东方证券：英伟达(NVDA.US)推出推理上下文内存存储平台 AI存储需求持续扩张

智通财经01-07

智通财经APP获悉，东方证券发布研报称，英伟达(NVDA.US)于CES 2026大会上发布推理上下文内存存储平台，该平台是一个POD级AI原生存储基础设施，核心目标是在GPU内存和传统存储之间创建一个专为推理优化的新型内存层，以支撑AI长期运行。AI大模型推理过程中需要通过高频次地访问数据，来实现高质量内容生成，将使得存储结构发生较大变化，提升对存储芯片的需求。当前存储供不应求持续，同时海外存储...

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DOCA、NIXL和Dynamo等软件组件负责在系统层面优化调度、降低延迟、提升整体吞吐。透过协同设计，该平台可将原本放在GPU内存里的上下文数据扩展到一个独立、高速、可共享的“记忆层”中，可在释放GPU压力的同时在多个节点、多个AI智能体之间快速共享上下文信息。在实际效果方面，英伟达表示使用这种方式可以让每秒处理的token数提升最高达5倍，并实现同等水平的能效优化。AI推理瓶颈正从计算转向上下文存储，存储芯片需求有望持续高速成长黄仁勋在本次演讲强调，AI推理瓶颈正从计算转向上下文存储。随着模型规模提升以及用户使用量的提升，AI处理需要多轮对话、多步推理的复杂任务时会产生大量上下文数据。而传统网络存储对短期上下文而言效率过低，AI存储架构需要重构。部分投资者对于AI对存储芯片需求的带动幅度仍有低估。东方证券此前强调，AI大模型推理过程中需要通过高频次地访问数据，来实现高质量内容生成，将使得存储结构发生较大变化，提升对存储芯片的需求。展望未来，AI有望从“一次性对话的聊天机器人”演进为理解现实世界、持续推理、调用工具完成任务的智能协作体，而这需要持续扩大上下文容量、加快跨节点共享，从而带动存储芯片需求高速成长。存储供不应求持续，重视存储产业链国产化机遇存储供不应求持续，同时海外存储巨头在通用存储方面的扩产进度可能有限，为国内存储厂商扩产、提升份额带来历史性机遇。技术方面，在DRAM领域，长鑫科技于2025年11月推出DDR5产品，在峰值速率等主流技术参数上达到国际一线水平；在NAND领域，长江存储自主研发的Xtacking架构实现了3D NAND技术的跨越式发展。在IPO进度方面，长鑫科技IPO已获受理，长江存储的母公司长存集团于2025年9月完成股份制改革。东方证券认为，两存未来推进融资后有望实现较大的扩产体量，产业链上下游有望深度受益。相关标的国内半导体设备企业中微公司(688012.SH)、精智达(688627.SH)、京仪装备(688652.SH)、微导纳米(688147.SH)、拓荆科技(688072.SH)、北方华创(002371.SZ)等。国内封测企业深科技(000021.SZ)、汇成股份(688403.SH)、通富微电(002156.SZ)等。配套逻辑芯片厂商晶合集成(688249.SH)等；布局端侧AI存储方案的兆易创新(603986.SH)、北京君正(300223.SZ)等。受益存储技术迭代的澜起科技(688008.SH)、联芸科技(688449.SH)等。国产存储方案厂商江波龙(301308.SZ)、德明利(001909.SZ)、佰维存储(688525.SH)、联想集团(00992)等。风险提示AI落地不及预期，技术迭代速度不及预期，国产化进展不及预期。","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":"productRelease","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"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 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