SINOLINK SECURITIES(600109) 证券时报网·2024-11-22 02:03Group 1: Switch Market - The barrier to entry for switches is higher than that for optical modules, with 2024 marking the beginning of high-end switch deployment for AI, and the proportion of high-speed switches is expected to continue increasing in 2025, driving rapid industry growth [1] - The increase in the proportion of high-speed switches will lead to higher product prices and gross margins, initiating a new round of rapid development in the switch industry. Nvidia has announced plans to adopt Ethernet switches for networking, which is expected to accelerate the commercial use of Ethernet switches in the AI field, benefiting leading domestic switch companies [2] - The current domestic chip localization rate for switches is low, but there is significant room for growth in the future, with recommendations to pay attention to companies like Unisplendour and Shengke Communication [2] Group 2: Liquid Cooling in Servers - The development of the AI industry is driving high computing power demand, which is expected to accelerate the rapid development of liquid cooling in servers [3][4] - High computing power application scenarios are emerging, leading to accelerated iterations of AI chips and increased power consumption with each generation [5] - The power density in server cabinets is continuously increasing, making liquid cooling essential [6] - By 2025, domestic chips are expected to undergo upgrades, further increasing power consumption and the urgency for liquid cooling solutions. Many mainstream IT equipment manufacturers have publicly stated their intention to enhance R&D efforts and accelerate the iteration of liquid cooling products, with the Chinese liquid cooling server market expected to maintain rapid growth [7]