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\u63a2\u91dd\u5361\u677f\u8207 Lincstech \u6280\u8853<\/h4>\n

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\u6d77\u5916\u7522\u80fd\u64f4\u5145<\/h4>\n

\u9676\u6b63\u570b\u8868\u793a\uff0c\u96c6\u5718 2026 \u5e74\u8cc7\u672c\u652f\u51fa\u9810\u7b97\u7d04 122 \u5104\u5143\uff0c2027 \u5e74\u9810\u4f30\u7a81\u7834 150 \u5104\u5143\uff0c\u898f\u5283\u9ad8\u591a\u5c64\u677f\u64f4\u7522 80%\uff5e120%\u3001HDI \u589e\u52a0 30%\uff5e50%\u3001\u63a2\u91dd\u5361\u64f4\u5145 30%\uff5e60%\uff1b\u5176\u4e2d\u7cbe\u6210\u79d1\u65d7\u4e0b Lincstech \u99ac\u4f86\u897f\u4e9e\u5ee0\u81ea\u7b2c\u56db\u5b63\u8d77\u9678\u7e8c\u64f4\u7522\uff0c\u65b0\u52a0\u5761\u5ee0\u9810\u8a08 2027 \u5e74\u65b0\u589e\u8a2d\u5099\uff0c\u5e03\u5c40 800G\u30011.6T \u4ea4\u63db\u5668\u53ca AI ASIC \u61c9\u7528\u3002\u5e74\u5831\u63ed\u9732\u7684\u91cd\u5927\u8cc7\u672c\u652f\u51fa\u5305\u62ec Lincstech \u99ac\u4f86\u897f\u4e9e\u5ee0\u7d04 1.02 \u5104\u7f8e\u5143\u3001\u65b0\u52a0\u5761\u5ee0\u7d04 0.90 \u5104\u7f8e\u5143\uff0c\u9810\u8a08 2026 \u5e74\u5b8c\u5de5\u3002\u96fb\u5b50\u7d44\u88dd\u696d\u52d9\u65b9\u9762\uff0c\u5e74\u5831\u986f\u793a\u8463\u4e8b\u6703 2026 \u5e74 5 \u6708\u901a\u904e\u4ee5\u80a1\u4efd\u8f49\u63db\u53d6\u5f97\u53f0\u7063\u7cbe\u661f 100% \u80a1\u6b0a\uff0c\u4e26\u6301\u7e8c\u64f4\u589e\u99ac\u4f86\u897f\u4e9e\u6021\u4fdd\u5ee0\u7522\u80fd\u3002<\/p>\n

\u5916\u90e8\u6a5f\u69cb\u89c0\u9ede<\/h4>\n

\u9ad8\u76db 2026 \u5e74 10 \u6708\u5c07 2027 \u5e74\u5168\u7403\u4f3a\u670d\u5668\u6574\u9ad4\u5e02\u5834\u898f\u6a21\u9810\u4f30\u4e0a\u4fee 31%\uff0c\u9810\u4f30\u6db5\u84cb GPU \u8207 ASIC \u7684 AI \u4f3a\u670d\u5668\u51fa\u8ca8\u91cf 2026 \u5e74 173 \u842c\u53f0\u30012027 \u5e74 265.5 \u842c\u53f0\uff0c\u4e0a\u4fee\u4e3b\u8981\u4f86\u81ea\u96f2\u7aef\u696d\u8005\u81ea\u7814 ASIC \u7684\u9700\u6c42\u3002\u82b1\u65d7 6 \u6708\u6307\u51fa\uff0c\u5370\u5237\u96fb\u8def\u677f\u8207\u9285\u7b94\u57fa\u677f\u7522\u696d\u7684 AI \u9700\u6c42\u9060\u9ad8\u65bc\u4f9b\u7d66\uff0c\u7522\u80fd\u64f4\u5145\u901f\u5ea6\u4ecd\u8ffd\u4e0d\u4e0a\u5ba2\u6236\u6210\u9577\uff0c\u9285\u7b94\u57fa\u677f\u7f3a\u8ca8\u6709\u5229\u50f9\u683c\u7e8c\u6f32\u3002TrendForce 8 \u6708\u9810\u4f30\u8f1d\u9054 NVL72 \u6a5f\u6ac3 2027 \u5e74\u51fa\u8ca8\u5e74\u589e\u903e 50%\u3002<\/p>\n

\u5e02\u5834\u95dc\u6ce8\u7684\u8b8a\u6578<\/h4>\n

\u516c\u53f8\u516c\u544a 2026 \u5e74\u524d\u4e09\u5b63\u6bcf\u80a1\u76c8\u9918 4.16 \u5143\uff1b\u5e74\u5831\u986f\u793a 2025 \u5e74\u71df\u6536\u6210\u9577 55.5%\uff0c\u71df\u696d\u6de8\u5229\u50c5\u589e\u52a0 0.8%\u3002\u9676\u6b63\u570b 10 \u6708\u8868\u793a\uff0c\u9285\u7b94\u3001\u73bb\u7e96\u5e03\u8207\u6a39\u8102\u81ea 2025 \u5e74\u7b2c\u56db\u5b63\u8d77\u983b\u7e41\u8abf\u6f32\uff0c\u76ee\u524d\u7d04\u80fd\u8f49\u5ac1\u4e94\u81f3\u4e03\u6210\u6f32\u5e45\uff0c\u9ad8\u968e AI \u5ba2\u6236\u63a5\u53d7\u8abf\u50f9\u8f03\u5feb\uff0c\u6d88\u8cbb\u6027\u7522\u54c1\u76f8\u5c0d\u56f0\u96e3\uff1b\u99ac\u4f86\u897f\u4e9e\u5ee0\u7b2c\u4e09\u5b63\u901a\u904e\u5ba2\u6236\u8a8d\u8b49\u5f8c\u7a3c\u52d5\u7387\u7d04\u516d\u81f3\u4e03\u6210\uff0c\u9ad8\u968e\u8a2d\u5099\u4ea4\u671f\u5df2\u62c9\u9577\u5230\u4e5d\u500b\u6708\u81f3\u4e00\u5e74\u4ee5\u4e0a\uff0c\u64f4\u7522\u5c07\u63a1\u6f38\u9032\u5f0f\u6295\u8cc7\u3002\u5e74\u5831\u53e6\u63ed\u9732\uff0c\u70ba\u53d6\u5f97 Lincstech \u77ed\u671f\u501f\u6b3e\u589e\u52a0 76.2 \u5104\u5143\uff0c\u8ca0\u50b5\u6bd4\u7531 44.13% \u5347\u81f3 56.54%\uff1b\u4e0d\u5229\u56e0\u7d20\u9084\u5305\u62ec\u540c\u696d\u5fae\u5229\u7af6\u722d\u3001\u4e2d\u570b\u4eba\u5de5\u6210\u672c\u4e0a\u5347\u8207\u65b0\u53f0\u5e63\u5347\u503c\u3002\u6d88\u8cbb\u6027\u96fb\u5b50\u65b9\u9762\uff0cTrendForce 7 \u6708\u9810\u4f30\u624b\u6a5f\u8207\u7b46\u96fb\u7b49\u7522\u54c1\u5728\u96f6\u7d44\u4ef6\u6210\u672c\u8f49\u5ac1\u5230\u552e\u50f9\u5f8c\u6301\u7e8c\u627f\u58d3\uff0c2027 \u5e74\u51fa\u8ca8\u5c07\u518d\u8870\u9000\u4e00\u5e74\u3002<\/p>\n","ifam_val_profit":"

\u4ee5\u4e0b\u4f9d\u516c\u53f8\u5df2\u516c\u5e03\u7684\u8ca1\u5831\u8207\u6708\u71df\u6536\uff0c\u8aaa\u660e\u7cbe\u6210\u79d1\uff086191\uff09\u7684\u7372\u5229\u8ecc\u8de1\u3002<\/p>\n

    \n
  • 2025 \u5e74\uff1a\u71df\u6536\u5927\u589e\u4e94\u6210\uff0c\u6bcf\u80a1\u76c8\u9918\u53ea\u591a\u4e86\u4e00\u6210\u3002<\/strong> \u5168\u5e74\u5408\u4f75\u71df\u6536 337.12 \u5104\u5143\u3001\u5e74\u589e 55.5%\uff08\u4e3b\u8981\u4f86\u81ea 2025 \u5e74 4 \u6708\u8d77\u4f75\u5165\u7684 Lincstech\uff09\uff0c\u4f46\u6bdb\u5229\u7387\u7531 26.1% \u964d\u5230 19.3%\u3001\u71df\u696d\u5229\u76ca\u7387\u7531 16.0% \u964d\u5230 10.4%\uff0c\u6bcf\u80a1\u76c8\u9918 6.54 \u5143\u3001\u50c5\u9ad8\u65bc 2024 \u5e74\u7684 5.99 \u5143\u3002\u898f\u6a21\u63db\u4f86\u4e86\u71df\u6536\uff0c\u6c92\u6709\u63db\u4f86\u7372\u5229\u7387\u3002<\/strong><\/li>\n
  • 2026 \u5e74\u4e0a\u534a\u5e74\uff1a\u71df\u6536\u7e8c\u589e\u4e09\u6210\uff0c\u7372\u5229\u53cd\u800c\u5e74\u6e1b\u5169\u6210\u3002<\/strong> \u71df\u6536 192.93 \u5104\u5143\u3001\u5e74\u589e 30.2%\uff0c\u4f46\u6bdb\u5229\u7387\u518d\u964d\u5230 15.9%\uff08\u53bb\u5e74\u540c\u671f 20.7%\uff09\u3001\u71df\u696d\u5229\u76ca\u7387 7.6%\uff08\u53bb\u5e74\u540c\u671f 12.6%\uff09\uff0c\u6bcf\u80a1\u76c8\u9918 2.32 \u5143\u3001\u4f4e\u65bc\u53bb\u5e74\u540c\u671f\u7684 3.05 \u5143\u3002\u7b2c 2 \u5b63\u55ae\u5b63\u66f4\u660e\u986f\uff1a\u71df\u6536 99.53 \u5104\u5143\u3001\u5e74\u589e 3.0%\uff0c\u6bcf\u80a1\u76c8\u9918\u537b\u53ea\u6709 0.72 \u5143\uff0c\u4e0d\u5230\u53bb\u5e74\u540c\u671f 1.48 \u5143\u7684\u4e00\u534a\u3002<\/li>\n
  • \u800c\u4e14\u4e0a\u534a\u5e74\u7684\u7372\u5229\u88e1\u6709\u4e00\u7b46\u4e00\u6b21\u6027\u6536\u5165\u3002<\/strong> \u516c\u53f8\u5728\u6cd5\u8aaa\u6703\u8aaa\u660e\uff0c2026 \u5e74\u4e0a\u534a\u5e74\u7684\u71df\u696d\u5916\u6536\u5165\u5305\u542b\u6606\u5c71\u5ee0\u62c6\u9077\u88dc\u511f\u6b3e\u4eba\u6c11\u5e63 5,000 \u842c\u5143\uff1b\u4e0a\u534a\u5e74\u71df\u696d\u5916\u6536\u652f\u7531\u53bb\u5e74\u540c\u671f\u7684 2.66 \u5104\u5143\u589e\u52a0\u5230 4.66 \u5104\u5143\uff0c\u6263\u6389\u9019\u7b46\u4e4b\u5f8c\uff0c\u672c\u696d\u7684\u58d3\u529b\u6bd4\u5e33\u9762\u6578\u5b57\u986f\u793a\u7684\u66f4\u5927\u3002<\/li>\n<\/ul>\n

    \u516c\u53f8\u5df2\u516c\u5e03\u7684\u6708\u71df\u6536\u5230 2026 \u5e74 9 \u6708\uff1a\u55ae\u6708 42.46 \u5104\u5143\u3001\u5e74\u589e 36.1%\uff1b\u524d 9 \u500b\u6708\u7d2f\u8a08 312.60 \u5104\u5143\u3001\u5e74\u589e 28.2%\u3002<\/p>\n

    \u516c\u53f8\u5728\u540c\u4e00\u4efd\u6cd5\u8aaa\u6703\u8aaa\u660e\uff0c\u4e0b\u534a\u5e74\u7684\u65b9\u5411\u662f\u63d0\u9ad8\u9ad8\u968e\u7522\u54c1\u6bd4\u91cd\u3002\u6240\u4ee5\u7b2c 3 \u5b63\u8ca1\u5831\u8981\u770b\u7684\u4e0d\u662f\u71df\u6536\uff0c\u800c\u662f\u6bdb\u5229\u7387\u6709\u6c92\u6709\u6b62\u8dcc<\/strong>\u2014\u2014\u4e0a\u534a\u5e74 15.9% \u5df2\u7d93\u6bd4 2024 \u5e74\u5168\u5e74\u7684 26.1% \u4f4e\u4e86\u5341\u500b\u767e\u5206\u9ede\uff0c\u71df\u6536\u518d\u6210\u9577\u4e09\u6210\u4e5f\u88dc\u4e0d\u56de\u9019\u500b\u5dee\u8ddd\u3002<\/p>\n","ifam_val_multiple":"","ifam_strategy_on":"1","ifam_trades":"{\"fileName\":\"\",\"source\":\"\u6bcf\u65e5\u81ea\u52d5\u66f4\u65b0\",\"sheet\":\"\u7cbe\u6210\u79d1(6191)\u9032\u51fa\u7d00\u9304\",\"blocks\":[{\"title\":\"Trending Value Q15\",\"header\":[\"\u6b21\u6578\",\"\u9032\u5834\u65e5\u671f\",\"\u51fa\u5834\u65e5\u671f\",\"\u6301\u6709\u5929\u6578\",\"\u9032\u5834\u958b\u76e4\u50f9\",\"\u51fa\u5834\u958b\u76e4\u50f9\",\"\u958b\u76e4\u5831\u916c\",\"\u9032\u5834\u6536\u76e4\u50f9\",\"\u51fa\u5834\u6536\u76e4\u50f9\",\"\u6536\u76e4\u5831\u916c\"],\"returnCols\":[6,9],\"rows\":[[\"1\",\"2025-11-26\",\"2025-12-05\",\"9\",\"127.00\",\"120.50\",\"-5.12%\",\"127.50\",\"121.50\",\"-4.71%\"]]},{\"title\":\"Trending Value Q30\",\"header\":[\"\u6b21\u6578\",\"\u9032\u5834\u65e5\u671f\",\"\u51fa\u5834\u65e5\u671f\",\"\u6301\u6709\u5929\u6578\",\"\u9032\u5834\u958b\u76e4\u50f9\",\"\u51fa\u5834\u958b\u76e4\u50f9\",\"\u958b\u76e4\u5831\u916c\",\"\u9032\u5834\u6536\u76e4\u50f9\",\"\u51fa\u5834\u6536\u76e4\u50f9\",\"\u6536\u76e4\u5831\u916c\"],\"returnCols\":[6,9],\"rows\":[[\"1\",\"2025-11-05\",\"2025-12-04\",\"29\",\"116.50\",\"123.00\",\"+5.58%\",\"119.00\",\"120.50\",\"+1.26%\"],[\"2\",\"2025-12-16\",\"2025-12-23\",\"7\",\"121.00\",\"120.50\",\"-0.41%\",\"116.00\",\"117.50\",\"+1.29%\"]]}],\"parsedAt\":\"2026-11-13T07:24:55.862Z\"}","ifam_valuation":"{\"matrix\":{\"corner\":\"\",\"title\":\"\",\"note\":\"\",\"columns\":[{\"order\":1,\"year\":\"2025(A)\",\"eps\":6.5,\"label\":\"2025(A)\uff1a6.5 \u5143\"}],\"rows\":[{\"order\":1,\"pe\":83.5,\"peLabel\":\"84 \u5143\",\"desc\":\"2026-11-13\",\"cells\":[{\"order\":1,\"price\":12.846153846153847,\"text\":\"12.8 \u500d\",\"hl\":false}]}]}}","ifam_val_range":"

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