中信证券：AI时代周期+成长+国产共振看好存储投资机遇

智通财经03-23

智通财经APP获悉，中信证券发布研报称，AI需求带动下，该行认为存储仍处于超级景气周期前中段，供不应求至少持续至2027年。2月以来，随铠侠业绩及指引超预期、NAND一季度合约价上调、以及国内模组厂商龙头发布1-2月业绩公告超预期，进一步验证了存储行业景气度维持高位。该行继续看好存储需求超预期，预计行业供不应求将持续至2027年底，核心推荐：1)存储模组公司：短期业绩爆发能力强；2)存储设计公司：...

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/2621747001?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-03-23 08:38","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2621747001","market":"hk","top_or_hot":-1,"title":"中信证券：AI时代周期+成长+国产共振 看好存储投资机遇","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，中信证券发布研报称，AI需求带动下，该行认为存储仍处于超级景气周期前中段，供不应求至少持续至2027年。2月以来，随铠侠业绩及指引超预期、NAND一季度合约价上调、以及国内模组厂商龙头发布1-2月业绩公告超预期，进一步验证了存储行业景气度维持高位。该行继续看好存储需求超预期，预计行业供不应求将持续至2027年底，核心推荐：1)存储模组公司：短期业绩爆发能力强；2)存储设计公司：...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1417145.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","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>中信证券：AI时代周期+成长+国产共振 看好存储投资机遇</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中信证券：AI时代周期+成长+国产共振 看好存储投资机遇\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-23 08:38 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1417145.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，中信证券发布研报称，AI需求带动下，该行认为存储仍处于超级景气周期前中段，供不应求至少持续至2027年。2月以来，随铠侠业绩及指引超预期、NAND一季度合约价上调、以及国内模组厂商龙头发布1-2月业绩公告超预期，进一步验证了存储行业景气度维持高位。该行继续看好存储需求超预期，预计行业供不应求将持续至2027年底，核心推荐：1)存储模组公司：短期业绩爆发能力强；2)存储设计公司：...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1417145.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":"BK0188","symbol_name":"融资融券","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1417145.html","article_id":"2621747001","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2621747001","pubTimestamp":1774226307,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，中信证券发布研报称，AI需求带动下，该行认为存储仍处于超级景气周期前中段，供不应求至少持续至2027年。中信证券主要观点如下：AI时代显存带宽和容量升级为核心，存算一体是趋势，近存计算高景气，看好投资机遇。围绕国内HBM及CUBE相关产业链，该行重点推荐四个方向：1)存储方案厂商：CUBE必要配套，定制设计方案助力产业化，并以此进军高端市场，重点关注有存储原厂支持、具有先发优势的龙头。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"600030":"中信证券","BK0188":"融资融券","LU1720050803.USD":"安联全方位中国股票基金","BK0012":"证金概念","LU0405327148.USD":"ALLSPRING CHINA A FOCUS \"A\" (USD) ACC","LU1255011170.USD":"JPM CHINA A-SHARE OPPORTUNITIES \"A\" (USD) ACC","LU1781817850.SGD":"Blackrock Systematic China A-Share Opportunities A2 SGD-H","BK0028":"国家队","BK0276":"资本市场","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU1997245094.SGD":"安联神州A股基金AT Acc SGD","BK1516":"腾讯概念","LU2495084118.USD":"ALLIANZ CHINA A-SHARES \"ATH\" (USDHDG) ACC","06030":"中信证券","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU1997244956.HKD":"ALLIANZ CHINA A-SHARES \"AT\" (HKD) ACC A","BK1147":"投资银行业与经纪业","BK0196":"行业龙头","LU0405327494.USD":"ALLSPRING CHINA A FOCUS \"I\" (USD) ACC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","BK1521":"挪威政府全球养老基金持仓","LU2289578879.USD":"ALLIANZ CHINA A OPPORTUNITIES \"AT\" (USD) ACC","LU1655091616.SGD":"JPMorgan Funds - China A-Share Opportunities A (acc) SGD","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU1580142542.USD":"Blackrock Systematic China A-Share Opportunities A2 USD","LU1997245177.USD":"安联神洲A股基金","BK1564":"中资券商股","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","BK0183":"MSCI概念"},"translate_title":"CITIC Securities: AI Era Cycle + Growth + Domestic Resonance Optimistic about Storage Investment Opportunities","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600030":1.5,"06030":1.5},"content_text":"智通财经APP获悉，中信证券发布研报称，AI需求带动下，该行认为存储仍处于超级景气周期前中段，供不应求至少持续至2027年。2月以来，随铠侠业绩及指引超预期、NAND一季度合约价上调、以及国内模组厂商龙头发布1-2月业绩公告超预期，进一步验证了存储行业景气度维持高位。该行继续看好存储需求超预期，预计行业供不应求将持续至2027年底，核心推荐：1)存储模组公司：短期业绩爆发能力强；2)存储设计公司：持续推荐存储原厂及贴近原厂的设计公司。中信证券主要观点如下：AI时代显存带宽和容量升级为核心，存算一体是趋势，近存计算高景气，看好投资机遇。围绕国内HBM及CUBE相关产业链，该行重点推荐四个方向：1)存储方案厂商：CUBE必要配套，定制设计方案助力产业化，并以此进军高端市场，重点关注有存储原厂支持、具有先发优势的龙头。此外关注布局超薄LPDDR堆叠方案的厂商。2)半导体设备：产业配套，受益先进封测需求升级，配合工艺优化及良率提升，加快供应链国产化；受益先进封测升级+国产化，重点关注刻蚀、键合、减薄设备。3)先进封装：高端存储核心突破口，设备可获得性高，中国大陆厂商先进封装能力居于行业前列并扩充产能；其中Hybrid bonding键合是CUBE 2.0核心；此外HBM产业链先进封装厂商配套提供CoWoS；4)逻辑芯片公司：近存计算客户，自身竞争力提升+推动产业化加速；部分设计公司积极布局3D结构逻辑芯片，当前以端侧SoC/NPU为主，云端推理卡逐步布局，近存计算有望助力逻辑芯片公司提升产品性能表现，获得竞争优势，并受益AI增量需求，建议关注布局领先的设计公司。风险因素：全球宏观经济低迷风险；下游需求不及预期；创新不及预期；国际产业环境变化和贸易摩擦加剧风险；算力升级进度不及预期；云厂商资本开支不及预期；国产算力芯片出货布局预期；国产半导体设备研发进展不及预期；行业竞争加剧；汇率波动等。","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":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/2621747001","isCrawlerRequest":true}

中信证券：AI时代周期+成长+国产共振 看好存储投资机遇

精彩评论

中信证券：AI时代周期+成长+国产共振看好存储投资机遇