国内互联网公司是公司的核心客户，支持万卡集 群的产品已规模化落地；公司在数据中心的布局 集中在配电侧，在海外市场有大客户优势—— 0826调研日报 2025/08/26 16:36 今日内容： 锐捷网络：国内互联网公司是公司的核心客户，支持万卡集群的产品已规模化 落地 【国内互联网公司是公司的核心客户】 客户构成上，上半年数据中心产品收入增长主要来自互联网客户，占比超过90%，小部分来 自运营商和其他行业客户。受益于互联网头部客户资本开支计划中持续加大AI算力投入，三 大客户（阿里、字节、腾讯）收入占比约90%。产品速率上，400G产品占比超过60%。 【支持万卡集群的产品已规模化落地】 公司面向互联网客户的智算中心网络解决方案主要为三级架构，如：200G+400G产品组合， 400G采用51.2T芯片，支持千卡到数万卡GPU集群互联，项目已规模化落地。上半年，400G 数据中心交换机收入约24亿，占数据中心交换机比重超过60%，51.2T规格的800G产品也有 少批量出货，金额约3亿多，占比相对较低。 【公司帮助国产GPU厂商完善网络侧能力】 公司与多家国产GPU厂商有产品适配和技术交流合作，但产品商业化部 ...

【一周一议】 首先，2 家电子布和铜箔龙头陆续发布中报，报表端超预期主要体现在，首先 AI 已经在贡献利润，第二原主业环比继 续改善，第三作为龙头、坚定对 AI 方向投入，市场份额角度非常积极、较难给后进者机会。例如，（1）中材科技 AI 电子布例如 lowdk 一代、二代、Q 布、low-cte 布的出货量提高，以及主业风电叶片 Q2 量价齐升，预计 Q3 继续环比 改善。（2）铜冠铜箔 hvlp 系列产品批量出货，以及锂电池铜箔明显减亏，毛利率修复，3 个特征在 2 家龙头公司中均 体现的非常明显。市场关注度向液冷、电源、发电机等环节扩散，但电子布和铜箔仍是景气度高强方向，预计单位价 值量增值角度领先，铜箔和电子布会持续保持 AI 产业链主线品种地位。 第二，继续看好非洲建材及建材出海第一股、产销本土化龙头【科达制造】，半年度预告高增验证非洲建材高景气。从 创造税收、拉动就业、丰富产业链各个角度看，非洲更需要打造本土制造，保护本地薄弱的供应链体系，因此相对外 贸，产销一体化、本土化的企业更受当地认可，同步出海非洲和南美洲的还包括部分水泥龙头。 第三，关注国内外量子计算进展。2025 年 4 月微观纪元引入 ...

Summary of Conference Call Notes Industry Overview - The photovoltaic (PV) sector is benefiting from the urgency and expansion effects brought by LDK Electronics, along with the downstream AV chain's push, with electronic attributes being a key factor for the heightened interest [2][4] - The high-end PV product market is dominated by companies like Zhongcai Technology, Honghe, and some international firms, leveraging their technological, cost, and customer relationship advantages [2][4] - The PV sector's pricing remains relatively stable, with long-term cooperation between upstream and downstream companies, focusing more on new products entering the mainstream supply chain rather than short-term price hikes [2][7] Company Positioning - Zhongcai Technology holds a leading position in the PV industry, being the only company with a complete technological path and high recognition from downstream partners, with its second-generation products already in the mainstream supply chain [2][8] - The second-generation products currently have a small industry scale, still in stocking phase, but there is optimism regarding future penetration rates; the third-generation products are still in the sampling process with an uncertain technological route [2][10] Demand Outlook - Monthly shipment volumes in the industry are rapidly increasing, expected to reach 10-12 million meters per month by the end of 2025, and 30-40 million meters per month by the end of 2026, driven fundamentally by new demand [3][13] Price Stability and Market Dynamics - The PV sector's prices are stable, with no significant price hikes expected due to temporary shortages, as companies prioritize the entry of new products into the mainstream supply chain [7][9] - The current technological route uncertainty leads to supply chain uncertainties regarding future volume increases, making excessive price promotions unreasonable [9] Product Development and Market Trends - Zhongcai Technology's LOWDK first-generation product had a monthly shipment volume of nearly 2 million meters in May-June 2025, with a growth rate of 30%-50% expected to reach 3 million meters by the end of 2025 [16] - The second-generation products currently have a demand of 200,000-300,000 meters per month, with expectations to reach 1 million meters by mid-2026 [16] Challenges and Future Expectations - The product technology iteration process is not linear, with challenges in yield improvement for high-end products, as the first-generation products have a yield of about 80%, while Q fabric yields are significantly lower [17][18] - The market anticipates cautious expansion capabilities for Zhongcai Technology and its competitors, with traditional companies facing challenges in transitioning to new fields [19] Catalysts and Pricing Dynamics - Key catalysts for the second half of the year include the introduction of first and second-generation products and potential price increases for low-expansion materials [20] - There is a possibility of price increases due to strategic cooperation agreements and demand exceeding supply for certain products [20]