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《大行》招銀國際:英偉達(NVDA.US)向全棧式AI工廠平台轉型 全球AI資本開支擴張受益者包括英諾賽科(02577.HK)
招銀國際發表報告指,英偉達(NVDA.US)4月底止首財季業績再勝預期,並上調7月底止次財季指引,但更重要的啟示在於,AI基礎設施的經濟效益正變得越來越具可持續性。再加上直至2027年的1萬億美元Blackwell/Rubin能見度、新增的Vera CPU變現機會,以及更大規模的資本回報計劃,首財季業績減輕了市場對於2027財年僅為一年性需求高峰的擔憂,並強...
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《大行》招銀國際:英偉達(NVDA.US)向全棧式AI工廠平台轉型 全球AI資本開支擴張受益者包括英諾賽科(02577.HK)
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招銀國際發表報告指,英偉達(NVDA.US)      4月底止首財季業績再勝預期,並上調7月底止次財季指引,但更重要的啟示在於,AI基礎設施的經濟效益正變得越來越具可持續性。再加上直至2027年的1萬億美元Blackwell/Rubin能見度、新增的Vera CPU變現機會,以及更大規模的資本回報計劃,首財季業績減輕了市場對於2027財年僅為一年性需求高峰的擔憂,並強化了英偉達從GPU供應商向全棧式AI工廠平台的轉型。

報告稱,新的業務劃分顯示英偉達不再僅僅是超大型雲端業者資本支出的故事。首財季超大型雲端業者收入達380億美元,按季增12%,而ACIE收入(AI雲端、工業與企業)達370億美元,按季增31%,反映出非超大型雲端業者的AI工廠按季增長更快。市場傾向於透過超大型雲端業者的資本支出強度、ASIC替代風險和客戶集中度來辯論英偉達,但ACIE改變了這個討論框架。該行認為,超大型雲端業者證明了該架構的可行性,但ACIE可能成為更廣泛且更高品質的擴張市場。

招銀國際表示,Blackwell/Rubin能見度與Vera CPU將英偉達的增長故事從GPU需求延伸至AI工廠平台的控制層。該行將Vera視為英偉達進軍AI智能體中CPU側控制層的舉措,其中CPU負責管理編排、工具使用、記憶體等,而GPU則負責推理與推論。綜合來看,Blackwell/Rubin提供了多年的平台能見度,而Vera則將英偉達的變現能力從GPU擴展到更廣泛的AI工廠基礎設施。

該行亦持續看好全球AI基礎設施資本支出擴張下的國內AI受益者,包括光模組龍頭中際旭創(300308.SZ)  +44.640 (+4.494%)   、PCB廠商生益科技(600183.SH)  +9.820 (+10.001%)   以及數據中心電源廠商英諾賽科(02577.HK)  +2.200 (+3.372%)    Short selling $22.10M; Ratio 4.387%   。(da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.) (A Shares quote is delayed for at least 15 mins.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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