Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the growth of the optical communication industry driven by AI training and inference demand, with companies like Nvidia and Corewave showing strong performance in training, while Marvell and Broadcom demonstrate robust inference demand [1][3][4] - The domestic computing power market faces supply shortages, but the introduction of new Nvidia cards and breakthroughs in domestic cards are gradually addressing these issues [1][5] Core Insights and Arguments - The optical module sector is expected to continue its growth trajectory in 2025, with companies like NewEase, Xuchuang, and Tianfu Technology showing high growth and low valuations [1][6] - NewEase anticipates a net profit of 3.7 to 4.2 billion yuan in the first half of 2025, representing over 300% year-on-year growth, driven by a significant increase in 800G optical module shipments [1][7] - The 1.6T optical module market has a promising outlook, with Nvidia's GPT300 and its CX8 network card expected to drive demand in the second half of 2025 [1][9][10] - The trend towards large cluster construction is clear, with companies like Broadcom and Marvell indicating a shift towards million-card clusters, ensuring sustained demand for computing hardware, including optical communication [1][11] Challenges and Opportunities - The domestic computing power market is primarily challenged by supply shortages, but this is being alleviated by new Nvidia cards and improvements in domestic card capabilities [1][5] - The optical module industry is poised for significant growth, particularly with emerging technologies in the CPO direction and optical chip segments [1][6][13] - The AI chip capacity issues in early 2025 led to a slowdown in data center orders, but the recovery of H20 sales is expected to improve the situation [14][15] Future Trends - The optical module industry is expected to benefit from the increasing demand for AI computing power, with both training and inference needs rising simultaneously [1][8] - The liquid cooling equipment market is projected to experience significant growth starting in the second half of 2025, driven by new liquid cooling chips and positive developments in the Nvidia supply chain [18] - The domestic AI computing power sector is maturing, with improvements in profitability and increased investment from major internet companies [19][22] Additional Important Insights - The data center construction cycle is shortening, allowing for quicker order fulfillment and profit realization, contrasting with the previous 18-24 month timeline [17] - The domestic AI computing power industry is expected to see a significant uptick in performance as supply issues are resolved and investment continues to grow [21][22] - The AIDC industry is in a two-phase development stage, with large-scale tenders from major companies driving equipment demand and subsequent price increases in new data center projects [24]

从400G的一个速率的这个CX27的网卡升级为800G速率的这个CX8的网卡那服务器这块专属配套的这个光棍块呢也将去同步升级第二个是QDB那在机柜的这个计算托盘上GP300会回归到这个UBB加上OAM的方案具体来看的话这个GP200这个服务器里面计算托盘包括两块这个发源卡的板子每块板子上的集成一颗这个CPU和这个两颗比200的一个GPU 在GP300当中呢这个计算托盘呢是回归到这个UBB加上OAM的设计那UBB呢是高多层的一个通孔板CPU呢是直接SMT的工艺贴装在这个UBB上那B300的GPU呢是通过这个插座去接到这个OAM板上再通过这个铜线的方式去走线连接到这个UBB那OAM方面呢这个是两颗的这个CPU加上这个4颗的GPU的计算托盘的方案这个OAM呢是去使用的高多层的一个贯通板有一颗CPU加上4颗GPU的计算托盘方案 里面的这种OEM将去使用这个HDI第三块是这个GB300的引入这个储能的拓盘带来这个BPU以及超级电容这两个新的零部件这块主要是由这个因为GB200客户在这个测试之后发现这个电源供电在实际的应用过程当中会出现这个电压不稳的这种情况为了在电源突然加载或减负载的时候对于电源的这个电压波动进行伪压那 ...