芯片里的未涨方向

真是港股圈
Nov 07, 2025

Ai产业链当前的盈利能力是前所未有的,但行业内的利润分配也极为不平衡,英伟达赚走了行业内50%的利润,而众多芯片产业链公司却仍然在周期底部,距离21年的业绩高点遥遥无期。芯片产业链向来是一个系统性工程,每个部件紧密协作,即使最高端的算力服务器,脱离了散热、机箱等最技术含量稍低的环节,也无法工作。那些比散热机柜更重要的环节如电路板、存储芯片等,便有了跟随算力芯片繁荣的渴望,稍微卡一卡供应,这买方还能...

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