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|2024 02 29 14 TMT/2 19 AI AI+昇 AI 2 19 AI 1 2 AI+昇 AI 2 26 AI 1 2023 208PFLOPS-2,000PFLOPS 2023 2023 昇 2 2024 AI NVIDIA GPU 昇 AI 1 昇 910 A100 80GB Atlas 900 SuperCluster AI 18,000 2 AI 3 CPU/GPU 1 2 ICT AI ICT 3 IDC IDC%194 3.8 2587.0 3.5 1907.8 2.9%1m 6m 12m-1.7-5.8-3.0-5.2 2.2 12.2 1 2023 2023-09-15 2 4 2023-08-20 3 2023-08-10 S1090522060001 S1090523040001-40-30-20-100102030Mar/23 Jun/23 Oct/23 Jan/24(%)通信 沪深300 2 YWDWwPnQnOpOrPoNtOpQrQ6M9R6MmOrRoMnRfQpPtQlOrRtNaQrRwOwMmRtNMYtOsO 3.6 1 1 AI AI+6 2 2 NVIDIA GPU.6 3 3.6 AI.8 昇.11 1 NVIDIA GPU 昇 AI 11 2.12.14 1.14 2 15 ICT.17 1 AI 昇 17 1 70%2023 100 18 2.19 3 20 2.21 IDC.25 1 IDC AI.25 1 AIDC 27 2.27 3 NVIDIA 28 2.28 1 500MW 29 2 29 4 1.6 2 2022-2024E.9 3 2021 2.5G DFB/FP%.14 4 2021 10G DFB%.14 5 TsingMa.MX Arictic.16 6 2019-2023E%.17 7 2023H1 AI%.17 8.21 9 2018-2027E%.21 10 2023Q3%.21 11 2018-2027E%22 12 2021%.22 13 2022Q1-2023Q3%22 14 2022-2027E%.22 15 CloudEngine 16800-X.23 16 IDC/.26 17%.26 18.27 19 PEBand.30 20 PBBand.30 1 2023.8 2 2023.9 3 AI NVIDIA GPU.11 4 昇 910 NVIDIA.11 5.12 6 AI.12 7.13 8.15 9.16 10 昇 AI 18 11 2023-2024 AI.19 5 12 AI.20 13.23 14 2022 2023.25 6 1 1 AI AI+AI AI+2024 2 19 AI 1 2 AI+AI 1 2 2 NVIDIA GPU NVIDIA NVIDIA GPU 2024 1 NVIDIA NVIDIA GPU 3 3 2024 2 26 Copilots Agents 7 1 2 3 8 AI 2023 2023 AI 2023 1 2023 2023 100PFLOPS-500PFLOPS 2023 AI 208PFLOPS-2,000PFLOPS 2023 2023 2 2023 昇 AI 昇 1 2023 PFLOPS 2023 3 100P Atlas 900 AI 3.9 2023 4 400P 105P 昇 AI-2023 5 昇 1024P 100P CA9900 AI CA9900 AI 昇 910-2023 5 400P 42P-2023 7 400P 100P 昇 Atlas-2023 3 8 400P 200P 昇 12.7 2023 9 400P 200P 昇 AI CloudFabric 3.0-2023 10 300P 100P 5.1 2023 12 2000P 500P 1500P 24Q1-2023 4 500P 400P 900P-2023 8 610P-12 2023 10-1000P 2024-2023 11 2000P-50.5 9 2023 11 800P-6 2023 12 500P 208P-12 IDC 2023 796 33%2024 1,100 38%2023 796 33%/452/195/149 34.9%/39.3%/19.4%2024 1,100 38%2 2022-2024E 2024 AI 2024 1 15,000 AI 2024 1 昇 AI 2024 2 200G 50%2 2023 6 IDC 12,000 2023 4 27 6,000PFLOPS 2023 6 4 16,000 2,200PFLOPS 2023 7 2()2,000PFLOPS 2023 8 3 599 796 1100 30%32%34%36%38%40%03006009001,2002022 2023E 2024E三大运营商算力网络投资（亿元）yoy（%）10 15,600 2023 8 16 AZ 2,000 2023 8 16 30 2023 9 7 33,000 450,000 5,000PFLOPS 2023 10 28 2024 1,000PFLOPS A800 H800 昇 910+2023 11 21 10,000 6kW 2023 11 24 15,000 10,000 AI 2024 1 22 5,000PFLOPS AI 2024 1 26 168PFLOPS 200G 2024 2 1 IDC 11 昇 1 NVIDIA GPU 昇 AI NVIDIA GPU 昇 AI NVIDIA GPU 昇 AI NVIDIA GPU 1 昇 910 FP16 320TFLOPS INT8 640TOPS NVIDIA A100 80GB 2023 9 Atlas 900 SuperCluster AI CloudEngine XH16800 18,000 2 AI 昇 昇 910B AI 2023 昇 910B 5,000 2024 3 AI NVIDIA GPU NVIDIA A100 80GB PCIe H100 SXM H200 SXM 昇 310 昇 910 MLU370-X8 2 AI MTT S3000 T20 BR100 Ampere Hopper Hopper Da Vinci Da Vinci Cambricon MLUarch03 XPU-R MUSA-7nm 4nm 4nm 12nm 7nm 7nm 7nm 12nm 12nm 7nm INT8 624 TOPS 3,958 TOPS 3,958 TOPS 16 TOPS 640 TOPS 256 TOPS 256 TOPS-256TOPS 2,048TOPS FP16 312 TFLOPS 1,979 TFLOPS 1,979 TFLOPS 8 TOPS 320 TFLOPS 96 TFLOPS 128 TFLOPS 15.2TFLOPS 32TFLOPS 256TFLOPS 80GB HBM2e 80GB HBM2 141GB HBM3E-48GB LPDDR5 32GB GDDR6 32GB GDDR6 32GB HBM2E 64GB HBM2E 1,935GB/s 3.35TB/s 4.8TB/s-614.4 GB/s 512GB/s 448GB/s 1.6TB/s 2.3TB/s 300W 700W 700W 8W 310W 250W-250W 300W 550W 4 昇 910 NVIDIA GPU H100 50,000 H800 20,000-30,000 A100 16,000 昇 910 Atlas 900 SuperCluster 18,000 12 2 CPU 昇 GPU 1 2022 PC CPU 37.10%2020 5.97pct 6.50pct 2024 2 2024 PC 26.45 Arm+X86 12.15 47.34%8,000 Arm X86 2 AI 2023 10 AI 2023-2024 4 4,175 AI 47.35%5%2020 124,138 49,691 40.03%26,336 23,355 21.22%18.81%69,952 24,823 35.49%13,830 10,993 19.77%15.72%138,272 28,957 20.94%19,563 9,394 14.15%6.79%332,362 103,471 31.13%59,729 43,742 17.97%13.16%2022 55,787 22,576 40.47%12,108 10,300 21.70%18.46%200,000 53,401 26.70%14,952 38,449 7.48%19.22%297,267 129,209 43.47%69,227 59,982 23.29%20.18%553,054 205,186 37.10%96,287 108,731 17.41%19.66%C114 6 AI 昇%昇%2020 2021 2,000-1,000-50.00%2022 1,838-612-33.30%AI 2023-2024 4,175 1,977-47.35%-1 2023 2023H2 2023 40 2 2023 41.55%2023 8 CPU 1,500 41.55%13 7/2021 4 PC 375 0.58 2021 11 PC 500 0.88 2022 12-0.74-3.64-1.58 2023 7 2023 IT 16,000-5,300-2023 7 ARM-34.01-C86-10.20-2023 10 2023 PC 23,674 40.22 2023 12 2023 3 4,784-2023 8 PC 200 2 700 600 2023 11 2023 620 0.78 139 0.14 C114 14 1 ICC 2021 25G 20%25G 5%2 2020 61.7%20.0%16.1%CR3 97.8%1 2.5G 10G 25G 50G DFB EML 4G/5G 1550 ICC 2021 2.5G DFB/FP 10G DFB 7%20%2023 100G EML CW 2023 0.18-0.26 74.08%-82.06%-0.02-0.07 92.92%-101.63%2023Q3 100G PAM4 EML 200G PAM4 EML CW 400G 800G 50mW 100mW AI 400G 800G 3 2021 2.5G DFB/FP%4 2021 10G DFB%ICC ICC 17%17%13%11%9%7%4%22%武汉敏芯 中科光芯 光隆科技 光安伦佳士光子 源杰科技 中电13 所 其他20%15%6%6%6%4%2%41%源杰科技 佳友电工 云岭光电 中电13 所中科光芯 三菱电机 武汉敏芯 其他 15 8 EPON 2.5G 1310nm FP GPON 2.5G 1310nm DFB 2.5G 1490nm DFB 10GPON 2.5G 1270nm DFB 10G 1270nm DFB 10G 1577nm EML/+SOA 50GPON 25G 1300nm/1286nm DFB 50G 1286/1342nm EML 4G 10G 1310nm FP 10G 1310nm DFB 10G 1270 1570nm CWDM16 DFB 5G 25G 1310nm FP 25G 10G 1270 1370nm CWDM6 DFB 25G 1270/1330nm DFB 25G 1310nm DFB 25G 1270 1370nm CWDM6 DFB 25G LWDM12 Channel DFB 25G MWDM12 Channel DFB 50G 1270 1370nm PAM4 CWDM6 DFB 100G/200G/400G 2Km 25G 1270 1330nm CWDM4 DFB 25G LWDM4 Channel DFB 25G LWDM4 Channel EML 50G 1270 1330nm PAM4 CWDM4 DFB 100G 1270-1330nm CWDM4 PAM4 EML CW 1270 1330nm CWDM4 High Power 70mW CW LWDM4 Channel High Power 70mW CW 1310nm High Power 50mW CW 1270 1330nm CWDM4 High Power 25mW/1550nm Pulse DFB 2 2022 60%2022 4.93 64.22%100Gbps-2.4Tbps 100M-400G TsingMa 440Gbps GoldenGate 1.2Tbps TsingMa.MX 2.4Tbps Broadcom Marvell 2024 Arctic 25.6Tbps 800G 2023 Arctic 16 2023 2023 10.37 35.17%-0.20 0.09 2023 1 TsingMa TsingMa.MX Arctic Broadcom Marvell Cisco AI 2 3 2024 5 TsingMa.MX Arictic 9 2022.11-2025.10 A A 2019.06.11 10 2020.06.08 10 2019.08-2022.12 2020.07-2022.12 2020.11-2023.10 17 ICT AI ICT 1 AI 昇 2023 308 2019-2023 CAGR 14.06%AI 91 2023-2027 CAGR 10.16%IDC 2023 308 12.66%2019-2023 CAGR 14.06%IDC 2023 AI 91 82.5%2027 134 2023-2027 CAGR 10.16%IDC 2023H1 AI 50 AI 5 10%AI 昇 6 2019-2023E%7 2023H1 AI%IDC IDC 11 13 昇 昇 2023 9 2019 4,700 11 2022 95%昇 2018 30 1,300 13 2022 昇 0%5%10%15%20%0501001502002503003502019 2020 2021 2022 2023E中国服务器市场规模（亿美元）yoy（%）90%10%海外AI 芯片 中国本土AI 芯片 18 10 昇 AI 昇 CPU CPU 昇 AI AI PR210KI 920 2 Atlas 300T Pro 9000 2 AT800 Model 3000 920 2 Atlas 300T Pro 9000 2 AT800(Model 3000)920 2 Atlas 300I Pro 8 326RA 920 2 Atlas 300T Pro 9000 2 326RA 920 2 Atlas 300I 3000 8 G200K V2 920 2 Atlas 300I Pro 8 G220K V2 920 2 Atlas 300T Pro 9000 2 KunTai A722 920 2 Atlas 300I Pro 8 S800K2 920 2 Atlas 300T Pro 9000 2 Atlas GRG200-AS2208 920 2 Atlas 300I 3000 8 RA2300-A 920 2 Atlas 300I Pro 8 RA2300-A 920 2 Atlas 300T Pro 9000 2 EG920A-G20 920 2 Atlas 300I Pro 8 EG920A-G20 920 2 Atlas 300T Pro 9000 2 AI BLK 800GI(model 7000I)920 2 Atlas 300I Pro 8 BLK 800GI V2 920 2 Atlas 300T Pro 9000 2 H3C UniServer R4960 G3 920 2 Atlas 300I 3010 5 H3C UniServer R5360 G3 920 4 Atlas 910 8 Huanghe OceanAI 800 920 2 Atlas 300I Pro 8 Huanghe OceanAI 800 920 2 Atlas 300T Pro 9000 2 KunLun G2280 920 2 Atlas 300I Pro 8 KunLun G2280 920 2 Atlas 300T 9000 2 A800I 920 2 Atlas 300T Pro 9000 2 A800I 920 2 Atlas 300I 3000 8 昇 1 70%2023 100 70%/昇 2023 9 19 70%2022 34 昇 2023H1 2022 2023 100 70%/昇 2023 AI 2023 10 AI 2023-2024 8.63 G G 31%2024 2 2023-2024 12 30.08%7.44+昇 AI HPC AI 1,000P 307PFLOPS 11 2023-2024 AI 2023 12 2023 2024 11-100 2024 2 2023 2024 12 7.44 30.08%2023 10 AI 2023-2024 G 4.05 31%AI 2023-2024 G 4.58 31%2/昇 AI+OpenHarmony+2017/昇 AI+OpenHarmony+2023 SA200I A2 RA2311-C RA5900-B 昇 AI 1 2 AI AI 3 2023 AI AI 4 昇 AI 20 2023 PC 2023 0.48-0.70 10.13 PC 12 AI RH220 920 2U 128 4TB ARM RH240T 920 2U4 RH520 2 920 4U 128 2.6GHz 560TB RH120 920 1U 128 2.6GHz RA5900-A AI 4 920+8 昇 910 4U 2.56 PFLOPS FP16 CA9900AI 64*昇 910 47U 20.48 PFLOPS FP16 AI 4096 昇 910 1 EFLOPS FP16 RA2300-A AI 8 Atlas 300I Pro 1.12 POPS AI Atlas 300V Pro 3 60%56Gbps 56Gbps 2021/2022 3%/5%20%-30%2020-2022 34.35%/20.36%/26.57%60%112Gbps/224Gbps 56Gbps 112Gbps 224Gbps 2023H1 224Gbps 112Gbps OD 112Gbps BBU 21 8 2 2023 56.89 5.98%IDC 2023 56.89 5.98%2018-2023 CAGR 7.01%2027 75.32 2023-2027 CAGR 6.91%2023Q3 37.17%32.19%13.17%2.71%0.66pct 1.27pct 1.24pct 0.24pct 9 2018-2027E%10 2023Q3%IDC IDC 2023 49.55%1.32pct 2027 54.55%2022 6.31%2021 50%30%20%-10%-5%0%5%10%15%20%0204060802018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E国内以太网交换机市场规模（亿美元）yoy（%）37.17%32.19%13.17%2.71%0.77%0.40%华为 新华三 锐捷网络 中兴通讯 深信服 神州数码 22 11 2018-2027E%12 2021%IDC 2023 200G/400G 2027 200G/400G 16.60%IDC 2023Q3 200G/400G 9.73%2.02pct 23Q1/23Q2 2.13pct/2.47pct 2023 200G/400G 7.90%2.95pct 2027 16.60%2022 11.65pct 13 2022Q1-2023Q3%14 2022-2027E%IDC IDC AI 200G/400G 1 RoCE 2 Clos TH4+TD4 1024 200G 2 Clos TH4+TH4 4,096 200G 2 DDC JR2C+3,456 200G 2023 9 AIGC 1 32,768 400G 44.03%46.55%51.01%46.95%48.23%49.55%50.81%52.47%54.01%54.55%55.97%53.45%48.99%53.05%51.77%50.45%49.19%47.53%45.99%45.45%0%20%40%60%80%100%2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E数据中心交换机（%）非数据交换机（%）50%30%20%数据中心 电信运营商 企业校园客户1.48%0.89%0.98%0.72%0.94%0.76%0.63%28.47%32.39%29.97%30.97%29.60%28.43%27.66%0.26%0.42%0.50%0.92%0.29%0.80%0.98%23.48%26.20%27.89%26.78%23.33%24.51%27.92%7.55%6.08%6.12%7.39%9.39%6.91%7.12%4.82%4.59%5.15%5.37%4.27%3.87%3.65%23.15%20.23%19.82%19.57%23.26%23.28%18.05%6.66%5.37%5.21%3.11%5.24%7.71%9.73%0%10%20%30%40%50%60%70%80%90%100%2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3100M 1000M 2.5G/5G 10G 25G/50G 40G 100G 200G/400G0.98%0.64%0.05%30.59%29.37%27.87%24.73%21.92%19.87%0.55%0.86%1.30%1.82%2.63%4.00%26.33%24.33%22.25%20.30%18.95%18.06%6.72%7.11%8.73%10.82%11.53%11.97%5.01%3.49%0.95%20.48%21.79%22.63%24.93%24.89%24.90%4.95%7.90%11.75%12.91%15.52%16.60%0%10%20%30%40%50%60%70%80%90%100%2022 2023E 2024E 2025E 2026E 2027E100M 1000M 2.5G/5G 10G 25G/50G 40G 100G 200G/400G 23 2 AI-Fabric NCP+NCF 32,768 400G 13 2 Clos TH4+TD4 1,024 200G Spine S9825-64D 64 400G Leaf S9855-2488D 8 400G 16 200G 2 Clos TH4+TH4 4,096 200G Spine S9825-64D 64 400G Leaf S9825-64D 32 400G 64 200G DDC 3,456 200G-32,768 400G RG-S6980-64QC 64 400G ToR Leaf Spine AI-Fabric NCP+NCF 32,768 400G NCP RG-S6930-18QC40F1 18 400G 40 200G NCF RG-X56-96F1 96 200G 800G CloudEngine 16800-X 2023 4 CloudEngine 16800-X 1 288 800G 2 TCO 36%3 CloudEngine 16800-X 15 CloudEngine 16800-X H3C 400G 25G 100G 400G 24 100G 400G 2023H1 58.10%2023Q3 96%25 IDC IDC IDC 2023-2025 1 IDC AI 2023 2023 11 11 2022 1 PUE 2023 7 2021 2023 PUE 1.144-1.193 2022 1.292 PUE 2 2023 11 11 10 14 2022 2023 PUE PUE 2022 1.143 2023 11 1.149 1.118-1.146 1.148 1.146 1.146-1.145 1.147 1.144 1.198 1.183 1.292 1.193 1.195 1.147 1.158 1.147 1.149 1.146 1.15()1.152+1.148+AI 1.195 26 IDC IDC IDC 2023Q3 MRR 9,495 2.24%23Q1/23Q2 2.71%/3.74%2023Q3 58.9%71.9%3.8pct 23Q1/23Q2 2.0pct/3.9pct 1.4pct 23Q1/23Q2 5.2pct/3.6pct 16 IDC/17%MSR=/MRR AI 2024 2 Google Gemma 20 70 Google Gemma:Open Models Based on Gemini Research and Technology Gemma-7B 8 Llama 2 7B Llama 2 13B Google AI AI 2024 2 Stability AI Stable Diffusion 3.0 DiT AI 2024 2 OpenAI Sora Patches Transformer Diffusion Sora 1 2 Sora 7.09 H100 Sora 1,000 02,0004,0006,0008,00010,00012,00021Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3世纪互联MRR 万国数据MSR0%10%20%30%40%50%60%70%80%21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3世纪互联（%）万国数据（%）27 18 Sora Gemma:Open Models Based on Gemini Research and Technology 2024 1 AIDC 2023 5 6 56 29 2023 3 2023 13 8 2022 65.22%2023 17.5-18.5 46.05%-54.39%17.4-18.4 52.91%-61.70%IDC AI AIDC AIDC 23H2 2021 2023 8 A-11 B 21.5-50kW 23H2 2 IDC 2023 6 13 25,500 2023 2023 9M23 10.39 25.70%1.23 10.37%2023H1 9.38%AI IDC 28 2023 12 AI IDC 3 NVIDIA 2023 Run+12 65 2023 AI 50%-Al 2023 7GW NVIDIA 2023 11 NVIDIA-AI 6,000 A800 H800 2023 1 2023 11 1,000P 2 2023 11-2,500P 3 2024 2 AI 昇 2 FusionServer Pro E9000 FusionServer Pro 65kW 昇 昇 Atlas 900 PoD PUE 1.15 2023 昇 Atlas 900 AI 29 1 500MW 500MW IDC 2021 200KW 2022 Coolinside 6 2023H1 500MW 2023 7 Intel 2023 11 XSpace 2 2023 7/AI 30 19 PEBand 20 PBBand 10 x15x20 x25x40 x050010001500200025003000350040004500Sep/21 Mar/22 Sep/22 Mar/231.0 x1.5x2.0 x2.5x3.0 x0200400600800100012001400Sep/21 Mar/22 Sep/22 Mar/23 31 6-12 A 300 500 20%5-20%5%5%
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