中信建投证券研报称,复盘2023年以来海外AIDC电源公司股价与基本面变化,可以发现基本面的核心催化是英伟达芯片换代与供

智通财经
4 hours ago
中信建投证券研报称,复盘2023年以来海外AIDC电源公司股价与基本面变化,可以发现基本面的核心催化是英伟达芯片换代与供电架构升级。上一轮AIDC电源周期得益于Blackwell芯片主要以NVL72等整机柜形式出货,电源价值量大大提升,带动电源企业业绩于2025年集中释放,并延续至2026年。英伟达下一代Rubin芯片已进入量产爬坡,从英伟达和电源公司的Capex、存货、订单等指标来看,产业链已作好承接准备,景气强度更高。Vera Rubin放量将带动高功率PSU、HVDC Sidecar等新品放量,电源价值量进一步提升,2027年有望成为新一轮AIDC电源周期起点,企业有望提升份额并兑现业绩。

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