科技硬件2026年展望:产业链整合与AI创新(要点版)

中金公司
Nov 07, 2025

半导体产业链:设计板块:我们认为26 年全球算力投资水平依然会维持高位,AI 新终端需求也有望表现强劲,建议持续关注AI 算力芯片,配套互联、存储芯片,以及端侧SoC 的投资机会。制造板块:AI、汽车电子国产化加速以及AIoT 设备更新换代等需求保持高景气,而产业链属地化带来了更多本土化生产需要,国内晶圆制造产能将持续快速扩张并在强劲需求下维持高稼动率,我们认为随着制造环节产能释放行业景气有望传导...

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