中金:超节点重塑国产算力,海外AI高景气延续

格隆汇
10 hours ago
中金公司发布研报称,截至2026年8月14日,SW通信指数、通信设备板块点数较年初分别上涨36.3%、44.9%,大幅跑赢大盘。上半年海外算力链与产业链涨价行情贯穿,全球CSP资本开支上调、Token需求爆发、1.6T光模块放量及AI产业链业绩兑现共同驱动板块表现。继续看好AI算力成长主线,建议关注两大机会:1)国产算力:政策将算力提升至国家级基础设施高度,国产大模型持续迭代,超节点推动竞争从单卡性能向系统效率演进,关注服务器、交换机及液冷等环节;2)海外算力:CSP资本开支与云计算订单维持高景气,AI ASIC加速放量,800G/1.6T及scale-up光互连持续升级,关注ASIC、光模块等产业链。

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