报告导读： AI 芯片 Scale up 集群扩大，带来交换芯片新需求场景，国内厂商在高速率芯 片持续突破，交换芯片国产渗透空间广阔。 投资建议 ： 我们预计由于 AI 整体支出增加，以及 Scale up 技术趋势带动交换芯片需求， 25/26/27 年中国交换芯片总规模预计分别为 257 、 356 、 475 亿元 ，同比增速达 61% 、 39% 、 33% 。目前交换芯片整体国产化率较低，尤其是高端芯片市场，博通、迈威尔、英伟达等厂商占据主导地位，交 换芯片国产化替代空间广阔。我们认为国内厂商随着在高端速率上持续突破，市场份额有望逐步提升。 大模型持续演进，扩大 Scale up 集群是重要趋势。 大语言模型（ LLM ）参数规模从千亿、万亿到十万亿持续演进，发展出了数据并行、张量并行、流水并 行、专家并行等多种策略，以解决"模型太大，一张卡放不下"的瓶颈。张量并行、专家并行通信量大，对网络带宽 - 和延迟的要求极为苛刻，跨服务器并行 将导致性能大幅下降，而 Scale up 网络带宽显著高于跨服务器的 Scale out 网络，因此，构建高带宽、低延迟的 Scale up 网络是行业主流的技术方案 ...

市场对国产算力的担忧主要源于关税、贸易战及 H20 禁令，导致资本开 支下滑，但 5 月起海外推理和应用端需求回升，表明商业闭环已形成， 如 ASIC 推理芯片、甲骨文算力租赁及 Google TOKEN 量增加。 国产算力板块盈利能力改善，以交换机为代表的细分领域业绩显现，估 值角度优于新易盛、旭创等公司，PB 角度也更具优势，核心矛盾逐步解 决。 中兴通讯作为重点标的，具备业绩释放和技术突破双线驱动。虽 2025 年受运营商资本开支下滑影响，但预计 2026 年 5G 投资恢复，算力侧 资本开支增加，且在 GPU 芯片、交换芯片等核心领域布局领先。 近期美国对半导体加征关税虽短期利空，但长期将推动国内芯片技术进 步。Deepsec 发布 V3.1 版本模型，提出针对下一代国产芯片设计的新 精度标准，表明国内企业技术突破显著。 海外 GPU 供应存在不确定性，国内寒武纪、昆仑芯和沐曦等企业在 GPU 领域取得进展，DS 计划在下一代产品中使用国产芯片，国产算力 景气度提升。 中兴通讯 20250824 摘要 Q&A 我们推荐国产算力的原因主要有两个方面。首先，全球 AI 产业变革过程中， 2025 年上半年 ...

报告导读： AI芯片 Scale up 集群扩大，带来交换芯片新需求场景，国内厂商在高速率芯 片持续突破，交换芯片国产渗透空间广阔。 舒迪(分析师)S0880521070002 投资建议： 我们预计由于AI整体支出增加，以及Scale up技术趋势带动交换芯片需求，25/26/27年中国交换芯片总规模预计分别为257、356、475亿元，同比 增速达61%、39%、33%。目前交换芯片整体国产化率较低，尤其是高端芯片市场，博通、迈威尔、英伟达等厂商占据主导地位，交换芯片国产化替代空间广 阔。我们认为国内厂商随着在高端速率上持续突破，市场份额有望逐步提升。 大模型持续演进，扩大Scale up集群是重要趋势。 大语言模型（LLM）参数规模从千亿、万亿到十万亿持续演进，发展出了数据并行、张量并行、流水并行、 专家并行等多种策略，以解决"模型太大，一张卡放不下"的瓶颈。张量并行、专家并行通信量大，对网络带宽-和延迟的要求极为苛刻，跨服务器并行将导致 性能大幅下降，而Scale up网络带宽显著高于跨服务器的Scale out网络，因此，构建高带宽、低延迟的Scale up网络是行业主流的技术方案。 海外AI芯片持续 ...

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 ...

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]

Group 1 - The latest stock price of Yutai Micro-U is 92.57 yuan, with an increase of 0.22 yuan from the previous trading day [1] - The stock opened at 92.90 yuan, reached a high of 93.34 yuan, and a low of 91.80 yuan, with a trading volume of 10,604 hands and a transaction amount of 0.98 billion yuan [1] - Yutai Micro-U operates in the semiconductor industry, focusing on the research, design, and sales of high-speed wired communication chips [1] Group 2 - The company's products include Ethernet physical layer chips, switching chips, and network card chips, which are widely used in data centers, communication equipment, and industrial control [1] - Recently, the company has developed Ethernet products suitable for robotic motion control and has begun generating revenue in the humanoid robot field, indicating a significant technological breakthrough in the robotics industry [1] Group 3 - On August 5, the net outflow of main funds was 1.0706 million yuan, accounting for 0.02% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 3.4776 million yuan, representing 0.08% of the circulating market value [1]

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decisions, focusing on extracting investment value from significant events and analyzing industry chain companies [1] - The product "Telegraph Interpretation" aims to provide users with quick information on market impacts, presenting the value of information through a professional perspective and simple language [1] - The company holds a leading position in the global market share for segmented smart chips, maintains the most comprehensive and advanced technology in memory, and has begun bulk supply of switching chips, with automotive segmented chip shipments exceeding one million units [1]

Investment Rating - The investment rating for Marvell Technology (MRVL US) is maintained at "Buy" with a target price of $85.20 [7][8]. Core Insights - Marvell has significantly raised its forecast for the global accelerated computing chip market to $349 billion by 2028, an increase of 103%, driven by major cloud computing companies and emerging AI compute builders increasing their data center CAPEX [2]. - The company also revised its forecast for the AI custom chip market to $55.4 billion by 2028, reflecting a 29% increase, with custom chips expected to account for 25% of the AI computing chip market [2]. - Marvell aims to maintain a 20% market share in the data center potential market, which is projected to grow to $94 billion by 2028, up 26% from previous estimates [3]. Summary by Sections Market Potential - The global accelerated computing chip market is expected to reach $349 billion by 2028, with XPU and XPU supporting chips projected to be $221 billion [2]. - The AI custom chip market is anticipated to grow to $55.4 billion by 2028, with a notable increase in the market for custom XPU supporting chips, expected to rise from $6 million in 2023 to $146 million by 2028 [2]. Competitive Advantage - Marvell has established a differentiated advantage in core IP technologies such as Serdes, custom SRAM, and custom HBM, enhancing its competitive position in custom chips and data center interconnect chips [3]. - The company has secured 18 AI custom chip projects, including five XPU projects, indicating strong engagement with major clients for next-generation projects [3]. Financial Projections - Adjusted net profit forecasts for Marvell are $2.53 billion for FY2026, $3.23 billion for FY2027, and $4.02 billion for FY2028, reflecting a robust growth trajectory [4]. - The target price of $85.20 suggests a potential upside from the current closing price of $74.95, indicating a favorable investment opportunity [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 126.50 RMB [4][8]. Core Views - The company achieved a revenue of 396.23 million RMB in 2024, representing a year-over-year increase of 44.86%, but reported a net loss attributable to shareholders of 201.68 million RMB, a decrease of 34.36% year-over-year [2][4]. - The growth in revenue is attributed to the release of new products such as the 2.5G PHY and multi-port switch chips, alongside a recovery in demand from the industrial-grade market [2][3]. - The company is expected to continue its rapid growth in 2025, driven by various consumer stimulus policies and the ongoing recovery in the industrial-grade market [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 396.23 million RMB, with a significant increase in industrial-grade revenue by 108.89% to 225 million RMB, and commercial-grade revenue up by 61.72% to 164 million RMB [2][6]. - The gross margin for Q1 2025 was 40.74%, slightly down from the previous year, primarily due to increased competition in the industrial-grade product market [2][3]. Product Development - The company is expanding its product lines, including the launch of a 24-port switch chip series and the introduction of automotive Ethernet switch chips, which are expected to contribute to revenue in 2025 [3][4]. - The 2.5G PHY chip is projected to maintain rapid growth, with the introduction of a four-port version expected to open up larger market opportunities [3][4]. Market Outlook - The report anticipates that the company's revenue will reach 562.10 million RMB in 2025, with continued growth expected in subsequent years [4][6]. - The company is positioned as a rare supplier of PHY chips in China, with a resilient demand in the industrial-grade market and potential revenue elasticity from new product launches [4][6].