核心结论：算力革命引领产业共振，结构性机会贯穿全链条2025年Q3，半导体与AI行业呈现“技术迭代加速、需求结构升级、资本开支加码”三重共振。半导体领域，设备端技术壁垒加固、制造端产能向先进制程倾斜、存储端HBM需求爆发；AI领域，推理需求从“量变”转“质变”，智能体AI推动计算量百倍级增长，25年云厂商资本开支合计超3600亿美元，26年增速预计超30%。投资逻辑上，行业核心矛盾从“供给约束”...
Source Link核心结论：算力革命引领产业共振，结构性机会贯穿全链条2025年Q3，半导体与AI行业呈现“技术迭代加速、需求结构升级、资本开支加码”三重共振。半导体领域，设备端技术壁垒加固、制造端产能向先进制程倾斜、存储端HBM需求爆发；AI领域，推理需求从“量变”转“质变”，智能体AI推动计算量百倍级增长，25年云厂商资本开支合计超3600亿美元，26年增速预计超30%。投资逻辑上，行业核心矛盾从“供给约束”...
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