中泰证券：三大原厂已开启军备竞赛国内HBM产业链相关标的有望受益

智通财经03-27

智通财经APP获悉，中泰证券发布研究报告指出，AI芯片需要处理大量并行数据，要求高算力和大带宽，算力越强、每秒处理数据的速度越快，而带宽越大、每秒可访问的数据越多，算力强弱主要由AI芯片决定，带宽由存储器决定，存力是限制AI芯片性能的瓶颈之一。目前HBM供不应求，三大原厂已开启军备竞赛，三大原厂一方面扩产满足市场需求、抢占份额，海力士和三星24年HBM产能均提升2倍+。投资建议：HBM海外引领，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2422989458?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-03-27 11:40","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2422989458","market":"hk","top_or_hot":-1,"title":"中泰证券：三大原厂已开启军备竞赛 国内HBM产业链相关标的有望受益","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中泰证券发布研究报告指出，AI芯片需要处理大量并行数据，要求高算力和大带宽，算力越强、每秒处理数据的速度越快，而带宽越大、每秒可访问的数据越多，算力强弱主要由AI芯片决定，带宽由存储器决定，存力是限制AI芯片性能的瓶颈之一。目前HBM供不应求，三大原厂已开启军备竞赛，三大原厂一方面扩产满足市场需求、抢占份额，海力士和三星24年HBM产能均提升2倍+。投资建议：HBM海外引领，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1093172.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中泰证券：三大原厂已开启军备竞赛 国内HBM产业链相关标的有望受益</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中泰证券：三大原厂已开启军备竞赛 国内HBM产业链相关标的有望受益\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-27 11:40 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1093172.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中泰证券发布研究报告指出，AI芯片需要处理大量并行数据，要求高算力和大带宽，算力越强、每秒处理数据的速度越快，而带宽越大、每秒可访问的数据越多，算力强弱主要由AI芯片决定，带宽由存储器决定，存力是限制AI芯片性能的瓶颈之一。目前HBM供不应求，三大原厂已开启军备竞赛，三大原厂一方面扩产满足市场需求、抢占份额，海力士和三星24年HBM产能均提升2倍+。投资建议：HBM海外引领，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1093172.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":"LU0234572021.USD","symbol_name":"高盛美国核心股票组合Acc","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1093172.html","article_id":"2422989458","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2422989458","pubTimestamp":1711510813,"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"目前HBM供不应求，三大原厂已开启军备竞赛，三大原厂一方面扩产满足市场需求、抢占份额，海力士和三星24年HBM产能均提升2倍+。投资建议：HBM海外引领，核心标的如下：1)存储原厂：海力士/三星/美光；2)设备：BESI/ASMPT/Camtek等。HBM是GDDR的一种，定位在处理器片上缓存和传统DRAM之间，兼顾带宽和容量，较其他存储器有高带宽、低功耗、面积小的三大特点，契合AI芯片需求。根据中泰证券测算，预计24年HBM市场需求达150亿美金，较23年翻倍。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","BK4588":"碎股","LU0109392836.USD":"富兰克林科技股A","BK4503":"景林资产持仓","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","BK4581":"高盛持仓","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","BK4549":"软银资本持仓","IE00BD6J9T35.USD":"NEUBERGER BERMAN NEXT GENERATION MOBILITY \"A\" (USD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0444971666.USD":"天利全球科技基金","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","BK4548":"巴美列捷福持仓","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4529":"IDC概念","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","BK4592":"伊斯兰概念","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","BK4532":"文艺复兴科技持仓","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","MU":"美光科技","BK4585":"ETF&股票定投概念","LU0234570918.USD":"高盛全球核心股票组合Acc Close","NVDA":"英伟达","LU0238689110.USD":"贝莱德环球动力股票基金","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU0072462426.USD":"贝莱德全球配置 A2","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","BK4587":"ChatGPT概念","BK4575":"芯片概念","LU0056508442.USD":"贝莱德世界科技基金A2","LU0080751232.USD":"富达环球多元动力基金A","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4543":"AI","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","BK4527":"明星科技股","BK4579":"人工智能"},"translate_title":"Zhongtai Securities: The three major original factories have started an arms race. The related targets of the domestic HBM industry chain are expected to benefit","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDA":0.9,"MU":0.63},"content_text":"智通财经APP获悉，中泰证券发布研究报告指出，AI芯片需要处理大量并行数据，要求高算力和大带宽，算力越强、每秒处理数据的速度越快，而带宽越大、每秒可访问的数据越多，算力强弱主要由AI芯片决定，带宽由存储器决定，存力是限制AI芯片性能的瓶颈之一。目前HBM供不应求，三大原厂已开启军备竞赛，三大原厂一方面扩产满足市场需求、抢占份额，海力士和三星24年HBM产能均提升2倍+。投资建议：HBM海外引领，核心标的如下：1)存储原厂：海力士/三星/美光；2)设备：BESI/ASMPT/Camtek等。中国内地HBM产业链相关标的：1)存储：香农芯创(300475.SZ)/佰维存储(688525.SH)/雅创电子(301099.SZ)等；2)设备：赛腾股份(603283.SH)/精智达(688627.SH)/新益昌(688383.SH)等；3)材料：华海诚科(688535.SH)/雅克科技(002409.SZ)/联瑞新材(688300.SH)/兴森科技(002436.SZ)/深南电路(002916.SZ)等；4)封测：通富微电(002156.SZ)/深科技(000021.SZ)/长电科技(600584.SH)等。中泰证券主要观点如下：AI硬件核心是算力和存力，HBM高带宽、低功耗优势显著，是算力性能发挥的关键AI芯片需要处理大量并行数据，要求高算力和大带宽，算力越强、每秒处理数据的速度越快，而带宽越大、每秒可访问的数据越多，算力强弱主要由AI芯片决定，带宽由存储器决定，存力是限制AI芯片性能的瓶颈之一。AI芯片需要高带宽、低能耗，同时在不占用面积的情况下可以扩展容量的存储器。HBM是GDDR的一种，定位在处理器片上缓存和传统DRAM之间，兼顾带宽和容量，较其他存储器有高带宽、低功耗、面积小的三大特点，契合AI芯片需求。HBM不断迭代，从HBM1目前最新到HBM3E，迭代方向是提高容量和带宽，容量可以通过堆叠层数或增加单层容量获得提升，带宽提升主要是通过提升I/O速度。HBM市场爆发式增长，海力士和三星垄断市场目前主流AI训练芯片均使用HBM，一颗GPU配多颗HBM，如英伟达1颗H100使用5颗HBM3、容量80GB，23年底发布的H200使用6颗HBM3E(全球首颗使用HBM3E的GPU)、容量达144GB，3月18日，英伟达在美国加州圣何塞召开了GTC2024大会发布的B100和B200使用192GB(8个24GB8层HBM3E)，英伟达GPU HBM用量提升，另外AMD的MI300系列、谷歌的TPU系列均使用HBM。根据中泰证券测算，预计24年HBM市场需求达150亿美金，较23年翻倍。HBM的供应由三星、海力士和美光三大原厂垄断，22年海力士/三星/美光份额50%/40%/10%，海力士是HBM先驱，HBM3全球领先，与英伟达强绑定、是英伟达主要HBM供应商，三星紧随其后，美光因技术路线判断失误份额较低，目前追赶中，HBM3E进度直逼海力士。目前HBM供不应求，三大原厂已开启军备竞赛，三大原厂一方面扩产满足市场需求、抢占份额，海力士和三星24年HBM产能均提升2倍+，另外三大原厂加速推进下一代产品HBM3E量产以获先发优势，海力士3月宣布已开始量产8层HBM3E，3月底开始发货，美光跳过HBM3直接做HBM3E，2月底宣布量产8层HBM3E，三星2月底发布12层HBM3E。先进封装大放异彩，设备和材料新增量HBM采用3D堆叠结构，多片HBM DRAM Die堆叠在Logic Die上，Die之间通过TSV和凸点互连，先进封装技术TSV、凸点制造、堆叠键合是HBM制备的关键，存储原厂采用不同的堆叠键合方式，海力士采用MR-MUF工艺，三星和美光采用TCB工艺，MR-MUF工艺较TCB工艺效率更高、散热效果更好。HBM对先进封装材料的需求带动主要体现在TSV、凸点制造和堆叠键合/底填工艺上，带来对环氧塑封料、硅微粉、电镀液和前驱体用量等的提升，在设备端HBM带来热压键合机、大规模回流焊机和混合键合机等需求。风险提示：行业需求不及预期的风险、大陆厂商技术进步不及预期、技术路线发生分歧、研报使用的信息更新不及时的风险，计算结果存在与实际情况偏差的风险。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422989458"}

中泰证券：三大原厂已开启军备竞赛 国内HBM产业链相关标的有望受益

精彩评论

中泰证券：三大原厂已开启军备竞赛国内HBM产业链相关标的有望受益