AI热潮持续！GPU、存储芯片之后，CPU迎来爆发时刻？

财华社01-23

在近年席卷全球的AI热潮中，半导体产业链成为最大受益者之一。率先站上风口的是用于大模型训练的GPU，随后是支撑海量数据吞吐的存储芯片——$NVDA(NVDA)、$MU(MU)等相关企业因需求激增实现业绩与股价双升。然而，就在市场以为AI硬件红利已基本兑现之际，一个长期被视为“成熟甚至饱和”的细分领域正悄然崛起：中央处理器（CPU）。根据最新市场动态，在GPU与存储芯片之后，CPU正加速融入AI生态...

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After GPU and memory chip, CPU will usher in an explosive moment?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"688041":1.85,"688047":1.87,"NVDD":0.6,"NVD":0.6,"NVDS":0.6,"AMDU":0.6,"MULL":0.6,"NVII":0.6,"2NVD.UK":0.6,"MUD":0.6,"AMDW":0.6,"AMUU":0.6,"AMYY":0.6,"3NVD.UK":0.6,"SNVD.UK":0.6,"AMDD":0.6,"DAMD":0.6,"NVDG":0.6,"AMD":1.91,"04335":1.93,"NVIW.SI":0.6,"INTC":1.93,"AMDY":0.6,"NVDS.UK":0.6,"NVDQ":0.6,"NVD2.UK":0.6,"NVD3.UK":0.6,"NVDW":0.6,"NVDY":0.6,"DIPS":0.6,"NVDX":0.6,"AMDG":0.6,"NVDU":0.6},"content_text":"在近年席卷全球的AI热潮中，半导体产业链成为最大受益者之一。率先站上风口的是用于大模型训练的GPU，随后是支撑海量数据吞吐的存储芯片——$NVDA(NVDA)、$MU(MU)等相关企业因需求激增实现业绩与股价双升。然而，就在市场以为AI硬件红利已基本兑现之际，一个长期被视为“成熟甚至饱和”的细分领域正悄然崛起：中央处理器（CPU）。根据最新市场动态，在GPU与存储芯片之后，CPU正加速融入AI生态，迎来结构性需求拐点。资本市场对此也反应迅速——2025年下半年起，全球CPU相关概念股开始异动，并于2026年初全面爆发。资本市场率先“抢跑”：CPU概念股集体走强资本市场对产业趋势的感知最为敏锐。长期以来，CPU领域因技术迭代节奏相对平稳、市场竞争格局固化，被视为增长确定性强但弹性不足的成熟赛道。但这一认知在2025年下半年开始被打破，全球CPU概念股陆续出现异动，并在2026年初迎来全面爆发。美股市场上，两大CPU巨头的表现尤为亮眼。数据显示，2025年9月以来，英特尔（INTC.US）的股价便迎来了一波强势上涨，至今累涨逾120%，表现很强劲。不过，英特尔于1月22日盘后公布的截至2025年12月27日止第4财季业绩超越预期，但是对当前季度的业绩指引却显著低于预期，在盘后交易时段，股价一度大挫逾12%。而超威半导体（AMD.US）就更强了，既是GPU核心概念股，同时又有CPU产品线，其股价近年一直很强势。数据显示，自2025年4月以来，AMD迎来了新一轮大涨，至今飙升近150%，股价已经逼近历史高点。据悉，市场对AMD的MI300系列APU（CPU+GPU融合架构）在AI推理场景中的潜力给予了高度期待。中国市场的国产CPU阵营也在近期迎来异动，掀起涨停潮。1月21日，国产CPU龙头龙芯中科（688047.SH）以20%的幅度涨停，另一代表性企业海光信息（688041.SH）的股价也迎来了一波显著上涨，其中在1月21日单日上涨超13%，带动整个国产CPU板块走强。港股方面，中芯国际（00981.HK）、华虹半导体（01347.HK）等虽以制造为主，但其代工的CPU订单亦显著增加，带动板块情绪回暖。从资金流向来看，近期机构资金持续加仓半导体芯片板块，其中CPU相关标的成为重点布局方向，反映出市场对其长期投资价值的认可。供需失衡叠加AI驱动：CPU需求上涨的核心逻辑事实上，这一轮上涨并非无源之水。结合机构观点来看，CPU正从“通用计算单元”向“AI协处理核心”转型，其在AI基础设施中的角色正在被重新定义。例如，尽管GPU负责核心算力，但现代AI服务器对系统整体效率的要求日益提升。CPU需承担任务调度、内存管理等关键职能。尤其在大规模集群部署中，高性能CPU直接影响整体吞吐效率与能效比。此外，智能体（AI Agent）的兴起，CPU的核心价值也得到大幅加强。汇丰银行分析师Frank Lee指出，当AI从简单的聊天助手演进为能够自主规划、调用工具、执行多步任务的智能体时，对控制调度、串行处理等通用计算能力的需求呈指数级增长，而这正是CPU的核心优势领域。值得一提的是，DeepSeek最新推出的Engram架构通过“查算分离”将静态知识从GPU显存转移至CPU内存，使CPU从配角升级为AI推理的记忆与调度核心，显著提升CPU利用率、核心数、内存容量与I/O带宽需求，重构AI服务器硬件配比，会提振CPU的需求。而在电话会议上，英特尔的管理层也强调，AI工作负载的多样化造成了巨大的产能限制，这反而强化了CPU作为“核心指挥官”的角色。从AI推理到编排控制，CPU正变得日益不可或缺，推动了传统服务器的强劲更新周期。英特尔的CFO辛斯纳补充了一个关键趋势：世界正在从“人类提示请求”转向“计算机对计算机的交互”，这种持久且递归的命令流需要强大的CPU来进行编排和控制。辛斯纳表示：“协调这些流量的CPU核心功能不仅将推动传统服务器的更新，还将推动增加安装基数的新需求。”也正是这一意外强劲的CPU需求，叠加英特尔自身的供应瓶颈，导致了当前的缺货局面。供给端刚性约束，加剧供需错配格局而与需求端的爆发形成鲜明对比的是，CPU供给端存在明显的刚性约束。近年来，受通用服务器需求低迷的影响，英特尔、AMD等CPU厂商采取了缩减产能、降低库存、放缓扩产节奏的保守策略，导致行业产能储备不足。但是随着AI需求的突然爆发，先进制程与先进封装等关键资源的扩张速度无法匹配需求增长，同时GPU等芯片产能的挤压进一步限制了CPU的产能释放，加剧了供需错配的格局。此外，CPU行业的技术壁垒较高，新进入者难以在短期内形成有效供给，头部企业的产能优势进一步巩固，定价权开始向卖方倾斜，为CPU价格上涨提供了支撑。西部证券最新行业点评指出，为应对供需失衡并保障供应稳定，英特尔与AMD已计划将服务器CPU价格上调10%-15%，且2026年两家厂商的服务器CPU产能“已基本预售完毕”。结语总的来看，在AI浪潮从训练向推理、从云端向边缘持续演进的过程中，CPU正摆脱“传统通用芯片”的旧有标签，加速转型为AI基础设施中不可或缺的调度与控制核心。全球供需格局的错配、技术架构的革新以及智能体等新应用范式的崛起，共同推动CPU迎来结构性需求拐点。对国内资本市场而言，这一趋势尤为值得重视。一方面，服务器CPU作为AI算力底座，正深度受益于数据中心扩容与国产替代的双重驱动；另一方面，以龙芯中科、海光信息为代表的国产CPU企业已进入业绩兑现期，叠加信创政策持续加码，板块正迎来“存量升级+自主可控+模型迭代”三重共振。在GPU和存储芯片之后，CPU或将成为A股半导体赛道下一个具备高确定性与高弹性的投资主线，其中孕育的投资机会值得关注。作者：明羲\n\n\n\n海量资讯、精准解读，尽在新浪财经APP","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":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 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/2605461470","isCrawlerRequest":true}