金吾财讯 | 美股存储概念延续涨势，截至发稿，闪迪 (SNDK) 涨 9.31%，美光科技 (MU) 涨 8.74%，SK 海力士 (SKHY) 涨 9.01%，西部数据 (WDC) 涨 8.30%，希捷科技 (STX) 涨 7.52%，Rambus (RMBS) 涨 5.21%，慧荣科技 (SIMO) 涨 4.75%。消息面上，美国银行分析师 Vivek Arya 团队发布最新研报指出，以月之暗面 Kimi K3 为代表的中国开源大模型密集落地，进一步强化机构对存储赛道以及美光科技(MU)的乐观预期。分析师提到，当前国内 AI 厂商大模型 API 定价具备极强竞争力，腾讯混源、Kimi K3 定价远低于 Anthropic Claude 海外模型，但低价属于商业模式策略，并不等同于硬件需求下滑。尽管各大模型持续优化算力使用效率，但随着模型参数量、活跃参数扩张，整体内存消耗并未减少。开放权重模型可供客户本地部署，还会新增独立内存占用需求；以 Kimi K3 为例，单实例运行需要约 1.4TB HBM 高带宽内存支撑。基于 AI 存储需求持续扩容、竞争对手威胁有限、回购窗口临近多重逻辑，美国银行重申美光科技 “买入” 评级，维持 1550 美元目标价。分析师总结，大模型 “开源” 指向权重开放，无法规避企业部署所需采购 HBM、DRAM、NAND 等存储硬件，全球 AI 浪潮将持续拉动内存芯片长期需求。
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