653 lines
47 KiB
HTML
653 lines
47 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>铜互联 (Copper Interconnect) - 深度投研报告</title>
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<script src="https://cdn.tailwindcss.com"></script>
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</head>
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<body class="min-h-screen">
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<div class="container mx-auto p-4 md:p-8">
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<header class="text-center py-12">
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<h1 class="text-4xl md:text-6xl font-bold tracking-tight glowing-text">铜互联 (Copper Interconnect)</h1>
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<p class="mt-4 text-xl text-slate-400">AI算力架构跃迁下的确定性增量市场深度研报</p>
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<p class="text-xs text-slate-500 mt-6">北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现 | 本报告为AI合成数据，投资需谨慎。</p>
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</header>
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<main>
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<!-- Section 1: 概念核心洞察 -->
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<section id="insight" class="mb-16">
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<h2 class="text-3xl font-bold mb-8 text-sky-300">概念核心洞察</h2>
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<div class="bento-grid">
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<div class="grid-item col-span-12 lg:col-span-8 glass-card p-6">
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<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">0. 概念事件：从诞生到演进</h3>
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<ul class="timeline timeline-snap-icon max-md:timeline-compact timeline-vertical">
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<li>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end timeline-box mb-10">
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<time class="font-mono italic">奠基事件 (2024年3月)</time>
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<div class="text-lg font-black">GB200 NVL72发布</div>
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英伟达GTC大会发布机柜级设计，采用5000+根高速铜缆互联，引爆“铜互联”概念。
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</div>
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<hr class="bg-sky-400/50"/>
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</li>
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<li>
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<hr class="bg-sky-400/50"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-start md:text-end mb-10 timeline-box">
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<time class="font-mono italic">逻辑确立期 (2024年3月-5月)</time>
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<div class="text-lg font-black">“光铜共进”论形成</div>
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市场密集路演，确立核心论述：铜主内（Scale-Up），光主外（Scale-Out），二者互补。
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</div>
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<hr class="bg-sky-400/50"/>
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</li>
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<li>
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<hr class="bg-sky-400/50"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end mb-10 timeline-box">
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<time class="font-mono italic">产业链验证期 (2024年7月-10月)</time>
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<div class="text-lg font-black">供应链突破</div>
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“乐庭成缆送样通过”等消息成为催化剂，市场焦点转向安费诺、沃尔核材等核心厂商及设备瓶颈。
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</div>
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<hr class="bg-sky-400/50"/>
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</li>
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<li>
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<hr class="bg-sky-400/50"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-start md:text-end mb-10 timeline-box">
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<time class="font-mono italic">风险暴露与修正期 (2024年9月-12月)</time>
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<div class="text-lg font-black">预期修正</div>
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GB200备货延迟及台积电CPO突破新闻，引发市场对量产节奏和长期替代风险的担忧。
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</div>
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<hr class="bg-sky-400/50"/>
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</li>
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<li>
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<hr class="bg-sky-400/50"/>
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<div class="timeline-middle">
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<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" class="h-5 w-5"><path fill-rule="evenodd" d="M10 18a8 8 0 100-16 8 8 0 000 16zm.75-13a.75.75 0 00-1.5 0v5c0 .414.336.75.75.75h4a.75.75 0 000-1.5h-3.25V5z" clip-rule="evenodd" /></svg>
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</div>
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<div class="timeline-end timeline-box">
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<time class="font-mono italic">新增长点发掘期 (2024年12月-至今)</time>
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<div class="text-lg font-black">AEC崛起</div>
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市场转向挖掘AEC（有源铜缆）在CSP自研ASIC集群及柜间互联中的应用，开启第二增长曲线。
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</div>
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</li>
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</ul>
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</div>
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<div class="grid-item col-span-12 lg:col-span-4 glass-card p-6">
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<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">1. 核心观点摘要</h3>
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<p class="text-slate-300 leading-relaxed">铜互联是AI服务器架构从“服务器级”向“机柜级”跃迁所带来的<span class="text-green-400 font-semibold">结构性、确定性</span>硬件增量。当前概念正从市场预期驱动的主题阶段，过渡到由订单和业绩驱动的<span class="text-green-400 font-semibold">基本面验证阶段</span>。</p>
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<ul class="space-y-3 mt-4 text-slate-300">
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<li class="flex items-start">
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<svg class="w-5 h-5 mr-2 text-sky-400 flex-shrink-0 mt-1" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 10V3L4 14h7v7l9-11h-7z"></path></svg>
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<span><strong class="text-sky-400">核心驱动：</strong>英伟达GB200及后续产品（Rubin）对机柜内高速、低功耗、低成本连接的极致追求。</span>
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</li>
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<li class="flex items-start">
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<svg class="w-5 h-5 mr-2 text-sky-400 flex-shrink-0 mt-1" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 7h8m0 0v8m0-8l-8 8-4-4-6 6"></path></svg>
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<span><strong class="text-sky-400">未来潜力：</strong>取决于<strong class="text-amber-400">速率升级（224G→448G）</strong>的技术突破和<strong class="text-amber-400">AEC（有源铜缆）</strong>在更广泛场景的渗透。</span>
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</li>
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</ul>
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</div>
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<div class="grid-item col-span-12 glass-card p-6">
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<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">2. 核心逻辑与市场认知分析</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
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<div class="p-4 border border-slate-700 rounded-xl bg-slate-900/30">
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<h4 class="font-bold text-lg text-green-300 mb-2">核心驱动力：架构变革</h4>
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<p class="text-sm text-slate-300">AI大模型驱动GPU集群扩大，GB200的72卡集成架构使GPU间通信带宽远超PCB能力。铜缆（DAC）以其<strong class="text-white">极低功耗、延迟、高可靠性及成本优势</strong>，成为机柜内(Scale-Up)互联的最优解。这是顶层系统架构变革引发的底层连接方案的必然选择。英伟达CEO黄仁勋明确表示“铜会延续很多很多年”。</p>
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</div>
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<div class="p-4 border border-slate-700 rounded-xl bg-slate-900/30">
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<h4 class="font-bold text-lg text-green-300 mb-2">市场热度与情绪：乐观与焦虑并存</h4>
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<p class="text-sm text-slate-300">市场关注度极高，已是TMT核心赛道。情绪整体乐观，对GB200带来的百亿级市场空间充满期待。但“台积电CPO突破”等新闻能轻易引发板块重挫，说明市场对CPO等光学方案的长期替代风险高度敏感，情绪波动较大。</p>
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</div>
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<div class="p-4 border border-slate-700 rounded-xl bg-slate-900/30">
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<h4 class="font-bold text-lg text-green-300 mb-2">预期差分析：宏大叙事 vs 落地节奏</h4>
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<ul class="space-y-2 text-sm text-slate-300">
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<li><strong>价值量认知混乱:</strong> 市场对单机柜价值量认知从120万美元到10万美元不等，后期收敛至<strong class="text-white">50-70万人民币</strong>，反映初期信息混乱。</li>
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<li><strong>量产节奏慢于预期:</strong> “GB200备货延迟”及核心设备（罗森泰发泡机）瓶颈，决定了业绩兑现晚于初期狂热预期。</li>
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<li><strong>对“光铜之争”理解简化:</strong> 并非“你死我活”，而是“各司其职”。铜互联替代的是<strong class="text-white">传统UBB板</strong>，光模块/CPO解决的是柜间互联。</li>
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</ul>
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</div>
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</div>
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</div>
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<div class="grid-item col-span-12 md:col-span-6 glass-card p-6">
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<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">3. 关键催化剂与未来发展路径</h3>
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<div x-data="{ tab: 'short' }" class="w-full">
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<div class="tabs tabs-boxed bg-slate-900/50 mb-4">
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<a class="tab" :class="{'tab-active': tab === 'short'}" @click.prevent="tab = 'short'">近期催化剂 (3-6月)</a>
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<a class="tab" :class="{'tab-active': tab === 'long'}" @click.prevent="tab = 'long'">长期发展路径</a>
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</div>
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<div x-show="tab === 'short'">
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<ul class="space-y-2 text-slate-300">
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<li><strong>1. 安费诺业绩会指引:</strong> 验证行业景气度和GB200出货节奏最直接的信号。</li>
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<li><strong>2. GB200正式出货数据:</strong> 验证市场规模预测的关键。</li>
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<li><strong>3. 国内核心厂商订单公告:</strong> 标志业绩兑现开始。</li>
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<li><strong>4. 448G高速线缆研发进展:</strong> 巩固在Rubin系列供应链中的地位。</li>
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</ul>
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</div>
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<div x-show="tab === 'long'" style="display: none;">
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<ul class="steps steps-vertical">
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<li class="step step-info">
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<div class="text-left">
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<h4 class="font-bold">第一阶段 (2024-2025)</h4>
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<p class="text-sm">DAC主导，跟随英伟达放量。核心是围绕GB200的DAC无源铜缆大规模出货。</p>
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</div>
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</li>
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<li class="step step-info">
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<div class="text-left">
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<h4 class="font-bold">第二阶段 (2025-2026)</h4>
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<p class="text-sm">AEC崛起，应用场景拓宽。渗透率快速提升，客户从英伟达扩展至云厂商。</p>
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</div>
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</li>
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<li class="step">
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<div class="text-left">
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<h4 class="font-bold">第三阶段 (2026-2028+)</h4>
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<p class="text-sm">速率升级与技术融合。主流速率向224G/448G演进，CPC等共封装铜技术可能进入商业化初期。</p>
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</div>
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</li>
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</ul>
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</div>
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</div>
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</div>
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<div class="grid-item col-span-12 md:col-span-6 glass-card p-6">
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<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">5. 潜在风险与挑战</h3>
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<div class="space-y-3 text-slate-300">
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<div class="collapse collapse-arrow bg-slate-900/50 border border-slate-700">
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<input type="radio" name="risk-accordion" checked="checked" />
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<div class="collapse-title text-md font-medium text-red-400">
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核心风险 - 光学技术突袭
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</div>
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<div class="collapse-content">
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<p class="text-sm">最大的长期威胁来自于CPO/OIO技术。一旦其在成本、功耗、可靠性上取得革命性突破（如“台积电CPO突破”新闻），可能大幅缩短铜互联的生命周期。</p>
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</div>
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</div>
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<div class="collapse collapse-arrow bg-slate-900/50 border border-slate-700">
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<input type="radio" name="risk-accordion" />
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<div class="collapse-title text-md font-medium text-amber-400">
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技术与商业化风险
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</div>
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<div class="collapse-content">
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<ul class="list-disc list-inside text-sm space-y-1">
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<li><strong>速率瓶颈：</strong>448G及以上速率对材料、工艺要求呈指数级提升。</li>
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<li><strong>设备依赖：</strong>核心发泡设备被海外垄断，构成供应链安全风险。</li>
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<li><strong>成本压力：</strong>下游巨头议价能力强，面临持续年降压力。</li>
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<li><strong>方案变更：</strong>终端客户设计方案并非一成不变，存在部分铜缆被替代的风险。</li>
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</ul>
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</div>
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</div>
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</div>
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</div>
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<div class="grid-item col-span-12 glass-card p-6">
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<h3 class="text-xl font-semibold mb-4 text-fuchsia-400">4. 产业链与核心公司深度剖析</h3>
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<div id="chain-chart" style="width: 100%; height: 400px;"></div>
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</div>
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</div>
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</section>
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<!-- Section 2: 市场规模与价值量 -->
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<section id="market-size" class="mb-16">
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<h2 class="text-3xl font-bold mb-8 text-sky-300">市场规模与价值量</h2>
|
||
<div class="grid grid-cols-1 lg:grid-cols-2 gap-8">
|
||
<div class="glass-card p-6">
|
||
<h3 class="text-xl font-semibold mb-4 text-green-300">高速线缆市场规模预测</h3>
|
||
<div id="market-size-chart" style="width: 100%; height: 350px;"></div>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<h3 class="text-xl font-semibold mb-4 text-green-300">AI服务器平台铜互联价值量</h3>
|
||
<div id="value-prop-chart" style="width: 100%; height: 350px;"></div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Section 3: 多维数据交叉验证 -->
|
||
<section id="data-validation" class="mb-16">
|
||
<h2 class="text-3xl font-bold mb-8 text-sky-300">多维数据交叉验证</h2>
|
||
<div x-data="{ tab: 'news' }" class="w-full glass-card p-6">
|
||
<div class="tabs tabs-bordered mb-6">
|
||
<a class="tab text-lg" :class="{'tab-active': tab === 'news'}" @click.prevent="tab = 'news'">新闻速览</a>
|
||
<a class="tab text-lg" :class="{'tab-active': tab === 'roadshow'}" @click.prevent="tab = 'roadshow'">路演纪要</a>
|
||
<a class="tab text-lg" :class="{'tab-active': tab === 'report'}" @click.prevent="tab = 'report'">研报精粹</a>
|
||
</div>
|
||
|
||
<div x-show="tab === 'news'" class="space-y-4">
|
||
<div class="collapse collapse-plus bg-slate-900/50">
|
||
<input type="radio" name="news-accordion" checked="checked" />
|
||
<div class="collapse-title text-lg font-medium">市场动态与催化剂</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside text-slate-300 space-y-1">
|
||
<li><strong>大涨原因 (2024-07-24):</strong> “市场传乐庭成缆送样通过”，“今晚安费诺业绩会，市场期待乐观指引”。</li>
|
||
<li><strong>大跌原因 (2024-12-30/31):</strong> “台积电的CPO突破新闻”致使板块大幅调整，但分析认为“铜互联赛道被错杀”。</li>
|
||
<li><strong>重大利好:</strong> OpenAI“星际之门计划”投资5000亿美元；黄仁勋表示“铜会延续很多很多年”，10米内铜连接是核心方案。</li>
|
||
<li><strong>行业景气度:</strong> 处于向上初期，4Q24起逐步贡献业绩，后续催化密集，成长空间大。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus bg-slate-900/50">
|
||
<input type="radio" name="news-accordion" />
|
||
<div class="collapse-title text-lg font-medium">核心技术与产品</div>
|
||
<div class="collapse-content">
|
||
<p><strong>分类：</strong>无源铜缆(DAC)、有源铜缆(ACC/AEC)。AEC为DAC进阶方案，是业内公认的下一代解决机柜内部互联瓶颈的核心方案。</p>
|
||
<p><strong>新兴技术 CPC:</strong> 共封装铜互连，将连接器集成到芯片基板，预计相比CPO功耗低30%、成本降50%。</p>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus bg-slate-900/50">
|
||
<input type="radio" name="news-accordion" />
|
||
<div class="collapse-title text-lg font-medium">应用场景与未来规划</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside text-slate-300 space-y-1">
|
||
<li><strong>英伟达:</strong> GB200 NVL72内部采用5000根NVLink铜缆；下一代Rubin平台机柜内连接方案依旧是铜。</li>
|
||
<li><strong>昇腾:</strong> 910c全铜可支持最高1024卡全互联。</li>
|
||
<li><strong>CSP自研:</strong> 亚马逊Trainium2、谷歌TPUv6均导入AEC方案。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-plus bg-slate-900/50">
|
||
<input type="radio" name="news-accordion" />
|
||
<div class="collapse-title text-lg font-medium">“光铜之争”观点</div>
|
||
<div class="collapse-content">
|
||
<p class="font-bold text-green-400">核心观点：光铜共进，各司其职。</p>
|
||
<p>电连接从UBB升级到DAC/AEC，负责柜内互联Scale-Up。光连接从光模块升级到CPO，负责柜间互联Scale-Out。铜互联替代的是传统8卡服务器的UBB板，而非光模块。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div x-show="tab === 'roadshow'" style="display: none;" class="space-y-2">
|
||
<!-- Roadshow Items will be dynamically populated or listed here -->
|
||
<div class="collapse collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="collapse-title text-md font-medium">2024-03-21: 光铜共进论</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside text-sm">
|
||
<li>GB200机柜：72卡机柜需5000根铜缆，单价50万/机柜。</li>
|
||
<li>市场规模：若GB200出货2万台，铜连接市场达100亿元。</li>
|
||
<li>风险点：铜缆配比计算（70根/卡）是否合理？224G速率下长铜缆可行性存疑。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="collapse-title text-md font-medium">2024-05-11: GB200铜缆深度</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside text-sm">
|
||
<li>单机柜价值量：约50-70万元人民币。</li>
|
||
<li>市场规模测算：2024年GB200铜缆市场容量可达200亿元。</li>
|
||
<li>竞争格局：安费诺（Amphenol）主导GB200早期供应。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="collapse-title text-md font-medium">2024-09-16 & 10-23: 供应链细节与瓶颈</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside text-sm">
|
||
<li>进度延期：GB200系统备货延迟，部分方案调整。</li>
|
||
<li>设备依赖：发泡机等关键设备由美国HAYES（海尔）、奥地利罗森泰（Rosendahl）垄断。</li>
|
||
<li>沃尔核材：年底罗森泰发泡机增至5台，卡位产能瓶颈。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
<div class="collapse collapse-arrow bg-slate-900/50">
|
||
<input type="checkbox" />
|
||
<div class="collapse-title text-md font-medium">2024-12-26 & 2025-01-08: AEC崛起</div>
|
||
<div class="collapse-content">
|
||
<ul class="list-disc list-inside text-sm">
|
||
<li>行业处于从预期向业绩兑现的过渡阶段。</li>
|
||
<li>关键驱动：GB200机柜改版、ASIC集群需求爆发、AEC渗透率提升。</li>
|
||
<li>新逻辑：柜间互联加速向ACC/AEC转移，柜外互联逐步由AEC替代AOC。</li>
|
||
<li>AEC是AI算力时代“Scale Up”网络的关键技术，与“Scale Out”光互联形成互补。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div x-show="tab === 'report'" style="display: none;" class="space-y-4">
|
||
<div class="p-4 border border-slate-700 rounded-xl bg-slate-900/30">
|
||
<h4 class="font-bold text-lg text-green-300 mb-2">铜互联专题报告 (2024-05-13)</h4>
|
||
<ul class="list-disc list-inside text-slate-300 space-y-1 text-sm">
|
||
<li><strong>核心变化:</strong> GB200 NVL72机柜采用铜缆实现GPU与NVLink互联，外部采用5000根NVLink铜缆。</li>
|
||
<li><strong>采用原因:</strong> 成本最低、功耗延迟接近零、高度可靠。</li>
|
||
<li><strong>市场规模:</strong> 预计2027年市场突破12亿美元，2023-2027年复合增速约25%。</li>
|
||
<li><strong>产业链:</strong> 全球安费诺份额最大；国内公司多给海外大厂做上游配套，如沃尔核材、新亚电子、鼎通科技等。</li>
|
||
<li><strong>风险提示:</strong> DAC与AOC的替代风险，未来架构升级可能采用光通信方案。</li>
|
||
</ul>
|
||
</div>
|
||
<div class="p-4 border border-slate-700 rounded-xl bg-slate-900/30">
|
||
<h4 class="font-bold text-lg text-green-300 mb-2">铜连接专题研报 (2025-01-10)</h4>
|
||
<ul class="list-disc list-inside text-slate-300 space-y-1 text-sm">
|
||
<li><strong>聚焦昇腾生态:</strong> 铜连接是服务器BOM占比约5%的关键组件。</li>
|
||
<li><strong>价值量:</strong> 昇腾910C铜连接价值量：8卡配置约6万元，32卡配置约28万元。</li>
|
||
<li><strong>市场预测:</strong> 25年910C铜连接需求将放量，市场规模约40亿元。26年昇腾920有望推动市场大幅扩容。</li>
|
||
<li><strong>投资建议:</strong> 重点推荐卡位优势明显的华丰科技。</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Section 4: 涨幅异动分析 -->
|
||
<section id="rise-analysis" class="mb-16">
|
||
<h2 class="text-3xl font-bold mb-8 text-sky-300">产业链涨幅异动分析</h2>
|
||
<p class="mb-6 text-slate-400">以下为产业链相关或受情绪传导影响个股的异动分析，揭示市场情绪与资金流向。</p>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 xl:grid-cols-3 gap-6">
|
||
<!-- Analysis cards will go here -->
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h3 class="text-xl font-semibold text-white">云南铜业 (000878)</h3>
|
||
<div class="badge badge-accent">+8.73% (2025-09-12)</div>
|
||
</div>
|
||
<p class="text-sm text-slate-300">上涨是多重因素共振结果：<br>1. <strong>短期驱动:</strong> 有色板块整体走强、国际铜价上涨。<br>2. <strong>中期驱动:</strong> 美联储降息预期、国内稳增长政策。<br>3. <strong>长期驱动:</strong> 能源转型及新兴CPC技术带来的增量需求。<br>4. <strong>公司因素:</strong> 半年报利润创新高、估值修复预期。 </p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h3 class="text-xl font-semibold text-white">泓淋电力 (301439)</h3>
|
||
<div class="badge badge-accent">+6.49% (2025-06-16)</div>
|
||
</div>
|
||
<p class="text-sm text-slate-300">上涨由多重因素驱动：<br>1. <strong>公司业务:</strong> 子公司达为互联生产的高速铜缆产品可应用于服务器，与算力基建需求契合。<br>2. <strong>行业政策:</strong> 电力市场化改革、绿电增长带动电力设备板块。<br>3. <strong>市场情绪:</strong> 资金关注电改概念，形成板块联动效应。</p>
|
||
</div>
|
||
<div class="glass-card p-6">
|
||
<div class="flex justify-between items-center mb-2">
|
||
<h3 class="text-xl font-semibold text-white">铜冠铜箔 (301217)</h3>
|
||
<div class="badge badge-accent">+6.43% (2025-06-20)</div>
|
||
</div>
|
||
<p class="text-sm text-slate-300">上涨主要原因：<br>1. <strong>固态电池热度:</strong> 公司高端锂电铜箔产品适用于固态电池，技术布局领先。<br>2. <strong>PCB铜箔国产替代:</strong> AI服务器拉货带动高端PCB铜箔需求，国产替代空间广阔。<br>3. <strong>行业拐点:</strong> 铜箔行业盈利修复逻辑得到印证，基本面改善。</p>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Section 5: 概念相关标的 -->
|
||
<section id="stocks" class="mb-16">
|
||
<h2 class="text-3xl font-bold mb-8 text-sky-300">概念核心标的池</h2>
|
||
<div class="overflow-x-auto glass-card p-4">
|
||
<table class="table table-zebra w-full">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>股票代码</th>
|
||
<th>核心逻辑</th>
|
||
<th>细分标签</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td>华丰科技</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=688629" target="_blank" class="link link-hover text-sky-400">688629</a></td>
|
||
<td>铜互联概念，NV SWITCH通过采用铜互联，成本大幅下降</td>
|
||
<td><div class="badge badge-primary badge-outline">背板连接</div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>鼎通科技</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=688668" target="_blank" class="link link-hover text-sky-400">688668</a></td>
|
||
<td>铜互联概念，NV SWITCH通过采用铜互联，成本大幅下降</td>
|
||
<td><div class="badge badge-primary badge-outline">背板连接</div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>意华股份</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002897" target="_blank" class="link link-hover text-sky-400">002897</a></td>
|
||
<td>铜互联概念，NV SWITCH通过采用铜互联，成本大幅下降</td>
|
||
<td><div class="badge badge-primary badge-outline">背板连接</div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>兆龙互联</td>
|
||
<td>N/A</td>
|
||
<td>铜互联概念，NV SWITCH通过采用铜互联，成本大幅下降</td>
|
||
<td><div class="badge badge-secondary badge-outline">DAC互联</div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>金信诺</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=300252" target="_blank" class="link link-hover text-sky-400">300252</a></td>
|
||
<td>铜互联概念，NV SWITCH通过采用铜互联，成本大幅下降</td>
|
||
<td><div class="badge badge-secondary badge-outline">DAC互联</div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>立讯精密</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=002475" target="_blank" class="link link-hover text-sky-400">002475</a></td>
|
||
<td>铜互联概念，NV SWITCH通过采用铜互联，成本大幅下降</td>
|
||
<td><div class="badge badge-secondary badge-outline">DAC互联</div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>奕东电子</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=301123" target="_blank" class="link link-hover text-sky-400">301123</a></td>
|
||
<td>铜互联概念，NV SWITCH通过采用铜互联，成本大幅下降</td>
|
||
<td><div class="badge badge-accent badge-outline">高速连接器</div></td>
|
||
</tr>
|
||
<tr>
|
||
<td>博威合金</td>
|
||
<td><a href="https://valuefrontier.cn/company?scode=601137" target="_blank" class="link link-hover text-sky-400">601137</a></td>
|
||
<td>铜互联概念，NV SWITCH通过采用铜互联，成本大幅下降</td>
|
||
<td><div class="badge badge-accent badge-outline">高速连接器</div></td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</section>
|
||
</main>
|
||
</div>
|
||
|
||
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|
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|
||
{ id: '2', name: '高速线缆', symbolSize: 40, x: 500, y: 150, category: '中游', itemStyle: { color: '#34d399' }, desc: '核心传输介质的制造' },
|
||
{ id: '3', name: '高速连接器', symbolSize: 40, x: 500, y: 250, category: '中游', itemStyle: { color: '#34d399' }, desc: '实现物理连接的关键部件' },
|
||
{ id: '4', name: '核心材料', symbolSize: 30, x: 600, y: 120, category: '上游', itemStyle: { color: '#60a5fa' }, desc: '高纯度镀银铜导体等' },
|
||
{ id: '5', name: '核心设备', symbolSize: 30, x: 600, y: 180, category: '上游', itemStyle: { color: '#60a5fa' }, desc: '高速线缆发泡机等' },
|
||
{ id: '6', name: 'AEC芯片', symbolSize: 40, x: 500, y: 320, category: '中游', itemStyle: { color: '#34d399' }, desc: '有源铜缆的核心Retimer芯片' },
|
||
|
||
{ id: '7', name: '英伟达', symbolSize: 20, x: 200, y: 150, category: '客户', itemStyle: { color: '#c084fc' }, desc: 'GB200/Rubin' },
|
||
{ id: '8', name: '华为昇腾', symbolSize: 20, x: 200, y: 200, category: '客户', itemStyle: { color: '#c084fc' }, desc: '910c/920' },
|
||
{ id: '9', name: 'CSP(云厂商)', symbolSize: 20, x: 200, y: 250, category: '客户', itemStyle: { color: '#c084fc' }, desc: '亚马逊/谷歌' },
|
||
|
||
{ id: '10', name: '安费诺', symbolSize: 20, x: 400, y: 170, category: '公司', itemStyle: { color: '#facc15' }, desc: '全球绝对龙头' },
|
||
{ id: '11', name: '立讯精密', symbolSize: 20, x: 400, y: 230, category: '公司', itemStyle: { color: '#facc15' }, desc: '潜在集成巨头' },
|
||
|
||
{ id: '12', name: '沃尔核材', symbolSize: 20, x: 500, y: 120, category: '公司', itemStyle: { color: '#facc15' }, desc: '国内线缆龙头' },
|
||
{ id: '13', name: '鼎通科技', symbolSize: 20, x: 500, y: 220, category: '公司', itemStyle: { color: '#facc15' }, desc: '连接器双雄(英伟达链)' },
|
||
{ id: '14', name: '华丰科技', symbolSize: 20, x: 500, y: 280, category: '公司', itemStyle: { color: '#facc15' }, desc: '连接器双雄(华为链)' },
|
||
|
||
{ id: '15', name: '精达股份', symbolSize: 20, x: 600, y: 90, category: '公司', itemStyle: { color: '#facc15' }, desc: '高纯度镀银铜导体' },
|
||
{ id: '16', name: '博创科技', symbolSize: 20, x: 500, y: 350, category: '公司', itemStyle: { color: '#facc15' }, desc: 'Retimer芯片' },
|
||
],
|
||
links: [
|
||
{ source: '1', target: '0' }, { source: '7', target: '0' }, { source: '8', target: '0' }, { source: '9', target: '0' },
|
||
{ source: '2', target: '1' }, { source: '3', target: '1' }, { source: '6', target: '1' },
|
||
{ source: '10', target: '1' }, { source: '11', target: '1' },
|
||
{ source: '4', target: '2' }, { source: '5', target: '2' }, { source: '12', target: '2' },
|
||
{ source: '13', target: '3' }, { source: '14', target: '3' },
|
||
{ source: '15', target: '4' }, { source: '16', target: '6' },
|
||
],
|
||
categories: [
|
||
{ name: '下游', itemStyle: { color: '#f87171' } },
|
||
{ name: '中游', itemStyle: { color: '#34d399' } },
|
||
{ name: '上游', itemStyle: { color: '#60a5fa' } },
|
||
{ name: '客户', itemStyle: { color: '#c084fc' } },
|
||
{ name: '公司', itemStyle: { color: '#facc15' } },
|
||
],
|
||
lineStyle: {
|
||
color: 'source',
|
||
curveness: 0.3,
|
||
width: 1.5,
|
||
opacity: 0.7
|
||
}
|
||
}
|
||
]
|
||
};
|
||
chainChart.setOption(chainOption);
|
||
|
||
// ECharts for Market Size
|
||
var marketSizeChart = echarts.init(document.getElementById('market-size-chart'));
|
||
var marketSizeOption = {
|
||
backgroundColor: 'transparent',
|
||
tooltip: { trigger: 'axis', axisPointer: { type: 'shadow' } },
|
||
legend: { data: ['DAC', 'AEC'], textStyle: { color: '#ccc' } },
|
||
grid: { left: '3%', right: '4%', bottom: '3%', containLabel: true },
|
||
xAxis: { type: 'category', data: ['2023', '2024', '2025', '2026', '2027', '2028'], axisLine: { lineStyle: { color: '#888' } } },
|
||
yAxis: { type: 'value', name: '市场规模 (亿美元)', axisLine: { lineStyle: { color: '#888' } }, splitLine: { lineStyle: { color: '#555' } } },
|
||
textStyle: { color: '#ccc' },
|
||
series: [
|
||
{ name: 'DAC', type: 'bar', stack: 'total', label: { show: true, position: 'inside' }, emphasis: { focus: 'series' }, data: [4.8, 6.0, 7.5, 9.4, 11.7, 14.0], itemStyle: { color: '#38bdf8' } },
|
||
{ name: 'AEC', type: 'bar', stack: 'total', label: { show: true, position: 'inside' }, emphasis: { focus: 'series' }, data: [1.2, 1.7, 2.5, 3.6, 5.3, 14.0], itemStyle: { color: '#34d399' } },
|
||
]
|
||
};
|
||
marketSizeChart.setOption(marketSizeOption);
|
||
|
||
// ECharts for Value Proposition
|
||
var valuePropChart = echarts.init(document.getElementById('value-prop-chart'));
|
||
var valuePropOption = {
|
||
backgroundColor: 'transparent',
|
||
tooltip: { trigger: 'axis', axisPointer: { type: 'shadow' } },
|
||
legend: { data: ['价值量(万元人民币)'], textStyle: { color: '#ccc' } },
|
||
grid: { left: '3%', right: '4%', bottom: '3%', containLabel: true },
|
||
xAxis: { type: 'category', data: ['GB200 NVL72', '昇腾910c (8卡)', '昇腾910c (32卡)'], axisLine: { lineStyle: { color: '#888' } } },
|
||
yAxis: { type: 'value', name: '价值量 (万元)', axisLine: { lineStyle: { color: '#888' } }, splitLine: { lineStyle: { color: '#555' } } },
|
||
textStyle: { color: '#ccc' },
|
||
series: [
|
||
{
|
||
name: '价值量(万元人民币)',
|
||
type: 'bar',
|
||
barWidth: '60%',
|
||
data: [
|
||
{ value: 70, itemStyle: { color: '#818cf8' } },
|
||
{ value: 6, itemStyle: { color: '#f472b6' } },
|
||
{ value: 28, itemStyle: { color: '#fb923c' } }
|
||
],
|
||
label: {
|
||
show: true,
|
||
position: 'top',
|
||
formatter: '{c} 万'
|
||
}
|
||
}
|
||
]
|
||
};
|
||
valuePropChart.setOption(valuePropOption);
|
||
|
||
window.addEventListener('resize', function() {
|
||
chainChart.resize();
|
||
marketSizeChart.resize();
|
||
valuePropChart.resize();
|
||
});
|
||
});
|
||
</script>
|
||
|
||
</body>
|
||
</html> |