上周指数全线大涨，沪指时隔10年突破3800点，市场赚钱效应良好。截至2025年8月22日收盘，上证指数上涨3.49%，深证成指上涨 4.57%，每经品牌100指数则受港股市场拖累，上涨1.69%，以1141.13点报收。 每经记者：刘明涛每经编辑：肖芮冬 随着交投持续活跃，上周A股市场赚钱效应逐步形成，每经品牌 100 指数周涨 1.69%，以1141.13点报收，超过七成成分股上涨。 在市场估值提升过程中，若流动性能有效维持，A股行情有望维持温和上涨趋势。 需要注意中报业绩因素 日前，中兴通讯提出四项改变、两个管道升级等战略举措。四项改变，一是在AI带来的基础设施扩容方面，二是在AI in All推进网络 全面智能化方面，三是在AI重构终端生态方面，四是在AI赋能产业方面；两个管道升级，即前瞻探索布局传输和数通市场，推动产品 规模部署，提升市场份额。 近年来，中兴通讯已经在服务器、交换机、交换芯片、自研芯片等层面获得重大突破，产品均进入互联网客户生态，相关业务板块收 入高速增长。 在大模型方面，公司践行"1+ N+X"策略，打造一个基础模型库、若干领域模型及多种多样的场景应用。同样在AI端侧应用方面，公司 ...

Group 1 - The communication industry is expected to maintain high prosperity in the first half of 2025, with the computing power sector showing the most significant performance due to accelerated global infrastructure construction and strong demand for 800G high-speed optical modules [1] - Leading companies in optical modules and optical devices have generally achieved both revenue and profit growth, driven by product structure optimization [1] - The data center main equipment, servers, and switches are experiencing rapid growth due to concentrated procurement from internet clients and the recovery of overseas demand [1] Group 2 - The operator sector continues to grow steadily, with an increasing proportion of revenue from digital transformation contributing significantly to profitability [1] - The satellite sector maintains steady growth, with emerging businesses like Beidou navigation and overseas market expansion becoming long-term drivers [1] - In the IoT sector, high-performance modules and overseas IoT demand are boosting profit growth for leading companies [1] Group 3 - The high prosperity in the communication industry is concentrated in core areas driven by computing power and AI, with leading companies accelerating volume growth based on technological and delivery advantages [1] - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which can have a daily fluctuation of up to 20%, reflecting the overall performance of listed companies involved in AI software and hardware development, algorithm research, and applications [1] - The industry allocation mainly favors information technology and high-end manufacturing, fully reflecting innovation and growth styles [1]

证券研究报告 | 浙商早知道 报告日期：2025 年 08 月 21 日 浙商早知道 2025 年 08 月 21 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 ❑ 【浙商教育与人力资源 冯翠婷/段联/刘梓晔】豆神教育（300010）公司深度：AI 打造极致性价比，先发卡位抢 占 AI 教育时代用户心智——20250819 重要观点 重要点评 http://www.stocke.com.cn 1/5 请务必阅读正文之后的免责条款部分 ❑ 大势：8 月 20 日上证指数上涨 1.04%，沪深 300 上涨 1.14%，科创 50 上涨 3.23%，中证 1000 上涨 0.86%，创业 板指上涨 0.23%，恒生指数上涨 0.17%。 ❑ 行业：8 月 20 日表现最好的行业分别是美容护理（+2.42%)、石油石化（+2.36%)、电子（+2.32%)、汽车 （+1.93%)、食品饮料（+1.39%)，表现最差的行业分别是医药生物（-0.07%)、家用电器（+0.12%)、房地产 （+0.16%)、环保（+0. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The company is a communication equipment giant, with significant underestimation of its AI computing and network business progress, which is expected to recreate ZTE in the AI era [1] - The company has a complete AI product ecosystem and has successfully expanded its internet customer base, with a projected revenue of 18.6 billion yuan for its government and enterprise business in 2024, representing a year-on-year growth of 37% [3] - The domestic supernode progress is exceeding expectations, with a core increment in the switching network, and the domestic supernode penetration rate is expected to accelerate [4][5] Summary by Sections Company Expectations - The company is expected to occupy a core strategic position in the supernode system, leveraging its core capabilities [2][17] AI Product Ecosystem - The company has made significant breakthroughs in servers, switches, switching chips, and self-developed chips, with products entering the internet customer ecosystem and related business segments experiencing rapid revenue growth [3] Domestic Supernode Progress - The domestic supernode market is expected to see accelerated penetration, with projections indicating a penetration rate of 5% in 2025, 19% in 2026, and 45% in 2027 [4] Scale Up Switching Network - The Scale Up switching network is identified as a core incremental segment of the supernode solution, with a projected market size of 14 billion USD by 2027 [5] Market Position - The company occupies a core position in the domestic supernode solution, with a significant gap in market recognition and expectations [10] Demand for Scale Up Switching Chips - The demand for Scale Up switching is accelerating the localization of switching chips, with domestic manufacturers gradually catching up in technology [11] Profit Forecast and Valuation - The company's net profit is projected to be 8.7 billion yuan in 2025, 9.3 billion yuan in 2026, and 10.1 billion yuan in 2027, with corresponding PE ratios of 22, 21, and 19 times [13][16]

行业研究报告 2025年8月20日 请务必阅读正文之后的免责声明部分 核心观点 我们认为Scale Up网络存在Scaling Law，Scale Up柜间第二层网络会逐渐出现，光+AEC连接多出与 芯片1:9的配比需求，交换机多出与芯片4:1的配比需求，相较Scale Out网络均倍增： 1.英伟达持续扩大Scale Up规模：英伟达正通过两大路径持续扩大Scale Up网络规模。2）提升单卡带 宽：NVLink持续迭代，NVLink 5.0单卡带宽达7200Gb/s；2）扩大超节点规模：Scale Up超节点规模 不断扩大，从H100 NVL8到GH200再到GB200等，NVL72等机柜方案可以提高训推效率，但并不是 Scale Up的上限， NVL72等机柜后续会作为最小的节点（Node）存在，像积木一样在柜与柜之间进 一步拼出更大的Scale Up超节点，届时需要光连接等进行通信。 AI算力跟踪深度（三）： 从英伟达的视角看算力互连板块成长性—— Scale Up 网络的"Scaling Law"存在吗？ 证券分析师 ：张良卫 执业证书编号：S0600516070001 联系邮箱：zhanglw@d ...

Group 1 - The company, Weirgao, covers various product technologies in the digital communication industry, including optical communication, switches, and routers [2] - The company focuses on developing products and technologies in emerging fields such as thick copper technology, Mini LED, next-generation communication, AI, automotive, and new energy [2] - Continuous innovation and R&D efforts are aimed at developing new product categories, enhancing product performance and quality, and maintaining market competitiveness [2]

Core Viewpoint - Arista Networks is targeting a revenue milestone of $10 billion, with CEO Jayshree Ullal indicating that the company could achieve this as early as 2026, driven by strong demand for AI-related networking solutions [2][4]. Financial Performance - For the third quarter ending in September, Arista has raised its revenue forecast to $2.25 billion, which is slightly above the previous quarter's $2.21 billion [4]. - In the second quarter, Arista reported revenues of $2.2 billion, a year-over-year increase of 30.4%, with operating profit rising to $986 million, a 41% increase [8]. - The company's product revenue for the June quarter was $1.88 billion, reflecting a 31.9% year-over-year growth [6]. Market Position and Strategy - Arista's strategy involves becoming the preferred hardware platform for critical workloads, allowing customers to install their own Network Operating Systems (NOS) on Arista's machines, which helps differentiate it from competitors [9][11]. - Despite intense competition from Cisco and other suppliers, Arista maintains a strong market position, with significant growth in its data center Ethernet port market share [15][19]. Future Projections - Analysts predict that Arista could generate at least $8.5 billion in revenue by 2025, with service revenue expected to grow at around 35% [12]. - The company is anticipated to benefit from the next wave of AI spending in 2026, which could further enhance its revenue potential [12][21]. Competitive Landscape - Arista has successfully outperformed Cisco in profitability for switches with speeds of 10 Gb/s or faster since mid-2023, indicating a strong competitive edge [19]. - The competitive landscape remains challenging, but Arista's innovation and customer relationships are seen as key factors in maintaining its market position [11].

Core Viewpoint - Arista Networks aims to achieve $10 billion in annual revenue by 2026, driven by strong demand for AI backend Ethernet solutions, which was initially projected for 2028 [2][3]. Revenue Guidance - For Q3, Arista raised its revenue guidance to $2.25 billion, slightly above the previous quarter's $2.21 billion, indicating a potentially conservative estimate [3]. - Even with the loss of one major AI client, Arista expects to meet or exceed its $750 million sales target for AI backend network devices in 2025, with total sales from AI backend and frontend network devices reaching $1.5 billion [3]. Financial Performance - In Q2, Arista reported revenues of $2.2 billion, a year-over-year increase of 30.4%, with operating profit of $986 million (up 41%) and net profit of $889 million (up 33.6%), achieving a net profit margin of 40.3% [4][5]. - Product revenue for Q2 was $1.88 billion, a 31.9% year-over-year increase, while software subscription revenue was $31.6 million, up 4% [3][4]. Market Position and Strategy - Arista's strategy focuses on becoming the preferred hardware platform for critical workloads, allowing clients to install their own network operating systems, differentiating itself from white-box vendors [5]. - The company has seen significant growth in its market share against Cisco, particularly in the high-speed Ethernet port market, with Arista's revenue from 10GbE and above switches surpassing Cisco's since mid-2023 [6]. Future Outlook - Analysts have raised revenue expectations for Arista, projecting at least $8.5 billion in revenue by 2025, with service revenue potentially reaching $1.5 billion this year [5]. - The company is expected to benefit from the upcoming wave of AI investments and new product launches from major players like NVIDIA and AMD in 2026, which could drive hardware revenue growth [5][6]. - Future developments may include support for UALink switching technology and Broadcom's Scale Up Ethernet (SUE) solution, which could generate significant new revenue streams [7].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1]. Core Insights - The upgrade of AI cluster network architecture is driving demand for optical modules, switches, network cards, and fiber optic cables due to the need for enhanced backend networking to support increased east-west traffic [2][12]. - The upcoming release of NVIDIA's GB300 is expected to significantly boost the demand for 1.6T optical modules, as the new architecture requires a higher number of upgraded optical modules compared to its predecessor [2][67]. - The trend towards self-developed ASICs by major players like Google, AWS, Meta, and Microsoft is anticipated to further increase the demand for optical modules and AEC connections [2][69]. Summary by Sections AI Cluster Network Architecture Upgrade - Traditional network architectures are inadequate for AI computing, primarily due to high latency and bandwidth limitations [11][12]. - The AI network architecture necessitates the addition of backend networks, which increases the demand for switches and optical modules [12][34]. NVIDIA H100 and NVL72 Cluster Network Architecture - The report details the network architecture for NVIDIA's H100 and NVL72 clusters, highlighting the differences in optical module requirements between the GB200 and GB300 models [47][66]. - The GB300 model requires a significant number of 1.6T dual-port optical modules, reflecting a shift in optical module demand as network speeds increase [67][68]. North American Leading CSP Network Architecture - The report discusses the network architecture of leading cloud service providers in North America, emphasizing the importance of efficient interconnectivity and the role of optical modules in supporting large-scale AI operations [74][78]. Investment Recommendations - The report recommends leading companies in the optical device and module sector, such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, while also suggesting attention to companies like Huilv Ecology and Zhaolong Interconnect in the high-speed copper cable segment [2][113].

Group 1 - The stock price of Xingwang Ruijie closed at 27.29 yuan on August 5, 2025, down 0.84% from the previous trading day [1] - The company reported a trading volume of 119,617 hands and a transaction amount of 326 million yuan on the same day [1] - Xingwang Ruijie specializes in the research, production, and sales of network communication equipment and solutions, including switches, routers, and network security devices [1] Group 2 - The company is involved in various sectors such as communication equipment, Internet of Things (IoT), and mobile payments [1] - For the first half of 2025, Xingwang Ruijie expects a net profit attributable to shareholders of 180 million to 240 million yuan, representing a year-on-year growth of 43.81% to 91.75% [1] - This profit forecast has attracted significant market attention [1] Group 3 - On August 5, the net outflow of main funds was 10.4048 million yuan, accounting for 0.07% of the circulating market value [1] - However, over the past five days, the main funds have shown a net inflow, totaling 40.6122 million yuan, which is 0.26% of the circulating market value [1]