东方证券：推理开启OCS新空间 ASIC液冷逐步成标配

智通财经网04-29

智通财经APP获悉，东方证券发布研报称，谷歌(GOOGL.US)v8t单个Cluster可扩展至超100万块芯片，Scale up+DCN持续带动OCS需求，v8i采用Boardfly架构印证OCS亦可用于市场广阔的MoE推理场景，打开需求天花板；ASIC芯片带来的液冷增量需求亦不可小觑，当下v8已全系标配液冷，随着芯片供给加速释放，液冷产业链有望持续维持高景气度。东方证券主要观点如下：v8t...

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href=http://www.zhitongcaijing.com/content/detail/1435935.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，东方证券发布研报称，谷歌(GOOGL.US)v8t单个Cluster可扩展至超100万块芯片，Scale  up+DCN持续带动OCS需求，v8i采用Boardfly架构印证OCS亦可用于市场广阔的MoE推理场景，打开需求天花板；ASIC芯片带来的液冷增量需求亦不可小觑，当下v8已全系标配液冷，随着芯片供给加速释放，液冷产业链有望持续维持高景气度。东方证券主要观点如下：v8t...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1435935.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1720051108.HKD","symbol_name":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) 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up网络仍然采用3Dtorus+OCS互联，DCN网络采用OCS互联，随着集群规模迈入百万卡级，模型训练需求有望持续带动OCS互联需求。此外，v8t还引入了TPUDirect  RDMA和TPUDirect Storage技术，使TPU内存与网络接口卡之间可直接数据传输，且TPU与高速管理存储之间也可直接访问。v8i采用Boardfly架构，OCS应用领域迈入推理侧v8i作为后训练和推理芯片，SRAM容量较上一代提升3倍，可容纳更大的KV缓存，显著减少长上下文decoding时的空闲时间，v8i采用Boardfly架构，相较3Dtorus架构显著减少网络直径至7跳，更适用于MoE推理。对于Boardfly架构，tray内4芯片采用ICI直连，每8个tray组成一个group，通过铜缆实现全互联，每36个group通过OCS互联形成1152个芯片的pod。部分投资者认为OCS应用领域相对局限于训练侧和DCN，而Boardfly架构印证了OCS亦可用于市场广阔的MoE推理场景，随着当下Openclaw、Coding需求持续提升，有望持续带动OCS伴随TPU在Anthropic、Meta等模型厂商的后训练和推理场景的组网需求。全系液冷逐步成为新一代ASIC标配，液冷应用势不可挡TPUv8t和v8i风冷已无法支持，均采用液冷技术，并搭配第四代CDU。4月22日，维谛技术公布2026Q1财报，2026Q1公司净销售额达26.5亿美元，同比+30%，主要受美洲地区收入增长，数据中心需求强劲，调整后营业利润同比+64%，调整后营业利润率达20.8%，同比+4.3个pct。公司认为2026年数据中心市场需求持续强劲，将加速产能扩张和战略投资，预计2026年，调整后营业利润同比+53%至中值32亿美元，较之前上调约1.6亿美元，调整后营业利润率同比+2.9pct至中值23.3%，较之前上调0.8pct。该行认为在GPU液冷市场之外，ASIC芯片带来的液冷增量需求亦不可小觑，当下v8已全系标配液冷，不仅训练侧适配液冷，推理侧也同样需要，随着芯片供给加速释放，液冷产业链有望持续维持高景气度。投资建议与投资标的OCS相关厂商腾景科技、炬光科技、德科立、光库科技、海泰新光、长芯博创、福晶科技、水晶光电等；液冷全链条厂商英维克，液冷相关厂商领益智造、申菱环境、奕东电子、鼎通科技等。风险提示AI发展不及预期，行业竞争加剧风险，地缘政治风险。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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