智通财经APP获悉，上周，博通(AVGO.US)和甲骨文(ORCL.US)发布财报后遭遇股价惊魂一日，博通接 连暴跌，两日内失血17%。上周五，瑞银与博通(AVGO.US)管理团队举行了线下投资者会议，结合会议 沟通内容，该行认为上周五的市场反应属于过度反应。基于管理层对2026财年AI半导体业务收入的相 关表述，该行上调了业绩预期，预计2026财年AI半导体收入将超600亿美元，同比增长近3倍，并将目 标价由472美元上调至475美元。 鉴于当日公司股价大幅回调，且本季度业绩公布后投资者疑问集中爆发，该行认为该股已成为市场普遍 看好的多头标的。 会议核心要点如下： 1、财报电话会议中，公司披露AI业务订单积压达730亿美元，覆盖周期18个月;但管理层在会议中明确 表示，该数据极为保守，实际交付周期将接近12个月。 2、第四财季(截至10月)公司总订单积压环比增长50%，其中AI半导体业务订单积压翻倍;若剔除 Anthropic新增的110亿美元订单，剩余订单积压仍增加200-250亿美元，主要来自谷歌和Meta，暂未包含 OpenAI的订单。 3、博通认为，因电源组件的准备进度，向Anthropic交付的2 ...

Core Viewpoint - Wanma Technology (300698.SZ) is positioned as a leading enterprise in the vehicle networking sector, providing comprehensive high-level intelligent networking solutions for autonomous vehicles such as Robotaxi and Robovan [1] Group 1: Product Offerings - The company offers a comprehensive solution that includes "end, management, and cloud" aspects for vehicle networking [1] - The "end" aspect includes advanced networking hardware, mature eSIM solutions, and DSDA dual-active link solutions [1] - The "management" aspect provides dedicated vehicle networking and global networking services [1] - The "cloud" aspect features technological innovations in AI networking, AI operations, and data closed-loop cloud services [1] Group 2: Client Partnerships - In the Robotaxi sector, the company has established partnerships with Baidu Apollo, Hello, and Cao Cao Mobility [1] - In the Robovan sector, the company collaborates with Jiushi and Zhixingzhe [1]

Group 1 - The company views Robotaxi and Robovan as key business areas in the autonomous driving sector, which is entering a commercialization phase with high growth potential [1][2] - According to Frost & Sullivan, the Robotaxi market is projected to reach a scale of $116 billion by 2030 [1] - The domestic market for Robovan, particularly in urban last-mile and logistics delivery, is expected to see a value increment of 97.7 billion and 141.6 billion yuan respectively by 2030, as per the China Society of Automotive Engineers [1] Group 2 - The company possesses significant technological advantages in the vehicle networking field, including DSDA dual-active links and AI networks, which meet the communication demands of autonomous driving for high bandwidth, low latency, and comprehensive network coverage [2] - The company has extensive experience in large-scale vehicle network management, with the capability to manage over 17 million connected vehicles [2] - The company has established six global data platforms and deep partnerships with major operators in various countries, enabling it to support the future global deployment needs of autonomous driving clients [2]

Company Overview - Wanma Technology Co., Ltd. was established in 1997 and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on August 31, 2017 [2][3] - In the first three quarters of 2025, the company achieved a revenue of CNY 557 million, representing a year-on-year growth of 44.51% [2][3] Business Segments - The company has expanded from traditional communication equipment to the intelligent computing data center market, capitalizing on rapid industry growth [3][4] - Both the communication and industrial control business segments, as well as the vehicle networking segment, have experienced significant growth in 2025 [3][4] Vehicle Networking Solutions - As a leading player in the vehicle networking sector, the company offers comprehensive solutions that include high-level hardware, mature eSIM solutions, and dual-active link solutions [4][8] - The company has established partnerships with major automotive manufacturers such as Geely, Ideal, SAIC, and Dongfeng, managing over 16 million connected vehicles [4][6] Global Business Strategy - The company has deployed six regional platforms globally and has built deep relationships with mainstream operators in various countries, providing overseas connectivity services for several well-known automotive brands [4][10] - The company aims to expand its global business ecosystem strategy, exploring new business scenarios and broadening its cooperation scope to create new profit growth points [10][11] Technological Advantages - The company possesses innovative capabilities in AI networks, AI operations, and data closed-loop cloud services, which enhance the operational efficiency and capabilities of smart connected vehicles [4][8] - In the context of Robotaxi and Robovan, the company emphasizes the importance of network stability, bandwidth, and latency, which are critical for safe decision-making and operational efficiency [7][9] Future Directions - The company plans to optimize its traditional communication business while continuing to strengthen its vehicle networking segment and explore new applications such as Robotaxi and Robovan [11] - The company is also focusing on expanding its data center business and migrating its capabilities to other IoT scenarios, including embodied intelligence and unmanned systems [11]

Group 1: AI Server Demand and Market Dynamics - The demand for AI servers in the hardware sector is showing a differentiated trend, with Dell Technologies (DELL.US) capturing high-end market share from Super Micro Computer (SMCI.US) and HPE (Hewlett Packard Enterprise) achieving growth through cost control [1] - The traditional enterprise server market is under short-term pressure as companies prioritize investment in AI infrastructure [1] - Goldman Sachs predicts that by 2027, mature cloud service providers will gradually shift towards ODM custom or semi-custom server designs, while Dell and HPE may see a decline in x86 unit sales but can maintain stable revenue through high average prices and profit margins [1] Group 2: Backend Network Market and Future Projections - The backend scale-out network market is expected to reach a total size of $23 billion by 2029, with the Ethernet scale-out incremental market projected to be around $8 billion to $10 billion [1] - NVLink currently dominates the scale-out backend network, but Ethernet is expected to become a strong competitive alternative in the future, while UALink and PCIe will maintain niche market positions [1] Group 3: Software Technology and AI Network Competitiveness - In the software technology sector, AI networks remain competitive across hyperscale, secondary cloud/new cloud, enterprise, and sovereign customer verticals [2] - Hyperscale enterprises are driven by strong demand for AI economic transformation, with brand suppliers continuing to dominate [2] - The secondary cloud sector shows that Spectrum-X bundled network/computing solutions are the most adaptable, while OEMs like Dell, HPE, and Cisco (CSCO.US) hold advantages in the enterprise market due to their extensive customer base and distribution capabilities [2] Group 4: Communication Technology and Market Trends - Companies like Cisco, HPE, and Juniper are actively participating in the AI network market, while market share data from Arista Networks (ANET.US) and Tianhong Technology (CLS.US) indicates that there is no trend of brand suppliers shifting towards white-box switches in the scale-out field [2]

Group 1 - The core theme of the articles revolves around the competition for AI infrastructure, which is seen as the foundational battleground for AI dominance [1][2][3] - Since the rise of AI large models in 2023, the annualized value growth of private data center construction in the U.S. has reached 49%, with new data center capacity increasing 16 times over four years [1] - The investment surge in data centers and the high demand for GPU chips highlight the critical role of infrastructure in enabling large-scale AI deployment [3][4] Group 2 - Mushroom Car Union is positioning itself not as a vehicle manufacturer but as a "city neural network" provider, focusing on building an AI network to transform urban traffic systems [4][9] - The company aims to achieve three core capabilities: global perception through AI network nodes, deep cognition via the MogoMind traffic model, and real-time reasoning and decision-making [4][5][6] - The deployment of the AI network has already been validated in cities like Beijing, Shanghai, and Zhejiang, demonstrating significant improvements in traffic management and accident response times [7][8] Group 3 - Mushroom Car Union is compared to Nvidia, as both companies create foundational systems for their respective fields—Nvidia for AI model operation and Mushroom Car Union for traffic governance and intelligent driving [9][10] - The business model of Mushroom Car Union is not focused on being a vehicle manufacturer but rather on providing a scalable AI platform for urban autonomous driving [11] - The emphasis is on the importance of sustainable system capabilities over short-term performance, positioning Mushroom Car Union as a leader in the AI urban infrastructure revolution [11]