東吳證券:AI需求帶動設備供應鏈 先進製程持續擴產
東吳證券研報表示,AI需求帶動設備供應鏈,先進製程持續擴產。過去訓練卡基本為英偉達獨供,對應所需要的3D堆疊等先進工藝都由台積電進行代工;而推理卡不一定需要3—5nm的先進工藝,在國產12nm工藝平台上也有很強性價比,目前國內IC設計公司天數智芯、沐曦、燧原、登臨等企業已經着手將推理卡移植在國產供應鏈,例如盛合晶微、中芯國際等,相關的國產供應鏈如先進封裝等有望受益。從先進邏輯來看,2025年國內先進邏輯擴產超預期;從存儲來看,按照技術迭代的週期,明年將迎來新的迭代週期,預計會有更多項目落地。
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