金吾财讯 | 港股芯片股集体走强，澜起科技(06809)涨18.26%，华虹半导体(01347)涨8.87%，兆易创新(03986)涨7.96%，中芯国际(00981)涨5.11%，豪威集团(00501)涨4.82%，英诺赛科(02577)涨4.27%，壁仞科技(06082)涨3.44%，上海复旦(01385)涨2.87%。
中金公司指出，综合来看，当前AI行业尚未进入典型“泡沫”阶段，但投资相对需求和能力的“抢跑”客观存在，这也是其过去几年波折前行的主要原因，且2023年以来AI行情呈现“快速上涨两个季度、震荡调整一个季度”的规律。今年以来，AI行情从云厂商和芯片主导的普涨，进入存储、光模块等瓶颈环节引领的分化阶段，其中存储涨幅达197%、光模块达103%，芯片仅涨23.5%，云厂商涨幅3%甚至跑输标普500指数（8%），反映市场定价已转向订单确定性、盈利兑现等核心因素。目前云厂商和芯片估值仍处于低位，7月二季度业绩披露或成行情方向切换关键，宏观层面需关注美国流动性及伊朗局势变化，基本面仍是决定市场走势的核心。
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