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《大行》摩通:英偉達(NVDA.US)恢復向中國售H20 利好AI數據中心託管企業
摩根大通發表報告,指英偉達(NVDA.US)宣佈,已獲得美國政府向中國客戶發放H20 GPU銷售許可的保證,並同時宣佈推出針對中國市場的RTX專業版。這對全球AI硬體需求構成小幅正面影響,並進一步收緊GPU供應形勢。在中國,這主要利好AI數據中心託管企業,如萬國數據-SW(09698.HK)(GDS.US)、世紀互聯(VNET.US)及光環新網(300383.SZ),而對本地領先半導體供應鏈企業如中芯國際(00981.HK)的市場情緒構成負面影響。 報告提及,在硬體供應商中,艾馬克技術(AMKR.US)、SK海力士(000660.KS)、華勤技術(603296.SH)及英業達對英偉達H20的敞口較大。總體而言,這可能促使臺積電(TSM.US)CoWoS預估獲上調,此前在4月中旬H20限制後,臺積電於2025年第二季的CoWoS預估曾被下調。摩通認爲,H20需求在DeepSeek R1推出後一度接近每季60萬枚以上,若英偉達成功獲得向大多數中國雲服務提供商銷售H20晶片的許可,需求可能反彈至相似或更高水平。
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