金吾财讯 | 中国银河证券指出，2025年12月8日，特朗普通过社交媒体宣布允许英伟达向中国“经批准客户”出口H200芯片，要求销售收入的25%上缴美国政府。H200采用台积电4nm工艺，搭载141GB HBM3e显存，带宽达4.8TB/s，FP8算力接近4PFLOPS。相比H20，其性能提升约6倍，显存容量增加47%，带宽提升20%。这一性能水平使其能够更流畅地处理千亿级参数大模型的训练与推理任务。该机构认为，H200的引入将有效缓解国内AI企业的算力需求，在此之前，国内大模型训练长期卡壳，H200的性能优势可缩短模型训练周期，降低研发成本，云服务商可借此升级GPU集群，提升AI服务竞争力。该机构表示，尽管H200获准批准短期对于国产算力厂商具备一定冲击，但国产替代趋势长期上行，供应链安全与自主可控是必要条件。
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