美元，占收入的 43%。 半导体解决方案部门收入 84 亿美元，同比增长 17%，占总收入 56%。AI ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 通信 博通和 Ciena 财报说明了什么？ 【博通：网络的重要性】 事件：博通发布 FY25 Q2 季报（截至 2025 年 4 月），实现营收 150 亿 美元，同比增长 20%，公司合并毛利率为 79%，业绩增长主要得益于 AI 业务的增长和 VMware 的并表整合。从产品结构来看，半导体解决 方案营收 84 亿美元，同比增长 17%截其中 AI 业务 44 亿美元，同比 增长 46%）；基础设施软件营收 66 亿美元，同比增长 25%。公司指引 FY25 Q3 营收 158 亿美元，其中 AI 业务 51 亿美元。 我们认为，在 AI 大模型驱动的算力经济中，网络不再是配角，而是 AI 系 统性能释放的前提，建议重视 AI 发展中网络的重要性： 作者 分析师 宋嘉吉 执业证书编号：S0680519010002 邮箱：songjiaji@gszq.com 截1）网络：AI 算力体系的"新瓶颈" 大模型集群要求系统内部具备极致的低延迟、高带宽和可扩展性，系统瓶 颈由此重构，过去的瓶颈在"单芯片算力"，现在及未来的瓶颈在 ...

证券研究报告|行业简评报告 2025 年 06 月 06 日 营收创单季历史新高，指引 25Q3 AI 收入同比持续高增 事件： 博通（NASDAQ：AVGO）发布 FY2025Q2 季报，第二财季营收 150.04 亿美 元，同比+20%/环比+1%，毛利率为 79.4%，同比+3.2pcts/环比+0.3pct。综合 财报及交流会议信息，总结要点如下： 评论： 1、FY25Q2 营收创单季历史新高，毛利率超指引预期。 FY25Q2 营收 150.04 亿美元，创历史新高，同比+20%/环比+1%，超此前指引 （约 149 亿美元），收入增长得益于 AI 半导体业务的持续强劲以及 VMware 业 务的发展势头；毛利率 79.4%，同比+3.2pcts/环比+0.3pct，高于此前指引(约 78.9%)。库存 20 亿美元，环比增长 6%，库存周转天数 69 天。 2、AI 业务营收同比高增，软件受益 Vmware 增速明显。 1）半导体部门：收入为 84 亿美元，占本季度总收入的 56%，同比增长 17%， 毛利率约为 69%，同比上升 140 个基点，受产品组合驱动，运营费用同比增长 12%，达到 9. ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 nextplatform ，谢谢。 Arista 的高层表示，本季度公司赢得了一些改造园区和数据中心交换机的订单，并在基于商用芯 片的数据中心路由方面取得了重大进展，所有这些都基于一个 EOS Linux 网络操作系统和一个遥 测和控制平面。但 Arista 首席执行官 Jayshree Ullal 在当前不确定的时期对未来预测持谨慎态 度。 "我们从新闻中看到了悲观的情绪，但我们并没有感受到，"乌拉尔在讨论第一季度数据的电话会议 上告诉华尔街分析师。"我从来都不是一个好的预言家，也无法准确预测宏观趋势。回顾我在思科 的那些年，以及现在，经济衰退不会给你预警。它们自然而然地发生了。目前，我们没有看到任何 经济衰退的征兆。事实上，我们看到的恰恰相反。我们看到了巨大的需求，无论是人们因为关税而 购买产品，还是人们对Arista产品的普遍热情。因此，除非关税政策发生重大变化，导致经济衰 退，否则Arista的发展势头确实良好。" 部分原因在于，当客户为人工智能系统构建高带宽后端网络时，他们必须升级运行基础设施的前端 网络，该基础设施负责将数据库、存储和应 ...

Core Viewpoint - The automotive industry is transitioning from distributed to domain-centralized architectures, with Ethernet becoming the backbone for in-vehicle communication, leading to a surge in demand for automotive Ethernet chips [2][3]. Group 1: Market Demand and Product Development - The market for automotive Ethernet chips is expected to explode in the next one to two years due to the increasing consensus on building domestic supply chains and enhancing product competitiveness [3]. - The latest automotive Ethernet TSN switch chips, YT9908 and YT9911, support multiple TSN protocols and include advanced security features, indicating a focus on high-performance communication solutions [3]. - Currently, the usage of Ethernet chips in vehicles is limited, with approximately 10 PHY chips and 1 to 4 switch chips per vehicle, but this is projected to increase significantly as smart vehicle technology evolves [3][4]. Group 2: Technological Evolution and R&D Investment - The evolution of automotive electronic architectures is driven by the demand for high bandwidth, low latency, and reliable communication, particularly for advanced driving assistance systems and smart cabins [4]. - The company plans to accelerate the development of next-generation automotive chips by 2025 to support higher bandwidth and multi-domain integration, with R&D expenses projected to reach 294 million yuan in 2024, accounting for 74.1% of revenue [4][5]. Group 3: International Expansion and Market Trends - The company began its international expansion in 2023, achieving overseas revenue of 73.76 million yuan in 2024, a growth of 157.84% compared to 2023, with a focus on major automotive manufacturers in Europe [5]. - The domestic market for automotive communication chips, particularly Ethernet chips, has a low localization rate of about 5%, attributed to the recent standardization of Ethernet technology and the high safety requirements for automotive applications [6][7]. Group 4: Industry Collaboration and Integration - The relationship between automotive manufacturers and chip companies is evolving from a supply-demand dynamic to deeper collaboration, particularly in the development of automotive Ethernet chips [7][8]. - The changing perceptions of domestic chip manufacturers among automotive OEMs have improved, with increased acceptance of new products over recent years [8]. - The international landscape presents opportunities for domestic chip manufacturers to enhance self-sufficiency in the supply chain, although the core focus remains on technology, product quality, and service to capture market share [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 20.388 billion yuan for 2024, representing a year-on-year growth of 22.92% compared to 2023, and a net profit of 1.739 billion yuan, which is a 49.37% increase from 2023's net profit of 1.164 billion yuan [5] - In Q1 2025, the company achieved a revenue of 5.611 billion yuan, a 26.86% increase year-on-year from Q1 2024, and a net profit of 564 million yuan, up 43.76% from the same period in 2024 [5] - The company has established itself as a leading supplier of copper-clad laminates, benefiting from the demand in the computing power era, with applications in various high-tech fields [5][6] Financial Performance - The company is expected to achieve revenues of 23.887 billion yuan, 27.552 billion yuan, and 30.972 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.617 billion yuan, 3.359 billion yuan, and 3.869 billion yuan for the same years [9] - The projected P/E ratios for 2025, 2026, and 2027 are 22.55, 17.57, and 15.25 respectively [9] - The company’s gross margin is expected to improve from 22.0% in 2024 to 25.0% by 2026 [11] Market Position - According to Prismark, the company ranked second globally in rigid copper-clad laminate sales from 2013 to 2023, achieving a market share of 14% in 2023 [6] - The company has made significant advancements in high-frequency and high-speed packaging substrate technologies, overcoming foreign technology barriers [6] Research and Development - The company has invested in the development of halogen-free low-loss copper-clad laminates for next-generation server platforms, addressing market demands for AI servers and high-speed transmission links [7][8] - The company has established a national-level engineering technology research center, focusing on key technological issues in the industry and continuously developing high-value-added new products [6]

-30% -10% 10% 30% 50% 70% 90% 4/24 7/24 10/24 1/25 4/25 生益科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：李元晨 [Table_StockNameRptType] 生益科技（600183） 公司点评 生益科技：业绩高速成长，充分受益于算力时代 [Table_Rank] 投资评级：买入（维持） 报告日期：2025-05-05 | [Table_BaseData] 收盘价（元） | 24.29 | | --- | --- | | 近 12 个月最高/最低（元） | 35.38/16.47 | | 总股本（百万股） | 2429 | | 流通股本（百万股） | 2371 | | 流通股比例（%） | 97.61 | | 总市值（亿元） | 590.1 | | 流通市值（亿元） | 576.0 | [Table_Chart] 公司价格与沪深 300 走势比较 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 1. 生 ...