电子行业研究：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件

国金证券11-30

（以下内容从国金证券《电子行业研究：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件》研报附件原文摘录）电子周观点：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件。谷歌Gemini 3表现出色，Gemini 3 Pro支持100万Token的超大上下文窗口，标准输出限制为64,000 Token。Gemini 3最让人兴奋的创新是Deep Think模式。这个模式通过内部的思维链...

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/2587792065?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-11-30 22:06","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2587792065","market":"us","top_or_hot":-1,"title":"电子行业研究：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件","media":"国金证券","content":"<div>\n<p>（以下内容从国金证券《电子行业研究：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件》研报附件原文摘录）电子周观点：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件。谷歌Gemini 3表现出色，Gemini 3 Pro支持100万Token的超大上下文窗口，标准输出限制为64,000 Token。Gemini 3最让人兴奋的创新是Deep Think模式。这个模式通过内部的思维链...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251130220616a4c3cdc2&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","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>电子行业研究：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件</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电子行业研究：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-30 22:06 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251130220616a4c3cdc2&s=b><strong>国金证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（以下内容从国金证券《电子行业研究：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件》研报附件原文摘录）电子周观点：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件。谷歌Gemini 3表现出色，Gemini 3 Pro支持100万Token的超大上下文窗口，标准输出限制为64,000 Token。Gemini 3最让人兴奋的创新是Deep Think模式。这个模式通过内部的思维链...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251130220616a4c3cdc2&s=b\">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":"BK4543","symbol_name":"AI","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251130220616a4c3cdc2&s=b","article_id":"2587792065","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251130220616a4c3cdc2&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2587792065","pubTimestamp":1764511571,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"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。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。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4543":"AI","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","AVGO":"博通","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","BK4566":"资本集团","ASIC":"Ategrity Specialty Holdings","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","ON":"安森美半导体","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","AAPL":"苹果","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","SG9999001440.SGD":"United Global Dividend Equity Fund A SGD Dist","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4588":"碎股","PCB":"PCB Bancorp","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0061474960.USD":"天利环球焦点基金AU Acc","NVDA":"英伟达","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","BK4551":"寇图资本持仓","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H"},"translate_title":"Electronics industry research: ASIC development momentum is strong, continue to be optimistic about AI-PCB and core computing power hardware","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ASIC":1.5,"PCB":1.5,"ON":1.5,"NVDA":0.9,"AAPL":0.9,"AVGO":0.9},"content_text":"（以下内容从国金证券《电子行业研究：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件》研报附件原文摘录）电子周观点：ASIC发展势头强劲，继续看好AI-PCB及核心算力硬件。谷歌Gemini 3表现出色，Gemini 3 Pro支持100万Token的超大上下文窗口，标准输出限制为64,000 Token。Gemini 3最让人兴奋的创新是Deep Think模式。这个模式通过内部的思维链过程，模拟人类专家的\"慢思考\"系统。面对复杂问题时，它不会立即输出答案，而是先进行多步骤的规划、自我反思和路径验证。Gemini 3 Pro在LMArena排行榜上以1501分的成绩位列榜首，在几乎所有主要AI基准测试中都远超上一代。谷歌除了大模型表现出色外，自研AI芯片（TPU）也发展较快，除了自用外，大模型及CSP厂商也开始积极采用，根据The Information报道，Meta正在洽谈未来向谷歌采购数十亿美元的AI芯片（TPU），用于其将在2027年建成的数据中心，并可能在2026年先选择通过Google Cloud租用这些芯片算力。10月24日，大模型厂商Anthropic与谷歌共同宣布，谷歌将向Anthropic供应至多100万块专用AI芯片TPU以及附加的谷歌云服务。我们认为当前AI发展并无明显泡沫，北美四大CSP（谷歌、meta、微软、亚马逊）高资本开支具备可持续性，且有进一步提升空间。四大云厂商的CAPEX提升空间来自：1）CSP自身营收与利润端的增长；2）资本开支投入比例进一步提升。资本开支比例来看，四大CSP 25Q3合计CAPEX/EBITDA达到62%，并非历史极限水平，亚马逊在历史上多个季度CAPEX/EBITDA均高于100%，3Q21~3Q22连续五个季度CAPEX/EBITDA均高于85%。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。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。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":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":"4.35.9","shortVersion":"4.35.9","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/2587792065","isCrawlerRequest":true}