敬请参阅最后一页特别声明 1 AI AGI AI AI 2010 AI 20 20102015 AI FLOPs 6 2016 AI FLOPs Transformer 2022 8 1023 FLOPs/IDC/1-/CPU GPU ASIC FPGA 2020 MPU 2,336 39.7%2022 GPU 422 NV GPU 80%2022 ASIC 33.4%2023 FPGA 37.9%2-/2022 2023 Q3 2022 10 6 Coherent 2022 400 17%AI Server AI PC AI Mobile 3-/2021 1,500 CAGR 29.96%2022 4,552.4 33.5%AI 国产 替代 进程 不 及预 期的 风 险；数据 中 心能 耗政 策 推进 不及 预 期的 风险；技术 变化 较 快，技术 路 线调 整的 风 险；行业竞争加剧的风险。行业深度研究 敬请参阅最后一页特别声明 2 内容目录 1.AI.6 1.1 AGI.6 1.1.1 AGI.6 1.1.2.6 1.2 AI.7 1.2.1 AI.7 1.2.2 AI.7 1.2.3+.8 1.2.4/AI.9 2./IDC/.11 3.-/.12 3.1 CPU Intel AMD x86 CPU.12 3.1.1 CPU.12 3.1.2 CPU CISC RISC MPU/MCU/DSP.13 3.1.3-EDA/IP/-/.15 3.1.4 40%.15 3.1.5 Intel MPU Intel AMD x86.16 3.2 GPU CUDA GPU NV.18 3.2.1 CPU GPU.18 3.2.2 CUDA GPU GPU.19 3.2.3 2022 GPU 422.20 3.2.4 NV GPU AMD Intel 10%.20 3.3 ASIC 2022 ASIC 335.21 3.3.1.21 3.3.2 2022 ASIC 33.4%.21 3.3.3.22 3.4 FPGA Xilinx 52%.22 3.4.1 FPGA=LC+IO+SB.22 3.4.2 LC SB.23 3.4.3 FPGA 37.9%.23 3.4.4 Xilinx FPGA 52%.24 4.-/.24 4.1.24 4.1.1.24 4.1.2/.24 4.1.3-/-.25 4.1.4 2022.25 4.1.5/HPE CR3/.26 YWFUyRtOnOmNrPpMmRtMnM8ObP8OtRqQnPrNjMrRtPeRoOtQaQpPuMNZtQoQMYsPwP行业深度研究 敬请参阅最后一页特别声明 3 4.2 50%.27 4.2.1.27 4.2.2.27 4.2.3-/.28 4.2.4.28 4.2.5 50%.29 4.3 40%.29 4.3.1.29 4.3.2/.29 4.3.3-.30 4.3.4 400 17%.30 4.3.5.31 4.4 80%.31 4.4.1.31 4.4.2 NAND DRAM.31 4.4.3 NAND 600 DRAM.32 4.4.4 NAND DRAM.33 5.-/.33 5.1 Equinix IDC.33 5.1.1.33 5.1.2-.34 5.1.3 IDC 800 IDC 2,500.34 5.1.4 Equinix IDC 50%.35 5.2 AWS 40%.35 5.2.1.35 5.2.2(IaaS)/(PaaS)/(SaaS).35 5.2.3-/-IDC/-.36 5.2.4 4,000 4,500.36 5.2.5 AWS 40%79%.36 6.37 7.38 行业深度研究 敬请参阅最后一页特别声明 4 图表目录 1.6 2 1860.7 3 1920.7 4 AI.7 6 2016 AI FLOPs.8 7 AI AI.9 8.9 9 2022-2027.10 10.10 11.10 12-/&-/&-/.11 13-/&-/&-/.12 14 CPU+.13 15 CPU.14 16 CPU/.15 17 CPU EDA/IP/.15 18 2022 CPU 650.16 19 2021.16 20 2023 3,000.16 21 2022 Intel AMD CPU 90%.17 22 2021 Intel MPU.17 23 2020 MCU.17 24 2022 x86 PC.18 25 2023 x86 CPU Intel AMD.18 26 GPU CPU.18 27 GPU CPU.19 28 CUDA.20 29 2022 GPU 422 30%.20 30 2023 NV GPU.21 31.21 32 2022 ASIC 33.4%.22 33 ASIC.22 34 FPGA=LC+IO+SB.23 35 LC SB.23 36 2023 FPGA 94.24 37 2023 FPGA 250.24 38 2022 Xilinx FPGA 52%.24 39 2019 Xilinx FPGA 37%.24 RtQW/1PYmMZaWzzqZU2aVMiCYydMK33bsDsO0TSEcfbVzlt9H6lJ6z3OLvLjrqct 行业深度研究 敬请参阅最后一页特别声明 5 40.25 41/.25 42 2022.26 43 X86.26 44 2023 X86 445.26 45 2023 HPE R3.27 46 2022.27 47.27 48.28 49.28 50 2023.29 51 2022 500.29 52 2021.29 53 2022 10 7.29 54.30 55.30 56 2022 400.31 57 2022 70.31 58 2022.31 59 2022.31 60.32 61 NAND DRAM.32 62 2022 NAND 700.33 63 2021 DRAM.33 64 2022 NAND.33 65 2021 SK DRAM.33 66 IDC.34 67 2025 1400.34 68 2022 1300.35 69 2023 2,500.35 70 2022 Equinix IDC.35 71 2020 50%.35 72/.36 73 2022 4,000.36 74 2022 4,500.36 75 2022 AWS 40%.37 76 2022 79%.37 77 AI 22.37 行业深度研究 敬请参阅最后一页特别声明 6 1.1 AGI 1.1.1 AGI 1 X 17631775 1776 1829 1860 18621876 10%1876 1885 1908 T 1924 A8 40 1956 1943-1945 ENIAC 1971 4004 1974 TCP/IP 1983 Apple Lisa 1990-PC 2007 iPhone 1997 IBM 2016 AlphaGo 2017 Attention Is All You Need Transformer AI 2022 OpenAI ChatGPT 2023 OpenAI GPT4 Google Gemini 2024 OpenAI Text to Video/Image Sora GPU AI AI Wikipedia Carlota Perez 1.1.2 1860 18601920 1882 1920 1970s 行业深度研究 敬请参阅最后一页特别声明 7 2 1860 3 1920 FT Britain passe s historic milestone with first days of coal-free power U.S.Energy Information Administration,Annual Energy Review 2009 1.2 AI 1.2.1 AI AI AI CPU GPU TPU AI AI AI AI 4 AI 1.2.2 AI FLOPs 2010 2010 AI FLOPs Floating Point Operations Per Second AI FLOPs 20 3 104 FLOPs 2 1014 FLOPs 20102015 2010 AI FLOPs 2010 6 20 2015 10 100 4 1021 FLOPs 行业深度研究 敬请参阅最后一页特别声明 8 2016 2016 AI FLOPs 2017 Attention Is All You Need Transformer Transformer 2017 GPU TPU，2022 8 1023 FLOPs 5 2010 AI FLOPs 6 2016 AI FLOPs Compute Trends Across Three Eras of Machine Learning Jaime Sevilla et al.2022 Compute Trends Across Three Eras of Machine Learning Jaime Sevilla et al.2022 1.2.3+Batch Size GPU TPU 行业深度研究 敬请参阅最后一页特别声明 9 7 AI AI Michael Andersch 8 Token 6N N LLM 16 32 64 V100 A100 H100 AMD MI200 昇 910 290 BR100 Token 2N 8 16 L40 T4 A10 A30 AMD Alveo V70 100 370 1.0 800 Nvdia 1.2.4/AI IDC 2023 49.4%58.7%2027 72.6%行业深度研究 敬请参阅最后一页特别声明 10 9 2022-2027 IDC 2023-2024 AI Token Token GPU GPU GPU OpenAI Scaling Laws for Neural Language Models Token 6N N LLM GPT-3 Training Compute-Optimal Language Models GPT3 1,750 Tokens 3,000 6 1,750 3,000=3.15 1023 FLOPs 10 1 3 GPT-3 3.15 1023 FLOPs 2/7 24 3600=1.04 1018 10 2 10=6N T o k e n s 1=2 OpenAI Scaling Laws for Neural Language Models Jared Kaplan et al.,2020 Token Token OpenAI Scaling Laws for Neural Language Models Token 2N N LLM ChatGPT SimilarWeb 2024 2 ChatGPT 16.3 0.56 token 1000 750 ChatGPT 2,000 2 2000 1,000 0.56=2.24 1022 11 1 2.24 1022/24 60 60=2.60 1017 FLOPs 11 2 5 2.60 1017 FLOPs 5=1.3 1018 FLOPs 11 3 11=2N T o k e n s 1=24 60 60 2=3 OpenAI Scaling Laws for Neural Language Models Jared Kaplan et al.,2020 41.6%58.7%32.3%31.2%29.5%27.4%58.4%41.3%67.7%68.8%70.5%72.6%0%10%20%30%40%50%60%70%80%90%100%2022 2023E 2024E 2025E 2026E 2027E 行业深度研究 敬请参阅最后一页特别声明 11 12-/&-/&-/CPU GPU FPGA ASIC IBM(2022)行业深度研究 敬请参阅最后一页特别声明 12 13-/&-/&-/(2022)3.1 CPU Intel AMD x86 CPU 3.1.1 CPU CPU Central Processing Unit CPU/CPU IR ID 行业深度研究 敬请参阅最后一页特别声明 13 14 CPU+CPU(2020)3.1.2 CPU CISC RISC MPU/MCU/DSP CPU CPU CISC Complex Instruction Set Computer RISC Reduced Instruction Set Computer CISC CPU X86 RISC CPU ARM RISC-V MIPS POWER X86 CISC X86 X86 ARM ARM 32 ARM RISC-V RISC-V Linux IoT RISC-V BSD License RISC-V IP Si-Five RISC-V IP RISC-V MCU RISC-V MIPS MIPS MIPS MIPS 1990 MIPS MIPS X86 ARM 2019 MIPS POWER POWER IBM RISC POWER POWER3 64 SOI POWER 9 SMP 行业深度研究 敬请参阅最后一页特别声明 14 15 CPU X86 ARM RISC-V MIPS POWER CISC RISC RISC RISC RISC 1978 1985 2010 1981 1990 ARM IBM Intel AMD PC X86 PC MIPS RISC-V MIPS/Wikipedia CPU MPU,Micro Processor Unit MCU,Micro Controller Unit MPU/MCU CPU MCU 100MHz CPU USB A/D UART PLC DMA LCD MCU MCU DSP Digital Signal Processor DSP DSP 行业深度研究 敬请参阅最后一页特别声明 15 16 CPU/CPU(2020)3.1.3-EDA/IP/-/CPU EDA IP CPU CPU 17 CPU EDA/IP/CPU(2020)3.1.4 40%Yole 2022 CPU 650 2028 970 7%行业深度研究 敬请参阅最后一页特别声明 16 18 2022 CPU 650 Yole IC Insights 2021 PC 13.3%1,058 2022 MPU 6.3%IC Insights 2020 MPU 2,336 36.3%2023 MPU 3,382 19 2021 20 2023 3,000 IC Insights IC Insights 3.1.5 Intel MPU Intel AMD x86 Counterpoint Analysis 2022 Intel CPU 70.8%AMD CPU 19.8%90.6%2021 92.5%65097001002003004005006007008009001,0002022 2028E CPU 800 933 1,058 1,124 1,200 1,173 1,258 1,364 16.7%13.3%6.3%6.7%-2.2%7.2%8.5%-5%0%5%10%15%20%02004006008001,0001,2001,4001,6002019 2020 2021 2022E 2023E 2024E 2025E 2026E YoY%1,440 1,957 2,336 2,741 3,025 3,382 35.9%19.4%17.3%10.4%11.8%27.6%38.9%39.7%40.0%40.0%40.0%0%5%10%15%20%25%30%35%40%45%05001,0001,5002,0002,5003,0003,5004,0002018 2019 2020 2021E 2022E 2023E MPU YoY%行业深度研究 敬请参阅最后一页特别声明 17 21 2022 Intel AMD CPU 90%Counterpoint Analysis 2021 MPU 21 IC Insight 2020 MCU/22 2021 Intel MPU 23 2020 MCU IC(2022)IC(2022)PC x86 90%ARM 2 Arm PC 2020 1.4%2022 12.8%x86 PC Mercury Research x86 CPU Intel AMD 2023Q2 Intel x86 CPU 68.4%AMD 31.6%80.7%70.8%11.7%19.8%0%10%20%30%40%50%60%70%80%90%100%2021 2022Intel AMD AWS Ampere,50.9%,13.0%,9.1%AMD,8.9%,4.0%,14.1%,17.1%,16.7%,14.6%,14.5%,12.7%,7.3%,17.1%行业深度研究 敬请参阅最后一页特别声明 18 24 2022 x86 PC 25 2023 x86 CPU Intel AMD Mercury Research 3.2 GPU CUDA GPU NV 3.2.1 CPU GPU GPU Graphics Processing Unit GPU GPU CPU CPU GPU CPU GPU 10 CPU GPU 26 GPU CPU CPU GPU ALU Arithmetic Logic Unit ALU Cache L1 L2 L3 L3 8MB Cache Pipeline Branch prediction Out-of-order execution AI 98.60%87.20%1.40%12.80%0%10%20%30%40%50%60%70%80%90%100%2020 2022 PC x86 PC ARM 72.3%68.6%71.5%68.7%65.4%68.4%27.7%31.4%28.5%31.3%34.6%31.6%0%10%20%30%40%50%60%70%80%90%100%2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2Intel x86 CPU AMD x86 CPU 行业深度研究 敬请参阅最后一页特别声明 19 27 GPU CPU Github NVDIA 3.2.2 CUDA GPU GPU CUDA Compute Unified Device Architecture NVIDIA 2007 CUDA C GPU CUDA C+Java GPU CUDA(CPU)(GPU)GPU:SP CUDA CUDA GPU CUDA CUDA CUDA CUDA CUDA NVIDIA CUDA 行业深度研究 敬请参阅最后一页特别声明 20 28 CUDA NVIDA 3.2.3 2022 GPU 422 Verified Market Research 2021 GPU 334.7 Precedence Research 2022 GPU 10 CAGR 30%2032 GPU 7,731 29 2022 GPU 422 30%Verified Market Research Precedence Research 3.2.4 NV GPU AMD Intel 10%JCR 2022Q2 NV GPU 80%2023Q2 NV GPU 87%AMD 10%Intel 3%335 422 563 750 1,002 1,338 1,789 2,394 3,206 4,296 5,761 7,731 26.1%33.3%33.4%33.5%33.6%33.7%33.8%33.9%34.0%34.1%34.2%25%26%27%28%29%30%31%32%33%34%35%01,0002,0003,0004,0005,0006,0007,0008,0009,0002021 2022 2023E 2024E 2025E 2026E 2027E 2028E 2029E 2030E 2031E 2032E GPU YoY%行业深度研究 敬请参阅最后一页特别声明 21 30 2023 NV GPU JCR 3.3 ASIC 2022 ASIC 335 3.3.1 ASIC（Application Specific Integrated Circuit，）ASIC ASIC ASIC 31(2021)3.3.2 2022 ASIC 33.4%Market Monitor 2022 ASIC 335 33.4%2028 1,677 2228 CAGR 8.9%80%86%82%88%87%15%7%9%8%10%0%10%20%30%40%50%60%70%80%90%100%2022Q2 2022Q3 2022Q4 2023Q1 2023Q2Nvdia AMD Intel行业深度研究 敬请参阅最后一页特别声明 22 32 2022 ASIC 33.4%Market Monitor 3.3.3 ASIC CPU GPU FPGA ASIC ASIC ASIC ASIC ASIC TPU NPU VPU BPU Google Intel TPU 33 ASIC ASIC TPU Google TPU AlphaGo Tensor Flow NPU NPU VPU Intel Intel Movidius Myriad VPU 3D 360 BPU BPU BM1680 2017 BM1680 CNN/RNN 3.4 FPGA Xilinx 52%3.4.1 FPGA=LC+IO+SB FPGA Field-Programmable Gate Array CPU GPU DSP Memory ASIC FPGA FPGA EDA FPGA FPGA FPGA 1 2 FPGA FPGA 3 FPGA 1,006 1,677 335 02004006008001,0001,2001,4001,6001,8002022 2028E ASIC ASIC 行业深度研究 敬请参阅最后一页特别声明 23 4 FPGA FPGA LogicCell LC InputOutputBlock IO SwitchBox SB 34 FPGA=LC+IO+SB 3.4.2 LC SB LC SB FPGA FPGA EDA Bitstream FPGA FPGA SRAM SRAM FPGA 35 LC SB 3.4.3 FPGA 37.9%Frost&Sullivan 2023 FPGA 94 1823 CAGR 11.7%FPGA 250 37.9%1823 CAGR 16.7%行业深度研究 敬请参阅最后一页特别声明 24 36 2023 FPGA 94 37 2023 FPGA 250 Frost&Sullivan Frost&Sullivan 3.4.4 Xilinx FPGA 52%2022 Xilinx FPGA 52%Intel Altera 35%Lattice 5%Microsemi 5%Frost&Sullivan 2019 Xilinx FPGA 36.6%FPGA 6%38 2022 Xilinx FPGA 52%39 2019 Xilinx FPGA 37%Frost&Sullivan 4.1 4.1.1 PC 4.1.2/x86 non-x86 43.448.253.956.860.868.679.493.6109.1125.811.1%11.8%5.4%7.0%12.8%15.7%17.9%16.6%15.3%0%2%4%6%8%10%12%14%16%18%20%020406080100120140 FPGA YoY%65.6 87.3115.6129.6150.3176.8208.8249.9290.1332.233.1%32.4%12.1%16.0%17.6%18.1%19.7%16.1%14.5%0%5%10%15%20%25%30%35%40%050100150200250300350 FPGA YoY%Xilinx,52%Intel Altera,35%Lattice,5%Micosemi,5%,3%Xilinx,36.6%Intel Altera,25.3%Lattice,23.2%,6.0%,8.9%行业深度研究 敬请参阅最后一页特别声明 25 40 4.1.3-/-41/4.1.4 2022 Counterpoint 2022 1,117 17%AIOps IDC 2022 273 9.1%行业深度研究 敬请参阅最后一页特别声明 26 42 2022 Counterpoint IDC X86 X86 2020 X86 826.5 90.8%97.3%IDC 2021 391.1 8.4%X86 375.1 2025 X86 525.2 43 X86 44 2023 X86 445 IDC 4.1.5/HPE CR3/IDC 2023 11.1%5.0%9.1%1.6%HPE 7.1%3.3%IDC 2022 28.1%17.2%10.1%55%5%932.39921117222.2250.6273.402004006008001,0001,2002020 2021 2022 90.8%97.3%9.2%2.7%0%10%20%30%40%50%60%70%80%90%100%x86%x86%262.1330.4318.1343.9375.1408.4445483.8525.226.1%-3.7%8.1%9.1%8.9%9.0%8.7%8.6%-10%-5%0%5%10%15%20%25%30%01002003004005006002017 2018 2019 2020 2021 2022E 2023E 2024E 2025E X86 行业深度研究 敬请参阅最后一页特别声明 27 45 2023 HPE R3 46 2022 IDC 2023 IDC 2022 4.2 50%4.2.1 TOSA ROSA LD PD 47 4.2.2,11.1%,9.1%HPE,7.1%,5.9%,4.2%,3.4%,2.5%IBM,2.5%,2.3%,2.1%,49.8%,28.1%,17.2%,10.1%,6.2%,5.3%,5.1%,4.9%,23.1%行业深度研究 敬请参阅最后一页特别声明 28 48 GBIC XENPAK XFP SFP SFP+SFP28 QSFP QSFP28 CFP CFP2 QSFP-DD OSFP 10Mbps 100Mbps 155Mbps 622Mbps 1.25Gbps 2.125Gbps 4.25Gbps 10Gbps 25Gbps 50Gbps 100Gbps 400Gbps 850nm 1310nm 1490nm 1550nm CWDM DWDM 100m 300m 550m 10km 20km 40km 80km 120km 160km NRZ PAM4 DP-QPSK/n-QAM WDM WDM WDM VCSEL-FP DFB EML 4.2.3-/49 4.2.4 Lightcounting 1619 20 21 2020 21%100 2021 6%107 2023 2023 5G 2024 130 5G 2021 2016 250.9 415.22 2022 476.82 2023 554.5 行业深度研究 敬请参阅最后一页特别声明 29 50 2023 51 2022 500 Lightcounting 4.2.5 50%Odmia 2015 2021 26%Lightcounting 2021 2022 10 7 Coherent 50%Coherent 14 52 2021 53 2022 10 7 2010 2016 2018 2021 2022 1 Finisar Finisar Finisar&II-VI&Coherent 2 Opnext 3 Sumitomo Cisco(Acacia)4 Avago Acacia Cisco(Acacia)5 Source Photonic FOIT(Avago)FOIT(Avago)6 Fujitsu Oclaro Lumentum Broadcom 7 JDSU Acacia 8 Emcore Sumitomo Intel 9 WTD Lumentum AOI Molex Intel 10 NeoPhotonics Source Photonic Sumitomo Intel Source Photonic Odmia Lightcounting 4.3 40%4.3.1 4.3.2/83.2 83.2100.5106.9110.9104.5129.2168.3202.0219.3233.2249.021%6%4%-6%24%30%20%9%6%7%-10%-5%0%5%10%15%20%25%30%35%050100150200250300 YoY%415.2476.8554.515%16%14%15%15%16%16%17%01002003004005006002021 2022 2023E YoY%II-VI,17%,10%Lumentu,9%,8%,5%,5%Acacia,5%,3%,3%,3%,32%行业深度研究 敬请参阅最后一页特别声明 30/FDDI ATM 54 4.3.3-55 4.3.4 400 17%IDC 2022 437 17.0%5 4%2027 535 IDC 2022 72 9.4%2023 78 行业深度研究 敬请参阅最后一页特别声明 31 56 2022 400 57 2022 70 IDC IDC 4.3.5 IDC 2022 41.1%5 70%IDC 80%35.8%32.4%14.6%58 2022 59 2022 IDC IDC 4.4 80%4.4.1 CPU 4.4.2 NAND DRAM ROM(EEPROM PROM EPROM)(NOR Fash NAND Fash)(BD)(AD)348.1 352.9340.9373.3437.0451.4469.4489.8511.4535.41.4%-3.4%9.5%17.0%3.3%4.0%4.3%4.4%4.7%-5%0%5%10%15%20%0100200300400500600 YoY%48.1 48.156.065.771.978.684.390.597.1105.716.3%17.4%9.4%9.3%7.3%7.3%7.4%8.8%0%2%4%6%8%10%12%14%16%18%20%020406080100120 YoY%,41.1%,10.0%Arista,9.6%,5.4%HPE,5.1%Juniper,3.1%,2.4%,23.3%,35.8%,32.4%,14.6%,4.8%,2.1%,1.0%,9.4%行业深度研究 敬请参阅最后一页特别声明 32 60 WSTS DRAM 61%NAND 36%61 NAND DRAM NAND DRAM GB TB MB GB 2D NAND 3D NAND DDR LPDDR GDDR 2D NAND IoT 3D NAND PC DDR PC LPDDR GDDR TechInsights 4.4.3 NAND 600 DRAM 2019 NAND 5G PC 2021 NAND 600 行业深度研究 敬请参阅最后一页特别声明 33 Trend Force 2021 DRAM 949 41.6%62 2022 NAND 700 63 2021 DRAM Statista Trend Force 4.4.4 NAND DRAM CFM 2022 NAND flash SK 33.8%18.7%16.7%IC Insights 2021 DRAM SK 44%28%23%NAND Flash 1%DRAM 1000 DRAM 15%Nor+NAND+DRAM Nor 2022 eMMC UFS eMMC UFS 2.4%64 2022 NAND 65 2021 SK DRAM CFM IC Insights 5.1 Equinix IDC 5.1.1 IDC Internet Data Center DC(Data Center)IDC(Internet Data Center)IDC(53960946057160063113.0%-24.5%24.1%5.1%5.2%-30%-20%-10%0%10%20%30%01002003004005006007002017 2018 2019 2020 2021 2022E NAND YoY%41771799762567094971.9%39.1%-37.3%7.2%41.6%-60%-40%-20%0%20%40%60%80%02004006008001,0001,2002016 2017 2018 2019 2020 2021 DRAM YoY%,33.8%,18.7%SK,16.7%,15.8%,10.5%,4.4%,43.60%SK,27.70%,22.80%,5.90%行业深度研究 敬请参阅最后一页特别声明 34)IDC IDC ISP ICP ASP 5.1.2-IT IT 66 IDC 5.1.3 IDC 800 IDC 2,500 2022 2 8 2021 520 420 2.5Kw 2025 1400 7000 67 2025 1400 2023 2022 1308 2019-2022 CAGR 20%2021 1500 CAGR 29.96%2023 2470 行业深度研究 敬请参阅最后一页特别声明 35 68 2022 1300 69 2023 2,500 5.1.4 Equinix IDC 50%IDC Equinix 2022 Q2 13%Digtal Realty Trust 11%NTT IDC 6%13%IDC 2020 50%70 2022 Equinix IDC 71 2020 50%Synergy IDC 5.2 A WS 40%5.2.1 5.2.2(IaaS)/(PaaS)/(SaaS)(IaaS)(PaaS)(SaaS)IaaS(PaaS)PaaS 4776237608931121130830.6%22.0%17.5%25.5%16.7%0%5%10%15%20%25%30%35%02004006008001,0001,2001,4002017 2018 2019 2020 2021 2022 YoY%512.8680.1878.31167.51500.21900.72470.132.6%29.1%32.9%28.5%26.7%30.0%0%5%10%15%20%25%30%35%05001,0001,5002,0002,5003,0002017 2018 2019 2020 2021 2022 2023E YoY%Equinix,13%Digtal Realty,11%NTT,6%Cy rusOne,3%DigitalBridge,2%KDDI,2%,13%,50%,23.8%,16.7%,13.8%,45.7%行业深度研究 敬请参阅最后一页特别声明 36(SaaS)5.2.3-/-IDC/-IDC IaaS PaaS SaaS 72/5.2.4 4,000 4,500 2021 3,305 32.44%2022 4053 22.6%2021 3,410 53.1%2022 4552.4 33.5%