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國金證券:繼續看好AI驅動、蘋果產業鏈及自主可控產業鏈
格隆匯 11-04 09:18
國金證券研報指出,1)北美四大雲廠商三季度合計資本開支589.1億美元,其中亞馬遜三季度資本支出同比增長81%,達到226.2億美元,微軟三季度資本支出達到149.2億美元。雲廠商資本開支繼續保持高增長,英偉達Blackwell芯片需求強勁,微軟瘋狂下單GB200芯片和NVL72服務器,產業鏈已開始拉貨。2)電子板塊三季度業績分化,受益AI雲端強勁需求及週期復甦,PCB板塊業績亮麗。AI雲端帶動了AI服務器、交換機光模塊等需求,PCB板塊受益明顯,疊加下游多個領域需求回暖,PCB板塊前三季度快速增長。3)蘋果硬件創新和成長趨勢逐漸清晰,今年iPhone 16初步融入AI,端側模型持續升級,明年IPhone 17有望迎來硬件及端側AI大創新,2026年蘋果有望推出摺疊手機、Pad和智能眼鏡,蘋果將持續打造芯片、系統、硬件創新及端側AI模型的核心競爭力。繼續看好AI驅動、蘋果產業鏈及自主可控產業鏈。
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