电子：美光科技：乘AI之东风存储龙头高速增长

长江证券02-08

存储：数据存储之基石，周期成长属性突出存储器是用来存储数据、信息和各类程序软件的记忆部件。RAM、ROM 为半导体存储的核心产品品类；其中，RAM 以DRAM 为主、ROM 以NAND Flash 为主。DRAM 被广泛应用在主机内存上，主要分为DDR、LPDDR、GDDR、HBM 等；NAND Flash 被广泛应用在资料存储。周期成长属性突出、竞争格局集中、重资本投入。存储行业市场规模在周期...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2609457836?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-08 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2609457836","market":"us","top_or_hot":-1,"title":"电子：美光科技：乘AI之东风 存储龙头高速增长","media":"长江证券","content":"<div>\n<p>存储：数据存储之基石，周期成长属性突出存储器是用来存储数据、信息和各类程序软件的记忆部件。RAM、ROM 为半导体存储的核心产品品类；其中，RAM 以DRAM 为主、ROM 以NAND Flash 为主。DRAM 被广泛应用在主机内存上，主要分为DDR、LPDDR、GDDR、HBM 等；NAND Flash 被广泛应用在资料存储。周期成长属性突出、竞争格局集中、重资本投入。存储行业市场规模在周期...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208135707a6e138bb&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>电子：美光科技：乘AI之东风 存储龙头高速增长</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n电子：美光科技：乘AI之东风 存储龙头高速增长\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-08 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208135707a6e138bb&s=b><strong>长江证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>存储：数据存储之基石，周期成长属性突出存储器是用来存储数据、信息和各类程序软件的记忆部件。RAM、ROM 为半导体存储的核心产品品类；其中，RAM 以DRAM 为主、ROM 以NAND Flash 为主。DRAM 被广泛应用在主机内存上，主要分为DDR、LPDDR、GDDR、HBM 等；NAND Flash 被广泛应用在资料存储。周期成长属性突出、竞争格局集中、重资本投入。存储行业市场规模在周期...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208135707a6e138bb&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0792757196.USD","symbol_name":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208135707a6e138bb&s=b","article_id":"2609457836","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260208135707a6e138bb&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2609457836","pubTimestamp":1770480000,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"美光科技：乘AI 之东风，存储龙头高速增长美光科技是全球存储的龙头企业，以2025 年统计口径看，公司DRAM、NAND Flash 全球市占率分别为23%、13%。公司成立于1978 年，美光科技在45 年的发展史中始终保持产品的推出处于业内领先水平；公司以IDM 的模式围绕核心存储持续展开产品布局，现拥有DDR、LPDDR、GDDR、HBM、NAND Flash 等主要存储产品矩阵。AI 对于存储需求的持续拉动，助力公司Cloud Memory 营收呈高速增长之势。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","BK4575":"芯片概念","BK4566":"资本集团","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","MULL":"2倍做多MU ETF-GraniteShares","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","BK4579":"人工智能","BK4588":"碎股","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","BK4605":"半导体精选","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","MUU":"2倍做多MU ETF-Direxion","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0056508442.USD":"贝莱德世界科技基金A2","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","BK4527":"明星科技股","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","BK4512":"苹果概念","BK4543":"AI","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","BK4553":"喜马拉雅资本持仓","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","MUD":"1倍做空MU ETF-Direxion","MU":"美光科技","BK4585":"ETF&股票定投概念","BK4141":"半导体产品","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)"},"translate_title":"Electronics: Micron Technology: Taking advantage of AI, storage leaders grow rapidly","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MUU":0.6,"MUD":0.6,"MU":1.96,"MULL":0.6},"content_text":"存储：数据存储之基石，周期成长属性突出存储器是用来存储数据、信息和各类程序软件的记忆部件。RAM、ROM 为半导体存储的核心产品品类；其中，RAM 以DRAM 为主、ROM 以NAND Flash 为主。DRAM 被广泛应用在主机内存上，主要分为DDR、LPDDR、GDDR、HBM 等；NAND Flash 被广泛应用在资料存储。周期成长属性突出、竞争格局集中、重资本投入。存储行业市场规模在周期波动中呈现出持续增长之势，主要系存储位元需求整体呈现逐年提升，产品价格的周期性变化使得行业规模在波动中持续增长。我们预计 2026 年存储行业市场规模将超3000 亿美元。存储行业呈现出寡头竞争的格局。其中，DRAM（含 HBM）的主要玩家为三星、海力士、美光；NAND Flash 的主要玩家为三星、海力士、美光、闪迪、铠侠。存储行业的生产模式为 IDM 的模式，近年来，存储器资本开支占存储器营收的30%-40%，行业重资本属性突出。AI 驱动存储技术升级之际、需求持续扩张AI 时代，数据中心将完全为AI 构建，AI 数据中心的存储通过将HBM、DRAM、NAND Flash等不同传输速度等存储进行分级搭建，有效保证了高效的数据传输，用于支持复杂的AI 计算；在减少数据中心的瓶颈的同时，亦降低总拥有成本。我们认为，伴随着大模型参数的持续增加及推理时代的来临，AI 驱动DRAM、NAND Flash 存储需求高速扩张，HBM、CXL 内存、HBF 等技术升级趋势亦非常明确。据美光预计，HBM 市场规模有望于2028 年达1000 亿美元，2025-2028 年CAGR 达40%，HBM4 将于2026 年正式放量。Flash 方面，伴随着KV cache 卸载至NAND Flash，NAND Flash 市场规模有望迎来爆发式增长；以英伟达ICMS 平台为例，可为每颗GPU 额外提供翻倍式的NAND Flash 容量。在创新维度，HBF 应用而生；HBF 与HBM 结合，可为GPU 提供高带宽、大容量的存储组合。美光科技：乘AI 之东风，存储龙头高速增长美光科技是全球存储的龙头企业，以2025 年统计口径看，公司DRAM、NAND Flash 全球市占率分别为23%、13%。公司成立于1978 年，美光科技在45 年的发展史中始终保持产品的推出处于业内领先水平；公司以IDM 的模式围绕核心存储持续展开产品布局，现拥有DDR、LPDDR、GDDR、HBM、NAND Flash 等主要存储产品矩阵。AI 对于存储需求的持续拉动，助力公司Cloud Memory 营收呈高速增长之势。就公司新产能规划而言，公司现已启动系列晶圆厂的建设工作，我们认为伴随着公司新产能的逐步建成落地，美光有望长期在存储行业处于领先地位。风险提示1、AI 发展不及预期风险；2、涨价抑制需求致行业供需反转风险；3、原厂扩产超预期风险；4、HBM4、HBF 等新技术产业落地不及预期风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport","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/2609457836","isCrawlerRequest":true}

电子：美光科技：乘AI之东风 存储龙头高速增长

精彩评论

电子：美光科技：乘AI之东风存储龙头高速增长