市场需求激增，这家存储器厂商毛利率有望首次超越台积电

全球半导体观察2025-12-24

随着人工智能需求快速攀升，存储器价格大幅上涨，半导体产业的获利结构正出现变化。据《韩国经济新闻》报道，三星电子的存储器部门，预期在2025年第四季度的毛利率将超越台积电，这将是自2018年第四季度以来，存储器产业的利润表现首次超过晶圆代工厂。报道指出，三星电子的毛利率预估将落在63%到67%之间，高于台积电预期的60%。此外，全球第三大存储器制造商美光，在2026会计年度第一季（9月到11月）的...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251224144709a6c91499&s=b><strong>全球半导体观察</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>随着人工智能需求快速攀升，存储器价格大幅上涨，半导体产业的获利结构正出现变化。据《韩国经济新闻》报道，三星电子的存储器部门，预期在2025年第四季度的毛利率将超越台积电，这将是自2018年第四季度以来，存储器产业的利润表现首次超过晶圆代工厂。报道指出，三星电子的毛利率预估将落在63%到67%之间，高于台积电预期的60%。此外，全球第三大存储器制造商美光，在2026会计年度第一季（9月到11月）的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251224144709a6c91499&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":"LU0965509283.SGD","symbol_name":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) 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time","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03145":0.6,"TSM":1.88},"content_text":"随着人工智能需求快速攀升，存储器价格大幅上涨，半导体产业的获利结构正出现变化。据《韩国经济新闻》报道，三星电子的存储器部门，预期在2025年第四季度的毛利率将超越台积电，这将是自2018年第四季度以来，存储器产业的利润表现首次超过晶圆代工厂。报道指出，三星电子的毛利率预估将落在63%到67%之间，高于台积电预期的60%。此外，全球第三大存储器制造商美光，在2026会计年度第一季（9月到11月）的毛利率已达56%，并预期在第二季（12月到次年2月）将进一步升至67%，显示美光在2026年第一季度也有机会于获利表现上超越台积电。报道强调，价格快速上扬是推动存储器市场扩张的主要动能。目前三大存储器制造商，已将约18%到28%的DRAM产能配置于高带宽内存（HBM）。HBM通过堆栈8到16颗DRAM芯片，有效压缩通用存储器供应量，使得标准DRAM价格出现单季涨幅超过30%的情况。随着存储器毛利率即将超越晶圆代工厂，报道指出，这项转变与AI产业需求结构改变密切相关。当AI应用逐步从“训练”转向“推理”，对于高速资料储存与实时存取的需求大幅提升，必须依赖HBM等存储器，将资料持续供应给GPU进行运算。即便通用存储器的效能不及HBM，市场对高效能通用存储器的需求仍快速成长。在推理初期阶段，工作负载多由GDDR7、LPDDR5X等通用DRAM处理，而HBM则主要保留给更密集的推理任务。NVIDIA在以推理为主的AI加速器中采用GDDR7，便是一项代表性案例。存储器业者也计划通过开发AI导向的高效能产品，延续“存储器为核心”的产业趋势。举例来说，存储器内运算（Processing-In-Memory，PIM）技术能让存储器承担部分原本由GPU执行的运算工作。报道也指出，垂直通道晶体管（VCT）DRAM与3D DRAM等新技术，通过在更小面积中储存更多资料来提升密度，预期将陆续导入市场。（文章来源：科技新报）#DRAM #三星电子 #存储器 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