电子行业研究：掘金AI硬件浪潮：聚焦算力基础、国产突破与存储大周期

国金证券01-04

（以下内容从国金证券《电子行业研究：掘金AI硬件浪潮：聚焦算力基础、国产突破与存储大周期》研报附件原文摘录）行业观点北美四大云厂商（微软、谷歌、Meta、亚马逊）资本开支持续增长，并且对未来资本支出展望积极。我们认为北美四大CSP高资本开支具备可持续性，且仍有提升空间。英伟达AI服务器机柜2026年有望大幅增长，Token数量爆发式增长，我们研判ASIC数量将迎来爆发式增长，继续看好AI覆铜板/...

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