2026年度策略 | 电子行业：AI创新与存储周期

广发证券研究2025-12-13

AI创新：模型创新与CAPEX筑基，AI产业链协同发展。CAPEX模型创新是AI发展的核心动力。CAPEX持续筑基，OCF仍有空间。算力：GPU与ASIC共舞，生态优势主导行业地位。国产算力从“单点突围”转向“系统升维”，海内外算力充分受益AI产业的发展。存储周期：AI驱动价格上涨，扩产与升级同发力。云侧和端侧存储搭载量显著增长，存储价格持续上涨，原厂毛利率显著提升。海外存储原厂资本开支进入上行...

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Fusion与UALink。国产算力从“单点突围”转向“系统升维”，海内外算力充分受益AI产业的发展。PCB：单GPU、单ASIC对应PCB价值量持续提升，国内厂商积极扩产，CCL随PCB升级呈现高端化、多层化升级趋势；存储：Tokens的积分，AI推理中的分级存储协同支撑高效计算，驱动AI存储快速增长；电源：800V HVDC升级，SiC&GaN功率器件成长空间广阔；端侧AI：模型能力不断提高，拓宽智能新终端使用边界，产业链空间广阔。存储周期：AI驱动价格上涨，扩产与升级同发力。云侧和端侧存储搭载量显著增长，存储价格持续上涨，原厂毛利率显著提升。海外存储原厂资本开支进入上行区间，产能优先投向HBM，传统DRAM和NAND投产较为谨慎。DRAM和NAND架构升级，设备需求迎来新机。4F2+CBA工艺延续主流DRAM升级趋势；3D堆叠DRAM显著提升带宽指向AI推理市场；3D NAND堆叠层数持续升级；存储代工模式迎来产业变革机会；接口芯片MRDIMM和","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","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; 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