公众号记得加星标⭐️，第一时间看推送不会错过。 但由于其横向扩展能力（这对于推动规模庞大的 AI 集群至关重要）和通用性，以太网交换机的销量正在蓬勃发展， 如果最近的历史可以作为参考，我们可以预期以太网的收入在未来几个季度也将呈指数级增长。 只要人工智能时代的IT支出增长势头不放缓…… 正如云时代服务器市场的情况一样，原始设计制造商（ODM）在数据中心交换市场也占据了越来越大的份额。下图 列出了所有销售数据中心和非数据中心以太网交换机的供应商，其中当然包括园区网络，也可能包括边缘网络。 （IDC 对此从未给出过明确的定义。）请看： 我们认为IDC已经下调了英伟达2025年第一季度和第二季度的营收预期。如果确实如此，很可能是因为英伟达的营收 数据中剔除了网卡、DPU和线缆等数据，因为这些数据原本只应包含以太网交换业务。我们去年第一季度和第二季度 的历史数据仍然沿用IDC的原始数据，我们会根据市场研究机构的最新数据进行更新。 以下是过去十年各类以太网交换机销售的厂商趋势线，我们根据IDC发布的公开声明进行了整理和调整： 在IDC可获取以太网交换和路由收入数据的最新季度（第三季度），基于以太网协议（该协议也是互联网 ...

Summary of Arista Networks Conference Call (December 09, 2025) Company Overview - **Company**: Arista Networks (NYSE: ANET) - **Industry**: Networking and Data Infrastructure - **Growth**: Expected to reach $10 billion in revenue with a 20% growth estimate for the upcoming year [8][9][13] Key Points Market Opportunity - **Total Addressable Market (TAM)**: Increased from $70 billion to $105 billion year-over-year, encompassing AI, data centers, cloud, enterprise, and campus networking [9][11] - **Market Leadership**: Arista is a market share leader in front-end data center networking and is the only vendor outside of China with significant AI networking capabilities [11][12] Customer Concentration and Diversification - **Customer Base**: Historically, 40% of revenue came from two customers; however, Arista aims to diversify its revenue streams as it approaches the $10 billion mark [12][13] - **Enterprise Growth**: Targeting $800 million in revenue from the enterprise segment in 2025, increasing to $1.25 billion in 2026, representing only 5% market share [13][14] AI Market Dynamics - **AI Spending**: Estimated $2.3 trillion in AI-related spending from 2022 to 2035, with significant opportunities in agentic AI and autonomous robotics [15][16] - **Demand Drivers**: Industries such as education, finance, and healthcare are increasingly adopting AI, leading to a surge in data demand [18][20] Customer Segmentation - **NeoCloud and Sovereign Customers**: NeoCloud customers appreciate Arista's hyperscaler experience, while sovereign customers face longer decision-making cycles due to organizational complexities [22][50] - **Enterprise Adoption**: Enterprises are shifting from cloud-based AI training to on-premise solutions, indicating a trend towards localized data processing [24][27] Technology and Product Strategy - **Scale-Up Opportunities**: Arista is exploring scale-up architectures, which are not currently included in the TAM but are expected to be significant as the market matures [55][56] - **Campus Networking**: Arista plans to leverage its existing portfolio and go-to-market strategy to capture a larger share of the campus networking market, which has a refresh cycle of five to nine years [61][62] Channel Strategy - **Channel Engagement**: Arista is enhancing its channel strategy, focusing on a mix of channel-led and channel-fulfilled approaches to improve market penetration [66][69] Future Outlook - **Growth Indicators**: Key indicators for future growth include guidance, deferred revenue growth, and purchase commitments, with optimism for the next five to ten years [71] Additional Insights - **Customer Decision-Making**: The ownership of AI initiatives within enterprises can influence whether they opt for on-premise or cloud solutions, highlighting the importance of understanding customer dynamics [30][31] - **Blurring of Front-End and Back-End**: The distinction between front-end and back-end networking solutions is becoming less clear as customers seek flexible, integrated solutions [34][36] This summary encapsulates the essential insights from the Arista Networks conference call, highlighting the company's strategic direction, market opportunities, and evolving customer dynamics in the networking industry.

此外，摩根大通预计博通将给出一份强劲的1月季度指引，营收指引或超过190亿美元，显著高于市场普 遍预期的185亿美元。分析师认为，随着AI基础设施支出的持续增长，博通在定制芯片和以太网交换机 领域的领导地位将继续转化为超预期的财务表现。 明年AI收入剑指500亿美元 在博通即将发布财报之际，摩根大通发布了一份极具乐观预期的研报，重申了对该公司的"增持"评级。 据追风交易台消息，据摩根大通分析师Harlan Sur团队7日发布的报告，博通2026财年的AI收入预计将突 破500亿美元大关。这一惊人的增长预测主要基于谷歌TPU项目的持续放量、Meta等客户的新订单，以 及下一代网络芯片的推出。 对于即将发布的10月季度（F4Q25）财报，摩根大通预计博通的营收和每股收益将双双超出市场共识。 该行指出，谷歌TPU v6（Ironwood）芯片的持续量产以及对Tomahawk 5交换芯片的强劲需求，将推动 博通当季AI收入达到66亿美元以上，高于市场预期的62亿美元。 在AI业务之外，摩根大通指出博通的传统半导体业务（宽带、存储、企业网络）正随着周期性趋势的 好转而逐渐改善。在软件基础设施方面，VMware业务继续保 ...

Group 1 - The core point of the news is that Shengke Communication's stock price dropped by 5.02% to 126.80 CNY per share, with a trading volume of 413 million CNY and a turnover rate of 1.55%, resulting in a total market capitalization of 51.988 billion CNY [1] - Shengke Communication, established on January 31, 2005, and listed on September 14, 2023, specializes in the research, design, and sales of Ethernet switch chips and related products [1] - The main revenue composition of Shengke Communication includes Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - Among the top ten circulating shareholders of Shengke Communication, a fund under Southern Fund holds a position, specifically the Southern CSI 500 ETF (510500), which reduced its holdings by 52,000 shares in the third quarter, now holding 1.8064 million shares, accounting for 0.89% of circulating shares [2] - The estimated floating loss for the Southern CSI 500 ETF today is approximately 12.1032 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a latest scale of 140.098 billion CNY, achieving a year-to-date return of 24.71% and a one-year return of 23.98% [2]

Group 1 - The core viewpoint of the news is that Shengke Communication's stock has increased by 5.06%, reaching a price of 115.83 CNY per share, with a total market capitalization of 47.49 billion CNY as of the report date [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switch chips and related products, with its main revenue sources being Ethernet switch chips (72.43%), Ethernet switch modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - The Oriental Alpha Advantage Industry Mixed A Fund (009644) is among the top ten circulating shareholders of Shengke Communication, having increased its holdings by 319,100 shares in the third quarter, totaling 1,957,500 shares, which represents 0.96% of the circulating shares [2] - The fund has achieved a year-to-date return of 55.96% and a one-year return of 34.94%, ranking 602 out of 8149 and 1616 out of 8053 respectively [2] Group 3 - The fund manager of Oriental Alpha Advantage Industry Mixed A is Tang Lei, who has a cumulative tenure of 9 years and 131 days, with the fund's total asset size at 3.952 billion CNY [3] - During Tang Lei's tenure, the best fund return was 84.39%, while the worst was -52.54% [3] Group 4 - Oriental Alpha Advantage Industry Mixed A holds 1,957,500 shares of Shengke Communication, accounting for 6.27% of the fund's net value, making it the ninth-largest holding [4]

Group 1 - The core point of the news is the performance and market position of Shengke Communication, which saw a stock price increase of 5.13% to 123.08 CNY per share, with a total market capitalization of 50.463 billion CNY [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switching chips and related products, with its main revenue sources being Ethernet switching chips (72.43%), Ethernet switching chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] - The company was listed on September 14, 2023, and has a trading volume of 403 million CNY and a turnover rate of 1.66% as of the report [1] Group 2 - From the perspective of fund holdings, Shengke Communication is a top ten holding of the Vanguard Fund, specifically the Vanguard Jingyi A (003586), which held 1,079 shares in the second quarter, unchanged from the previous period, representing 2.97% of the fund's net value [2] - The Vanguard Jingyi A fund was established on November 18, 2016, with a current scale of 1.0139 million CNY, and has achieved a year-to-date return of 17.15% and a one-year return of 22.49% [2]

Group 1 - The core viewpoint of the news is that Shengke Communication has seen a stock price increase of 5.13%, reaching 117.85 CNY per share, with a total market capitalization of 48.319 billion CNY as of October 15 [1] - Shengke Communication, established on January 31, 2005, specializes in the research, design, and sales of Ethernet switch chips and related products, with its main revenue sources being Ethernet switch chips (72.43%), Ethernet switch chip modules (11.94%), Ethernet switches (10.48%), customized solutions and others (3.18%), and licensing (1.97%) [1] Group 2 - From the perspective of fund holdings, the Vanguard Fund has a significant position in Shengke Communication, with the Vanguard Jingyi A fund holding 1,079 shares, unchanged from the previous period, representing 2.97% of the fund's net value [2] - The Vanguard Jingyi A fund, established on November 18, 2016, has a current scale of 1.0139 million CNY and has achieved a year-to-date return of 16.09%, ranking 4,709 out of 8,161 in its category [2] Group 3 - The fund manager of Vanguard Jingyi A is Zeng Jie, who has been in the position for 2 years and 293 days, with the fund's total assets amounting to 49.2696 million CNY [3] - During Zeng Jie's tenure, the best fund return was 62.42%, while the worst return was 33.17% [3]

Core Insights - OpenAI has announced a strategic partnership with Broadcom to deploy a 10 GW AI acceleration chip cluster, with full deployment expected by the end of 2029 [2][7] - This collaboration is part of a larger trend where OpenAI is forming a trillion-dollar "circular trading" ecosystem with major chip manufacturers, including NVIDIA and AMD, to build over 26 GW of AI acceleration clusters [2][9] - NVIDIA is also actively engaging in the AI data center space, collaborating with Meta and Oracle to upgrade their AI data center networks using NVIDIA Spectrum-X technology [3][9] Group 1: OpenAI and Broadcom Partnership - OpenAI's custom AI chip, based on ARM architecture, will be developed in collaboration with Broadcom and other companies like Oracle [2][7] - The partnership is expected to involve investments exceeding $100 billion, with OpenAI planning to invest hundreds of billions more in Broadcom's chips [2][4] - OpenAI's CEO, Sam Altman, emphasized the significance of this project, describing it as potentially the largest industrial collaboration in human history [7][9] Group 2: Market Reactions and Financial Implications - Following the announcement of the partnership, Broadcom's stock rose nearly 10%, while NVIDIA and Amazon also saw stock increases of 2.82% and 1.71%, respectively [4] - Innoscience, a Chinese chip company collaborating with NVIDIA, experienced a 16.15% stock increase after the announcement of their partnership [5][17] - The total transaction value of OpenAI's collaborations with chip manufacturers has reached over $1 trillion, indicating a significant financial impact on the industry [9][12] Group 3: Industry Context and Future Outlook - The AI industry is witnessing rapid growth, with analysts noting that OpenAI's ambitions may mirror Google's approach to chip manufacturing, potentially leading to lower costs [9][12] - The development of AI factories, as proposed by NVIDIA, is seen as a new infrastructure that combines AI development with industrial processes, which could reshape the future of data centers [18][19] - The global market for gallium nitride (GaN) power semiconductors is projected to reach 50.1 billion RMB by 2028, highlighting the growing demand for advanced semiconductor technologies [18]

Core Insights - The stock of Shengke Communication experienced a decline of 1.43% on September 23, with a trading volume of 992 million yuan [1] - The company reported a financing buy-in of 92.53 million yuan and a financing repayment of 107 million yuan on the same day, resulting in a net financing outflow of 14.92 million yuan [1] - As of September 23, the total margin balance for Shengke Communication was 581 million yuan, indicating a high level of financing activity [1] Financing Summary - On September 23, Shengke Communication had a financing buy-in of 92.53 million yuan, with a current financing balance of 574 million yuan, which represents 2.06% of its market capitalization [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of leverage [1] Short Selling Summary - On September 23, the company repaid 200 shares in short selling and sold 5,915 shares, amounting to a selling value of 810,000 yuan based on the closing price [1] - The short selling balance stood at 765,690 yuan, with a remaining short selling volume of 55,900 shares, also above the 90th percentile level for the past year [1] Company Overview - Shengke Communication, established on January 31, 2005, is located in Suzhou Industrial Park, Jiangsu Province, and was listed on September 14, 2023 [1] - The company's main business involves the research, design, and sales of Ethernet switch chips and related products, with revenue composition as follows: Ethernet switch chips 72.43%, Ethernet switch modules 11.94%, Ethernet switches 10.48%, customized solutions and others 3.18%, and licensing 1.97% [1] Shareholder Structure - As of June 30, the number of shareholders for Shengke Communication was 7,180, a decrease of 8.47% from the previous period [2] - The average number of circulating shares per shareholder increased by 9.25% to 28,062 shares [2] - Notable institutional holdings include the top ten circulating shareholders, with significant increases in holdings from certain ETFs and new entries among the top shareholders [2]

Summary of the Conference Call for 深格通信 Company Overview - 深格通信 focuses on Ethernet switch chips and modules, covering industrial parks, 5G, and data centers, and has entered the supply chains of major network equipment suppliers like 锐捷, 新华三, 中兴, and 迈普技术, indicating a broad market outlook [2][3][21] Core Business Model and Financial Performance - The company adopts a Fabric business model, outsourcing wafer production and testing to third-party manufacturers while focusing on backend design and solutions [2][6] - Revenue growth from 2019 to 2023 increased from 192 million to 1.037 billion, with a revenue of 508 million in the first half of the current year, driven by high demand for Ethernet switch chips [2][8] - Despite high R&D investments, the company has not yet turned a profit but expects to break even within the next one to two years as high-end chips ramp up production [8][24] Product and Technology Advantages - The product range includes Ethernet switch chips and modules, covering access, aggregation, and core layers, with a focus on high-performance architectures [4][5] - The company has developed proprietary CTC OS and supports the Sonic open-source network operating system, providing customized solutions [4][18] - The latest Arctic series chips have begun to be applied, with ongoing development for larger capacity switch chips [11][22] Market Position and Competitive Landscape - 深格通信 ranks first among domestic self-developed Ethernet switch chip manufacturers and is well-positioned to benefit from the growth in AI and data center demands [3][14] - The domestic Ethernet market is projected to reach 57.42 billion by 2025, with a compound annual growth rate (CAGR) of 10.8%, outpacing global growth [4][14] - The company competes effectively in the mid-to-high-end market, with products comparable to international competitors like 博通 and 思科 [17][22] Financial Metrics and Profitability - The gross margin for Ethernet switch modules reached 63.43%, while the switch business maintained a gross margin of around 60.72% in the first half of the year [9] - The company has shown good expense control, with a downward trend in operating expenses while maintaining high R&D investment [10] Future Outlook - The company is expected to expand its SKU offerings significantly, moving from hundreds to potentially millions of cards, and is well-positioned to benefit from the upcoming Scale Up market developments [23][24] - The anticipated growth in data center demand, particularly from major cloud providers, will continue to drive the need for Ethernet devices [15][21] Industry Characteristics - The Ethernet switch chip industry has high technical barriers and strong customer loyalty, with product life cycles lasting approximately 8-10 years, allowing for the recovery of initial R&D investments [19][20] Conclusion - Overall, 深格通信 is positioned for significant growth in the Ethernet switch chip market, with strong R&D capabilities, a solid product lineup, and a favorable market environment, leading to a positive long-term outlook [24]