AI算力跟踪深度：算力互连复盘与展望——网络互连带宽的增速来自哪里？

东吴证券2025-07-23

（以下内容从东吴证券《AI算力跟踪深度：算力互连复盘与展望——网络互连带宽的增速来自哪里？》研报附件原文摘录）通过复盘海外算力互连环节近两年的主要产业变化与市场走势，我们认为此轮25Q2及后续行情与23Q2、24Q1-Q2行情相比，产业链的成长逻辑已经发生了改变，主要有以下四大趋势：1.算力硬件需求从锚定云厂商CapEx到锚定处理Token数2.算力芯片从依赖GPU到GPU+ASIC并存3.技术...

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