国金证券：ASIC需求强劲关注霍尔木兹海峡封锁影响

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智通财经APP获悉，国金证券发布研报称，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。该行认为AI强劲需求带动PCB价量齐升，目前多家AI-PCB公司订单强劲，满产满销，正在大力扩产，业绩高增长有望持续。AI覆铜板也需求旺盛，由于海外覆铜板扩产缓慢，大陆覆铜板龙头厂商有望积极受益。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...

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href=http://www.zhitongcaijing.com/content/detail/1411350.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，国金证券发布研报称，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。该行认为AI强劲需求带动PCB价量齐升，目前多家AI-PCB公司订单强劲，满产满销，正在大力扩产，业绩高增长有望持续。AI覆铜板也需求旺盛，由于海外覆铜板扩产缓慢，大陆覆铜板龙头厂商有望积极受益。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...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1411350.html\">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":"IE00BZ199S13.USD","symbol_name":"BNY MELLON MOBILITY INNOVATION \"B\" (USD) 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Ironwood将在2026年继续增长，27年产品及后续世代产品预计将有更强大需求。Anthropic预计将在2026年部署1GW的TPU产品，2027年预计将部署超3GW。Meta的ASIC已经开始出货，预计下一代产品将在27年和之后达到数GW的部署。公司第六家客户为OpenAI，预计第一代ASIC将在27年实现超1GW的部署。公司交换芯片Tomahawk6已经达到102.4T的速率，采用200G serdes，下一代Tomahawk将实现翻倍的性能，同时使用400G serdes。从博通财报及指引来看，AI收入增长强劲，ASIC定制芯片业务正以惊人速度增长，这类芯片针对特定算法优化，相比通用GPU在性能、功耗和价格上更具优势，目前博通已拿下六家客户，未来还有望新增，继续看好ASIC受益产业链。根据媒体报道，三星电子计划第二季将主要NAND产品的供货价格涨幅，设定与第一季相近的水平。由于该业者第一季已将NAND价格上调100%，此番继续上调100%，也意味NAND供货价格将较去年底累计上涨两倍，SK海力士、铠侠等其他厂商也在筹备进一步涨价，存储涨价趋势持续。该行认为霍尔木兹海峡长期封锁将对亚洲半导体行业造成一定冲击，全球存储(三星、海力士以及美光日本及中国台湾工厂)、先进制程代工(台积电、三星)、半导体材料(东京应用化学、JSR、住友、日东纺、IBIDEN、欣兴等)都集中在亚洲，先进制程晶圆厂用电较多(预测台积电2025年在台湾工厂的用电量占整个台湾用电量的比例高达12.5%)，日本、韩国及中国台湾发电结构中对天然气(进口依赖度高)及煤炭依赖度较高，长期封锁可能造成供应紧张、能源成本上升及原材料上涨，导致的半导体全面缺货涨价，继而可能造成终端消费电子产品上涨导致需求下滑，以及北美数据中心CAPEX需要进一步提升，扩大杠杆规模。霍尔木兹海峡的封锁，对依赖进口LNG的国家和地区影响会更大一些，中国大陆成熟制程、功率半导体、模拟芯片和封测等环节有望继续保持低成本优势，在海外厂商成本飙升、客户分散供应链的背景下，部分国产替代和订单转移有可能被加速，建议关注国产替代及订单转移受益产业链。亚马逊、谷歌、Meta对2026年资本支出的展望和指引均超预期，该行认为AI核心算力硬件持续受益，建议关注2026上半年业绩有望超预期方向。Token数量的爆发式增长，带动ASIC强劲需求，继续看好英伟达及ASIC受益产业链。整体来看，AI及电子板块短期会受到霍尔木兹海峡封锁的影响，中长期来看，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。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":"0","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 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国金证券：ASIC需求强劲 关注霍尔木兹海峡封锁影响

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国金证券：ASIC需求强劲关注霍尔木兹海峡封锁影响