全球交换机：因人工智能数据中心交换机ASP上升上调TAM；2025-2027 年全球交换机 TAM 年复合增长率将达 21%

17 November 2025 | 4:09PM HKT Equity Research +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Exhibit 1: Rising contribution from 800G/ 1.6T switch ports in 2025-27E Port shipment mix for AI data center 68% 20% 1% 57% 32% 4% 40% 46% 8% 79% 9% 0% - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 100G/ 400G 800G 1.6T 2024 2025E 2026E 2027E (k units) Red text shows AI data center switch ports shipment mix by speed Source: Company data Compared to our last publication in Nov 2025 (repo ...