【国泰海通|海外科技】H200解禁速评，利好腾讯/阿里/字节 CPAEX 投资及 AI应用爆发

市场资讯

12/09

　　🔥事件：特朗普今早在Truth Social上宣布，美国将批准英伟达将H200交付给中国的批准客户，相应芯片销售额的25%将支付给美国政府。美国商务部正在敲定细节，同样的做法也将适用于AMD、英特尔及其他美国公司。

　　🔥H200非常有竞争力

　　-H200是2024年推出，采用台积电4nm工艺，包含六层HBM ，在总处理性能（TPP）上超过当前出口管制阈值近10倍。

　　-推理端：H200的内存带宽性价比（price-performance）与 B300 相近；

　　-训练段：H200的FP8性价比（price-performance）达到B300的70%。

　　-H系列依然非常有竞争力，⼤多数近期发布的前沿模型是⽤Hopper 芯⽚训练的（Grok3，Llama4）。

　　🔥美芯片出口不太可能阻碍国产替代的长期目标，H200准入更大程度是增加中国总算力供给，而非替代国产化。

　　🔥NVDA管理层曾表示，若地缘政治问题缓解并获许可，单季度可实现20亿~50亿美元的对华H20收入。按照73%毛利率计算，扣除掉美政府的25%收入分成后，H200可实现的净收入毛利率约为64%。

　　🔥利好国内云厂CSP Capex投资，腾讯，阿里，字节等互联网厂商促进应用爆发！

　　[玫瑰]国泰海通|海外科技：秦和平/刁云鹏

海量资讯、精准解读，尽在新浪财经APP

责任编辑：石秀珍 SF183

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href=\"https://finance.sina.com.cn/roll/2025-12-09/doc-inhaecqp1694853.shtml\">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":"LU2087589342.USD","symbol_name":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2025-12-09/doc-inhaecqp1694853.shtml","article_id":"2590360452","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2590360452","pubTimestamp":1765242840,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　事件：特朗普今早在Truth Social上宣布，美国将批准英伟达将H200交付给中国的批准客户，相应芯片销售额的25%将支付给美国政府。美国商务部正在敲定细节，同样的做法也将适用于AMD、英特尔及其他美国公司。　　-H200是2024年推出，采用台积电4nm工艺，包含六层HBM ，在总处理性能  上超过当前出口管制阈值近10倍。　　-推理端：H200的内存带宽性价比与 B300 相近；　　利好国内云厂CSP Capex投资，腾讯，阿里，字节等互联网厂商促进应用爆发！","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU0080751232.USD":"富达环球多元动力基金A","SGXZ90724238.SGD":"UNITED ASIA \"A\" (SGD) INC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","TCEHY":"腾讯控股ADR","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1196710864.SGD":"Schroder ISF Emerging Markets Multi-Asset A Dis SGD-H","BK4579":"人工智能","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc 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VL \"A\" (USD) ACC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1235295612.USD":"FIDELITY PACIFIC \"A\" (USDHDG) INC"},"translate_title":"[Cathay Haitong | Overseas Technology] H200 lifting ban quick review, good for Tencent/Alibaba/Byte CPAEX investment and AI application explosion","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDA":1.86,"BABA":1.88,"00700":1.9,"09988":1.88,"TCEHY":1.9,"HTCD.SI":0.6},"content_text":"【国泰海通|海外科技】H200解禁速评，利好腾讯/阿里/字节 CPAEX 投资及 AI应用爆发\n　　🔥事件：特朗普今早在Truth Social上宣布，美国将批准英伟达将H200交付给中国的批准客户，相应芯片销售额的25%将支付给美国政府。美国商务部正在敲定细节，同样的做法也将适用于AMD、英特尔及其他美国公司。\n　　🔥H200非常有竞争力\n　　-H200是2024年推出，采用台积电4nm工艺，包含六层HBM ，在总处理性能 （TPP） 上超过当前出口管制阈值近10倍。\n　　-推理端：H200的内存带宽性价比（price-performance）与 B300 相近；\n　　-训练段：H200的FP8性价比（price-performance）达到B300的70%。\n　　-H系列依然非常有竞争力，⼤多数近期发布的前沿模型是⽤Hopper 芯⽚训练的（Grok3，Llama4）。\n　　🔥美芯片出口不太可能阻碍国产替代的长期目标，H200准入更大程度是增加中国总算力供给，而非替代国产化。\n　　🔥NVDA管理层曾表示，若地缘政治问题缓解并获许可，单季度可实现20亿~50亿美元的对华H20收入。按照73%毛利率计算，扣除掉美政府的25%收入分成后，H200可实现的净收入毛利率约为64%。\n　　🔥利好国内云厂CSP Capex投资，腾讯，阿里，字节等互联网厂商促进应用爆发！\n　　[玫瑰]国泰海通|海外科技：秦和平/刁云鹏\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：石秀珍 SF183","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}