通信行业专题研究：AI训练需求推动全光交换机加速落地

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the communication industry, specifically focusing on the AI-driven demand for all-optical switches [7] Core Viewpoints - The transition from OEO (Optical-Electrical-Optical) to OOO (Optical-Optical-Optical) all-optical switches is driven by AI training demands, aiming to build flexible and cost-effective data center networks to meet growing traffic needs [2][18] - Companies like NVIDIA and Google are actively investing in all-optical switching technologies, with Google deploying OCS (Optical Circuit Switch) in its data center networks [23][31] - OXC (Optical Cross Connect) technology is expected to accelerate the adoption of all-optical switches, offering higher integration and efficiency compared to traditional ROADM systems [40][43] - Huawei, Accelink, and Coherent are leading the development of OXC-based all-optical switches, with commercial deployment expected by 2025 [49][52] Key Companies and Technologies - NVIDIA: NVIDIA's VP Simona Jankowski joined Lightmatter, a startup focusing on photonic interconnects, which raised $400 million in a recent funding round [23] - Google: Google has been a pioneer in deploying OCS switches in its data center networks, reducing the need for OEO conversions and improving efficiency [31][34] - Huawei: Huawei introduced the OptiXtrans DC808, a 256x256 non-blocking all-optical switch, expected to be commercially available by 2025 [49] - Accelink: Accelink launched its MEMS-based OCS product, supporting up to 400x400 ports, with features like rapid switching and integrated diagnostics [49] - Coherent: Coherent showcased a 300x300 port optical switch based on DLX technology, optimized for AI data centers, with mass production expected in 2025 [52] Investment Recommendations - Focus on domestic OXC switch industry opportunities, particularly companies like Accelink, FiberHome, and DecaWave, which have already released OXC products [61][62] - Pay attention to domestic AWG suppliers like SICC Photonics, which are crucial for reducing optical paths in all-optical switch scenarios [62] - Monitor FAU (Fiber Array Unit) manufacturers like Tianfu Communication, which play a key role in all-optical switch applications [63]