电子行业周报：英伟达Rubin投产，博通12月业绩会有望上修ASIC收入

国金证券2025-11-10

（以下内容从国金证券《电子行业周报：英伟达Rubin投产，博通12月业绩会有望上修ASIC收入》研报附件原文摘录）英伟达Rubin投产，博通12月业绩会有望上修ASIC收入。英伟达CEO黄仁勋11月8日受访时表示，英伟达近来业务非常强劲，逐月转强，Blackwell需求强劲，且不只GPU本体，英伟达同时也打造CPU、网路芯片、交换器等，与Blackwell相关的芯片很多。他透露，下一代Rubin的...

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Flash现货市场持续显示供应紧张格局，价格上涨已成常态，eMMC现货市场火热。由于现货供应短缺且价格上涨趋势明朗，买方释出大量高价询单，供应商在承接一定价格订单后暂停报价，并重新释出更高价，虽然成交仍是以限量方式进行，但整体成交气氛较为强势。整体而言，由于原厂合约价预期持续调涨，加上AI需求仍强，短期内现货价格或仍具上涨空间。建议关注博通12月业绩会，有望上修2026年ASIC收入，Token数量的爆发式增长，带动了ASIC强劲需求，我们研判谷歌、亚马逊、Meta、Open AI及微软的ASIC数量，2026-2027年将迎来爆发式增长，继续看好ASIC受益产业链。我们认为，AI需求持续强劲，英伟达AI服务器四季度出货量提速，ASIC迎来爆发式增长，产业链积极拉货，整体来看，继续看好AI-PCB及核心算力硬件、苹果链及自主可控受益产业链。投资建议与估值看好AI-PCB及核心算力硬件、苹果产业链及自主可控受益产业链。近期产业链不断有上修CoWoS需求，加单800G、1.6T光模块及AI-PCB等利好信息。我们认为下游推理需求激增，带动ASIC需求爆发式增长，英伟达技术不断升级，带动PCB价量齐升，目前多家AI-PCB公司订单强劲，满产满销，正在大力扩产，下半年业绩高增长有望持续。AI覆铜板也需求旺盛，由于海外覆铜板扩产缓慢，大陆覆铜板龙头厂商有望积极受益。继续看好AI-PCB及核心算力硬件、苹果产业链及自主可控受益产业链。细分行业景气指标：消费电子（稳健向上）、PCB（加速向上）、半导体芯片（稳健向上）、半导体代工/设备/材料/零部件（稳健向上）、显示（底部企稳）、被动元件（稳健向上）、封测（稳健向上）。风险提示需求恢复不及预期的风险；AIGC进展不及预期的风险；外部制裁进一步升级的风险。","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,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 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