1、EQUITY:TECHNOLOGYGlobal AI Trend TrackerGlobal Markets Research17 June 2025Bi-weekly AI Thematic:Broadcoms Tomahawk 6TH6 launch and implications to AI networking value chainAI thematic research:Broadcoms TH6 launch and implication to AI networking value chainBroadcom(AVGO US,Not rated)on 3 June 2025

2、 announced that the company has started shipping the Tomahawk 6(TH6)switch chip(link).According to the company,TH6 uses 3nm technology,supporting 200G SerDes,which could improve networking transmission bandwidth and latencies.Moreover,TH6 provides support for Co-packaged Optics(CPO),which integrates

3、 optical engines and switching silicon chips to reduce power consumption,latency,link fluctuations,and total cost of ownership(TCO).We think the launch of TH6 switching chips not only improves the performance of networking switches,but also increases the scalability of AI clusters,providing a high-s

4、peed,low-latency,and low-cost AI cluster solution for LLM training and reasoning.TH6 may drive a new round of technology upgrade cycle in global AI infra/networking markets,which should benefit market leaders with advanced technology and products.In our coverage space,we think below players may bene

5、fit from this upgrade cycle:1)optical transceiver market leaders Zhongji InnoLight(300308 CH,Buy)and Suzhou TFC(300394 CH,Buy),which may benefit from the 1.6T transceiver upgrade cycle;2)PCB/CCL makers Shennan Circuits(002916 CH,Buy)and WUS PCB(002463 CH,Buy,covered by Anne Lee);and 3)AI server/swit

6、ch maker Unisplendour(000938 CH,Neutral).There are two major segments for AI networking:Scale-out and Scale-up networks.For scale-out network,the network architecture could be based on NVIDIAs InfiniBand or the Ethernet,which use with standardized“Clos”topology.As an industry standardized protocol f