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大A仙尊护道人
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IP属地:北京
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大A仙尊护道人
01:08
$Tema Space Innovators ETF(NASA)$
可以删了
大A仙尊护道人
06-12
$SpaceX(SPCX)$
打卡
大A仙尊护道人
06-10
$NQ100指数主连 2606(NQmain)$
就知道你没憋好屁。
大A仙尊护道人
06-10
$南方两倍做多海力士(07709)$
94了
大A仙尊护道人
06-10
$南方两倍做多海力士(07709)$
继续血洗,明天50块钱,赶紧把便宜筹码交出来。
大A仙尊护道人
06-10
$NQ100指数主连 2606(NQmain)$
赶紧砸啊!
大A仙尊护道人
06-10
$NQ100指数主连 2606(NQmain)$
多点跌多跌点,我60加点海力士。
大A仙尊护道人
06-10
$3倍做多韩国ETF-Direxion(KORU)$
550我来抄底了宝贝
大A仙尊护道人
06-09
$NQ100指数主连 2606(NQmain)$
你再砸5个点,我一点都不慌。赶紧给海力士砸到50块钱
大A仙尊护道人
06-09
$NQ100指数主连 2606(NQmain)$
跌吧,跌了我就去抄底海力士。我就怕你砸的不够狠。
大A仙尊护道人
06-08
$NEOS Nasdaq 100 High Income ETF(QQQI)$
什么时候分红啊?怎么这一个月也没见着填权
大A仙尊护道人
06-02
$NEOS Boosted Nasdaq-100 High Income ETF(XQQI)$
你也配叫1.5倍杠杆。
大A仙尊护道人
06-01
$NEOS Boosted Nasdaq-100 High Income ETF(XQQI)$
为什么你跌的狠,还涨不过人家?
大A仙尊护道人
06-01
$标普500波动率指数(VIX)$
美股涨 波动率也涨 大行情要来了
大A仙尊护道人
05-31
。买哪个买哪个?
AI军备竞赛下一个爆发点!高盛:电容就是“新内存”
大A仙尊护道人
05-29
$泡泡玛特(09992)$
做空时刻,
大A仙尊护道人
05-15
涨幅在127%。
大A仙尊护道人
05-15
涨幅127左右。
大A仙尊护道人
05-15
$南方两倍做多海力士(07709)$
楷模机,70吧快
大A仙尊护道人
05-13
$南方两倍做多海力士(07709)$
韩国跌7个点,两倍海力士应该是在-14。
去老虎APP查看更多动态
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href=\"https://laohu8.com/S/SPCX\">$SpaceX(SPCX)$ </a> 打卡","text":"$SpaceX(SPCX)$ 打卡","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/574500413081880","isVote":1,"tweetType":1,"viewCount":48,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":573656697753688,"gmtCreate":1781082542640,"gmtModify":1781083947367,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2606(NQmain)$ </a><v-v data-views=\"0\"></v-v> 就知道你没憋好屁。","listText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2606(NQmain)$ </a><v-v data-views=\"0\"></v-v> 就知道你没憋好屁。","text":"$NQ100指数主连 2606(NQmain)$ 就知道你没憋好屁。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/573656697753688","isVote":1,"tweetType":1,"viewCount":335,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":573588954894960,"gmtCreate":1781066006977,"gmtModify":1781067988525,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/07709\">$南方两倍做多海力士(07709)$ </a> 94了","listText":"<a href=\"https://laohu8.com/S/07709\">$南方两倍做多海力士(07709)$ </a> 94了","text":"$南方两倍做多海力士(07709)$ 94了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/573588954894960","isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":573408781714336,"gmtCreate":1781022021128,"gmtModify":1781023418703,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/07709\">$南方两倍做多海力士(07709)$ </a> 继续血洗,明天50块钱,赶紧把便宜筹码交出来。","listText":"<a href=\"https://laohu8.com/S/07709\">$南方两倍做多海力士(07709)$ </a> 继续血洗,明天50块钱,赶紧把便宜筹码交出来。","text":"$南方两倍做多海力士(07709)$ 继续血洗,明天50块钱,赶紧把便宜筹码交出来。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/573408781714336","isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":573405918607880,"gmtCreate":1781021400133,"gmtModify":1781023419201,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2606(NQmain)$ </a><v-v data-views=\"0\"></v-v> 赶紧砸啊!","listText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2606(NQmain)$ </a><v-v data-views=\"0\"></v-v> 赶紧砸啊!","text":"$NQ100指数主连 2606(NQmain)$ 赶紧砸啊!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/573405918607880","isVote":1,"tweetType":1,"viewCount":154,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":573406192907576,"gmtCreate":1781021391916,"gmtModify":1781023419115,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2606(NQmain)$ </a><v-v data-views=\"0\"></v-v> 多点跌多跌点,我60加点海力士。","listText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2606(NQmain)$ </a><v-v data-views=\"0\"></v-v> 多点跌多跌点,我60加点海力士。","text":"$NQ100指数主连 2606(NQmain)$ 多点跌多跌点,我60加点海力士。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/573406192907576","isVote":1,"tweetType":1,"viewCount":193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":573405900568000,"gmtCreate":1781021322462,"gmtModify":1781023419117,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/KORU\">$3倍做多韩国ETF-Direxion(KORU)$ </a> 550我来抄底了宝贝","listText":"<a href=\"https://laohu8.com/S/KORU\">$3倍做多韩国ETF-Direxion(KORU)$ </a> 550我来抄底了宝贝","text":"$3倍做多韩国ETF-Direxion(KORU)$ 550我来抄底了宝贝","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/573405900568000","isVote":1,"tweetType":1,"viewCount":485,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3470662065407748","authorId":"3470662065407748","name":"我要拿个锤","avatar":"https://static.tigerbbs.com/abeb7db2507a575db086cf9b28b2b032","crmLevel":4,"crmLevelSwitch":0,"idStr":"3470662065407748","authorIdStr":"3470662065407748"},"content":"跟我挂的价格一样,可惜目前没成交🫣","text":"跟我挂的价格一样,可惜目前没成交🫣","html":"跟我挂的价格一样,可惜目前没成交🫣"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":573379625629976,"gmtCreate":1781014974500,"gmtModify":1781015237541,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a 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href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2606(NQmain)$ </a><v-v data-views=\"0\"></v-v> 跌吧,跌了我就去抄底海力士。我就怕你砸的不够狠。","listText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2606(NQmain)$ </a><v-v data-views=\"0\"></v-v> 跌吧,跌了我就去抄底海力士。我就怕你砸的不够狠。","text":"$NQ100指数主连 2606(NQmain)$ 跌吧,跌了我就去抄底海力士。我就怕你砸的不够狠。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/573379845550312","isVote":1,"tweetType":1,"viewCount":78,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":573020877559824,"gmtCreate":1780932907925,"gmtModify":1780933870137,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/QQQI\">$NEOS Nasdaq 100 High Income ETF(QQQI)$ </a> 什么时候分红啊?怎么这一个月也没见着填权","listText":"<a href=\"https://laohu8.com/S/QQQI\">$NEOS Nasdaq 100 High Income ETF(QQQI)$ </a> 什么时候分红啊?怎么这一个月也没见着填权","text":"$NEOS Nasdaq 100 High Income ETF(QQQI)$ 什么时候分红啊?怎么这一个月也没见着填权","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/573020877559824","isVote":1,"tweetType":1,"viewCount":379,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3483100716663796","authorId":"3483100716663796","name":"Abnery","avatar":"https://static.tigerbbs.com/67070744b1bc0ca7755eb14e0b88722e","crmLevel":5,"crmLevelSwitch":1,"idStr":"3483100716663796","authorIdStr":"3483100716663796"},"content":"每月2O日左右,波动随大盘。","text":"每月2O日左右,波动随大盘。","html":"每月2O日左右,波动随大盘。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":570939349842512,"gmtCreate":1780413755657,"gmtModify":1780414181375,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XQQI\">$NEOS Boosted Nasdaq-100 High Income ETF(XQQI)$ </a> 你也配叫1.5倍杠杆。","listText":"<a href=\"https://laohu8.com/S/XQQI\">$NEOS Boosted Nasdaq-100 High Income ETF(XQQI)$ </a> 你也配叫1.5倍杠杆。","text":"$NEOS Boosted Nasdaq-100 High Income ETF(XQQI)$ 你也配叫1.5倍杠杆。","images":[{"img":"https://static.tigerbbs.com/8c3e4f1397dacbf8de5119f188c8e95a","width":"1162","height":"455"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570939349842512","isVote":1,"tweetType":1,"viewCount":299,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":570664304554368,"gmtCreate":1780326545413,"gmtModify":1780327598019,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/XQQI\">$NEOS Boosted Nasdaq-100 High Income ETF(XQQI)$ </a> 为什么你跌的狠,还涨不过人家?","listText":"<a href=\"https://laohu8.com/S/XQQI\">$NEOS Boosted Nasdaq-100 High Income ETF(XQQI)$ </a> 为什么你跌的狠,还涨不过人家?","text":"$NEOS Boosted Nasdaq-100 High Income ETF(XQQI)$ 为什么你跌的狠,还涨不过人家?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570664304554368","isVote":1,"tweetType":1,"viewCount":618,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":570587259212296,"gmtCreate":1780307736469,"gmtModify":1780308193646,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/VIX\">$标普500波动率指数(VIX)$ </a><v-v data-views=\"1\"></v-v> 美股涨 波动率也涨 大行情要来了","listText":"<a href=\"https://laohu8.com/S/VIX\">$标普500波动率指数(VIX)$ </a><v-v data-views=\"1\"></v-v> 美股涨 波动率也涨 大行情要来了","text":"$标普500波动率指数(VIX)$ 美股涨 波动率也涨 大行情要来了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570587259212296","isVote":1,"tweetType":1,"viewCount":1008,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":570141664928456,"gmtCreate":1780198952071,"gmtModify":1780200192233,"author":{"id":"3562558667625756","authorId":"3562558667625756","name":"大A仙尊护道人","avatar":"https://static.tigerbbs.com/d70c1078c34bf1ed936e340ba869e459","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3562558667625756","authorIdStr":"3562558667625756"},"themes":[],"title":"","htmlText":"。买哪个买哪个?","listText":"。买哪个买哪个?","text":"。买哪个买哪个?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/570141664928456","repostId":"2639360953","repostType":2,"repost":{"id":"2639360953","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1780184591,"share":"https://www.laohu8.com/m/news/2639360953?lang=zh_CN&edition=full","pubTime":"2026-05-31 07:43","market":"us","language":"zh","title":"AI军备竞赛下一个爆发点!高盛:电容就是“新内存”","url":"https://stock-news.laohu8.com/highlight/detail?id=2639360953","media":"华尔街见闻","summary":"高盛表示,多层陶瓷电容器(MLCC)正成为AI基础设施的下一个核心瓶颈。受AI服务器与Rubin机架需求的四倍冲击,高端MLCC交货期已超20周,日系巨头近期纷纷提价。4月日本MLCC出口额同比大增28%,行业迎来量价齐升长周期,龙头企业将释放巨大的盈利弹性。","content":"<html><head></head><body><p style=\"text-align: left;\">在AI超级周期的基础设施军备竞赛中,供需瓶颈的轮番切换催生了一批又一批市场赢家——数据中心、能源基础设施、内存芯片相继成为资金追逐的焦点。<a href=\"https://laohu8.com/S/GS\">高盛</a>最新研判指出,<strong>下一个即将引爆的瓶颈,是长期默默无闻的多层陶瓷电容器(MLCC),并将其定性为"新内存"</strong>——一个正站在量价齐升周期起点的被动元器件细分市场。</p><p style=\"text-align: left;\">价格信号已在快速强化。据媒体4月报道,Murata已于4月1日起对AI服务器及高端汽车应用领域的MLCC产品提价15%至35%;<a href=\"https://laohu8.com/S/TYOYF\">Taiyo Yuden</a>亦通知客户将自5月起对部分产品线实施涨价,原因是包括贵金属在内的多种原材料成本持续攀升。AI相关MLCC现货价格已上涨约20%,高端产品交货期超过20周。日本财务省5月28日公布的贸易统计数据进一步印证了这一趋势:4月MLCC出口均价同比上涨16%,出口额同比增幅达28%。</p><p style=\"text-align: left;\">高盛分析师Daiki Takayama预计,AI服务器MLCC市场规模将从FY2025至FY2030增长逾4倍,从约2150亿日元扩大至约9200亿日元,年均复合增速达34%。而与此同时,<strong>整个MLCC行业产能年增长率仅略高于10%,扩产受制于设备与材料的内部自产能力。</strong>高盛表示,当前由AI驱动的MLCC周期"将是史上规模最大、持续时间最长的一次,我们相信仍处于早期阶段",并维持对Murata、<a href=\"https://laohu8.com/S/TYOYY\">Taiyo Yuden</a>及TDK的买入评级。</p><p style=\"text-align: left;\">对投资者而言,MLCC供需错配带来的盈利弹性不容小觑:仅5%的均价涨幅,即可在理论上将Murata FY2027年营业利润提升约13%,将Taiyo Yuden的营业利润提升高达37%。高盛构建的亚洲MLCC主题股票篮子近期已开始走强,但相较其他热门AI主题仍存在明显的补涨空间。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/dd8b3edd9d3898514d39430ca143b8c2\" data-align=\"center\" tg-width=\"1024\" tg-height=\"589\"/><span></span></p><h2 style=\"text-align: left;\">电容的角色:AI芯片旁的"瞬时稳压器"</h2><p style=\"text-align: left;\">MLCC可被理解为一种极微型、极高速的充放电单元。普通电池储存大量<a href=\"https://laohu8.com/S/00006\">电能</a>并缓慢释放,而MLCC储存少量电能,却能在毫秒的极小分数内完成充放电。其核心功能有二:其一,电源平滑——吸收瞬间电压<a href=\"https://laohu8.com/S/600668\">尖峰</a>或填补骤降,为敏感芯片提供稳定电流;其二,噪声过滤——隔断可能导致数字数据损坏的电气干扰。</p><p style=\"text-align: left;\">AI服务器的运行特性使得MLCC不可或缺。当AI模型处理大规模运算时,处理器会在微秒级别瞬间拉高功耗需求,运算结束后又骤降至零;而电源系统根本无法对此类变化作出足够快速的响应。MLCC直接紧贴AI芯片安装,在需求峰值时瞬间释放电能,防止服务器宕机。由于AI芯片(如<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>GPU)需同时处理数十亿个任务,一台顶级AI服务器机架最多需要600,000颗MLCC协同工作以维持系统稳定。</p><p style=\"text-align: left;\">在高盛分析师Nelson Armbrust看来,<strong>MLCC已跻身AI服务器物料成本(BOM)中第三高的零部件,仅次于GPU和内存。</strong>整个MLCC市场规模约150亿美元,其中服务器细分市场约13亿美元,正以80%的年均复合增速扩张,而汽车、手机等其他应用领域的需求增速则有所放缓。Daiki Takayama预计,MLCC在AI服务器BOM中的占比将从当前约0.5%升至约1%。</p><h2 style=\"text-align: left;\">供需失衡:10%的产能增速面对4倍需求冲击</h2><p style=\"text-align: left;\">高盛分析师Allen Chang明确指出了MLCC行业的核心结构性矛盾:行业产能年增长率仅略高于10%,且由于设备与材料均依赖内部生产,扩产进度受限于内部工程资源,难以大幅提速。而AI服务器端的需求冲击,则完全不在同一量级。</p><p style=\"text-align: left;\"><strong>高盛估算,AI服务器对MLCC的需求从FY2025至FY2030将增长约4.3倍。</strong>与此同时,汽车电动化对高压大容量MLCC的需求同样维持强劲——每辆电动车的MLCC用量持续提升。两大需求支柱共同吸纳本已有限的新增产能,令消费电子领域的客户尽管面临自身需求下滑,也开始积极寻求签订长期供货合同,以防范未来供应短缺风险。</p><p style=\"text-align: left;\">当前市场供需紧张信号已在多个层面显现:高端MLCC(高容量、高耐压规格)交货期已超过20周;现货及经销商渠道的低容量及消费类MLCC价格因囤货和重复下单上涨20%至40%;镍、银等关键原材料价格高企,对所有细分品类形成成本压力;OEM合同价格虽尚未大幅上调,但市场预期正在改变。</p><p style=\"text-align: left;\">从AI供应链整体时序看,高盛的分析框架显示,MLCC价格的启动明显晚于DRAM、NAND内存及ABF基板、覆铜板(CCL)等其他AI核心零部件。正因如此,<strong>高盛判断MLCC(与ABF、CCL并列)在所有AI零部件和材料中具有最长的价格上行空间。</strong></p><h2 style=\"text-align: left;\">涨价周期加速:数据与盈利弹性双重验证</h2><p style=\"text-align: left;\">Murata和Taiyo Yuden的涨价举措,标志着MLCC价格周期的正式启动。Murata自4月1日起在AI服务器及高端汽车应用领域提价15%至35%;Taiyo Yuden向客户发出通知,将自5月起对包括MLCC、电感器、射频器件、FBAR/SAW器件及铝电解电容器在内的多条产品线实施价格调整。</p><p style=\"text-align: left;\">日本财务省5月28日公布的贸易统计数据提供了宏观验证:4月MLCC出口均价环比上涨3%、同比上涨16%;出口量同比增长10%;出口额同比增长28%。高盛认为上述数据与日本MLCC制造商近期公布的业绩相互印证,各企业均确认强劲订单态势持续。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3d25077ea47d0d209a3871f42cecb144\" data-align=\"center\" tg-width=\"1016\" tg-height=\"687\"/><span></span></p><p style=\"text-align: left;\">在盈利弹性方面,Daiki Takayama估算,5%的产品价格涨幅即可在理论上将Murata FY2027年营业利润提升约13%,将Taiyo Yuden的营业利润提升约37%。高盛对Murata FY2027年销售额的预测为1.055万亿日元(同比+13%),对Taiyo Yuden的预测为2860亿日元(同比+13%)。高盛已将2026年MLCC同比价格变动预测从此前的约0%上调至0%至+5%,并指出未来实际涨幅可能远不止于此。</p><p style=\"text-align: left;\"><strong>另一重要变量来自英伟达下一代Vera Rubin服务器机架。</strong>据<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>测算,VR200机架中的MLCC内容价值约为4,300美元,相比上一代GB300的约1,500美元大幅提升。摩根士丹利的渠道调研还显示,计算板与交换板的MLCC用量均在显著提升,其中计算板增幅更为突出,新引入的BlueField和ConnectX模块也将进一步抬升每个机架的MLCC总用量。这在一定程度上解释了为何当前高端AI服务器MLCC需求如此旺盛,并促使各ODM厂商积极抢建库存,以备Rubin机架于2026年下半年起量产交付。</p></body></html>","collect":0,"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>AI军备竞赛下一个爆发点!高盛:电容就是“新内存”</title>\n<style 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}\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\">\nAI军备竞赛下一个爆发点!高盛:电容就是“新内存”\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-05-31 07:43</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">在AI超级周期的基础设施军备竞赛中,供需瓶颈的轮番切换催生了一批又一批市场赢家——数据中心、能源基础设施、内存芯片相继成为资金追逐的焦点。<a href=\"https://laohu8.com/S/GS\">高盛</a>最新研判指出,<strong>下一个即将引爆的瓶颈,是长期默默无闻的多层陶瓷电容器(MLCC),并将其定性为"新内存"</strong>——一个正站在量价齐升周期起点的被动元器件细分市场。</p><p style=\"text-align: left;\">价格信号已在快速强化。据媒体4月报道,Murata已于4月1日起对AI服务器及高端汽车应用领域的MLCC产品提价15%至35%;<a href=\"https://laohu8.com/S/TYOYF\">Taiyo Yuden</a>亦通知客户将自5月起对部分产品线实施涨价,原因是包括贵金属在内的多种原材料成本持续攀升。AI相关MLCC现货价格已上涨约20%,高端产品交货期超过20周。日本财务省5月28日公布的贸易统计数据进一步印证了这一趋势:4月MLCC出口均价同比上涨16%,出口额同比增幅达28%。</p><p style=\"text-align: left;\">高盛分析师Daiki Takayama预计,AI服务器MLCC市场规模将从FY2025至FY2030增长逾4倍,从约2150亿日元扩大至约9200亿日元,年均复合增速达34%。而与此同时,<strong>整个MLCC行业产能年增长率仅略高于10%,扩产受制于设备与材料的内部自产能力。</strong>高盛表示,当前由AI驱动的MLCC周期"将是史上规模最大、持续时间最长的一次,我们相信仍处于早期阶段",并维持对Murata、<a href=\"https://laohu8.com/S/TYOYY\">Taiyo Yuden</a>及TDK的买入评级。</p><p style=\"text-align: left;\">对投资者而言,MLCC供需错配带来的盈利弹性不容小觑:仅5%的均价涨幅,即可在理论上将Murata FY2027年营业利润提升约13%,将Taiyo Yuden的营业利润提升高达37%。高盛构建的亚洲MLCC主题股票篮子近期已开始走强,但相较其他热门AI主题仍存在明显的补涨空间。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/dd8b3edd9d3898514d39430ca143b8c2\" data-align=\"center\" tg-width=\"1024\" tg-height=\"589\"/><span></span></p><h2 style=\"text-align: left;\">电容的角色:AI芯片旁的"瞬时稳压器"</h2><p style=\"text-align: left;\">MLCC可被理解为一种极微型、极高速的充放电单元。普通电池储存大量<a href=\"https://laohu8.com/S/00006\">电能</a>并缓慢释放,而MLCC储存少量电能,却能在毫秒的极小分数内完成充放电。其核心功能有二:其一,电源平滑——吸收瞬间电压<a href=\"https://laohu8.com/S/600668\">尖峰</a>或填补骤降,为敏感芯片提供稳定电流;其二,噪声过滤——隔断可能导致数字数据损坏的电气干扰。</p><p style=\"text-align: left;\">AI服务器的运行特性使得MLCC不可或缺。当AI模型处理大规模运算时,处理器会在微秒级别瞬间拉高功耗需求,运算结束后又骤降至零;而电源系统根本无法对此类变化作出足够快速的响应。MLCC直接紧贴AI芯片安装,在需求峰值时瞬间释放电能,防止服务器宕机。由于AI芯片(如<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>GPU)需同时处理数十亿个任务,一台顶级AI服务器机架最多需要600,000颗MLCC协同工作以维持系统稳定。</p><p style=\"text-align: left;\">在高盛分析师Nelson Armbrust看来,<strong>MLCC已跻身AI服务器物料成本(BOM)中第三高的零部件,仅次于GPU和内存。</strong>整个MLCC市场规模约150亿美元,其中服务器细分市场约13亿美元,正以80%的年均复合增速扩张,而汽车、手机等其他应用领域的需求增速则有所放缓。Daiki Takayama预计,MLCC在AI服务器BOM中的占比将从当前约0.5%升至约1%。</p><h2 style=\"text-align: left;\">供需失衡:10%的产能增速面对4倍需求冲击</h2><p style=\"text-align: left;\">高盛分析师Allen Chang明确指出了MLCC行业的核心结构性矛盾:行业产能年增长率仅略高于10%,且由于设备与材料均依赖内部生产,扩产进度受限于内部工程资源,难以大幅提速。而AI服务器端的需求冲击,则完全不在同一量级。</p><p style=\"text-align: left;\"><strong>高盛估算,AI服务器对MLCC的需求从FY2025至FY2030将增长约4.3倍。</strong>与此同时,汽车电动化对高压大容量MLCC的需求同样维持强劲——每辆电动车的MLCC用量持续提升。两大需求支柱共同吸纳本已有限的新增产能,令消费电子领域的客户尽管面临自身需求下滑,也开始积极寻求签订长期供货合同,以防范未来供应短缺风险。</p><p style=\"text-align: left;\">当前市场供需紧张信号已在多个层面显现:高端MLCC(高容量、高耐压规格)交货期已超过20周;现货及经销商渠道的低容量及消费类MLCC价格因囤货和重复下单上涨20%至40%;镍、银等关键原材料价格高企,对所有细分品类形成成本压力;OEM合同价格虽尚未大幅上调,但市场预期正在改变。</p><p style=\"text-align: left;\">从AI供应链整体时序看,高盛的分析框架显示,MLCC价格的启动明显晚于DRAM、NAND内存及ABF基板、覆铜板(CCL)等其他AI核心零部件。正因如此,<strong>高盛判断MLCC(与ABF、CCL并列)在所有AI零部件和材料中具有最长的价格上行空间。</strong></p><h2 style=\"text-align: left;\">涨价周期加速:数据与盈利弹性双重验证</h2><p style=\"text-align: left;\">Murata和Taiyo Yuden的涨价举措,标志着MLCC价格周期的正式启动。Murata自4月1日起在AI服务器及高端汽车应用领域提价15%至35%;Taiyo Yuden向客户发出通知,将自5月起对包括MLCC、电感器、射频器件、FBAR/SAW器件及铝电解电容器在内的多条产品线实施价格调整。</p><p style=\"text-align: left;\">日本财务省5月28日公布的贸易统计数据提供了宏观验证:4月MLCC出口均价环比上涨3%、同比上涨16%;出口量同比增长10%;出口额同比增长28%。高盛认为上述数据与日本MLCC制造商近期公布的业绩相互印证,各企业均确认强劲订单态势持续。</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/3d25077ea47d0d209a3871f42cecb144\" data-align=\"center\" tg-width=\"1016\" tg-height=\"687\"/><span></span></p><p style=\"text-align: left;\">在盈利弹性方面,Daiki Takayama估算,5%的产品价格涨幅即可在理论上将Murata FY2027年营业利润提升约13%,将Taiyo Yuden的营业利润提升约37%。高盛对Murata FY2027年销售额的预测为1.055万亿日元(同比+13%),对Taiyo Yuden的预测为2860亿日元(同比+13%)。高盛已将2026年MLCC同比价格变动预测从此前的约0%上调至0%至+5%,并指出未来实际涨幅可能远不止于此。</p><p style=\"text-align: left;\"><strong>另一重要变量来自英伟达下一代Vera Rubin服务器机架。</strong>据<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>测算,VR200机架中的MLCC内容价值约为4,300美元,相比上一代GB300的约1,500美元大幅提升。摩根士丹利的渠道调研还显示,计算板与交换板的MLCC用量均在显著提升,其中计算板增幅更为突出,新引入的BlueField和ConnectX模块也将进一步抬升每个机架的MLCC总用量。这在一定程度上解释了为何当前高端AI服务器MLCC需求如此旺盛,并促使各ODM厂商积极抢建库存,以备Rubin机架于2026年下半年起量产交付。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1b3684302211042d481cacf9066fbcca","relate_stocks":{"CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","BK4588":"碎股","DRAM":"Roundhill Memory ETF","ARTY":"ISHARES FUTURE AI & TECH ETF","AGIX":"通用人工智能 ETF-AGIX","AIPO":"Defiance AI and Power Infrastructure ETF"},"source_url":"https://wallstreetcn.com/articles/3773499","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2639360953","content_text":"在AI超级周期的基础设施军备竞赛中,供需瓶颈的轮番切换催生了一批又一批市场赢家——数据中心、能源基础设施、内存芯片相继成为资金追逐的焦点。高盛最新研判指出,下一个即将引爆的瓶颈,是长期默默无闻的多层陶瓷电容器(MLCC),并将其定性为\"新内存\"——一个正站在量价齐升周期起点的被动元器件细分市场。价格信号已在快速强化。据媒体4月报道,Murata已于4月1日起对AI服务器及高端汽车应用领域的MLCC产品提价15%至35%;Taiyo Yuden亦通知客户将自5月起对部分产品线实施涨价,原因是包括贵金属在内的多种原材料成本持续攀升。AI相关MLCC现货价格已上涨约20%,高端产品交货期超过20周。日本财务省5月28日公布的贸易统计数据进一步印证了这一趋势:4月MLCC出口均价同比上涨16%,出口额同比增幅达28%。高盛分析师Daiki Takayama预计,AI服务器MLCC市场规模将从FY2025至FY2030增长逾4倍,从约2150亿日元扩大至约9200亿日元,年均复合增速达34%。而与此同时,整个MLCC行业产能年增长率仅略高于10%,扩产受制于设备与材料的内部自产能力。高盛表示,当前由AI驱动的MLCC周期\"将是史上规模最大、持续时间最长的一次,我们相信仍处于早期阶段\",并维持对Murata、Taiyo Yuden及TDK的买入评级。对投资者而言,MLCC供需错配带来的盈利弹性不容小觑:仅5%的均价涨幅,即可在理论上将Murata FY2027年营业利润提升约13%,将Taiyo Yuden的营业利润提升高达37%。高盛构建的亚洲MLCC主题股票篮子近期已开始走强,但相较其他热门AI主题仍存在明显的补涨空间。电容的角色:AI芯片旁的\"瞬时稳压器\"MLCC可被理解为一种极微型、极高速的充放电单元。普通电池储存大量电能并缓慢释放,而MLCC储存少量电能,却能在毫秒的极小分数内完成充放电。其核心功能有二:其一,电源平滑——吸收瞬间电压尖峰或填补骤降,为敏感芯片提供稳定电流;其二,噪声过滤——隔断可能导致数字数据损坏的电气干扰。AI服务器的运行特性使得MLCC不可或缺。当AI模型处理大规模运算时,处理器会在微秒级别瞬间拉高功耗需求,运算结束后又骤降至零;而电源系统根本无法对此类变化作出足够快速的响应。MLCC直接紧贴AI芯片安装,在需求峰值时瞬间释放电能,防止服务器宕机。由于AI芯片(如英伟达GPU)需同时处理数十亿个任务,一台顶级AI服务器机架最多需要600,000颗MLCC协同工作以维持系统稳定。在高盛分析师Nelson Armbrust看来,MLCC已跻身AI服务器物料成本(BOM)中第三高的零部件,仅次于GPU和内存。整个MLCC市场规模约150亿美元,其中服务器细分市场约13亿美元,正以80%的年均复合增速扩张,而汽车、手机等其他应用领域的需求增速则有所放缓。Daiki Takayama预计,MLCC在AI服务器BOM中的占比将从当前约0.5%升至约1%。供需失衡:10%的产能增速面对4倍需求冲击高盛分析师Allen Chang明确指出了MLCC行业的核心结构性矛盾:行业产能年增长率仅略高于10%,且由于设备与材料均依赖内部生产,扩产进度受限于内部工程资源,难以大幅提速。而AI服务器端的需求冲击,则完全不在同一量级。高盛估算,AI服务器对MLCC的需求从FY2025至FY2030将增长约4.3倍。与此同时,汽车电动化对高压大容量MLCC的需求同样维持强劲——每辆电动车的MLCC用量持续提升。两大需求支柱共同吸纳本已有限的新增产能,令消费电子领域的客户尽管面临自身需求下滑,也开始积极寻求签订长期供货合同,以防范未来供应短缺风险。当前市场供需紧张信号已在多个层面显现:高端MLCC(高容量、高耐压规格)交货期已超过20周;现货及经销商渠道的低容量及消费类MLCC价格因囤货和重复下单上涨20%至40%;镍、银等关键原材料价格高企,对所有细分品类形成成本压力;OEM合同价格虽尚未大幅上调,但市场预期正在改变。从AI供应链整体时序看,高盛的分析框架显示,MLCC价格的启动明显晚于DRAM、NAND内存及ABF基板、覆铜板(CCL)等其他AI核心零部件。正因如此,高盛判断MLCC(与ABF、CCL并列)在所有AI零部件和材料中具有最长的价格上行空间。涨价周期加速:数据与盈利弹性双重验证Murata和Taiyo Yuden的涨价举措,标志着MLCC价格周期的正式启动。Murata自4月1日起在AI服务器及高端汽车应用领域提价15%至35%;Taiyo Yuden向客户发出通知,将自5月起对包括MLCC、电感器、射频器件、FBAR/SAW器件及铝电解电容器在内的多条产品线实施价格调整。日本财务省5月28日公布的贸易统计数据提供了宏观验证:4月MLCC出口均价环比上涨3%、同比上涨16%;出口量同比增长10%;出口额同比增长28%。高盛认为上述数据与日本MLCC制造商近期公布的业绩相互印证,各企业均确认强劲订单态势持续。在盈利弹性方面,Daiki Takayama估算,5%的产品价格涨幅即可在理论上将Murata FY2027年营业利润提升约13%,将Taiyo Yuden的营业利润提升约37%。高盛对Murata FY2027年销售额的预测为1.055万亿日元(同比+13%),对Taiyo 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