电子行业研究：北美大厂AI开支超预期，存储业绩持续爆发

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（以下内容从国金证券《电子行业研究：北美大厂AI开支超预期，存储业绩持续爆发》研报附件原文摘录）电子周观点北美大厂AI开支超预期，存储业绩持续爆发。Meta预计2026年全年资本支出在1150亿至1350亿美元之间，主要用于数据中心、服务器和网络基础设施，较25年的约700亿美元CAPEX实现显著增长。我们看到AI对meta自身业务实现了积极帮助，AI改进了推荐算法，直接导致用户在平台上的停留时间...

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explode","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SNDK":0.9,"MACW.SI":0.6,"AAPY":0.6,"APLY":0.6,"MSFO":0.6,"AAPX":0.6,"MSFT":0.9,"MSFL":0.6,"AAPW":0.6,"MSFX":0.6,"AAPU":0.6,"AAPB":0.6,"META":1.95,"NVDA":0.9,"MSFD":0.6,"MSFW":0.6,"AAPD":0.6,"04338":0.9,"MSFY":0.6},"content_text":"（以下内容从国金证券《电子行业研究：北美大厂AI开支超预期，存储业绩持续爆发》研报附件原文摘录）电子周观点北美大厂AI开支超预期，存储业绩持续爆发。Meta预计2026年全年资本支出在1150亿至1350亿美元之间，主要用于数据中心、服务器和网络基础设施，较25年的约700亿美元CAPEX实现显著增长。我们看到AI对meta自身业务实现了积极帮助，AI改进了推荐算法，直接导致用户在平台上的停留时间增加，新的序列学习模型结合GEM模型，使Facebook的广告点击率提升了3.5%，Instagram的转化率提升了超过1%。同时得益于推荐质量的提升，InstagramReels在美国的观看时间同比增长了30%。Facebook的视频观看时间在美国也实现了两位数的增长。Meta强调2026年将是AI加速发展的一年，核心愿景是构建“个人超级智能”。微软25Q4资本开支也超预期，25Q4达到375亿美元，同比增长66%。微软25Q4云商业订单增长230%，主要由OpenAI的长期大额承诺以及Anthropic的承诺驱动，25Q4Azure营收增长39%。微软大部分短期资产（如GPU）是为了满足当前已签约的长期需求（如Azure和Copilot），这些资产在其使用寿命内已不仅被预订，且随着软件优化，利润率会随时间提升。从这次业绩来看，AI对Meta业务实现了积极帮助，微软对GPU已经被预定的积极表述，也有望减少对AI投资的担心。天弘科技表示AI需求强劲，大幅上修2026年资本支出，约为10亿美元，之前公司长期每年CAPEX在1~2亿美元左右，公司本次高资本开支用于支持2026年及2027年的需求增长。公司计划在泰国增加超过100万平方英尺的产能；在美国德克萨斯州增加超过70万平方英尺的产能，投资重点包括电力扩容、先进液冷制造及测试能力。公司强调了与Google长达十年的合作关系，确认为、GoogleTPU系统的首选制造合作伙伴。公司宣布获得第三家超大规模客户的1.6T网络交换机平台的设计与制造订单，预计2027年开始量产。继三星、海力士、美光在存储芯片方面陆续释放亮眼的业绩之后，闪迪公布2026财年第二财季业绩，营收30.25美元，同比增长61%，环比增长31%，下季度指引营收44-48亿美元，按照中值测算，同比增长171%，环比增长52%，non-GAAPeps12-14美元，毛利率65-67%(本财季51%），均超市场预期。建议关注2026上半年业绩有望超预期方向，我们认为，AI需求持续强劲，英伟达GB300积极拉货，Rubin产业链26Q1进入拉货阶段，谷歌及亚马逊新一代ASIC芯片也将进入拉货阶段。Token数量的爆发式增长，带动了ASIC强劲需求，我们研判谷歌、亚马逊、Meta、OpenAI及微软的ASIC数量，2026-2027年将迎来爆发式增长，继续看好英伟达及ASIC受益产业链。整体来看，继续看好AI覆铜板/PCB及核心算力硬件、半导体设备及苹果产业链。投资建议与估值继续看好AI-PCB及核心算力硬件、苹果产业链及自主可控受益产业链。Meta2026年全年资本开支指引超预期，闪迪2026第三财季业绩指引超预期。我们继续看好覆铜板及存储芯片涨价趋势，具有较强的持续性，从产业链公司陆续公布的营收及利润来看，业绩在持续兑现，继续看好核心受益公司。继续看好AI-PCB及核心算力硬件、苹果产业链及自主可控受益产业链。细分行业景气指标：消费电子（稳健向上）、PCB（加速向上）、半导体芯片（稳健向上）、半导体代工/设备/材料/零部件（稳健向上）、显示（底部企稳）、被动元件（稳健向上）、封测（稳健向上）。风险提示需求恢复不及预期的风险；AIGC进展不及预期的风险；外部制裁进一步升级的风险","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,"symbols":[],"gpt_button":0,"need_auth":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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