大摩最新研判：2026年韩国半导体不看扩产看“利用率” 耗材与设备站上风口

智通财经2025-12-31

智通财经APP获悉，摩根士丹利发布研报指出，2026年韩国半导体价值链将进入以产能利用率为核心驱动的增长周期。随着先进制程晶圆厂的产能趋于饱和，产业链的盈利杠杆将向与单位晶圆处理强度紧密相关的耗材、材料及服务密集型设备领域转移，并成为全年行业核心投资主题。以Ryan Kim为首的分析师团队表示，2026年半导体价值链的关键影响变量已从传统的资本支出周期，转向先进逻辑制程的实际产能利用率。尽管...

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