【國泰海通|海外科技】H200解禁速評，利好騰訊/阿里/字節 CPAEX 投資及 AI應用爆發

市場資訊

12/09

　　🔥事件：特朗普今早在Truth Social上宣佈，美國將批准英偉達將H200交付給中國的批准客戶，相應芯片銷售額的25%將支付給美國政府。美國商務部正在敲定細節，同樣的做法也將適用於AMD、英特爾及其他美國公司。

　　🔥H200非常有競爭力

　　-H200是2024年推出，採用臺積電4nm工藝，包含六層HBM ，在總處理性能（TPP）上超過當前出口管制閾值近10倍。

　　-推理端：H200的內存帶寬性價比（price-performance）與 B300 相近；

　　-訓練段：H200的FP8性價比（price-performance）達到B300的70%。

　　-H系列依然非常有競爭力，⼤多數近期發佈的前沿模型是⽤Hopper 芯⽚訓練的（Grok3，Llama4）。

　　🔥美芯片出口不太可能阻礙國產替代的長期目標，H200准入更大程度是增加中國總算力供給，而非替代國產化。

　　🔥NVDA管理層曾表示，若地緣政治問題緩解並獲許可，單季度可實現20億~50億美元的對華H20收入。按照73%毛利率計算，扣除掉美政府的25%收入分成後，H200可實現的淨收入毛利率約為64%。

　　🔥利好國內雲廠CSP Capex投資，騰訊，阿里，字節等互聯網廠商促進應用爆發！

　　[玫瑰]國泰海通|海外科技：秦和平/刁雲鵬

海量資訊、精準解讀，盡在新浪財經APP

責任編輯：石秀珍 SF183

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芯⽚訓練的（Grok3，Llama4）。</p>\n<p>　　🔥美芯片出口不太可能阻礙國產替代的長期目標，H200准入更大程度是增加中國總算力供給，而非替代國產化。</p>\n<p>　　🔥NVDA管理層曾表示，若地緣政治問題緩解並獲許可，單季度可實現20億~50億美元的對華H20收入。按照73%毛利率計算，扣除掉美政府的25%收入分成後，H200可實現的淨收入毛利率約為64%。</p>\n<p>　　🔥利好國內雲廠CSP Capex投資，騰訊，<a href=\"https://laohu8.com/S/09988\">阿里</a>，字節等互聯網廠商促進應用爆發！</p>\n<p>　　[玫瑰]<a href=\"https://laohu8.com/S/02611\">國泰海通</a>|海外科技：秦和平/刁雲鵬</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量資訊、精準解讀，盡在新浪財經APP</div>\n</div>\n<p>責任編輯：石秀珍 SF183</p>\n</div></body></html>","source":"sina","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>【國泰海通|海外科技】H200解禁速評，利好騰訊/阿里/字節 CPAEX 投資及 AI應用爆發</title>\n<style 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Social上宣佈，美國將批准<a href=\"https://laohu8.com/S/NVDA\">英偉達</a>將H200交付給中國的批准客戶，相應芯片銷售額的25%將支付給美國政府。美國商務部正在敲定細節，同樣的做法也將適用於<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/INTC\">英特爾</a>及其他美國公司。</p>\n<p>　　🔥H200非常有競爭力</p>\n<p>　　-H200是2024年推出，採用<a href=\"https://laohu8.com/S/TSM\">臺積電</a>4nm工藝，包含六層HBM ，在總處理性能 （TPP） 上超過當前出口管制閾值近10倍。</p>\n<p>　　-推理端：H200的內存帶寬性價比（price-performance）與 B300 相近；</p>\n<p>　　-訓練段：H200的FP8性價比（price-performance）達到B300的70%。</p>\n<p>　　-H系列依然非常有競爭力，⼤多數近期發佈的前沿模型是⽤Hopper 芯⽚訓練的（Grok3，Llama4）。</p>\n<p>　　🔥美芯片出口不太可能阻礙國產替代的長期目標，H200准入更大程度是增加中國總算力供給，而非替代國產化。</p>\n<p>　　🔥NVDA管理層曾表示，若地緣政治問題緩解並獲許可，單季度可實現20億~50億美元的對華H20收入。按照73%毛利率計算，扣除掉美政府的25%收入分成後，H200可實現的淨收入毛利率約為64%。</p>\n<p>　　🔥利好國內雲廠CSP Capex投資，騰訊，<a href=\"https://laohu8.com/S/09988\">阿里</a>，字節等互聯網廠商促進應用爆發！</p>\n<p>　　[玫瑰]<a href=\"https://laohu8.com/S/02611\">國泰海通</a>|海外科技：秦和平/刁雲鵬</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量資訊、精準解讀，盡在新浪財經APP</div>\n</div>\n<p>責任編輯：石秀珍 SF183</p>\n</div></body></html>\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://finance.sina.com.cn/roll/2025-12-09/doc-inhaecqp1694853.shtml\">市場資訊</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"00700","symbol_name":"騰訊控股","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上宣佈，美國將批准英偉達將H200交付給中國的批准客户，相應芯片銷售額的25%將支付給美國政府。美國商務部正在敲定細節，同樣的做法也將適用於AMD、英特爾及其他美國公司。　　-H200是2024年推出，採用台積電4nm工藝，包含六層HBM ，在總處理性能  上超過當前出口管制閾值近10倍。　　-推理端：H200的內存帶寬性價比與 B300 相近；　　利好國內雲廠CSP Capex投資，騰訊，阿里，字節等互聯網廠商促進應用爆發！","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"00700":"腾讯控股","LU0107464264.USD":"abrdn SICAV I - GLOBAL INNOVATION EQUITY \"A\" (USD) ACC","IE0003851619.USD":"BNY MELLON ASIAN EQUITY \"B\" (USD) ACC","LU2251237306.USD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (USD) INC A","LU0531970944.HKD":"HSBC GIF BRIC EQUITY \"AC\" (HKD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2251237488.HKD":"TEMPLETON EMERGING MARKETS DYNAMIC INCOME \"A\" (HKD) INC A","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","IE00B031J352.USD":"FSSA GREATER CHINA GROWTH \"I\" (USD) 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Emerging Markets Opportunities A (acc) SGD-H","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1048484197.HKD":"ALLIANZ CHINA MULTI INCOME PLUS \"AT\" (HKD) ACC"},"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,"TCEHY":1.9,"09988":1.88,"HTCD.SI":0.6},"content_text":"【國泰海通|海外科技】H200解禁速評，利好騰訊/阿里/字節 CPAEX 投資及 AI應用爆發\n　　🔥事件：特朗普今早在Truth Social上宣佈，美國將批准英偉達將H200交付給中國的批准客户，相應芯片銷售額的25%將支付給美國政府。美國商務部正在敲定細節，同樣的做法也將適用於AMD、英特爾及其他美國公司。\n　　🔥H200非常有競爭力\n　　-H200是2024年推出，採用台積電4nm工藝，包含六層HBM ，在總處理性能 （TPP） 上超過當前出口管制閾值近10倍。\n　　-推理端：H200的內存帶寬性價比（price-performance）與 B300 相近；\n　　-訓練段：H200的FP8性價比（price-performance）達到B300的70%。\n　　-H系列依然非常有競爭力，⼤多數近期發佈的前沿模型是⽤Hopper 芯⽚訓練的（Grok3，Llama4）。\n　　🔥美芯片出口不太可能阻礙國產替代的長期目標，H200准入更大程度是增加中國總算力供給，而非替代國產化。\n　　🔥NVDA管理層曾表示，若地緣政治問題緩解並獲許可，單季度可實現20億~50億美元的對華H20收入。按照73%毛利率計算，扣除掉美政府的25%收入分成後，H200可實現的淨收入毛利率約為64%。\n　　🔥利好國內雲廠CSP Capex投資，騰訊，阿里，字節等互聯網廠商促進應用爆發！\n　　[玫瑰]國泰海通|海外科技：秦和平/刁雲鵬\n\n\n海量資訊、精準解讀，盡在新浪財經APP\n\n責任編輯：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"}}}