{"id":724839,"date":"2026-02-15T20:57:39","date_gmt":"2026-02-15T12:57:39","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=724839"},"modified":"2026-02-15T20:57:39","modified_gmt":"2026-02-15T12:57:39","slug":"%e9%93%a0%e4%be%a0%e9%92%88%e5%af%b9%e5%8c%97%e7%be%8e%e5%ae%a2%e6%88%b7%e6%8f%90%e4%bb%b750%ef%bc%81%e5%ad%98%e5%82%a8%e8%8a%af%e7%89%87%e9%87%8d%e5%a4%a7%e5%88%a9%e5%a5%bd%e6%9d%a5%e8%a2%ad%ef%bc%81","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=724839","title":{"rendered":"\u94e0\u4fa0\u9488\u5bf9\u5317\u7f8e\u5ba2\u6237\u63d0\u4ef750%\uff01\u5b58\u50a8\u82af\u7247\u91cd\u5927\u5229\u597d\u6765\u88ad\uff01"},"content":{"rendered":"

\u5b58\u50a8\u82af\u7247<\/a><\/span><\/span>\u6da8\u4ef7\u6f6e\u6108\u6f14\u6108\u70c8\u3002<\/p>\n

\u636e\u6700\u65b0\u6d88\u606f\uff0c\u65e5\u672c<\/a>\u5b58\u50a8\u5de8\u5934\u94e0\u4fa0\u9884\u8ba1\u4ece2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5f00\u59cb\uff0c\u9488\u5bf9\u5317\u7f8e\u5ba2\u6237\u7684\u4fee\u8ba2\u5b9a\u4ef7\u653f\u7b56\u5c06\u751f\u6548\uff0c\u5e73\u5747\u9500\u552e\u4ef7\u683c\uff08ASP\uff09\u9884\u8ba1\u73af\u6bd4\u63d0\u5347\u7ea650%\u3002\u6469\u6839\u58eb\u4e39\u5229<\/a><\/span><\/span>\u6d4b\u7b97\uff0c\u94e0\u4fa0\u4e00\u5b63\u5ea6\u7684\u8c03\u6574\u540e\u6bdb\u5229\u7387\u5c06\u8fbe\u523066%\u3002<\/p>\n

\u6709\u5206\u6790\u6307\u51fa\uff0c\u94e0\u4fa0\u7684\u6da8\u4ef7\u52a8\u4f5c\u4e3a\u6574\u4e2aNAND\u884c\u4e1a\u91ca\u653e\u4e86\u5229\u597d\u4fe1\u53f7\uff0c\u5b58\u50a8\u82af\u7247<\/a><\/span>\u884c\u4e1a\u7684\u76c8\u5229\u80fd\u529b\u5c06\u5927\u5e45\u6539\u5584\u3002\u9ad8\u76db<\/a><\/span><\/span>\u9884\u8ba1\uff0c\u4e09\u661f\u7535\u5b50<\/a><\/span><\/span>\u7684NAND\u4e1a\u52a1\u8425\u4e1a\u5229\u6da6\u7387\u5c06\u5927\u5e45\u63d0\u5347\u81f32026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u768437%\uff0cSK\u6d77\u529b\u58eb\u5c06\u8dc3\u5347\u81f342%\u3002<\/p>\n

\"\u94e0\u4fa0\u9488\u5bf9\u5317\u7f8e\u5ba2\u6237\u63d0\u4ef750%\uff01\u5b58\u50a8\u82af\u7247\u91cd\u5927\u5229\u597d\u6765\u88ad\uff01\"<\/a><\/p>\n

\u4ef7\u683c\u66b4\u6da850% <\/strong><\/p>\n

Daishin Securities\u5728\u6700\u65b0\u53d1\u5e03\u7684\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u94e0\u4fa0\u4ece2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5f00\u59cb\u6267\u884c\u4fee\u8ba2\u540e\u7684\u5b9a\u4ef7\u653f\u7b56\uff0c\u9884\u8ba1\u9488\u5bf9\u5317\u7f8e\u4e3b\u8981\u5ba2\u6237\u7684ASP\u5c06\u73af\u6bd4\u98d9\u5347\u7ea650%\u3002\u8fd9\u6807\u5fd7\u7740\uff0c\u94e0\u4fa0\u6253\u7834\u4e86\u6b64\u524d\u56e0\u957f\u671f\u5408\u540c\u7ea6\u675f\u800c\u88ab\u8feb\u4ee5\u4f4e\u4e8e\u5e02\u573a\u6c34\u5e73\u4f9b\u8d27\u7684\u5c40\u9762\uff0c\u4e5f\u610f\u5473\u7740\u79fb\u52a8NAND ASP\u6b63\u5728\u6062\u590d\u6b63\u5e38\u6c34\u5e73\u3002<\/p>\n

\u636eDaishin Securities\u5206\u6790\u79f0\uff0c\u516c\u53f8\u5bf9\u5355\u4e00\u5927\u5ba2\u6237\u7684\u9ad8\u6536\u5165\u4f9d\u8d56\u5ea6\u5f62\u6210\u4e86\u53cc\u5203\u5251\u6548\u5e94\u2014\u2014\u9884\u5148\u8c08\u5224\u7684\u957f\u671f\u5408\u540c\u610f\u5473\u7740\u4ea7\u54c1\u4ee5\u4f4e\u4e8e\u5e02\u573a\u4ef7\u683c\u4f9b\u5e94\uff0c\u662f\u94e0\u4fa0ASP\u589e\u957f\u6301\u7eed\u843d\u540e\u540c\u884c\u7684\u6838\u5fc3\u539f\u56e0\u3002<\/p>\n

\u8fd1\u671f\u8be5\u516c\u53f8\u6b63\u5728\u5229\u7528\u7d27\u5f20\u7684\u4f9b\u9700\u73af\u5883\u79ef\u6781\u63a8\u52a8\u6da8\u4ef7\u3002\u53d7\u6b64\u6d88\u606f\u523a\u6fc0\uff0c\u94e0\u4fa0\u80a1\u4ef7\u5728\u6700\u8fd1\u4e00\u4e2a\u4ea4\u6613\u65e5\u5927\u5e45\u98d9\u6da8\u8fd18%\uff0c\u518d\u5ea6\u521b\u51fa\u5386\u53f2\u65b0\u9ad8\u3002<\/p>\n

\u6469\u6839\u58eb\u4e39\u5229<\/a><\/span>\u7684\u89c2\u70b9\u66f4\u4e3a\u6fc0\u8fdb\uff0c\u8be5\u884c\u9884\u8ba1\u94e0\u4fa0\u4e00\u5b63\u5ea6ASP\u5c06\u73af\u6bd4\u98d9\u5347\u8fd190%\uff0c\u8c03\u6574\u540e\u6bdb\u5229\u7387\u5c06\u8fbe\u523066%\uff0c\u8ffd\u5e73\u884c\u4e1a\u6807\u6746\u6c34\u5e73\u3002<\/p>\n

\u57fa\u4e8e\u6b64\uff0c\u6469\u6839\u58eb\u4e39\u5229<\/span>\u5c06\u94e0\u4fa0\u76ee\u6807\u4ef7\u4ece14000\u65e5\u5143<\/a>\u4e0a\u8c03\u81f333000\u65e5\u5143\uff0c\u8f83\u5f53\u524d\u80a1\u4ef7\u7ea6\u670944%\u7684\u4e0a\u6da8\u7a7a\u95f4\u3002<\/p>\n

\u4ef7\u683c\u5927\u5e45\u4e0a\u6da8\u7684\u4e3b\u8981\u539f\u56e0\u662f\uff0cNAND\u5e02\u573a\u7684\u4f9b\u9700\u5e73\u8861\u6b63\u6536\u7d27\u81f3\u5386\u53f2\u7f55\u89c1\u6c34\u5e73\u3002\u94e0\u4fa0\u9884\u8ba12026\u5e74NAND\u4f4d\u5143\u9700\u6c42\u5c06\u589e\u957f\u63a5\u8fd120%\uff0c\u4e3b\u8981\u53d7\u6570\u636e\u4e2d\u5fc3<\/a><\/span><\/span>\u5f3a\u52b2\u9700\u6c42\u63a8\u52a8\uff0c\u4e2d\u957f\u671f\u5e74\u5747\u590d\u5408\u589e\u957f\u7387\u9884\u671f\u4e3a20%\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u516c\u53f8\u9884\u8ba1\u4f9b\u5e94\u5c06\u5728\u4eca\u5e74\u5168\u5e74\u4fdd\u6301\u7d27\u5f20\uff0c\u5728\u53ef\u9884\u89c1\u7684\u672a\u6765\u5c06\u6781\u5ea6\u7d27\u5f20\u3002<\/p>\n

\u94e0\u4fa0\u8868\u793a\uff0c\u5c06\u7ee7\u7eed\u6267\u884c\u8d44\u672c\u652f\u51fa\u7eaa\u5f8b\u7b56\u7565<\/a>\uff0c\u8ba1\u5212\u5c06\u8d44\u672c\u652f\u51fa\u589e\u957f\u63a7\u5236\u5728\u4e0eNAND\u9700\u6c42\u4e2d\u957f\u671f\u5e74\u5747\u590d\u5408\u589e\u957f\u7387\u4e00\u81f4\u7684\u6c34\u5e73\u3002<\/p>\n

\u9ad8\u76db<\/a><\/span>\u6307\u51fa\uff0c\u4f5c\u4e3a\u5168\u7403\u7b2c\u4e09\u5927NAND\u5236\u9020\u5546\uff0c\u94e0\u4fa0\u7684\u5ba1\u614e\u6269\u4ea7\u5c06\u8fdb\u4e00\u6b65\u6536\u7d27\u5e02\u573a\u4f9b\u9700\u5e73\u8861\u3002\u5728\u4e09\u661f\u3001SK\u6d77\u529b\u58eb\u548c\u7f8e\u5149\u7b49\u7efc\u5408<\/a><\/span><\/span>\u6027\u5b58\u50a8\u5382\u5546\u8d8a\u6765\u8d8a\u591a\u5730\u5c06\u8d44\u6e90<\/a>\u8f6c\u5411DRAM\u4e1a\u52a1\u4e4b\u9645\uff0c\u8fd9\u4e00\u7b56\u7565\u9009\u62e9\u5c24\u4e3a\u5173\u952e\u3002<\/p>\n

\u636eDaishin Securities\uff0c\u4e1a\u5185\u666e\u904d\u91c7\u53d6\u901a\u8fc7\u8f6c\u6362\u6295\u8d44<\/a>\u548c\u4ea7\u54c1\u7ec4\u5408\u8c03\u6574\u6765\u5e94\u5bf9\u9700\u6c42\u7684\u65b9\u5f0f\uff0c\u800c\u975e\u65b0\u589e\u4ea7\u80fd\uff0c\u56e0\u4e3a\u524d\u8005\u7684\u6298\u65e7\u8d1f\u62c5\u8f83\u4f4e\u3002\u8fd9\u663e\u793a\u51fa\u7ba1\u7406\u7406\u5ff5\u65e5\u76ca\u4ee5\u76c8\u5229\u80fd\u529b\u548c\u957f\u671f\u4f9b\u9700\u7a33\u5b9a\u4e3a\u4e2d\u5fc3\u3002<\/p>\n

\u5728\u6b64\u524d\u7684\u4e00\u6b21\u6d3b\u52a8\u4e2d\uff0c\u94e0\u4fa0\u5b58\u50a8\u5668\u4e8b\u4e1a\u90e8\u6267\u884c\u8463\u4e8b\u4e2d\u6237\u4fca\u4ecb\uff08Shunsuke Nakato\uff09\u8c08\u5230\u4e86\u5f53\u524d\u7531AI\u9a71\u52a8\u7684\u5b58\u50a8\u201c\u8d85\u7ea7\u5468\u671f\u201d\uff0c\u5e76\u9884\u8ba1NAND\u95ea\u5b58\u4f9b\u5e94\u7d27\u5f20\u7684\u5c40\u9762\u81f3\u5c11\u4f1a\u6301\u7eed\u81f32027\u5e74\u3002<\/p>\n

\u4ec0\u4e48\u4fe1\u53f7\uff1f <\/strong><\/p>\n

\u94e0\u4fa0\u7684\u6da8\u4ef7\u7b56\u7565\u65e0\u7591\u4e3a\u6574\u4e2aNAND\u884c\u4e1a\u5e26\u6765\u4e86\u5229\u597d\u4fe1\u53f7\u3002\u9ad8\u76db<\/span>\u5728\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u9884\u8ba1\u4e09\u661f\u7535\u5b50<\/span>\u7684NAND\u4e1a\u52a1ASP\u57282026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5c06\u73af\u6bd4\u66b4\u6da870%\uff0cSK\u6d77\u529b\u58eb\u5c06\u5927\u6da845%\u3002<\/p>\n

\u5728\u4ef7\u683c\u5927\u5e45\u98d9\u6da8\u7684\u80cc\u666f\u4e0b\uff0c\u5b58\u50a8\u82af\u7247<\/span>\u516c\u53f8\u7684\u76c8\u5229\u80fd\u529b\u6b63\u8fce\u6765\u663e\u8457\u4fee\u590d\u3002<\/p>\n

\u94e0\u4fa0\u5728\u6700\u65b0\u53d1\u5e03\u7684\u8d22\u62a5\u4e2d\u7ed9\u51fa\u7684\u4e1a\u7ee9<\/a>\u6307\u5f15\u5927\u8d85\u5e02<\/a><\/span><\/span>\u573a\u9884\u671f\u3002\u8be5\u516c\u53f8\u7684\u8425\u4e1a\u6536\u5165\u9884\u6d4b\u4e2d\u503c\u8f83\u5f6d\u535a<\/a>\u4e00\u81f4\u9884\u671f\u9ad8\u51fa\u7ea651%\uff0c\u51c0\u5229\u6da6\u9884\u6d4b\u4e2d\u503c\u8d85\u51fa\u5e02\u573a\u9884\u671f\u7ea651%\u3002\u8fd9\u4e00\u8d85\u9884\u671f\u8868\u73b0\u4e3b\u8981\u5f52\u56e0\u4e8e\u5e73\u5747\u9500\u552e\u4ef7\u683c\u7684\u63d0\u5347\u3001\u57fa\u4e8e\u5b58\u50a8\u5bb9\u91cf\u8ba1\u7b97\u7684\u51fa\u8d27\u91cf\u589e\u52a0\u4ee5\u53ca\u6c47\u7387<\/a>\u5f71\u54cd\u3002<\/p>\n

\u636e\u9ad8\u76db\u7684\u6700\u65b0\u6d4b\u7b97\u6570\u636e\uff0c\u4e09\u661f\u7535\u5b50<\/span>NAND\u4e1a\u52a1\u8425\u4e1a\u5229\u6da6\u7387\u9884\u8ba1\u5c06\u4ece2025\u5e74\u7b2c\u56db\u5b63\u5ea6\u768425%\u5927\u5e45\u63d0\u5347\u81f32026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u768437%\uff0cSK\u6d77\u529b\u58eb\u5c06\u4ece30%\u8dc3\u5347\u81f342%\uff0c\u800c\u94e0\u4fa0\u7684\u8425\u4e1a\u5229\u6da6\u7387\u6307\u5f15\u533a\u95f4\u4e3a47%\u81f363%\u3002<\/p>\n

\u6469\u6839\u58eb\u4e39\u5229\u4e5f\u5927\u5e45\u4e0a\u8c03\u4e86\u94e0\u4fa0\u7684\u76c8\u5229\u9884\u671f\uff0c2027\u8d22\u5e74(\u622a\u81f32027\u5e743\u6708)\u8425\u6536\u9884\u6d4b\u4ece26898\u4ebf\u65e5\u5143\u4e0a\u8c03\u81f342801\u4ebf\u65e5\u5143\uff0c\u975eGAAP\u8425\u4e1a\u5229\u6da6\u4ece11718\u4ebf\u65e5\u5143\u7ffb\u500d\u81f327232\u4ebf\u65e5\u5143\uff0c\u8c03\u6574\u540e\u8425\u4e1a\u5229\u6da6\u7387\u9ad8\u8fbe64%\uff1b\u6bcf\u80a1\u6536\u76ca\u9884\u8ba1\u4ece1550.2\u65e5\u5143\u8dc3\u5347\u81f33562.9\u65e5\u5143\uff0c\u51c0\u5229\u6da6\u9884\u8ba1\u8fbe\u523019303\u4ebf\u65e5\u5143\u3002<\/p>\n

\u57fa\u4e8e\u6b64\uff0c\u9ad8\u76db\u7ef4\u6301\u5bf9SK\u6d77\u529b\u58eb\u3001\u4e09\u661f\u7535\u5b50\u7684\u201c\u4e70\u5165\u201d\u8bc4\u7ea7\uff0c\u76ee\u6807\u4ef7\u5206\u522b\u4e3a120\u4e07\u97e9\u5143\u300120.5\u4e07\u97e9\u5143\u3002<\/p>\n

Daishin Securities\u540c\u6837\u7ef4\u6301\u5bf9\u4e09\u661f\u7535\u5b50\u3001SK\u6d77\u529b\u58eb\u7684\u201c\u4e70\u5165\u201d\u8bc4\u7ea7\uff0c\u8ba4\u4e3a\u6765\u81eaNAND\u7684\u60ca\u559c\u9700\u8981\u5728\u97e9\u56fd<\/a>\u534a\u5bfc\u4f53<\/a><\/span><\/span>\u80a1\u4ef7\u4e2d\u5f97\u5230\u8fdb\u4e00\u6b65\u4f53\u73b0\u3002<\/p>\n

\u5e02\u573a\u5206\u6790\u6307\u51fa\uff0c\u7531\u4e8e\u5927\u578b\u79d1\u6280\u516c\u53f8\u7684\u5927\u89c4\u6a21\u6295\u8d44\uff0c\u5168\u7403\u534a\u5bfc\u4f53<\/span>\u4f9b\u9700\u7d27\u5f20\u7684\u5c40\u9762\u5c06\u6301\u7eed\u3002\u5fb7\u610f\u5fd7\u94f6\u884c<\/a><\/span><\/span>\u5206\u6790\u5e08\u8868\u793a\uff0c\u9884\u8ba1DRAM\u7684\u4f9b\u5e94\u7d27\u5f20\u5c40\u9762\u5c06\u6301\u7eed\u81f32027\u5e74\u4e43\u81f32028\u5e74\uff0c\u5c24\u5176\u662fAI\u70ed\u6f6e\u63a8\u52a8\u4e86\u5e02\u573a\u5bf9\u9ad8\u5e26\u5bbd\u5185\u5b58<\/a><\/span><\/span>\uff08HBM\uff09\u7684\u9700\u6c42\u6fc0\u589e\u3002<\/p>\n

(\u6765\u6e90:\u5929\u5929\u57fa\u91d1\u7f51)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5b58\u50a8\u82af\u7247\u6da8\u4ef7\u6f6e\u6108\u6f14\u6108\u70c8\u3002 \u636e\u6700\u65b0\u6d88\u606f\uff0c\u65e5\u672c\u5b58\u50a8\u5de8\u5934\u94e0\u4fa0\u9884\u8ba1\u4ece2026\u5e74\u7b2c\u4e00\u5b63\u5ea6\u5f00\u59cb\uff0c\u9488\u5bf9\u5317\u7f8e\u5ba2\u6237\u7684\u4fee\u8ba2\u5b9a\u4ef7\u653f\u7b56 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[232],"tags":[71,266,131,241,161,350,179,50,88,339,238,231,38],"views":27,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/724839"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=724839"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/724839\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=724839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=724839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=724839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}