KaiYuan Securities research report points out that Ethernet switches are important communication network devices, widely used in various scenarios in life such as automotive, industrial, enterprise, operator, and cloud service provider networks. With the rapid development of AI globally, the scale of AI clusters continues to grow, and the AI cluster network has higher requirements for network architecture, bandwidth, latency, and other aspects, driving switches to continuously iterate and upgrade towards high speed, multi-port, white-box, and optical switches. AIGC is expected to drive sustained growth in demand for high-speed switches, and the switch industry chain is expected to benefit in the long term