谷歌PK英伟达引爆光模块板块，A股重建科技共识的第一步？

市场资讯2025-11-27

来源：华尔街见闻　　华西证券认为，当前市场正尝试重建科技共识。在谷歌与英伟达技术路线尚存分歧之际，资金优先布局同时服务双方的“算力军火商”，光模块龙头因获双重订单领涨，而谷歌独有OCS路线标的走弱。随着海外算力交易日趋拥挤，若科技板块投资共识形成，当前尚处价值洼地的国产算力有望成为资金关注重点。　　近期，谷歌发布新一代AI大模型，其性能表现接近或超越ChatGPT，且完全基于自研TPU芯片训练...

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/2586244814?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-11-27 17:58","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2586244814","market":"sg","top_or_hot":-1,"title":"谷歌PK英伟达引爆光模块板块，A股重建科技共识的第一步？","media":"市场资讯","content":"<div>\n<p>来源：华尔街见闻\n　　华西证券认为，当前市场正尝试重建科技共识。在谷歌与英伟达技术路线尚存分歧之际，资金优先布局同时服务双方的“算力军火商”，光模块龙头因获双重订单领涨，而谷歌独有OCS路线标的走弱。随着海外算力交易日趋拥挤，若科技板块投资共识形成，当前尚处价值洼地的国产算力有望成为资金关注重点。\n　　近期，谷歌发布新一代AI大模型，其性能表现接近或超越ChatGPT，且完全基于自研TPU芯片训练...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2025-11-27/doc-infyvxpz0717922.shtml\">网页链接</a>\n\n</div>\n","source":"sina","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>谷歌PK英伟达引爆光模块板块，A股重建科技共识的第一步？</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谷歌PK英伟达引爆光模块板块，A股重建科技共识的第一步？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-27 17:58 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/roll/2025-11-27/doc-infyvxpz0717922.shtml><strong>市场资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>来源：华尔街见闻\n　　华西证券认为，当前市场正尝试重建科技共识。在谷歌与英伟达技术路线尚存分歧之际，资金优先布局同时服务双方的“算力军火商”，光模块龙头因获双重订单领涨，而谷歌独有OCS路线标的走弱。随着海外算力交易日趋拥挤，若科技板块投资共识形成，当前尚处价值洼地的国产算力有望成为资金关注重点。\n　　近期，谷歌发布新一代AI大模型，其性能表现接近或超越ChatGPT，且完全基于自研TPU芯片训练...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2025-11-27/doc-infyvxpz0717922.shtml\">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":"LU1244550577.SGD","symbol_name":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2025-11-27/doc-infyvxpz0717922.shtml","article_id":"2586244814","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2586244814","pubTimestamp":1764237480,"columns":[{"name":"A股","id":33,"label_key":"policyRegulatory"}],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　华西证券认为，当前市场正尝试重建科技共识。在谷歌与英伟达技术路线尚存分歧之际，资金优先布局同时服务双方的“算力军火商”，光模块龙头因获双重订单领涨，而谷歌独有OCS路线标的走弱。随着海外算力交易日趋拥挤，若科技板块投资共识形成，当前尚处价值洼地的国产算力有望成为资金关注重点。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159982":"中证500","399300":"沪深300","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","BK4614":"Manus概念股","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","GOOG":"谷歌","3NVD.UK":"LS 3X NVIDIA","NVDD":"1倍做空NVDA ETF-Direxion","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","GOOGL":"谷歌A","SNVD.UK":"LS -1X NVIDIA","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","BK4527":"明星科技股","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","NVDS":"1.5倍做空NVDA ETF-Tradr","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","NVDY":"NVDA期权收益策略ETF-YieldMax","LU0823414478.USD":"法巴经典能源转换基金","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","2NVD.UK":"2X NVIDIA ETP","NVDU":"2倍做多NVDA ETF-Direxion","NVD2.UK":"2X NVIDIA ETP","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","USJW.SI":"ALPHAB 3xLongSG261006","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","NVIW.SI":"NVDA 3xLongSG261006","NVD3.UK":"LS 3X NVIDIA","NVDA":"英伟达","NVDS.UK":"LS -1X NVIDIA","BK4608":"AI应用概念股","NVD":"2倍做空NVDA ETF-GraniteShares","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","LU1032955483.USD":"NORDEA 1 STABLE RETURN \"HB\" (USDHDG) ACC","PK":"Park Hotels & Resorts Inc.","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC"},"translate_title":"Google PK Nvidia detonates the optical module sector, the first step for A-shares to rebuild technological consensus?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159982":1.5,"399300":1.5,"NVDA":1.5,"NVDD":0.6,"USJW.SI":0.6,"3NVD.UK":0.6,"GOOG":1.5,"NVD":0.6,"NVDS":0.6,"NVIW.SI":0.6,"GOOGL":1.5,"NVD2.UK":0.6,"NVD3.UK":0.6,"2NVD.UK":0.6,"PK":1.5,"NVDY":0.6,"NVDS.UK":0.6,"NVDU":0.6,"SNVD.UK":0.6},"content_text":"来源：华尔街见闻\n　　华西证券认为，当前市场正尝试重建科技共识。在谷歌与英伟达技术路线尚存分歧之际，资金优先布局同时服务双方的“算力军火商”，光模块龙头因获双重订单领涨，而谷歌独有OCS路线标的走弱。随着海外算力交易日趋拥挤，若科技板块投资共识形成，当前尚处价值洼地的国产算力有望成为资金关注重点。\n　　近期，谷歌发布新一代AI大模型，其性能表现接近或超越ChatGPT，且完全基于自研TPU芯片训练完成。这一突破性进展显著提振市场情绪，A股光模块集体走强，Wind光模块指数已实现连续三个交易日上涨。\n　　华西证券26日报告指出，当前AI算力板块呈现显著分化格局，市场高度关注谷歌TPU技术路线对英伟达GPU构成的潜在挑战，投资者观点存在明显分歧。面对技术路线的不确定性，投资者正采取审慎策略，优先布局同时为两大巨头供货的“算力军火商”，其中光模块行业龙头因被认为同时获得两家订单而表现强势。与之形成对比的是，谷歌独有的OCS（光电路交换机）技术路线相关品种走势疲软，显示市场在技术路线尚未明朗阶段更青睐具备双边合作基础的供应商。\n　　华西证券认为，随着海外AI概念交易日趋拥挤，基于历史经验，资金可能逐步轮动至尚处价值洼地的国产算力板块，这为下一阶段的布局提供了潜在机遇。\n\n　　历史重演？当海外算力交易拥挤，国产算力或成“价值洼地”\n　　华西证券研究报告指出，当前市场格局与今年6-7月情形高度相似，海外映射驱动的光模块板块已率先大幅上涨，而国内半导体板块尚未形成明确的启动信号。\n　　回顾此前走势，在随后的8月行情中，国产算力板块迅速崛起成为市场主线之一，半导体板块亦录得显著涨幅。其背后逻辑在于，当海外算力产业链交易趋于高度拥挤时，资金自然转向性价比更优、尚未被充分挖掘的国产算力链条。\n　　值得关注的是，报告指出在11月26日早盘交易中，国产算力板块已出现一度冲高，显示部分敏锐资金正开始进行前瞻布局，展现出明确的“博弈意图”。这表明，若科技板块投资共识形成，当前尚处低位的国产算力领域有望成为资金重点关注的价值洼地。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：何俊熹","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","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/2586244814","isCrawlerRequest":true}