【券商聚焦】中信证券:AI需求带动下 存储仍处于超级景气周期初期

金吾财讯
Dec 05

金吾财讯 | 中信证券表示,AI时代显存带宽和容量升级为核心,存算一体是趋势,近存计算高景气,看好投资机遇。围绕国内HBM及CUBE相关产业链,该机构重点推荐四个方向:1)存储方案厂商:CUBE必要配套,定制设计方案助力产业化,并以此进军高端市场,重点关注有存储原厂支持、具有先发优势的龙头。此外关注布局超薄LPDDR堆叠方案的公司。2)半导体设备:产业配套,受益先进封测需求升级,配合工艺优化及良率提升,加快供应链国产化;受益先进封测升级+国产化,重点关注刻蚀、键合、减薄设备。3)先进封装:高端存储核心突破口,设备可获得性高,中国大陆厂商先进封装能力居于行业前列并扩充产能;其中Hybrid bonding键合是CUBE 2.0核心;此外HBM产业链先进封装厂商配套提供CoWoS。4)逻辑芯片公司:近存计算客户,自身竞争力提升+推动产业化加速;部分设计公司积极布局3D结构逻辑芯片,当前以端侧SoC/NPU为主,云端推理卡逐步布局,近存计算有望逻辑芯片公司提升产品性能表现,获得竞争优势,并受益AI增量需求,建议关注布局领先的设计公司。同时,AI需求带动下,该机构认为存储仍处于超级景气周期初期,目前来看,未来半年缺货可见度高,涨价幅度在26Q1末之前有望维持/扩大。预计行业供不应求至少持续至2026年底,该机构乐观看待本轮结构性周期景气的持续性。建议重点关注企业级存储进展快、涨价受益逻辑强的公司;利基型存储开启涨价;企业级SSD/内存配套芯片设计公司有望间接受益。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10