TMT行业周报（12月第2周）：英伟达H200芯片或将迎来出口豁免

世纪证券2025-12-19

（以下内容从世纪证券《TMT行业周报（12月第2周）：英伟达H200芯片或将迎来出口豁免》研报附件原文摘录）行业观点：周度市场回顾。TMT板块内一级行业上周（12/08-12/12）涨跌幅为：通信（6.27%）、电子（2.63%）、传媒（0.26%）、计算机（-1.14%）。TMT板块内涨幅靠前的三级子行业分别为通信网络设备及器件（8.62%）、通信线缆及配套（8.28%）、印制电路板（7.03%...

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exemption","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDS":0.6,"NVDS.UK":0.6,"2NVD.UK":0.6,"NVDY":0.6,"NVDA":1.88,"NVDX":0.6,"NVDU":0.6,"NVIW.SI":0.6,"NVD2.UK":0.6,"SNVD.UK":0.6,"NVD":0.6,"NVD3.UK":0.6,"3NVD.UK":0.6,"NVDD":0.6},"content_text":"（以下内容从世纪证券《TMT行业周报（12月第2周）：英伟达H200芯片或将迎来出口豁免》研报附件原文摘录）行业观点：周度市场回顾。TMT板块内一级行业上周（12/08-12/12）涨跌幅为：通信（6.27%）、电子（2.63%）、传媒（0.26%）、计算机（-1.14%）。TMT板块内涨幅靠前的三级子行业分别为通信网络设备及器件（8.62%）、通信线缆及配套（8.28%）、印制电路板（7.03%），跌幅靠前的三级子行业分别为门户网站（-4.73%）、营销代理（-3.24%）、面板（-3.02%）。细分到个股来看，电子周涨幅前三的标的分别为富信科技（45.57%）、东田微（35.90%）、赛微电子（29.37%）；计算机周涨幅前三的标的分别为开普云（21.30%）、佳缘科技（16.94%）、赢时胜（15.82%）；传媒周涨幅前三的标的分别为博纳影业（51.70%）、广西广电（20.53%）、北京文化（13.29%）；通信周涨幅前三的标的为德科立（43.66%）、中瓷电子（40.65%）、永鼎股份（27.80%）。英伟达H200芯片或将迎来出口豁免。12月9号特朗在社媒发文称将允许英伟达向中国出售H200芯片，同时美国将从相关芯片出口中收取25%的分成，后续美国商务部将敲定相关细节。相较于先前H20芯片出口豁免，H200芯片整体性能有实质提升，并且两者在应用场景上存在差异，H20侧重于推理、H200更侧重于训练。过去两年在算力受限的情况下，国内大模型依旧能通过算法优化迭代模型，如若后续H200出口豁免放开，算力约束条件放宽后，国内大模型迭代频率有望进一步提升。另外，我们认为H200出口豁免放开并不妨碍算力芯片国产化浪潮，算力自主可控逻辑依旧清晰，看好后续国内模型厂、芯片厂及晶圆代工厂之间的紧密合作，国产算力加速追赶海外算力。OpenAI在成立10周年之际正式推出GPT-5.2模型。GPT-5.2同步上线Instant、Thinking、Pro三个版本，成为在专业知识工作方面能力最强的一代模型系列。GPT-5.2Thinking在多项基准测试中准确率创佳绩，如SWE-BenchPro软件工程测试达55.6%、AIME2025竞赛数学获100%满分、ARC-AGI-2抽象推理达52.9%，尤其在GDPval知识工作测试中以70.9%胜率首达人类专家水平，胜率大幅领先于前代GPT-5Thinking的38.8%。功能上，各版本定位清晰，Instant适配日常学习工作，Thinking强化长上下文推理与表格、幻灯片处理能力，Pro擅长复杂编程与科学研究，同时OpenAI表示将持续迭代解决过度拒绝和延迟问题。我们看好头部大模型持续良性竞争下，全球AITokens调用量的再创新高。风险提示：H200出口不及预期、AI应用不及预期。","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":"policyRegulatory","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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