{"id":828913,"date":"2026-08-16T15:52:09","date_gmt":"2026-08-16T07:52:09","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=828913"},"modified":"2026-08-16T15:52:09","modified_gmt":"2026-08-16T07:52:09","slug":"%e5%a4%a7%e5%b9%85%e9%a3%99%e6%b6%a8%ef%bc%81%e4%b8%87%e4%ba%bf%e5%b7%a8%e5%a4%b4%e5%88%a9%e5%a5%bd%e6%9d%a5%e8%a2%ad%ef%bc%81%e6%9c%ba%e6%9e%84%e4%b8%8a%e8%b0%83%e7%9b%ae%e6%a0%87%e4%bb%b7","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=828913","title":{"rendered":"\u5927\u5e45\u98d9\u6da8\uff01\u4e07\u4ebf\u5de8\u5934\u5229\u597d\u6765\u88ad\uff01\u673a\u6784\u4e0a\u8c03\u76ee\u6807\u4ef7"},"content":{"rendered":"

<\/p>\n

\"\u5927\u5e45\u98d9\u6da8\uff01\u4e07\u4ebf\u5de8\u5934\u5229\u597d\u6765\u88ad\uff01\u673a\u6784\u4e0a\u8c03\u76ee\u6807\u4ef7\"<\/a><\/p>\n

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\u7f8e\u56fd<\/a>TMT\u6295\u7814\u673a\u6784New Street Research\u7684\u5206\u6790\u5e08Pierre Ferragu\u5728\u6700\u65b0\u53d1\u5e03\u7684\u62a5\u544a\u4e2d\u8868\u793a\uff0c\u5927\u5e45\u4e0a\u8c03\u7f8e\u5149\u79d1\u6280<\/span>\u76ee\u6807\u4ef7\u81f31250\u7f8e\u5143\u3002\u8be5\u5206\u6790\u5e08\u4e50\u89c2\u9884\u6d4b\uff0c\u52302030\u5e74\uff0c\u7f8e\u5149\u79d1\u6280<\/span>\u7684\u603b\u5e02\u503c\u53ef\u80fd\u8fbe\u52302\u4e07\u4ebf\u81f33\u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u80a1\u4ef7\u8868\u73b0\u65b9\u9762\uff0c\u7f8e\u5149\u79d1\u6280\u80a1\u4ef7\u8fd1\u671f\u6301\u7eed\u98d9\u6da8\uff0c\u622a\u81f38\u670814\u65e5\u6536\u76d8\uff0c\u7f8e\u5149\u79d1\u6280\u80a1\u4ef7\u4e0a\u5468\u7d2f\u8ba1\u5927\u6da8\u8d8510%\uff0c\u603b\u5e02\u503c\u5347\u81f31.1\u4e07\u4ebf\u7f8e\u5143\uff08\u7ea6\u5408\u4eba\u6c11\u5e01<\/a>7.4\u4e07\u4ebf\u5143\uff09\u3002\u591a\u5bb6\u534e\u5c14\u8857<\/a>\u673a\u6784\u8ba4\u4e3a\uff0c\u5b58\u50a8\u82af\u7247<\/a><\/span><\/span>\u4f9b\u5e94\u77ed\u7f3a\u7684\u5c40\u9762\u77ed\u671f\u5185\u4ecd\u5c06\u6301\u7eed\u3002SK\u6d77\u529b\u58eb<\/a><\/span><\/span>\u8463\u4e8b\u957f\u5d14\u6cf0\u6e90\u6b64\u524d\u8b66\u544a\u79f0\uff0c\u660e\u5e74\u5b58\u50a8\u82af\u7247<\/a><\/span>\u884c\u4e1a\u5c06\u906d\u9047\u53f2\u4e0a\u6700\u4e25\u91cd\u4f9b\u5e94\u77ed\u7f3a\u3002<\/p>\n

\u5927\u5e45\u4e0a\u8c03\u7f8e\u5149\u79d1\u6280\u76ee\u6807\u4ef7<\/strong><\/p>\n

\u7f8e\u4e1c\u65f6\u95f48\u670815\u65e5\uff0c\u7f8e\u56fd\u8d22\u7ecf\u65b0\u95fb\u5a92\u4f53<\/a>TheStreet\u62a5\u9053\uff0cNew Street Research\u7684\u5206\u6790\u5e08Pierre Ferragu\u53d1\u5e03\u62a5\u544a\u79f0\uff0c\u5c06\u7f8e\u5149\u79d1\u6280\u80a1\u7968\u8bc4\u7ea7\u4ece\u201c\u4e2d\u6027\u201d\u4e0a\u8c03\u81f3\u201c\u4e70\u5165\u201d\uff0c\u5e76\u5927\u5e45\u4e0a\u8c03\u76ee\u6807\u4ef7\u81f31250\u7f8e\u5143\u3002<\/p>\n

\u622a\u81f38\u670814\u65e5\u7f8e\u80a1\u6536\u76d8\uff0c\u7f8e\u5149\u79d1\u6280\u80a1\u4ef7\u6da82.3%\uff0c\u62a5971.66\u7f8e\u5143\uff0c\u4e0a\u5468\u7d2f\u8ba1\u6da8\u5e45\u8fbe10.72%\u3002<\/p>\n

Pierre Ferragu\u5728\u62a5\u544a\u4e2d\u9884\u6d4b\uff0c\u52302030\u5e74\uff0c\u7f8e\u5149\u79d1\u6280\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u7684\u73b0\u91d1\u5c06\u8d85\u8fc76000\u4ebf\u7f8e\u5143\uff0c\u5e74\u5ea6\u81ea\u7531\u73b0\u91d1\u6d41\u7a81\u78341500\u4ebf\u7f8e\u5143\u3002\u4f5c\u4e3a\u53c2\u8003\uff0c\u622a\u81f3\u6700\u8fd1\u4e00\u4e2a\u5b63\u5ea6\u672b\uff0c\u7f8e\u5149\u79d1\u6280\u7684\u73b0\u91d1\u4f59\u989d\u4e3a302\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u4ece\u4e2d\u957f\u671f\u6765\u770b\uff0cPierre Ferragu\u8ba4\u4e3a\uff0c\u52302030\u5e74\u7f8e\u5149\u79d1\u6280\u7684\u5e02\u503c\u53ef\u80fd\u8fbe\u52302\u4e07\u4ebf\u81f33\u4e07\u4ebf\u7f8e\u5143\u3002\u8fd9\u6216\u8bb8\u610f\u5473\u7740\uff0c\u76ee\u524d\u5e02\u573a\u4e25\u91cd\u4f4e\u4f30\u4e86\u8be5\u516c\u53f8\u7684\u957f\u671f\u76c8\u5229\u80fd\u529b\u3002<\/p>\n

\u5728\u6b64\u4e4b\u524d\uff0c\u5b58\u50a8\u5668\u5e02\u573a\u57fa\u672c\u4e0a\u9075\u5faa\u7740\u7e41\u8363\u4e0e\u8427\u6761\u7684\u5468\u671f\uff1a\u9700\u6c42\u4e0a\u5347\u4f1a\u5bfc\u81f4\u4ef7\u683c\u98d9\u5347\uff0c\u800c\u5f53\u5b58\u50a8\u5668\u5de8\u5934\u6269\u5927\u751f\u4ea7\u65f6\uff0c\u4f9b\u5e94\u8fc7\u5269\u53c8\u4f1a\u5bfc\u81f4\u4ef7\u683c\u66b4\u8dcc\u3002<\/p>\n

Pierre Ferragu\u8ba4\u4e3a\uff0cAI\u6b63\u5728\u74e6\u89e3\u8fd9\u79cd\u6a21\u5f0f\u3002 \u636eNew Street Research\u9884\u6d4b\uff0cAI\u6700\u7ec8\u5c06\u5360\u5230\u5b58\u50a8\u9700\u6c42\u7684\u8fd1\u4e09\u5206\u4e4b\u4e8c\u3002\u5373\u4fbf\u52302030\u5e74\u4e4b\u540e\uff0c\u5b58\u50a8\u9700\u6c42\u4ecd\u5c06\u4ee5\u6bcf\u5e74\u7ea615%\u7684\u60ca\u4eba\u901f\u5ea6\u589e\u957f\uff0c\u800c\u5386\u53f2\u5e73\u5747\u589e\u901f\u7ea6\u4e3a10%\u3002<\/p>\n

Pierre Ferragu\u6307\u51fa\uff0c\u4e0d\u540c\u4e8e\u4ef7\u683c\u5267\u70c8\u6ce2\u52a8\u7684DRAM \uff0cHBM\uff08\u9ad8\u5e26\u5bbd\u5185\u5b58<\/a><\/span><\/span>\uff09\u5177\u5907\u66f4\u5f3a\u7684\u6297\u5468\u671f\u6027\uff0c\u7406\u5e94\u4eab\u6709\u4f30\u503c\u6ea2\u4ef7\u3002HBM\u5728\u6280\u672f\u4e0a\u66f4\u4e3a\u590d\u6742\uff0c\u76f8\u6bd4\u4f20\u7edfDRAM\u8981\u6d88\u8017\u591a\u5f97\u591a\u7684\u6676\u5706\u4ea7\u80fd\uff0c\u5e76\u4e14\u6d89\u53ca\u5148\u8fdb\u5c01\u88c5<\/a><\/span><\/span>\u5de5\u827a\u3002<\/p>\n

\u53e6\u5916\uff0c\u65b0\u7684\u534a\u5bfc\u4f53<\/a><\/span><\/span>\u6676\u5706\u5382\u9700\u8981\u6570\u5e74\u65f6\u95f4\u624d\u80fd\u5efa\u6210\u5e76\u6295\u4ea7\uff0c\u800cHBM\u9700\u6c42\u6fc0\u589e\u4ecd\u5728\u6301\u7eed\u6d88\u8017\u6676\u5706\u4ea7\u80fd\uff0c\u4ece\u800c\u6324\u538b\u4e86\u901a\u7528DRAM\u3001NAND\u95ea\u5b58\u7684\u53ef\u7528\u6676\u5706\u4ea7\u80fd\u3002<\/p>\n

\u6839\u636eSeeking Alpha\u7684\u6570\u636e\uff0c\u7f8e\u5149\u79d1\u6280\u7684\u9884\u671f\u5e02\u76c8\u7387\uff08\u975eGAAP\uff09\u7ea6\u4e3a13\u500d\uff0c\u6bd4\u884c\u4e1a\u4e2d\u4f4d\u6570\u4f4e47%\u3002\u82e5\u6309GAAP\u51c6\u5219\u8ba1\u7b97\uff0c\u5dee\u8ddd\u5219\u66f4\u4e3a\u663e\u8457\uff0c\u7f8e\u5149\u79d1\u6280\u7684\u4f30\u503c\u8f83\u884c\u4e1a\u4e2d\u4f4d\u6570\u6298\u8ba9\u9ad8\u8fbe57%\u3002<\/p>\n

\u5206\u6790\u4eba\u58eb\u6307\u51fa\uff0c\u6295\u8d44<\/a>\u8005\u9700\u8981\u5bc6\u5207\u5173\u6ce8\u516c\u53f8\u672a\u6765\u51e0\u5e74\u7684\u6bdb\u5229\u7387\u3001HBM\u5b9a\u4ef7\u3001\u4ea7\u80fd\u6269\u5f20\u4ee5\u53ca\u6bcf\u80a1\u6536\u76ca\uff08EPS\uff09\u9884\u671f\u4fee\u6b63\u3002\u5982\u679c\u76c8\u5229\u80fd\u529b\u6301\u7eed\u4fdd\u6301\u9ad8\u4f4d\uff0c\u90a3\u4e48\u7f8e\u5149\u79d1\u6280\u76ee\u524d\u7684\u5e02\u76c8\u7387\u5c06\u6781\u5177\u5438\u5f15\u529b\u3002<\/p>\n

\u5b58\u50a8\u77ed\u7f3a\u4ecd\u5c06\u6301\u7eed<\/strong><\/p>\n

\u8fd1\u671f\uff0c\u591a\u5bb6\u534e\u5c14\u8857\u6295\u884c\u5c31\u5b58\u50a8\u82af\u7247<\/span>\u884c\u4e1a\u524d\u666f\u53d1\u8868\u4e86\u89c2\u70b9\uff0c\u5206\u6790\u5e08\u4eec\u8ba4\u4e3a\uff0cAI\u9a71\u52a8\u7684\u5b58\u50a8\u82af\u7247\u6da8\u4ef7\u52bf\u5934\u6216\u5c06\u653e\u7f13\uff0c\u4f46\u4f9b\u5e94\u77ed\u7f3a\u5c40\u9762\u77ed\u671f\u5185\u4ecd\u5c06\u6301\u7eed\u3002<\/p>\n

\u6469\u6839\u5927\u901a<\/a><\/span><\/span>\u5728\u6700\u65b0\u7814\u62a5\u4e2d\u6307\u51fa\uff0cAI\u9700\u6c42\u63a8\u52a8\u5b58\u50a8\u82af\u7247\u4ef7\u683c\u548c\u51fa\u8d27\u91cf\u540c\u6b65\u589e\u957f\uff0c\u8be5\u884c\u5c062026\u5e74\u81f32028\u5e74\u5168\u7403\u5b58\u50a8\u5e02\u573a\u89c4\u6a21\u9884\u6d4b\u4e0a\u8c034%\u81f38%\uff0c\u9884\u8ba1\u5e02\u573a\u89c4\u6a21\u5c06\u75312026\u5e74\u7684\u7ea69690\u4ebf\u7f8e\u5143\u589e\u81f32027\u5e74\u76841.44\u4e07\u4ebf\u7f8e\u5143\u30012028\u5e74\u76841.82\u4e07\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u6469\u6839\u5927\u901a<\/span>\u8ba4\u4e3a\uff0c\u884c\u4e1a\u4f9b\u9700\u77ed\u7f3a\u672a\u6765\u4e24\u5e74\u4ecd\u5c06\u6301\u7eed\uff0c2027\u5e74\u53ef\u80fd\u8fdb\u4e00\u6b65\u6076\u5316\uff0c2028\u5e74\u4ec5\u5c0f\u5e45\u7f13\u89e3\u3002<\/p>\n

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SK\u6d77\u529b\u58eb<\/span>\u8463\u4e8b\u957f\u5d14\u6cf0\u6e90\u65e5\u524d\u8b66\u544a\u79f0\uff0c\u660e\u5e74\u5b58\u50a8\u82af\u7247\u884c\u4e1a\u5c06\u906d\u9047\u53f2\u4e0a\u6700\u4e25\u91cd\u4f9b\u5e94\u77ed\u7f3a\u3002<\/p>\n

\u5d14\u6cf0\u6e90\u8868\u793a\uff0c\u73b0\u5728\u7684\u9700\u6c42\u662f\u7206\u53d1\u5f0f\u7684\uff0c\u516c\u53f8\u6240\u6709\u7684\u5ba2\u6237\u90fd\u5728\u8981\u6c42\u63a5\u8fd1\u539f\u6765\u9700\u6c42\u4e24\u500d\u7684\u4f9b\u8d27\u91cf\u3002<\/p>\n

\u4ed6\u8fd8\u8868\u793a\uff0c\u968f\u7740AI\u670d\u52a1\u5668\u9700\u6c42\u6301\u7eed\u7206\u53d1\uff0cHBM\u9ad8\u5e26\u5bbd\u5b58\u50a8\u4f9b\u4e0d\u5e94\u6c42\uff0c\u4e0d\u5c11\u79d1\u6280\u5de8\u5934\u751a\u81f3\u63d0\u524d\u8d76\u5230\u97e9\u56fd<\/a>\u62a2\u7b7e\u957f\u671f\u534f\u8bae\u3002<\/p>\n

\u82b1\u65d7\u7814\u7a76\u63f4\u5f15TrendForce\u7684\u6570\u636e\u9884\u6d4b\uff0c2027\u5e74\u670d\u52a1\u5668\u9700\u6c42\u5c06\u5360\u5168\u7403 NAND\u4ea7\u91cf\u768451.1%\uff0c\u9ad8\u4e8e2026\u5e74\u768444.2%\u3002<\/p>\n

\u4f2f\u6069\u65af\u5766\u7814\u7a76\uff08Bernstein Research\uff09\u5728\u6b64\u524d\u53d1\u5e03\u7684\u62a5\u544a\u4e2d\u6307\u51fa\uff0c\u9884\u8ba1\u7b2c\u4e09\u5b63\u5ea6\u4f20\u7edfDRAM\u5408\u7ea6\u4ef7\u683c\u5c06\u73af\u6bd4\u4e0a\u6da8\u7ea617%\uff0c\u8f83\u4eca\u5e74\u7b2c\u4e8c\u5b63\u7ea665%\u7684\u73af\u6bd4\u6da8\u5e45\u5927\u5e45\u653e\u7f13\u3002<\/p>\n

\"\u5927\u5e45\u98d9\u6da8\uff01\u4e07\u4ebf\u5de8\u5934\u5229\u597d\u6765\u88ad\uff01\u673a\u6784\u4e0a\u8c03\u76ee\u6807\u4ef7\"<\/a><\/p>\n

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

\u7f8e\u5149\u79d1\u6280\u4f20\u6765\u5229\u597d\u4fe1\u53f7\u3002 \u7f8e\u56fdTMT\u6295\u7814\u673a\u6784New Street Research\u7684\u5206\u6790\u5e08Pierre Ferr […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[232],"tags":[14,142,280,241,367,339,231],"views":13,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/828913"}],"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=828913"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/828913\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=828913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=828913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=828913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}