{"id":813735,"date":"2026-07-19T06:21:42","date_gmt":"2026-07-18T22:21:42","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=813735"},"modified":"2026-07-19T06:21:42","modified_gmt":"2026-07-18T22:21:42","slug":"%e4%bb%8e5792%e4%ba%bf%e5%88%b04%e4%b8%87%e4%ba%bf-%e5%8d%8e%e5%b0%94%e8%a1%97%e5%a6%82%e4%bd%95%e4%b8%ba%e9%95%bf%e9%91%ab%e7%a7%91%e6%8a%80%e7%96%af%e7%8b%82%e5%ae%9a%e4%bb%b7","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=813735","title":{"rendered":"\u4ece5792\u4ebf\u52304\u4e07\u4ebf \u534e\u5c14\u8857\u5982\u4f55\u4e3a\u957f\u946b\u79d1\u6280\u75af\u72c2\u5b9a\u4ef7"},"content":{"rendered":"

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2025\u5e74\uff0c\u516c\u53f8\u5b9e\u73b0\u8425\u4e1a\u6536\u5165617.99\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f155.6%\uff0c\u5f52\u6bcd\u51c0\u5229\u6da618.7\u4ebf\u5143\uff0c\u9996\u6b21\u5b9e\u73b0\u5e74\u5ea6\u76c8\u5229\u3002<\/strong><\/p>\n

\u8fdb\u51652026\u5e74\u540e\uff0c\u589e\u957f\u8fdb\u4e00\u6b65\u52a0\u901f\uff1a\u4e00\u5b63\u5ea6\u8425\u6536\u8fbe508\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f\u8d85700%\uff1b\u5f52\u6bcd\u51c0\u5229\u6da6247.62\u4ebf\u5143\uff0c\u5df2\u8fdc\u8d85\u4e0a\u4e00\u5e74\u5168\u5e74\u6c34\u5e73\u3002<\/strong>\u516c\u53f8\u9884\u8ba1\uff0c\u4e0a\u534a\u5e74\u8425\u6536\u5c06\u8fbe1100\u4ebf\u81f31200\u4ebf\u5143\u3002<\/p>\n

\u4f34\u968f\u4e1a\u7ee9<\/a>\u7206\u53d1\uff0c\u957f\u946b\u79d1\u6280\u7684\u5e02\u573a\u4efd\u989d\u4e5f\u5728\u5feb\u901f\u63d0\u5347\u3002\u62db\u80a1\u4e66\u63f4\u5f15Omdia\u6570\u636e\u79f0\uff0c\u6309\u9500\u552e\u989d\u8ba1\u7b97\uff0c\u957f\u946b\u79d1\u6280\u5728\u5168\u7403DRAM\u5e02\u573a\u7684\u4efd\u989d\u75312025\u5e74\u7b2c\u4e8c\u5b63\u5ea6\u76843.97%\u5347\u81f3\u7b2c\u56db\u5b63\u5ea6\u76847.67%\u3002<\/strong><\/p>\n

\u867d\u7136\u4e09\u661f\u7535\u5b50<\/span>\u3001SK\u6d77\u529b\u58eb<\/span>\u548c\u7f8e\u5149\u79d1\u6280<\/span>\u4ecd\u5360\u636e\u7ea6\u4e5d\u6210\u5e02\u573a\uff0c\u4f46\u201c\u4e09\u5f3a\u683c\u5c40\u201d\u5df2\u5f00\u59cb\u677e\u52a8\u3002<\/p>\n

\"\u4ece5792\u4ebf\u52304\u4e07\u4ebf<\/center><\/p>\n

\u56fe\u7247\u6765\u6e90\uff1aCounterpoint<\/p>\n

MS Hwang\u5411\u6bcf\u7ecf\u8bb0\u8005\u8868\u793a\uff0c\u957f\u946b\u79d1\u6280\u5df2\u6210\u4e3a\u5168\u7403\u7b2c\u56db\u5927DRAM\u4f9b\u5e94\u5546\uff0c\u5176\u53d1\u5c55\u9075\u5faa\u4e09\u9636\u6bb5\u8def\u7ebf\u56fe\uff1a<\/strong><\/p>\n

\u7b2c\u4e00\u9636\u6bb5\uff1a\u901a\u8fc7\u7ea65\u4e07\u7247\u7684\u6708\u4ea7\u80fd\uff0c\u8bc1\u660e\u6676\u5706\u5382\u53ef\u6301\u7eed\u7a33\u5b9a\u8fd0\u884c\uff0c\u4ee5\u6b64\u83b7\u53d6\u5ba2\u6237\u8ba2\u5355\uff1b<\/p>\n

\u7b2c\u4e8c\u9636\u6bb5\uff1a\u5e02\u573a\u4efd\u989d\u8fbe\u5230\u7ea610%\uff0c\u8fd9\u662f\u957f\u946b\u79d1\u6280\u5f53\u524d\u6240\u5904\u7684\u9636\u6bb5\uff1b<\/p>\n

\u7b2c\u4e09\u9636\u6bb5\uff1a\u5e02\u573a\u4efd\u989d\u8fbe\u523015%\u5de6\u53f3\uff0c\u5c4a\u65f6\u516c\u53f8\u6709\u671b\u4f9d\u9760EBITDA\uff08\u606f\u7a0e\u6298\u65e7\u644a\u9500\u524d\u5229\u6da6\uff09\u5b9e\u73b0\u81ea\u6211\u9020\u8840\u3002<\/p>\n

\u4ed6\u6307\u51fa\uff0c\u957f\u946b\u79d1\u6280IPO\u52df\u96c6\u8d44\u91d1\u5c06\u91cd\u70b9\u7528\u4e8e\u6301\u7eed\u6269\u5145\u4ea7\u80fd\u548c\u54113D\u67b6\u6784\uff08VCT\uff09\u6280\u672f\u8f6c\u578b\u3002Counterpoint\u9884\u6d4b\uff0c\u52302028\u5e74\u957f\u946b\u79d1\u6280\u7684\u5e02\u573a\u4efd\u989d\u5c06\u5347\u81f311%\u3002<\/strong><\/p>\n

\"\u4ece5792\u4ebf\u52304\u4e07\u4ebf<\/center><\/p>\n

\u56fe\u7247\u6765\u6e90\uff1aCounterpoint<\/p>\n

\u957f\u946b\u79d1\u6280\u6b63\u5728\u4ece\u6d88\u8d39\u7535\u5b50<\/a><\/span><\/span>\u5b58\u50a8\u4f9b\u5e94\u5546\u8fdb\u5165\u670d\u52a1\u5668\u5e02\u573a\u3002\u6bcf\u7ecf\u8bb0\u8005\u67e5\u9605\u62db\u80a1\u4e66\u53d1\u73b0\uff0c\u957f\u946b\u79d1\u6280\u5df2\u4e0e\u817e\u8baf<\/a>\u7b7e\u7f72\u4e86\u8d85200\u4ebf\u5143\u7684\u591a\u5e74\u671f\u670d\u52a1\u5668DRAM\u4f9b\u5e94\u534f\u8bae\u3002\u5176\u4e3b\u8981\u5ba2\u6237\u8fd8\u5305\u62ec\u963f\u91cc\u4e91\u3001\u5b57\u8282\u8df3\u52a8\u3001\u8054\u60f3\u548c\u5c0f\u7c73<\/a>\u3002<\/p>\n

\u5bf9\u4e8e\u56fd\u4ea7DRAM\u5382\u5546\u800c\u8a00\uff0c\u83b7\u5f97\u5927\u578b\u4e91\u8ba1\u7b97<\/a><\/span><\/span>\u5de8\u5934\u7684\u957f\u671f\u8ba2\u5355\uff0c\u662f\u5176\u4ea7\u54c1\u6253\u5165\u6570\u636e\u4e2d\u5fc3<\/a><\/span><\/span>\u4f9b\u5e94\u94fe\u7684\u91cd\u8981\u4fe1\u53f7\u3002<\/strong><\/p>\n

\u54f2\u5954\u54a8\u8be2\uff08Z-Ben Advisors\uff09\u5206\u6790\u5e08\u5f7c\u5f97\u00b7\u4e9a\u5386\u5c71\u5927<\/a><\/span><\/span>\u8868\u793a\uff0c\u4e2d\u56fd\u672c\u571fIT\u8bbe\u5907\u6d88\u8017\u4e86\u5168\u7403\u7ea620%\u7684DRAM\u3002\u968f\u7740\u957f\u946b\u79d1\u6280\u5411\u672c\u571f\u5ba2\u6237\u4f9b\u8d27\uff0c\u4e09\u661f\u7535\u5b50<\/span>\u3001SK\u6d77\u529b\u58eb<\/span>\u548c\u7f8e\u5149\u79d1\u6280\u957f\u671f\u6765\u770b\u90fd\u5c06\u5931\u53bb\u5e02\u573a\u4efd\u989d\u3002<\/strong><\/p>\n

SemiAnalysis\u5728\u540d\u4e3a\u300a\u957f\u946b\u79d1\u6280\u51c6\u5907\u6311\u6218\u73b0\u6709DRAM\u516c\u53f8\u300b\u7684\u62a5\u544a\u4e2d\u9884\u6d4b\uff0c\u52302026\u5e74\u5e95\uff0c\u957f\u946b\u79d1\u6280\u7684\u6676\u5706\u4ea7\u80fd\u5c06\u8fbe\u5230\u7ea635\u4e07\u7247\/\u6708\uff0c<\/strong>\u4ec5\u7565\u4f4e\u4e8e\u7f8e\u5149\u79d1\u6280\u9884\u8ba1\u7684\u7ea638.5\u4e07\u7247\/\u6708\u3002\u82e5\u53ea\u6bd4\u8f83\u6676\u5706\u4ea7\u80fd\uff0c\u957f\u946b\u79d1\u6280\u6b63\u5728\u903c\u8fd1\u5168\u7403\u7b2c\u4e09\u3002<\/strong>\u52302028\u5e74\uff0c\u968f\u7740\u5408\u80a5\u5382\u533a\u5168\u9762\u6295\u4ea7\u53ca\u4e0a\u6d77\u5382\u4e24\u671f\u6301\u7eed\u63a8\u8fdb\uff0c\u8fd9\u4e00\u6570\u5b57\u5c06\u589e\u81f350\u4e07\u7247\/\u6708\uff0c\u5168\u7403DRAM\u5e02\u573a\u4efd\u989d\u5c06\u4ece2025\u5e74\u768411%\u63d0\u5347\u81f3\u7ea617%\u3002<\/p>\n

\u4e0d\u8fc7\uff0c\u5728AI\u6700\u6838\u5fc3\u7684HBM\uff08\u9ad8\u5e26\u5bbd\u5185\u5b58<\/a><\/span><\/span>\uff09\u9886\u57df\uff0c\u957f\u946b\u79d1\u6280\u4ecd\u5b58\u77ed\u677f\uff1a\u76ee\u524d\u4ea7\u80fd\u7ea65000\u7247\/\u6708\uff0c\u4e14HBM3 8-hi\u91cf\u4ea7\u9762\u4e34\u826f\u7387\u6311\u6218\u3002<\/p>\n

\u4e0d\u8fc7\uff0cSemiAnalysis\u9884\u8ba1\uff0c\u52302028\u5e74\u957f\u946b\u79d1\u6280HBM\u6676\u5706\u4ea7\u80fd\u5c06\u8fbe\u6bcf\u670810\u4e07\u7247\uff0c\u5360\u5168\u740312%\u3002<\/strong><\/p>\n

MS Hwang\u5f3a\u8c03\uff0c\u4e00\u9897HBM\u6d88\u8017\u7684\u6676\u5706\u4ea7\u80fd\u76f8\u5f53\u4e8e\u4e09\u9897\u666e\u901aDRAM\u3002\u5982\u679cHBM\u65e0\u6cd5\u6301\u7eed\u4f9b\u5e94\u4e2d\u56fd\u5e02\u573a\uff0cAI\u4ea7\u4e1a\u53d1\u5c55\u5c06\u53d7\u9650\uff1b\u4f46\u82e5\u957f\u946b\u79d1\u6280\u8fc7\u5ea6\u5c06\u8d44\u6e90<\/a>\u503e\u6ce8\u4e8eHBM\uff0c\u53c8\u4f1a\u6324\u5360\u666e\u901aDRAM\u4ea7\u80fd\uff0c\u56e0\u6b64\u6269\u5145\u6574\u4f53\u4ea7\u80fd\u81f3\u5173\u91cd\u8981\u3002<\/strong>\u201c\u4e0d\u8fc7\uff0cHBM\u7684\u7814\u53d1\u5e76\u975e\u6613\u4e8b\uff0c\u4e00\u6b3e\u771f\u6b63\u53ef\u91cf\u4ea7\u7684HBM\u4ea7\u54c1\u9700\u8981\u6574\u5408\u4f17\u591a\u590d\u6742\u6280\u672f\uff0c\u56e0\u6b64\u5b9e\u73b0\u8fd9\u4e00\u76ee\u6807\u5e76\u4e0d\u5bb9\u6613\u3002<\/strong>\u201d<\/p>\n

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

\u672c\u5468\uff0c\u957f\u946b\u79d1\u6280\u88ab\u4e24\u79cd\u8d27\u5e01\u3001\u4e24\u5957\u4f30\u503c\u4f53\u7cfb\u540c\u65f6\u5b9a\u4ef7\u3002 \u79d1\u521b\u677f\u7533\u8d2d\u4ef78.66\u5143\uff0c\u5bf9\u5e94\u4e0a\u5e02\u4f30\u503c5792\u4ebf\u5143\uff0c\u521b\u4e0b\u79d1\u521b\u677f […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[232],"tags":[57,195,266,340,14,142,265,280,58,241,161,370,88,119,34,238],"views":5,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/813735"}],"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=813735"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/813735\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=813735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=813735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=813735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}