英伟达算力需求旺盛继续看好ASIC+NV链的投资逻辑

投资快报2025-07-10

事件：7月1日，据新浪财经报道，Oracle公开表示已签署多项大型云服务协议，其中一项关键订单预计自2028财年起，每年将为公司带来超过300亿美元的营收，约占2025财年总收入的52%，相当于公司OCI业务收入的近三倍。为满足大体量算力需求，Oracle已采购约40万张英伟达GB200高端算力卡，成为全球第二大NV算力卡持有者。我们此前持续强调英伟达GB200出货节奏改善，而Oracle订单超...

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B市场：大型行业客户出于业务安全、合规和专属定制化需求，持续建设私有云和混合云AI基础设施，而英伟达GPU具备算力性能好、通用性强的优势，成为相关企业的理想选择。全球AI算力需求旺盛,GPU与ASIC均快速增长。我们同时看好英伟达GPU和云厂商ASIC的快速增长。(1)GPU阵营以英伟达、Oracle、Coreweave等厂商为代表，英伟达的GPU凭借其高度通用性、成熟生态和出色扩展能力，成为支撑大模型训练、主权AI建设以及多行业AI基础设施的主流选择;(2)ASIC阵营包括谷歌、亚马逊、Meta等CSP厂商和博通、Marvell等ASIC定制厂商，为大厂的ASIC聚焦于AI推理、搜索推荐等特定任务的加速和成本优化，凭借自研或合作定制芯片，在降低功耗、提升单位算力性价比方面形成差异化优势。在目前算力需求高增的背景下，GPU和ASIC均有望实现快速增长。投资建议：我们认为，算力的长期需求，不仅在于云厂商的Token数增长，ROI闭环等，主权AI、大模型训练加速以及B端客户私有云的部署均拉动了算力的强劲需求。我们继续看好ASIC+NV链的投资逻辑，后续重点关注优质龙头的中报业绩表现，以及产品/客户突破。建议关注：ASIC：芯原股份;服务器：工业富联、华勤技术;PCB：沪电股份、胜宏科技、广合科技、生益科技、威尔高;光通信：旭创科技、新易盛、东山精密、长芯博创、太辰光;铜连接：瑞可达、沃尔核材;电源：江海股份、禾望电气。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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英伟达算力需求旺盛 继续看好ASIC+NV链的投资逻辑

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英伟达算力需求旺盛继续看好ASIC+NV链的投资逻辑