SINOLINK SECURITIES(600109) 智通财经网·2025-03-24 07:47Core Insights - Nvidia's CPO switch Quantum-X was officially launched at the GTC 2025 conference, with strong demand for Blackwell chips, indicating a robust market for AI-related hardware [1][2] - The Quantum-X switch features a liquid cooling solution for power management, 18 detachable silicon optical engines per Quantum-X800 chip, and a total of 1152 single-mode optical fibers, suggesting significant opportunities for related suppliers [2][5] Nvidia's CPO Switch Launch - The Quantum-X switch's energy efficiency is reported to be 3.5 times better than traditional pluggable optical modules, highlighting its advanced technology [1] - Nvidia disclosed that the four major cloud service providers in the U.S. are expected to purchase 1.3 million Hopper architecture chips in 2024 and 3.6 million Blackwell architecture chips in 2025, reflecting a strong demand for chips [1] Investment Trends in Telecom - Tencent's 2024 capital expenditure exceeded 76.76 billion yuan, a year-on-year increase of 221%, with expectations for 2025 capital expenditure to be around 80-100 billion yuan [2] - China Mobile's AI investment has surpassed 12 billion yuan in the past two years, with plans to invest 37.3 billion yuan in computing power by 2025, while China Unicom's computing power investment increased by 19% in 2024 [2] Growth in AI Demand - The demand for DeepSeek has surged, leading to a significant increase in GPU utilization from 20% to 68%, with resource sales rates reaching 77% [3] - The revenue from mobile cloud services is projected to reach 100.4 billion yuan in 2024, driven by the growth of AI model demands [3] Sector-Specific Insights - In the server segment, domestic AI chip manufacturers are expected to benefit from increased inference demand in 2025, while Nvidia's server OEMs like Foxconn are recommended for investment [4] - In the switch market, Ruijie Networks and Unisplendour are key suppliers for major internet companies, indicating a competitive landscape [4] - The optical module sector is seeing growth with companies like LightSpeed Technology and Shijia Photonics poised for large-scale production of high-speed optical modules [4] Liquid Cooling Technology - Liquid cooling is emerging as the mainstream cooling technology for next-generation servers, with Nvidia's Quantum-X switch utilizing this design for efficient heat dissipation [5] - The liquid cooling market is expected to expand significantly, with domestic suppliers like Invec accelerating their international presence [5] Investment Recommendations - Companies in the server, IDC, switch, optical module, and liquid cooling sectors are recommended for investment, driven by both domestic and international AI development [6]