China AI Network: Robust demand for domestic AI network supply chain

研报英文原文证据摘录

China AI Network: Robust demand for domestic AI network supply chain

1 July 2026

Equity Research Report

China AI Network EquitiesIT Services

Robust demand for domestic AI network supply chain China

◆ Strong AIDC demand to drive greater volume of switches… Yiran Liu* (Reg. No. S1700520040001)

Head of A-share IT Software Research

◆ …with technology upgrades driving up equipment ASP HSBC Qianhai Securities Limited

yiran1.liu@hsbcqh.com.cn

◆ China vs US: Domestic equipment is one generation behind; +86 10 5795 2349

we see opportunities for domestic switch chips due to the Heng Zhang* (Reg. No. S1700524050001)

Analyst, A-share IT Software Research

supply shortage of global peers HSBC Qianhai Securities Limited

heng.zhang@hsbcqh.com.cn

+86 10 5795 2384

We hosted Mr. Vin Liu, founder of a private server company, on 29 June to discuss the

outlook for AI network equipment. The key takeaways are as follows:

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

Robust outlook for switch shipments. Domestic AI compute demand is set to drive not registered/ qualified pursuant to FINRA regulations.

robust AI network demand. Domestic data centre spine-leaf switch shipments are forecast

to reach c5-6m in 2026, and overall switch shipments are expected to increase by a

further c45% y-o-y in 2027. While 200G/400G switches still dominate in 2026, 400G/

800G will become mainstream in 2027. In the domestic market, ethernet switches remain

the predominant form factor, while InfiniBand (IB) switches have limited use in niche

scenarios. Overseas markets have experienced fast high-speed switch adoption.

Overseas, ethernet switch shipments are forecast at 10-13m in 2026, with port speeds

shifting toward 1.6T in 2027. Co-packaged optics (CPO) switches are entering small-