（来源：新华日报） □ 本报记者 张 宣 5个月后，南京的冬日带着寒意，江苏省未来网络创新研究院的控制中心却暖意融融，未来网络试验设 施通过国家验收正式投入运行。巨大的可视化屏幕上，超5.5万公里光传输线路如金色脉络，纵横交错 连接全国40个城市的数百个节点，构成一张覆盖全国的"超级神经网络"。闪烁的光点代表着高速流动的 数据，跨越千山万水精准传输，奏响数字时代的交响。作为我国信息通信领域首个国家重大科技基础设 施，它历经十余年打磨，从规划到落地，每一步都凝聚着科研人员的坚守。 演示环节中，72TB"中国天眼"数据传输时间从699天压缩至1.64小时，跨域协同训练效率飙升至98%， 直观展现着技术突破的力量。更令人震撼的是微秒级时延控制——时延抖动小于50微秒，比人眨眼速度 快10倍。屏幕上，500公里外的AGV小车按预设路线精准行驶，转向、停车毫厘不差；远程模拟手术 中，医生指令瞬间传递，机械臂动作流畅精准，这意味着未来偏远地区患者无需奔波即可享受优质医疗 服务。 实验台前，一台看似普通的白盒交换机吸引了我的注意，它如同"网络乐高"，可按需拼装虚拟防火墙、 DDoS防护等功能，打破传统设备功能固化的局限。数 ...

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Insights - The rapid development of AI large models is driving the expansion of the switch market, with increasing demands for ultra-large-scale networking, high bandwidth, low latency, high stability, and automated network deployment [2][3] - The global switch market is projected to reach USD 43.89 billion in 2025, while the Chinese switch market is expected to grow to approximately CNY 44.48 billion in the same year, indicating significant growth potential [2][28] - The demand for switches is evolving towards white-box solutions, market expansion, and Optical Circuit Switching (OCS) technology, which enhances flexibility and reduces deployment costs [3][46] Summary by Sections AI Large Models Driving Data Center Expansion - AI large models are becoming the new engine of artificial intelligence, significantly impacting various fields and driving the digital economy [8][12] - The global data center market is expected to grow to USD 96.8 billion by 2025, with China's market projected to reach CNY 318 billion [22] Switch Demand Upgrade - The switch market is experiencing a shift towards white-box switches, which offer flexibility and cost advantages through decoupled hardware and software [43][44] - OCS technology is emerging as a key player, providing ultra-high bandwidth and compatibility for future network demands [46][47] Switch Chip Demand Upgrade - The demand for high-bandwidth switch chips is increasing, with 100G and above Ethernet switch chips expected to dominate the market by 2025 [50][54] - The production of switch chips is facing challenges due to the industry's shift towards advanced packaging technologies to overcome physical limitations [59][66] Related Companies - Companies to watch include Shengke Communication, ZTE, Ruijie Networks, and Unisplendour, which are positioned to benefit from the growing demand in the switch market [4][76]

Group 1 - The State Intellectual Property Office of China has granted a patent to China Mobile (Suzhou) Software Technology Co., Ltd. and China Mobile Communications Group Co., Ltd. for a technology related to "packet capture methods, white-box switches, storage media, and program products" with the announcement number CN119011365B, applied for on July 2024 [1] - China Mobile (Suzhou) Software Technology Co., Ltd. was established in 2014, located in Suzhou, and primarily engages in software and information technology services, with a registered capital of 3.172 billion RMB. The company has participated in 5,000 bidding projects, holds 117 trademark records, 2,668 patent records, and possesses 28 administrative licenses [1] - China Mobile Communications Group Co., Ltd. was founded in 1999, based in Beijing, and focuses on telecommunications, broadcasting, and satellite transmission services, with a registered capital of 30 billion RMB. The company has invested in 55 enterprises, participated in 5,000 bidding projects, holds 2,219 trademark records, 5,000 patent records, and has 50 administrative licenses [1]

Summary of the Conference Call for 菲菱科思 Company Overview - **Company**: 菲菱科思 - **Industry**: Technology, specifically focusing on servers, switches, and communication technology (CT) products Key Points and Arguments Financial Performance - In Q3 2025, 菲菱科思 achieved revenue of 5.12 billion, representing an 18% year-on-year growth [3][4] - Operating cash flow improved to 1.23 billion, indicating enhanced operational quality despite a decline in net profit [3] - Inventory increased to 7.53 billion due to new projects and orders, particularly from the Haining data center switch and server projects [3] Revenue Growth Targets - The company set ambitious revenue growth targets for the next three years: 35%, 60%, and 90% respectively [2][4] - A stock incentive plan is in place to motivate core management and employees, reflecting confidence in future growth [2][4] Server Business Development - The server business is expected to be a key driver of future revenue, with collaborations with major domestic service providers like 华三, 华为超聚变, and 浪潮 [6] - The Haining factory is focused on producing 400G switches and high-end servers, with plans to double its workforce to meet market demand [6][7] Communication Technology (CT) Products - The CT product segment is seeing deepened cooperation with leading clients such as 新华三, 华为, and 锐捷, with increasing order volumes [8] - Anticipated market demand growth in Q4 and 2026 due to the accelerated replacement of traditional switches [8] International Business Strategy - A Hong Kong subsidiary has been established to accelerate international business expansion, aiming for overseas revenue to account for 5%-10% of total revenue [9][15] - The company plans to promote its "白河方案" (including switches, servers, and wireless products) to enhance global competitiveness [9] Market Conditions and Competitive Landscape - The switch market is improving, with demand rising and price competition easing [10][13] - The company is positioned as a leading ODM and JDM player in the domestic market, with stable partnerships with major clients [18] New Product Developments - Significant investments of 1.5 billion have been made in Shenzhen for FTTR and high-end PCBA production, with a projected capacity to support 20 billion in revenue over three years [11] - The company is actively developing ultra-node server cabinet products, collaborating with major clients for technology testing [16] Profitability and Operational Efficiency - 菲菱科思 reached a breakeven point in Q2 2025 and expects to achieve profitability, emphasizing both revenue and profit growth [14] - The company maintains high operational efficiency, with around 2000 employees, and aims to maximize benefits with minimal workforce [14] Future Outlook - The company plans to focus on business expansion and deepening customer cooperation, particularly in servers, high-end PCBs, and FTTR products [20] - With improving market conditions for switches, there is an opportunity for margin improvement [20] Challenges and Considerations - Geopolitical factors present uncertainties for international business expansion, but the company remains committed to its growth targets [15][19] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning.

Group 1: US Market Focus - The significant downward revision of non-farm payrolls has raised concerns about the health of the US job market, indicating a cooling trend in employment and a weakening economy, though not yet at recession levels [11][15][19] - Major technology stocks remain the most reliable investments, with Dell Technologies and Tianhong Technology highlighted for their strong performance and growth potential in the AI sector [20][24] - The upcoming August non-farm payroll data is critical, as a three-month average of new jobs below 100,000 could lead to a high probability of a rate cut in September [19][23] Group 2: South Korean Market Focus - The Bank of Korea may pause interest rate cuts despite meeting inflation targets, as the overall inflation rate slightly decreased to 2.1% in July, aligning with market expectations [31][35] - A disappointing preliminary tax reform proposal has created pressure on the stock market, with concerns over increased taxes on dividends and corporate income [36][38] - The shipbuilding industry is expected to benefit from US-Korea agreements and increased demand for naval vessels, with Hyundai Heavy Industries identified as a key player in this sector [41][43] Group 3: Australian Market Focus - The Reserve Bank of Australia is predicted to cut interest rates twice more this year, with retail sales showing a strong recovery, growing by 1.2% in June [50][53] - Overall inflation in Australia remains moderate, with the June inflation rate at 1.9%, suggesting limited pressure on monetary policy [56] - There is optimism in sectors such as materials, technology, and healthcare, with specific companies like Northern Star and Xero being highlighted for their growth potential [57]

Summary of the Conference Call on Switch Industry and AI Computing Power Industry Overview - The report focuses on the **switch industry**, highlighting its critical role in network interconnection and the growing demand driven by data center construction [4][20]. - The global switch market is projected to grow significantly, with the top five manufacturers holding a substantial market share [4][68]. Key Points and Arguments Market Growth and Demand - The global switch market is expected to grow from **$61.9 billion in 2020** to **$96.8 billion by 2025**, with a **CAGR of 9.4%** [24]. - In China, the market is projected to increase from **¥116.8 billion in 2020** to **¥318 billion by 2025**, with a **CAGR of 22.2%** [24]. - The demand for switches is driven by the increasing data center construction and the need for higher data transfer rates [20][30]. Market Concentration - The top five global switch manufacturers, including **Cisco, Arista, Huawei, HPE, and Xinhua San**, hold **69.6%** of the market share, with Cisco leading at **35.9%** [4][68]. - In China, the top five manufacturers account for **89.7%** of the market, with Huawei at **32.4%** [4][68]. Technological Trends - **White-box technology** is emerging, allowing for hardware-software decoupling, which reduces acquisition and operational costs [31][35]. - The **CPO (Chip-Package-Optical)** switch technology is gaining traction, promising lower power consumption and higher efficiency [36][41]. Chip Market Dynamics - The global Ethernet switch chip market is expected to grow, with commercial vendors driving the majority of the growth [81][86]. - The market is currently dominated by overseas giants, indicating significant room for domestic alternatives [87]. Important but Overlooked Content - The report highlights the **risk factors** including the potential underdevelopment of AI applications, escalating US-China trade tensions, intensified market competition, and the risk of failure in new technology and product development [7]. - The **data center switch market** in China is expected to account for **51.7%** of the total switch market by 2026, indicating a growing reliance on data center infrastructure [30]. Recommendations - The report suggests monitoring companies such as **Sengke Communication, Yutai Micro, Ruijie Networks, Unisplendour, ZTE, and Feiling Kesi** for potential investment opportunities [6]. This summary encapsulates the essential insights from the conference call regarding the switch industry and its intersection with AI computing power, providing a comprehensive overview of market dynamics, technological advancements, and investment opportunities.

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **domestic computing power industry chain** in China, particularly highlighting the **switching equipment sector** which has recently reached a profitability inflection point [1][2][5]. Core Insights and Arguments - The **domestic data center sector** remains stable despite a slowdown in new data center tenders, with major internet companies showing steady rack installation rates [2][4]. - The **demand for optical modules** is rapidly increasing, particularly for 800G and 1.6T modules, driven by major players like BBAT and Huawei, indicating strong investment in AI computing power [3][10][11]. - The **profitability of the domestic computing power chain** has improved due to scale effects, with significant increases in shipment volumes and revenues for domestic servers, optical modules, and switches [2][5]. - The **Ethernet switch market** in China is primarily driven by demand from large internet companies, which prefer SDN (Software Defined Networking) and white-box switches over traditional IB (InfiniBand) switches [6][7]. - **White-box switches** offer configurability and rapid iteration capabilities, making them more suitable for the dynamic traffic needs of data centers [8]. - The **high gross margins** in the switching industry are attributed to hardware production and collaborative R&D with internet companies, which involves complex software technologies [9]. Additional Important Insights - The **data center REITs projects** have been approved, providing a benchmark for asset valuation, with the REITs market offering around 15 times EV/EBITDA valuation levels [3][19][20]. - The **AI training and inference demand** is a key driver for the growth of the domestic computing power chain, with major companies like Alibaba and Tencent increasing their AI computing investments [11]. - The **domestic data center industry** faces challenges such as chip shortages, which have slowed down order fulfillment, but long-term prospects remain positive as these issues are expected to be resolved [17]. - **Policy support** for the data center industry includes project approvals and energy consumption indicators, which helps maintain a balanced supply-demand dynamic [18]. - The **current market conditions** suggest a favorable outlook for the domestic computing power chain, with expectations of improved performance in the upcoming reporting season [21]. Recommendations - Companies such as **Hua Gong Technology** are recommended for investment due to their leading position in the optical module market and expected improvements in profitability as demand for 400G and 800G modules rises [14][15]. - Attention is also drawn to **Xingwang Ruijie and Ruijie Networks** in the switching sector, which are expected to benefit from the industry's profitability improvements [9].

Summary of the Conference Call for 菲菱科思 Company Overview - **Company Name**: 菲菱科思 - **Industry**: ICT (Information and Communication Technology) Key Points and Arguments Share Buyback and Strategic Goals - 菲菱科思 announced a share buyback plan totaling up to 60 million yuan to protect shareholder interests and implement equity incentives, aiming to unite core employees and technical personnel to support the company's ICT strategy, including high-end switches and servers to meet new demands from the AI environment [2][3][4] Revenue Sources and Challenges - The company primarily generates revenue from enterprise-level and campus-level switches but is facing growth bottlenecks. To address these challenges, 菲菱科思 is increasing investments in data center switches, large computing centers, and AI, with R&D expenditure accounting for 8% of revenue, up 5 percentage points year-on-year, indicating continued investment in R&D despite a poor market environment [2][6] Investment in 海宁 Factory - The 海宁 factory has accumulated investments of 80 million yuan, with plans for a total investment of 200 million yuan over the next year, including 120 million yuan for new product lines such as servers and DPU cards. Server boards have begun production, with complete units expected to ship by the end of June, although delays are anticipated due to H20 chip issues, leading to significant revenue growth expected in the second half of the year [2][7] Server Business Profitability - The server business has low gross margins, currently operating on a customer-supplied model for processing fees. Collaboration with 新华三 to produce AI servers, general servers, and liquid and air-cooled servers is ongoing, with limited short-term profit contributions. The company is negotiating to improve profit levels and aims for an annual output value of 1.6 billion yuan [2][8] High-Speed Switches Development - The high-speed switch product line includes 10G, 25G, 100G, and 200-400G products, primarily produced by 华山青海华鼎. The company has opted to forgo certain orders to accumulate project experience amid chaotic competition. Last year, 2.8 million switches were provided to 华为, but revenue has been impacted by competitive pricing and settlement models, with no clear orders received this year [2][9] Market Demand for High-Speed Switches - Domestic demand for high-speed switches remains an opportunity, although no confirmed orders exist. The company is collaborating with high-end chip manufacturers in the domestic 信创 industry to launch ODM design solutions, supplying white-box switches to small and medium-sized internet companies, which, while currently small in volume, show potential [2][10] Revenue and Profit Expectations for the Second Half - An increase in server shipment volumes is expected to boost revenue in the second half of the year. However, profit pressure remains significant due to competitive pricing in the industry. The company is working to enhance server business profitability through negotiations and internal adjustments, with hopes for overall performance improvement in the latter half of the year [2][11] Additional Important Information - The company is in a significant investment phase, particularly in 海宁, where a large number of talents have been recruited and equity incentives implemented. This level of investment is rare in the three years since the company went public, with expectations for gradual revenue improvement, although specific timelines remain uncertain [2][5]