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【券商聚焦】招银国际：TPU v8与AI超级计算架构的崛起 谷歌供应链相关标的将持续受益

金吾财讯
Apr 24

金吾财讯 | 招银国际表示，2026年4月22日，Google在拉斯维加斯举办的Google Cloud Next大会首日发布了三项关键基础设施更新：1）推出第八代TPU（TPU 8t和TPU 8i），分别针对训练与推理进行专用设计，进一步明确了计算密集型训练与对延迟和内存更为敏感的推理工作负载之间的分化；2）发布更完整的AI Hypercomputer架构，围绕Virgo网络、更紧密的存储集成以及大规模集群编排展开，强化了AI性能正逐步由系统级能力而非单一芯片性能所决定的趋势；3）将Agentic AI（智能体驱动AI）确立为下一阶段的核心需求驱动因素，从而提升了内存带宽、互连规模、系统利用率及能效等指标的重要性，与单纯的硅性能同等关键。该机构认为，这些更新进一步强化了AI资本开支从算力驱动向系统驱动转变的趋势。随着行业瓶颈从芯片供给转向数据传输、延迟以及能效，受益范围将从加速器厂商扩展至内存供应商、光互连厂商、电力与散热基础设施，以及存储相关环节。该机构预计，进入谷歌供应链的相关标的将持续受益并获得更高关注度。维持对中际旭创(300308 CH，买入)及英诺赛科(02577 HK，买入)的买入评级，二者均为谷歌AI基础设施扩张的重要受益者。

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