长江证券研究所军工研究小组 激浊扬清，周观军工 第162期： 四月金股组合·航天电器+中航光电 2026-03-30 %% %% %% %% research.95579.com 1 分析师 王贺嘉 分析师 杨继虎 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490525040001 SFC执业证书编号：BUX462 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 四月金股·中航光电＆航天电器新逻辑， AIDC驱动224G连接器需求快速提升 02 石英纤维电子布：决定PCB核心性能， 低Dk/Df可满足M9要求实现高速互联 03 Space X或拟于今年6月正式启动IPO， 火箭+卫星互联网+深空探索再受关注 04 2026年中国商飞供应商大会如期召开， 商业航空链关键一环系列化迈上新台阶 目 录 %% research.95579.com 3 01 四月金股·中航光电＆航天电器新逻辑， AIDC驱动224G连接器需求快速提升 %% %% %% %% research.95579.com ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - The 224G high-speed cable module is essential for AI data centers due to the rapid increase in internal bandwidth demand, driven by AI computing clusters and the need for higher single-channel rates to support next-generation interconnects [20][21]. - The transition from 112G to 224G is crucial to avoid density, wiring, and power consumption pressures, as simply increasing the number of lanes becomes inefficient [20]. - The 224G high-speed cable module is positioned as a key capability for next-generation system designs, particularly in AI and machine learning applications [20][21]. Summary by Sections 1. What is the 224G High-Speed Cable Module? - The 224G high-speed cable module is a high-end short-distance copper interconnect component used in AI servers and switches, capable of a single-channel transmission rate of 224 Gbps [8]. - It is an integrated product that includes the cable itself, connectors, shielding structures, and mechanical components, designed for high bandwidth, high density, and low latency internal connections [10]. 2. Why Focus on the 224G High-Speed Cable Module Now? - The demand for internal bandwidth in AI data centers is rapidly increasing, necessitating the adoption of 224G technology to overcome the limitations of the 112G generation [20]. - The 224G module is critical for applications in generative AI, high-performance computing, and other data-intensive scenarios, highlighting its importance in modern infrastructure [21][22]. 3. What is the Industrial Value of the 224G High-Speed Cable Module? - The industrial value of the 224G high-speed cable module arises from the explosive demand for internal interconnects in AI computing systems and the product value enhancement due to speed upgrades [26]. - Companies like AVIC Optoelectronics and Aerospace Electric have made significant advancements in 224G products, indicating a strong market presence and ongoing development in this technology [30].