金吾财讯 | 招银国际依然看好AI基础设施的结构性投资机会，主要受到算力密集型投资持续扩张的支撑。根据彭博一致预期，2025年海外四大云厂商（MSFT/AMZN/GOOG/META）资本开支预计同比增长43%，国内三大云厂商（阿里巴巴/腾讯/百度）则为44%。近期从上游晶圆厂到下游云厂商及AI相关支出均进一步印证了这一趋势。台积电（TSM US, 未评级）2025年上半年营收达新台币1.77万亿元，同比增长40%；工业富联（601138 CH, 未评级）预计二季度归母净利润为67亿至69亿元人民币，同比增长37%至39%。受AI浪潮带动，国内AI产业链标的股价已出现明显回升。同时，多家国产算力芯片公司计划IPO，进一步印证半导体国产化趋势延续。
该机构维持对中际旭创（300308 CH, 目标价：151元人民币）和生益科技（600183 CH, 目标价：34.5元人民币）的“买入”评级，二者分别为光模块与高阶PCB领域的AI核心受益者。
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