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06-06
资本是逐利的,美债收益率比99.99%的上市公司的股息都香啊
腾讯“造芯”避开英伟达
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03:44","market":"us","language":"zh","title":"腾讯“造芯”避开英伟达","url":"https://stock-news.laohu8.com/highlight/detail?id=2641128978","media":"中国经营网","summary":"在2026年的资本市场上,没有什么比“芯片”二字更能撩动投资者的神经。从英伟达到AMD,芯片巨头们的股价伴随着全球对算力的饥渴一路狂飙。2026年,美股费城半导体指数年内暴涨近80%,A股半导体指数普遍涨幅超过30%。与此形成鲜明对比的是,互联网公司股价大部分在今年出现了较大回撤,即使是业绩稳健增长的腾讯,股价也从年内的高点到现在的最大跌幅已超过30%。","content":"<html><body><div>\n<p><img border=\"0\" height=\"276\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=116.00700&imageType=k&token=28dfeb41d35cc81d84b4664d7c23c49f&at=1\" width=\"578\"/></p><p> 在2026年的资本市场上,没有什么比“芯片”二字更能撩动投资者的神经。从<span><a href=\"https://laohu8.com/S/NVDA\">英伟达</a></span><span></span>到<a href=\"https://laohu8.com/S/AMD\">AMD</a>,芯片巨头们的股价伴随着全球对算力的饥渴一路狂飙。</p><p> 2026年,美股费城<span>半导体</span><span></span>指数年内暴涨近80%,A股<span href=\"http://quote.eastmoney.com/unify/r/90.BK1036\" target=\"_blank\" web=\"1\">半导体</span>指数普遍涨幅超过30%。与此形成鲜明对比的是,互联网公司股价大部分在今年出现了较大回撤,即使是业绩稳健增长的腾讯,股价也从年内的高点到现在的最大跌幅已超过30%。</p><p> 在这场通用算力的狂欢中,5月底,腾讯也交出了一颗自研的芯片——“沧海V2”视频专用编解码芯片。</p><p> 腾讯宣布“沧海V2”芯片在俄罗斯莫斯科国立大学举办的MSU硬件视频编码大赛中,于30至240fps所有速度档位的SSIM、PSNR、VMAF等全部指标上斩获第一,多项指标领先第二名超过30%。腾讯方面还表示,这颗芯片计划于2026年下半年正式量产。</p><p> 此时,腾讯推出视频芯片,能否在这波算力狂欢中推动股价回升呢?</p><p> “对于腾讯这种体量的公司,单纯靠一款芯片量产来提升估值很难。”谈芯首席分析师王树一对记者说道。</p><p> <strong>腾讯的经济账</strong></p><p> 当外界普遍认为互联网大厂造芯必须追赶<span href=\"http://quote.eastmoney.com/unify/r/105.NVDA\" target=\"_blank\" web=\"1\">英伟达</span>时,腾讯选择了一条截然不同的小路。这条路不通向通用<span>AI芯片</span><span></span>的红海,而是深深扎进腾讯最熟悉的护城河——视频。</p><p> 想要理解腾讯为什么做视频芯片,要看懂它财报里的一个细节。在腾讯2026年第一季度的财报中,游戏与社交贡献了近半利润,而包括视频号、<span>腾讯云</span><span></span>在内的生态基础设施业务,占比已达30%。这些业务有一个共同的底层消耗是带宽。</p><p> “腾讯最不缺的是视频流量,每天上亿场直播、4K点播,还有庞大的云游戏业务。”鼎信汇金研究员孙依妮对记者算了一笔账,“腾讯通过自研芯片每节省1%的带宽成本,那也是天文数字。而且视频不卡顿了、延迟更低,也会吸引更多的付费用户。”</p><p> 这正是“沧海”系列芯片诞生的最直接驱动力。不同于<span href=\"http://quote.eastmoney.com/unify/r/105.NVDA\" target=\"_blank\" web=\"1\">英伟达</span>、AMD面向所有开发者销售通用芯片,腾讯的芯片首先是“自用”。</p><p> 中国企业资本联盟副理事长柏文喜分析认为,腾讯选择视频专用芯片而非通用算力,是高度理性的“扬长避短”策略。“视频编解码是腾讯最核心的业务场景,包括微信视频号、腾讯视频、云游戏、直播等,这些业务需求明确、算法可控、优化空间大,属于需求驱动型造芯。”</p><p> 记者从腾讯方面获悉,第一代“沧海”芯片已在其内部及公有云场景部署超过10万片。而“沧海V2”的压缩效率较上一代进一步提升:支持H.266标准后,压缩率提升超30%。这意味着,在同样画质下,传输视频的带宽可以省下近三分之一。</p><p> 也就是说,当整个行业为获取昂贵的英伟达芯片而排队时,腾讯自研“沧海”系列芯片,其实是选择了一条能直接转化为财报利润的造芯路径。</p><p> 孙依妮补充道:“在硬件方面,我们相比英伟达、AMD等头部厂商还有一些距离,而且腾讯本身也并不是专门研发制造芯片的科技公司,作为最大的娱乐平台,通过自研的技术芯片帮助优化视频效果是最直接产生效益的方案。”</p><p> 但现实的问题在于,这种“省钱”的故事,在资本市场上的估值系数,远低于“赚钱”的故事。英伟达之所以能享受数十倍的市盈率,是因为它的芯片被全世界的云厂商、AI公司争相抢购,每一颗芯片都在创造增量收入。</p><p> <strong>差异化的造芯路径</strong></p><p> 腾讯不是第一家自研芯片的国内互联网大厂,如果把腾讯与<a href=\"https://laohu8.com/S/BABA\">阿里</a>、字节、<span><a href=\"https://laohu8.com/S/BIDU\">百度</a></span><span></span>的芯片布局放在一起,可以看到各家在芯片上的布局各有不同。</p><p> 其中,<span href=\"http://quote.eastmoney.com/unify/r/105.BIDU\" target=\"_blank\" web=\"1\"><a href=\"https://laohu8.com/S/09888\">百度</a></span>昆仑芯起步最早,不过聚焦在<span href=\"http://quote.eastmoney.com/unify/r/90.BK1127\" target=\"_blank\" web=\"1\">AI芯片</span>上,包括AI训练芯片和AI推理芯片;<a href=\"https://laohu8.com/S/09988\">阿里</a>平头哥的芯片产品线最广,跨界了CPU、AI、IoT等;字节跳动虽然入局芯片的时间较晚,但速度迅猛,已经在研发AI推理、通用CPU、视频转码等芯片。</p><p> 腾讯的芯片研发则更聚焦于自己的使用场景。2019年腾讯开始自研芯片,2021年首次披露了三款自研芯片,包括AI推理芯片紫霄、视频转码芯片沧海和智能网卡芯片玄灵。</p><p> 其中,“沧海”芯片在2023年已经量产并大规模应用。目前,“沧海V1”已经在<span href=\"http://quote.eastmoney.com/unify/r/90.BK1189\" target=\"_blank\" web=\"1\">腾讯云</span>以及腾讯自有场景中规模部署超10万片,覆盖直播和点播、4K超高清高帧率转码、云游戏实时编码、多媒体处理等核心场景。</p><p> “通用算力芯片面对英伟达、AMD的成熟生态,投入巨大且替代难度极高;视频转码芯片场景封闭、软件栈可控,更容易实现算法与硬件协同优化,腾讯的做法是典型的扬长避短。”柏文喜直言,腾讯此举也恰好填补了国内云端芯片在“多媒体处理”细分赛道的空白。</p><p> 王树一则指出:“虽然都是互联网大厂,但各自优势领域不同。腾讯在音视频领域的市占率极高,从这里入手自研硬件,进退都有很好的基础。”</p><p> 据介绍,腾讯“沧海”系列芯片深度融合软件算法与硬件架构,实现了全链路软硬件协同优化,从而实现压缩效率的最大化。</p><p> “简言之,腾讯‘沧海V2’的技术逻辑,从一开始就放弃了‘堆硬件’的路线。”孙依妮评价道,“它不靠算力堆砌提升性能,而是像电网调度<span>电力</span><span></span>一样,用算法动态分配算力,核心差异就是腾讯更重软件算法,而非硬件参数。”</p><p> 也就是说,当画面复杂时,“沧海V2”会自动提升编码质量,画面单调时主动压缩。同时,芯片内置了GPU核心,实现了渲染与编码在同一芯片上协同工作,数据无须来回拷贝,直接解决了云游戏场景中长期存在的延迟痛点。</p><p> 从行业竞争程度来看,在通用芯片领域,国产厂商与海外巨头的差距仍以年为单位计算;但在视频领域,国内外差距并不大。王树一指出:“无论是端侧还是云侧的视频处理芯片,本土都有非常优秀的产品,国际公司虽然可能有工艺优势,但本土公司在应用生态上极其丰富,通过深度优化应用来倒推芯片设计,反而有一定的优势。”</p><p> <strong>造芯能否撑起股价?</strong></p><p> 进入2026年之后,全球芯片板块在AI需求与供给紧张的叙事下走出一波历史性行情,但同一段时间里,<span><a href=\"https://laohu8.com/S/00700\">腾讯控股</a></span>的股价却较年初高位回落。一边是<span href=\"http://quote.eastmoney.com/unify/r/90.BK1127\" target=\"_blank\" web=\"1\">AI芯片</span>公司估值动辄百倍市销率,一边是腾讯市盈率降至15倍以下,被贴上“传统互联网”标签。</p><p> “沧海V2”的横空出世,能否打破腾讯的市值困境?</p><p> “芯片自研高投入、长周期,V2量产不会直接贡献营收,对股价只有情绪面提振;资本市场对腾讯的核心估值逻辑,依然是微信生态、游戏、AI落地,芯片只是基础设施,不是独立估值引擎。”柏文喜说道。</p><p> 在王树一看来:“单靠一款芯片提升估值很难,只有自研大规模铺开,成本与效用真正转化为财务收益,才能支撑长期估值。” 也就是说,市场不缺 “科技故事”,缺的是 “利润兑现”。</p><p> 如果“沧海”系列能持续降低视频业务成本并对外输出,它将改善市场对腾讯“创新业务盈利能力”的预期,但这是一个漫长的过程。</p><p> 而在孙依妮看来,腾讯做的不是平台而是生态,生态的好处就在于其网络效应和转换成本极难替代。“只要腾讯的财报可以保证10%及以上的增长,那就会像英伟达一样,有长期的估值增长空间。自研视频芯片虽然只是腾讯这棵大树的一条分枝,但也是腾讯枝繁叶茂的基础。”</p><p>(文章来源:中国经营网)</p> </div></body></html>","source":"stock_eastmoney","collect":0,"html":"<!DOCTYPE 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}\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腾讯“造芯”避开英伟达\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-06 03:44 北京时间 <a href=http://finance.eastmoney.com/a/202606063762331668.html><strong>中国经营网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在2026年的资本市场上,没有什么比“芯片”二字更能撩动投资者的神经。从英伟达到AMD,芯片巨头们的股价伴随着全球对算力的饥渴一路狂飙。 2026年,美股费城半导体指数年内暴涨近80%,A股半导体指数普遍涨幅超过30%。与此形成鲜明对比的是,互联网公司股价大部分在今年出现了较大回撤,即使是业绩稳健增长的腾讯,股价也从年内的高点到现在的最大跌幅已超过30%。 在这场通用算力的狂欢中,5月底,腾讯...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202606063762331668.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK1526":"科网股","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1934455277.USD":"AB SICAV I LOW 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ACC"},"source_url":"http://finance.eastmoney.com/a/202606063762331668.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2641128978","content_text":"在2026年的资本市场上,没有什么比“芯片”二字更能撩动投资者的神经。从英伟达到AMD,芯片巨头们的股价伴随着全球对算力的饥渴一路狂飙。 2026年,美股费城半导体指数年内暴涨近80%,A股半导体指数普遍涨幅超过30%。与此形成鲜明对比的是,互联网公司股价大部分在今年出现了较大回撤,即使是业绩稳健增长的腾讯,股价也从年内的高点到现在的最大跌幅已超过30%。 在这场通用算力的狂欢中,5月底,腾讯也交出了一颗自研的芯片——“沧海V2”视频专用编解码芯片。 腾讯宣布“沧海V2”芯片在俄罗斯莫斯科国立大学举办的MSU硬件视频编码大赛中,于30至240fps所有速度档位的SSIM、PSNR、VMAF等全部指标上斩获第一,多项指标领先第二名超过30%。腾讯方面还表示,这颗芯片计划于2026年下半年正式量产。 此时,腾讯推出视频芯片,能否在这波算力狂欢中推动股价回升呢? “对于腾讯这种体量的公司,单纯靠一款芯片量产来提升估值很难。”谈芯首席分析师王树一对记者说道。 腾讯的经济账 当外界普遍认为互联网大厂造芯必须追赶英伟达时,腾讯选择了一条截然不同的小路。这条路不通向通用AI芯片的红海,而是深深扎进腾讯最熟悉的护城河——视频。 想要理解腾讯为什么做视频芯片,要看懂它财报里的一个细节。在腾讯2026年第一季度的财报中,游戏与社交贡献了近半利润,而包括视频号、腾讯云在内的生态基础设施业务,占比已达30%。这些业务有一个共同的底层消耗是带宽。 “腾讯最不缺的是视频流量,每天上亿场直播、4K点播,还有庞大的云游戏业务。”鼎信汇金研究员孙依妮对记者算了一笔账,“腾讯通过自研芯片每节省1%的带宽成本,那也是天文数字。而且视频不卡顿了、延迟更低,也会吸引更多的付费用户。” 这正是“沧海”系列芯片诞生的最直接驱动力。不同于英伟达、AMD面向所有开发者销售通用芯片,腾讯的芯片首先是“自用”。 中国企业资本联盟副理事长柏文喜分析认为,腾讯选择视频专用芯片而非通用算力,是高度理性的“扬长避短”策略。“视频编解码是腾讯最核心的业务场景,包括微信视频号、腾讯视频、云游戏、直播等,这些业务需求明确、算法可控、优化空间大,属于需求驱动型造芯。” 记者从腾讯方面获悉,第一代“沧海”芯片已在其内部及公有云场景部署超过10万片。而“沧海V2”的压缩效率较上一代进一步提升:支持H.266标准后,压缩率提升超30%。这意味着,在同样画质下,传输视频的带宽可以省下近三分之一。 也就是说,当整个行业为获取昂贵的英伟达芯片而排队时,腾讯自研“沧海”系列芯片,其实是选择了一条能直接转化为财报利润的造芯路径。 孙依妮补充道:“在硬件方面,我们相比英伟达、AMD等头部厂商还有一些距离,而且腾讯本身也并不是专门研发制造芯片的科技公司,作为最大的娱乐平台,通过自研的技术芯片帮助优化视频效果是最直接产生效益的方案。” 但现实的问题在于,这种“省钱”的故事,在资本市场上的估值系数,远低于“赚钱”的故事。英伟达之所以能享受数十倍的市盈率,是因为它的芯片被全世界的云厂商、AI公司争相抢购,每一颗芯片都在创造增量收入。 差异化的造芯路径 腾讯不是第一家自研芯片的国内互联网大厂,如果把腾讯与阿里、字节、百度的芯片布局放在一起,可以看到各家在芯片上的布局各有不同。 其中,百度昆仑芯起步最早,不过聚焦在AI芯片上,包括AI训练芯片和AI推理芯片;阿里平头哥的芯片产品线最广,跨界了CPU、AI、IoT等;字节跳动虽然入局芯片的时间较晚,但速度迅猛,已经在研发AI推理、通用CPU、视频转码等芯片。 腾讯的芯片研发则更聚焦于自己的使用场景。2019年腾讯开始自研芯片,2021年首次披露了三款自研芯片,包括AI推理芯片紫霄、视频转码芯片沧海和智能网卡芯片玄灵。 其中,“沧海”芯片在2023年已经量产并大规模应用。目前,“沧海V1”已经在腾讯云以及腾讯自有场景中规模部署超10万片,覆盖直播和点播、4K超高清高帧率转码、云游戏实时编码、多媒体处理等核心场景。 “通用算力芯片面对英伟达、AMD的成熟生态,投入巨大且替代难度极高;视频转码芯片场景封闭、软件栈可控,更容易实现算法与硬件协同优化,腾讯的做法是典型的扬长避短。”柏文喜直言,腾讯此举也恰好填补了国内云端芯片在“多媒体处理”细分赛道的空白。 王树一则指出:“虽然都是互联网大厂,但各自优势领域不同。腾讯在音视频领域的市占率极高,从这里入手自研硬件,进退都有很好的基础。” 据介绍,腾讯“沧海”系列芯片深度融合软件算法与硬件架构,实现了全链路软硬件协同优化,从而实现压缩效率的最大化。 “简言之,腾讯‘沧海V2’的技术逻辑,从一开始就放弃了‘堆硬件’的路线。”孙依妮评价道,“它不靠算力堆砌提升性能,而是像电网调度电力一样,用算法动态分配算力,核心差异就是腾讯更重软件算法,而非硬件参数。” 也就是说,当画面复杂时,“沧海V2”会自动提升编码质量,画面单调时主动压缩。同时,芯片内置了GPU核心,实现了渲染与编码在同一芯片上协同工作,数据无须来回拷贝,直接解决了云游戏场景中长期存在的延迟痛点。 从行业竞争程度来看,在通用芯片领域,国产厂商与海外巨头的差距仍以年为单位计算;但在视频领域,国内外差距并不大。王树一指出:“无论是端侧还是云侧的视频处理芯片,本土都有非常优秀的产品,国际公司虽然可能有工艺优势,但本土公司在应用生态上极其丰富,通过深度优化应用来倒推芯片设计,反而有一定的优势。” 造芯能否撑起股价? 进入2026年之后,全球芯片板块在AI需求与供给紧张的叙事下走出一波历史性行情,但同一段时间里,腾讯控股的股价却较年初高位回落。一边是AI芯片公司估值动辄百倍市销率,一边是腾讯市盈率降至15倍以下,被贴上“传统互联网”标签。 “沧海V2”的横空出世,能否打破腾讯的市值困境? “芯片自研高投入、长周期,V2量产不会直接贡献营收,对股价只有情绪面提振;资本市场对腾讯的核心估值逻辑,依然是微信生态、游戏、AI落地,芯片只是基础设施,不是独立估值引擎。”柏文喜说道。 在王树一看来:“单靠一款芯片提升估值很难,只有自研大规模铺开,成本与效用真正转化为财务收益,才能支撑长期估值。” 也就是说,市场不缺 “科技故事”,缺的是 “利润兑现”。 如果“沧海”系列能持续降低视频业务成本并对外输出,它将改善市场对腾讯“创新业务盈利能力”的预期,但这是一个漫长的过程。 而在孙依妮看来,腾讯做的不是平台而是生态,生态的好处就在于其网络效应和转换成本极难替代。“只要腾讯的财报可以保证10%及以上的增长,那就会像英伟达一样,有长期的估值增长空间。自研视频芯片虽然只是腾讯这棵大树的一条分枝,但也是腾讯枝繁叶茂的基础。”(文章来源:中国经营网)","news_type":1,"symbols_score_info":{"NVIW.SI":0.6,"NVD3.UK":0.6,"NVDX":0.6,"NVD":0.6,"ANV":0.6,"00700":1.97,"NVDW":0.6,"HTCD.SI":0.6,"07788":0.6,"NVDS.UK":0.6,"NVDO":0.6,"NVDG":0.6,"NVDY":0.6,"TCHmain":0.6,"2NVD.UK":0.6,"NVII":0.6,"NVDU":0.6,"NVDB":0.6,"TCEHY":1.97,"NVDL":0.6,"NVD2.UK":0.6,"NVDS":0.6,"07388":0.6,"SNVD.UK":0.6,"DIPS":0.6,"NVDQ":0.6,"NVDD":0.6,"NVYY":0.6,"NVDA":1.87,"3NVD.UK":0.6}},"isVote":1,"tweetType":1,"viewCount":6,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":53,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/572109108778256"}
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