半导体股集体走强 天数智芯(09903)涨超25% 机构指AI推理驱动半导体主线切换

金吾财讯
Apr 08

金吾财讯 | 半导体股集体走强,天数智芯(09903)涨25.02%,长飞光纤光缆(06869)涨16.08%,华虹半导体(01347)涨14.05%,澜起科技(06809)涨12.46%,爱芯元智(00600)涨10.58%,壁仞科技(06082)涨10.51%。消息面上,爱建证券分析认为,本轮半导体产业升级核心,不仅是终端需求扩张,而是AI正在重塑产业链的价值承载环节与供给约束位置。随着算力需求由训练向推理迁移,产业景气的核心拉动已从单一先进逻辑扩产,逐步转向以HBM、先进封装和高性能互连为代表的系统级能力升级;对应到设备端,行业竞争也正由单点设备的国产替代,进一步演进为围绕关键工艺、复杂良率与平台化能力的深层突破。展望2026年,该机构认为,半导体产业相关发展趋势有三:1)2026年,AI需求结构由训练向推理迁移的趋势进一步明确,持续拉动芯片、存储、互连及先进封装升级,相关设备投资有望长期受益。2)存储正从传统周期品演化为AI基础设施中的核心战略资源,HBM景气有望持续向设备链条传导。3)先进制程微缩边际效益放缓,系统性能提升正更多依赖先进封装实现,相关设备景气有望持续上行。

国信证券表示,从全球模拟芯片来看,目前处于去库存完成的周期向上初期,TI、ADI均表示Q1淡季不淡,国内厂商在此基础上继续受益份额提高趋势,前几年研发布局的新产品进入收入变现期,且价格竞争环境也有所改善,板块盈利能力有望持续提高。

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