全球龙头企业凭规模优势可抵御存储成本上涨压力高盛力荐联想！

格隆汇01-06

知名大行高盛展望2026年科技企业十大趋势，报告如下：(1)人工智能服务器：ASIC表现强劲，800G/1.6T 高速连接推动供应链增长；(2)光模块：受益于人工智能基础设施周期与技术迁移(如 800G/1.6T、硅光技术、共封装光学(CPO))；(3)散热解决方案：液冷渗透率提升，包括 ASIC 人工智能服务器领域；(4)原始设计制造商(ODM)：在美国市场有强劲承诺 / 产能规划的企业(如鸿海...

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Goldman Sachs strongly recommends Lenovo!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80992":0.9,"LNVGY":0.6,"00992":1.5},"content_text":"知名大行高盛展望2026年科技企业十大趋势，报告如下：(1)人工智能服务器：ASIC表现强劲，800G/1.6T 高速连接推动供应链增长；(2)光模块：受益于人工智能基础设施周期与技术迁移(如 800G/1.6T、硅光技术、共封装光学(CPO))；(3)散热解决方案：液冷渗透率提升，包括 ASIC 人工智能服务器领域；(4)原始设计制造商(ODM)：在美国市场有强劲承诺 / 产能规划的企业(如鸿海精密、纬创、广达)将表现突出；高盛预计，人工智能服务器复杂度提升和芯片组平台多元化将使客户更依赖具备强大设计和制造能力的领先供应商，竞争格局相对稳定，尤其是考虑到行业进入壁垒较高。在 ODM / 品牌厂商中，高盛偏好研发实力强、垂直整合程度高、在美国拥有生产基地且芯片组平台覆盖全面的企业。买入标的：(1)服务器：Hon Hai (on CL), FII, Wistron, Wiwynn, Mitac, Inspur；(2)交换机：Ruijie, WNC.。零部件方面，高盛偏好规格升级或产品线扩张的市场龙头。(5)个人电脑：人工智能 PC 或已反映市场预期；仅具备规模优势的全球龙头企业能在存储成本上涨背景下保持韧性；高盛预计，在充满挑战的个人电脑市场中，全球龙头企业相对更具韧性，因为它们通常在供应链中拥有更强的议价能力，且高端个人电脑业务占比更高，而高端市场对价格敏感度较低。即将举行的 2026 年国际消费电子展(CES)可能成为短期催化剂，预计将有更多人工智能 PC 亮相，可能搭载 2025 年 10 月发布的最新 Panther Lake 平台，该平台运算性能最高可达 180 万亿次 / 秒(TOPS)。2024 年人工智能 PC 已经进入下一代，神经网络处理器(NPU)性能超过 40 万亿次 / 秒，使个人电脑能够在本地运行部分 Copilot 功能，并更快生成内容(例如文本生成图片的速度从 22 秒缩短至 7 秒)。买入标的：联想集团。(6)智能手机：2026 年苹果供应商将脱颖而出。2024-2025 年安卓智能手机需求疲软且产品发布相对清淡，但 2026 年可能更为激进，尤其是可折叠 iPhone 出货量将逐步增长；不过需注意，存储成本上涨可能导致部分产品降配；(7)印刷电路板(PCB)：尽管长期供需动态存在争议，需求仍保持稳健；考虑到人工智能服务器出货量稳健增长(机架出货量从 2025 年的 1.9 万个增至 2026 年的 5 万个，2026/2027 年 ASIC 人工智能服务器渗透率升至 40%/45%)，预计 2026 年高端覆铜板 / 印刷电路板供应商需求前景强劲。(8)半导体：本土龙头企业(如中芯国际、华虹半导体、寒武纪)在先进制程领域有雄心勃勃的扩张计划，同时本土GPU供应商崛起，将推动行业增长，利好本土半导体设备企业(如北方华创、中微公司)。对 2026 年先进制程晶圆代工厂的增长前景持乐观态度，人工智能仍是先进制程和先进封装需求的核心增长驱动力；预计 2026-2030 年中国半导体行业资本支出将维持在 450-460 亿美元的高位，这得益于向更多存储和先进制程技术的转型，以及 2025 年半导体设备企业强劲的订单增长和产品扩张将持续支撑 2026 年营收稳健增长。(9)L4 级自动驾驶芯片与自动驾驶出租车(Robotaxi)：持续升级与扩张；城市导航辅助驾驶(City NOA)和自动驾驶出租车将推动芯片组、软件和传感器供应商增长；(10)低地球轨道(LEO)卫星：卫星发射加速，性能更强的火箭降低发射成本，卫星规格升级将推动星座组网基础设施发展。低地球轨道卫星方面，高盛预计：(1)领先运营商将加速卫星发射以构建星座网络。火箭规格升级(每枚火箭的低地球轨道卫星承载能力提升)也将加速低地球轨道卫星发射(报告链接)；(2)规格优化：低地球轨道卫星带宽不断增加，从单频段(如 Ka 频段：30 吉赫兹)扩展至双频段(如 Ka 和 E 频段：30 吉赫兹和 80 吉赫兹)，并将进一步扩展至四频段(如 Ka、E、V 和 W 频段：30 吉赫兹、80 吉赫兹、60 吉赫兹和 100 吉赫兹)；(3)替换周期：考虑到低地球轨道卫星 5-6 年的生命周期，替换需求可能于 2026/2027 年开始显现。买入标的：UMT(射频矩形波导)。","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":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"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 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":"4.42.0","shortVersion":"4.42.0","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/2601184861","isCrawlerRequest":true}

全球龙头企业凭规模优势可抵御存储成本上涨压力 高盛力荐联想！

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全球龙头企业凭规模优势可抵御存储成本上涨压力高盛力荐联想！