存储产业的利润表超过晶圆代工产业

电子产品世界2025-12-26

随着人工智能需求快速攀升，存储芯片价格大幅上涨，半导体产业的获利结构正出现变化。据《韩国经济新闻》报道，预计三星电子的存储部门与SK海力士在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，存储产业的利润表也现首次超过晶圆代工产业。报道指出，三星电子与SK海力士的毛利率，预计将在63%到67%之间，高于预计的台积电的60%毛利率。此外，全球第三大存储芯片制造商美光，在2026...

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/2594168263?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-26 11:05","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2594168263","market":"us","top_or_hot":-1,"title":"存储产业的利润表超过晶圆代工产业","media":"电子产品世界","content":"<div>\n<p>随着人工智能需求快速攀升，存储芯片价格大幅上涨，半导体产业的获利结构正出现变化。据《韩国经济新闻》报道，预计三星电子的存储部门与SK海力士在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，存储产业的利润表也现首次超过晶圆代工产业。报道指出，三星电子与SK海力士的毛利率，预计将在63%到67%之间，高于预计的台积电的60%毛利率。此外，全球第三大存储芯片制造商美光，在2026...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226110540a6d0d869&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>存储产业的利润表超过晶圆代工产业</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存储产业的利润表超过晶圆代工产业\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-26 11:05 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226110540a6d0d869&s=b><strong>电子产品世界</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，存储芯片价格大幅上涨，半导体产业的获利结构正出现变化。据《韩国经济新闻》报道，预计三星电子的存储部门与SK海力士在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，存储产业的利润表也现首次超过晶圆代工产业。报道指出，三星电子与SK海力士的毛利率，预计将在63%到67%之间，高于预计的台积电的60%毛利率。此外，全球第三大存储芯片制造商美光，在2026...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226110540a6d0d869&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":"BK4588","symbol_name":"碎股","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226110540a6d0d869&s=b","article_id":"2594168263","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251226110540a6d0d869&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=2594168263","pubTimestamp":1766718320,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"据《韩国经济新闻》报道，预计三星电子的存储部门与SK海力士在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，存储产业的利润表也现首次超过晶圆代工产业。存储芯片价格快速上涨是推动存储产业获利增长的主要动能。这些对于存储芯片需求的增长，正在推动存储芯片毛利率超过晶圆代工厂。第三季度DRAM全球出货量排名与此同时，存储芯片厂商计划通过开发为人工智能量身定制的高性能产品来维持以内存为中心的时代。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4588":"碎股","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4548":"巴美列捷福持仓","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0878004406.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","HBM":"HudBay Minerals Inc","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","BK4612":"AI芯片","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU2491049909.HKD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (HKD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU2041044095.USD":"Blackrock Circular Economy A2 USD","LU0572939691.SGD":"Janus Henderson Horizon Asian Dividend Income A2 SGD","03145":"华夏亚洲高息股","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU2491050154.USD":"WELLINGTON SUSTAINABLE OUTCOMES \"A\" (USD) ACC","IE00BHPRN162.USD":"BNY MELLON BLOCKCHAIN INNOVATION \"B\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","TSM":"台积电","BK4141":"半导体产品","LU0056508442.USD":"贝莱德世界科技基金A2","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","BK4602":"量子计算概念","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU0861579265.USD":"联博低波幅策略股票基金A","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","BK4505":"高瓴资本持仓","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","PIM":"普特南马斯特信托"},"translate_title":"The storage industry's income statement exceeds that of the foundry industry","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PIM":1,"TSM":0.74,"03145":0.6,"HBM":1},"content_text":"随着人工智能需求快速攀升，存储芯片价格大幅上涨，半导体产业的获利结构正出现变化。据《韩国经济新闻》报道，预计三星电子的存储部门与SK海力士在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，存储产业的利润表也现首次超过晶圆代工产业。报道指出，三星电子与SK海力士的毛利率，预计将在63%到67%之间，高于预计的台积电的60%毛利率。此外，全球第三大存储芯片制造商美光，在2026会计年度第一财季（2025年9月到11月）的毛利率已达56%，并预期在第二财季（2025年12月到2026年2月）将进一步升至67%，显示美光也有机会在自然年2026年第一季度的获利表现超越台积电。存储芯片价格快速上涨是推动存储产业获利增长的主要动能。目前三大存储芯片制造商，已将约18%到28%的DRAM产能配置于高带宽内存（HBM）。而HBM则是需要通过堆叠8-16颗DRAM芯片制造而成，这也大幅压缩了通用DRAM的供应量，使得通用DRAM价格出现单季涨幅超过30%的情况。报道指出，随着人工智能行业从“训练”转向“推理”，快速数据存储和检索至关重要，而推理将训练过程中获得的知识应用于解决问题，这反过来又需要HBM等内存来存储数据并将其连续馈送到GPU。这些对于存储芯片需求的增长，正在推动存储芯片毛利率超过晶圆代工厂。第三季度HBM全球出货量排名另外，虽然通用DRAM的性能落后于HBM，但是在人工智能转向推理的早期阶段，工作负载通常由通用DRAM（如GDDR7和LPDDR5X）处理，而HBM则保留用于更密集的推理任务。比如，英伟达在以推理为重点的AI加速器中使用GDDR7就是一个典型的例子。第三季度DRAM全球出货量排名与此同时，存储芯片厂商计划通过开发为人工智能量身定制的高性能产品来维持以内存为中心的时代。一个例子是内存处理（PIM），它使内存能够处理传统上由GPU执行的部分计算工作负载。该报道补充说，垂直沟道晶体管（VCT）DRAM和3D DRAM等技术也有望进入市场，这些技术通过在较小的区域存储更多信息来提高数据密度。","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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","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/2594168263","isCrawlerRequest":true}