AI算力跟蹤深度：算力互連覆盤與展望——網絡互連帶寬的增速來自哪裏？

東吳證券

2025/07/23

（以下內容從東吳證券《AI算力跟蹤深度：算力互連覆盤與展望——網絡互連帶寬的增速來自哪裏？》研報附件原文摘錄）通過覆盤海外算力互連環節近兩年的主要產業變化與市場走勢，我們認為此輪25Q2及後續行情與23Q2、24Q1-Q2行情相比，產業鏈的成長邏輯已經發生了改變，主要有以下四大趨勢：1.算力硬件需求從錨定雲廠商CapEx到錨定處理Token數2.算力芯片從依賴GPU到GPU+ASIC並存3.技術...

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