{"id":2263,"date":"2026-06-20T17:04:55","date_gmt":"2026-06-20T09:04:55","guid":{"rendered":"https:\/\/www.jupanshou.cn\/?p=2263"},"modified":"2026-06-20T17:06:52","modified_gmt":"2026-06-20T09:06:52","slug":"%e6%9c%89%e8%89%b2%e7%9a%84%e9%95%bf%e6%9c%9f%e9%80%bb%e8%be%91%e4%b8%8d%e5%86%8d%e4%bb%85%e4%bb%85%e6%98%af%e5%91%a8%e6%9c%9f%e9%80%bb%e8%be%91%ef%bc%8c%e6%9b%b4%e9%87%8d%e8%a6%81%e7%9a%84%e6%98%af","status":"publish","type":"post","link":"https:\/\/www.jupanshou.cn\/?p=2263","title":{"rendered":"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91"},"content":{"rendered":"\n<p class=\"has-large-font-size\">&#8220;\u7b97\u529b\u7684\u5c3d\u5934\u662f\u7535\u529b\uff0c\u7535\u529b\u7684\u8f7d\u4f53\u662f\u91d1\u5c5e\u3002AI\u57fa\u5efa\u6b63\u5728\u7cfb\u7edf\u6027\u91cd\u4f30\u6574\u6761\u5143\u7d20\u5468\u671f\u8868\uff0c\u800c\u6700\u503c\u5f97\u7814\u7a76\u7684\u5730\u65b9\uff0c\u4e0d\u662f\u90a3\u4e9b\u5df2\u7ecf\u88ab\u5145\u5206\u5b9a\u4ef7\u7684\u94dc\u94dd\u5de8\u5934\uff0c\u800c\u662f\u85cf\u5728\u82af\u7247\u5c01\u88c5\u3001\u9776\u6750\u6e85\u5c04\u3001\u7279\u6c14\u7ba1\u9053\u91cc\u7684\u90a3\u4e9b\u5c0f\u800c\u4e0d\u53ef\u66ff\u4ee3\u7684\u6750\u6599\u3002&#8221;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e00\u3001\u6838\u5fc3\u7ed3\u8bba\uff1a\u5148\u6392\u5c42\u7ea7\uff0c\u518d\u6392\u516c\u53f8<\/h2>\n\n\n\n<p><strong>AI \u96c6\u7fa4\u4ece\u4e07\u5361\u2192\u5341\u4e07\u5361\u2192\u767e\u4e07\u5361\u6269\u5f20\uff0c\u7535\u529b\u5bc6\u5ea6\u3001\u4e92\u8fde\u5e26\u5bbd\u3001\u70ed\u7ba1\u7406\u4e09\u91cd\u538b\u529b\u540c\u65f6\u649e\u51fb\u7269\u7406\u6781\u9650<\/strong>\u3002\u8fd9\u4e09\u4e2a\u538b\u529b\u843d\u5728\u6709\u8272\u91d1\u5c5e\u4e0a\uff0c\u5f62\u6210\u4e86\u622a\u7136\u4e0d\u540c\u7684\u4f9b\u9700\u683c\u5c40\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4f18\u5148\u7ea7\u603b\u89c8<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u4f18\u5148\u5c42\u7ea7<\/th><th>\u4ea7\u4e1a\u94fe\u73af\u8282<\/th><th>\u4ee3\u8868\u54c1\u79cd<\/th><th>AI\u9700\u6c42\u589e\u901f<\/th><th>\u4f9b\u7ed9\u5f39\u6027<\/th><th>\u6838\u5fc3\u903b\u8f91<\/th><\/tr><\/thead><tbody><tr><td><strong>\u7b2c\u4e00\u68af\u961f<\/strong><\/td><td>\u5148\u8fdb\u5c01\u88c5\u710a\u6599<\/td><td>\u9521<\/td><td>20-30%\/\u5e74<\/td><td>\u8fd1\u4e4e\u4e3a\u96f6<\/td><td>\u7f05\u7538\u505c\u4ea7+\u5370\u5c3c\u9650\u51fa\u53e3+\u4f34\u751f\u77ff\u65e0\u6cd5\u72ec\u7acb\u6269\u4ea7<\/td><\/tr><tr><td><strong>\u7b2c\u4e8c\u68af\u961f<\/strong><\/td><td>\u534a\u5bfc\u4f53\u6e85\u5c04\u9776\u6750<\/td><td>\u9ad8\u7eaf\u94a8\/\u94bc\/\u94bd<\/td><td>50%+\/\u5e74<\/td><td>\u6781\u4f4e<\/td><td>\u8ba4\u8bc12\u5e74+\/\u5168\u7403\u4ec53-5\u5bb6\/6N\u7eaf\u5ea6\u58c1\u5792<\/td><\/tr><tr><td><strong>\u7b2c\u4e09\u68af\u961f<\/strong><\/td><td>\u7535\u5b50\u7279\u6c14<\/td><td>\u516d\u6c1f\u5316\u94a8 WF\u2086<\/td><td>30%+\/\u5e74<\/td><td>\u4f4e<\/td><td>\u65e5\u672c\u65ad\u4f9b\/7N\u7eaf\u5ea6\/\u53f0\u79ef\u75353nm\u8ba4\u8bc1<\/td><\/tr><tr><td><strong>\u7b2c\u56db\u68af\u961f<\/strong><\/td><td>\u5316\u5408\u7269\u534a\u5bfc\u4f53\u886c\u5e95<\/td><td>\u78f7\u5316\u94df\/\u9517<\/td><td>50%+\/\u5e74<\/td><td>\u5f88\u4f4e<\/td><td>6\u82f1\u5bf8\u826f\u7387\u4ec570%\/\u7f3a\u53e370%+\/\u534e\u4e3a\u9501\u5b9a\u4ea7\u80fd<\/td><\/tr><tr><td><strong>\u7b2c\u4e94\u68af\u961f<\/strong><\/td><td>\u94bd\u7535\u5bb9<\/td><td>\u94bd\u7c89\/\u94bd\u4e1d<\/td><td>40%+\/\u5e74<\/td><td>\u4f4e<\/td><td>AI\u5355\u673a\u7528\u91cf\u4e3a\u4f20\u7edf30-45\u500d\/\u82f1\u4f1f\u8fbe\u8ba4\u8bc1<\/td><\/tr><tr><td><strong>\u7b2c\u516d\u68af\u961f<\/strong><\/td><td>HVLP\u94dc\u7b94<\/td><td>\u94dc\u6df1\u52a0\u5de5<\/td><td>260%+\/\u5e74<\/td><td>\u4e2d\u7b49<\/td><td>\u65e5\u7cfb\u536080%\/\u56fd\u4ea7\u5316\u7387\u4e0d\u8db320%<\/td><\/tr><tr><td><strong>\u7b2c\u4e03\u68af\u961f<\/strong><\/td><td>\u77ff\u7aef\u94dc\u8d44\u6e90<\/td><td>\u94dc\u7cbe\u77ff<\/td><td>4-5%\/\u5e74<\/td><td>\u4f4e<\/td><td>\u54c1\u4f4d\u4e0b\u964d\/7-10\u5e74\u5f00\u53d1\u5468\u671f<\/td><\/tr><tr><td><strong>\u7b2c\u516b\u68af\u961f<\/strong><\/td><td>\u666e\u901a\u94dc\u94dd\u51b6\u70bc<\/td><td>\u7535\u89e3\u94dc\/\u94dd<\/td><td>\u4f4e\u4e2a\u4f4d\u6570<\/td><td>\u9ad8<\/td><td>\u4ea7\u80fd\u8fc7\u5269\/\u52a0\u5de5\u8d39\u4f4e\u4f4d<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>\u4f18\u5148\u770b\u524d\u4e09\u5c42\uff0c\u539f\u56e0\u662f\u8fd9\u4e9b\u5730\u65b9\u66f4\u63a5\u8fd1\u771f\u5b9e\u6269\u4ea7\u7ea6\u675f\uff0c\u5b83\u4eec\u8981\u4e48\u88ab\u5355\u4e00\u4f9b\u5e94\u5546\u63a7\u5236\u3001\u8981\u4e48\u8ba4\u8bc1\u5468\u671f2\u5e74+\u3001\u8981\u4e48\u5168\u7403\u4ea7\u80fd\u5df2\u88ab\u8ba2\u6ee1\u3001\u8981\u4e48\u51fa\u53e3\u88ab\u5168\u9762\u7ba1\u5236\u3002<\/strong><\/p>\n\n\n\n<p>\u540e\u4e24\u5c42\u4e5f\u80fd\u53d7\u76ca\u4e8e\u6da8\u4ef7\uff0c\u4f46\u63a7\u5236\u529b\u5f31\u5f97\u591a\u3002<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e8c\u3001\u7269\u7406\u6839\u57fa\uff1a\u4ec0\u4e48\u53d8\u4e86\uff1f<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">2.1 \u9700\u6c42\u4fa7\u7684\u6307\u6570\u7ea7\u7206\u53d1<\/h3>\n\n\n\n<p>AI \u7b97\u529b\u6295\u8d44\u7684\u89c4\u6a21\u5df2\u7ecf\u4e0d\u662f&#8221;\u666f\u6c14\u5468\u671f&#8221;\u80fd\u6982\u62ec\u7684\uff1a<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6307\u6807<\/th><th>\u6570\u636e<\/th><th>\u6765\u6e90<\/th><\/tr><\/thead><tbody><tr><td>2025\u5e74\u56db\u5927\u4e91\u5de8\u5934CapEx<\/td><td>&gt;3,000\u4ebf\u7f8e\u5143\uff08+40-50% YoY\uff09<\/td><td>\u516c\u53f8\u8d22\u62a5<\/td><\/tr><tr><td>2026\u5e74\u5168\u7403\u6570\u636e\u4e2d\u5fc3\u8017\u7535\u91cf<\/td><td>1,000-1,100 TWh\uff08\u2248\u65e5\u672c\u5168\u5e74\u7528\u7535\uff09<\/td><td>IEA<\/td><\/tr><tr><td>\u5168\u7403AI\u670d\u52a1\u5668\u51fa\u8d27\u91cf\u589e\u901f\uff082025-2028\uff09<\/td><td>CAGR 39%<\/td><td>IDC<\/td><\/tr><tr><td>\u9ad8\u76db\u9884\u6d4b2027\u5e74\u8d85\u5927\u89c4\u6a21\u4e91\u4f01\u4e1aCapEx<\/td><td>1.1\u4e07\u4ebf\u7f8e\u5143<\/td><td>Goldman Sachs<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2.2 \u4e09\u4e2a\u5173\u952e\u7269\u7406\u4f20\u5bfc<\/h3>\n\n\n\n<pre class=\"wp-block-code\"><code>AI\u96c6\u7fa4\u89c4\u6a21\u6269\u5f20\n    \u251c\u2500\u2500 \u7535\u529b\u914d\u9001\u538b\u529b \u2192 \u94dc\uff08\u5355\u5ea7300MW\u6570\u636e\u4e2d\u5fc3\u7528\u94dc6,000-9,000\u5428\uff09\n    \u251c\u2500\u2500 \u82af\u7247\u5806\u53e0\u5bc6\u5ea6 \u2192 \u9521\uff08AI\u82af\u7247\u710a\u70b9\u5bc6\u5ea6\u4e3a\u4f20\u7edf\u82af\u7247\u7684\u6570\u500d\u5230\u6570\u5341\u500d\uff09\n    \u2514\u2500\u2500 \u5236\u7a0b\/\u5b58\u50a8\u5347\u7ea7 \u2192 \u94a8\/\u94bc\/\u94bd\uff083D NAND 100+\u5c42\u2192300+\u5c42\uff0c\u6bcf\u5c42\u9700\u8981\u5b57\u7ebf\u91d1\u5c5e\uff09<\/code><\/pre>\n\n\n\n<h4 class=\"wp-block-heading\">\u94dc\uff1a\u7535\u529b\u914d\u9001\u7684\u8840\u7ba1<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6307\u6807<\/th><th>\u6570\u636e<\/th><\/tr><\/thead><tbody><tr><td>\u5355\u53f0AI\u670d\u52a1\u5668\u7528\u94dc<\/td><td>15-20kg\uff08\u4f20\u7edf3-4\u500d\uff09<\/td><\/tr><tr><td>\u5355\u5ea7300MW\u6570\u636e\u4e2d\u5fc3\u7528\u94dc<\/td><td>6,000-9,000\u5428<\/td><\/tr><tr><td>\u6bcfMW AI\u6570\u636e\u4e2d\u5fc3\u7528\u94dc<\/td><td>20-25\u5428\uff08\u4f20\u7edf5-8\u5428\u76843\u500d+\uff09<\/td><\/tr><tr><td>2026\u5e74AI\u94dc\u9700\u6c42\u589e\u91cf<\/td><td>\u7ea625\u4e07\u5428<\/td><\/tr><tr><td>ICSG 2026\u5e74\u4f9b\u9700\u9884\u6d4b<\/td><td><strong>\u7ea615\u4e07\u5428\u7f3a\u53e3<\/strong>\uff082009\u5e74\u4ee5\u6765\u9996\u6b21\u7ed3\u6784\u6027\u77ed\u7f3a\uff09<\/td><\/tr><tr><td>\u94dc\u77ff\u52d8\u63a2\u2192\u6295\u4ea7\u5468\u671f<\/td><td>7-10\u5e74<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>\u4f46\u94dc\u7684AI\u9700\u6c42\u5360\u603b\u9700\u6c42\u4ec5\u7ea64-5%\uff0c\u66f4\u591a\u662f\u8fb9\u9645\u5b9a\u4ef7\u800c\u975e\u5168\u5c40\u6027\u77ed\u7f3a\u3002<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\u9521\uff1a\u5148\u8fdb\u5c01\u88c5\u7684\u9aa8\u67b6<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6307\u6807<\/th><th>\u6570\u636e<\/th><\/tr><\/thead><tbody><tr><td>\u5355\u53f0AI\u670d\u52a1\u5668\u8017\u9521\u91cf<\/td><td>\u4f20\u7edf\u670d\u52a1\u5668\u76843-9\u500d<\/td><\/tr><tr><td>2026\u5e74AI\u9521\u9700\u6c42\u589e\u91cf<\/td><td>\u7ea60.6\u4e07\u5428<\/td><\/tr><tr><td>2030\u5e74AI\u9521\u9700\u6c42\u9884\u6d4b<\/td><td>2.2-2.5\u4e07\u5428\uff08\u76f8\u8f832025\u5e74\u589e\u957f3\u500d\uff09<\/td><\/tr><tr><td>\u5168\u7403\u9521\u9759\u6001\u50a8\u91c7\u6bd4<\/td><td>\u4ec514-15\u5e74\uff08\u4e3b\u6d41\u91d1\u5c5e\u6700\u4f4e\uff09<\/td><\/tr><tr><td>\u7f05\u7538\u4f64\u90a6\u505c\u4ea7<\/td><td>2023\u5e748\u6708\u8d77\u7ea629\u4e2a\u6708\uff0c\u5168\u7403\u4f9b\u7ed9\u84b8\u53d1\u7ea610%<\/td><\/tr><tr><td>\u5370\u5c3c\u7cbe\u70bc\u9521\u51fa\u53e3<\/td><td>\u964d\u81f3\u7ea64.5\u4e07\u5428\u591a\u5e74\u4f4e\u70b9<\/td><\/tr><tr><td>LME\u9521\u5e93\u5b58\uff082026\u5e745\u6708\uff09<\/td><td>\u4ec58,180\u5428\uff0c\u5386\u53f2\u4f4e\u4f4d<\/td><\/tr><tr><td>2026\u5e74\u6caa\u9521\u9ad8\u70b9<\/td><td>449,960\u5143\/\u5428<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">\u94a8\/\u94bc\uff1a\u82af\u7247\u5236\u9020\u7684\u7259\u9f7f<\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6307\u6807<\/th><th>\u6570\u636e<\/th><\/tr><\/thead><tbody><tr><td>\u516d\u6c1f\u5316\u94a8\u4ef7\u683c\u6da8\u5e45<\/td><td>\u540c\u6bd4+232.7%<\/td><\/tr><tr><td>\u94a8\u5f00\u91c7\u603b\u91cf\u63a7\u5236<\/td><td>2025\u5e74\u7b2c\u4e00\u6279\u540c\u6bd4-6.5%<\/td><\/tr><tr><td>\u5168\u7403\u94a8\u4f9b\u7ed9\u96c6\u4e2d\u5ea6<\/td><td>80%+\u96c6\u4e2d\u4e8e\u4e2d\u56fd<\/td><\/tr><tr><td>SK\u6d77\u529b\u58eb375\u5c42NAND<\/td><td>\u5168\u9762\u5207\u6362\u94bc\u5b57\u7ebf\uff0c2026\u5e74\u5e95\u91cf\u4ea7<\/td><\/tr><tr><td>\u5168\u7403\u534a\u5bfc\u4f53\u94bc\u9700\u6c42<\/td><td>2026\u5e7418\u5428\u21922030\u5e7480\u5428+\uff0cCAGR 50%+<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2.3 \u6838\u5fc3\u77db\u76fe\uff1a\u65f6\u95f4\u9519\u914d<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7b97\u529b\u8fed\u4ee3\u901f\u5ea6<\/th><th>\u77ff\u5c71\u54cd\u5e94\u901f\u5ea6<\/th><\/tr><\/thead><tbody><tr><td>AI\u6309&#8221;\u6708&#8221;\u8fed\u4ee3<\/td><td>\u94dc\u77ff\u52d8\u63a2\u2192\u6295\u4ea7\uff1a7-10\u5e74<\/td><\/tr><tr><td>\u82af\u7247\u5236\u7a0b2\u5e74\u4e00\u4ee3<\/td><td>\u9521\u77ff\u590d\u4ea7\u5468\u671f\uff1a\u6570\u5e74<\/td><\/tr><tr><td>\u6570\u636e\u4e2d\u5fc32-3\u5e74\u5efa\u6210<\/td><td>\u94a8\u77ff\u5f00\u53d1\u5468\u671f\uff1a5-8\u5e74<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">2.4 \u56db\u5927\u4f9b\u7ed9\u521a\u6027\uff08\u5c0f\u91d1\u5c5e\u5171\u6027\uff09<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u5f00\u91c7\u914d\u989d\u7ba1\u63a7<\/strong> \u2014 \u4e2d\u56fd\u5bf9\u7a00\u571f\u3001\u94a8\u3001\u9511\u7b49\u5b9e\u65bd\u603b\u91cf\u63a7\u5236\uff1b\u300a\u77ff\u4ea7\u8d44\u6e90\u6cd5\u5b9e\u65bd\u6761\u4f8b\u300b2026\u5e746\u670815\u65e5\u65bd\u884c\uff0c36\u79cd\u77ff\u4ea7\u5217\u5165\u56fd\u5bb6\u6218\u7565\u76ee\u5f55<\/li>\n\n\n\n<li><strong>\u51b6\u70bc\u6280\u672f\u58c1\u5792<\/strong> \u2014 \u534a\u5bfc\u4f53\u7ea7\u9ad8\u7eaf\u6750\u6599\u8ba4\u8bc1\u5468\u671f2\u5e74\u4ee5\u4e0a\uff0c\u6784\u6210\u5929\u7136\u62a4\u57ce\u6cb3<\/li>\n\n\n\n<li><strong>\u5730\u7f18\u51fa\u53e3\u7ba1\u5236<\/strong> \u2014 \u9553\u3001\u95172024\u5e74\u5e95\u5168\u9762\u7981\u4ee4\uff1b\u7a00\u571f\u3001\u94a8\u3001\u9511\u957f\u671f\u603b\u91cf\u63a7\u5236\uff1b\u7f8e\u56fd\u5bf9\u8fdb\u53e3\u94dc\u52a0\u5f8150%\u5173\u7a0e<\/li>\n\n\n\n<li><strong>\u6781\u4f4e\u5e93\u5b58<\/strong> \u2014 \u5168\u7403\u663e\u6027\u5e93\u5b58\u5904\u4e8e10\u5e74\u4f4e\u4f4d\uff0c\u53ef\u4ea4\u5272\u8d44\u6e90\u7a00\u7f3a<\/li>\n<\/ol>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e09\u3001\u4ea7\u4e1a\u94fe\u5c42\u7ea7\u6392\u540d<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6392\u540d<\/th><th>\u4ea7\u4e1a\u94fe\u5c42\u7ea7<\/th><th>\u7a00\u7f3a\u6027<\/th><th>\u4ee3\u8868\u54c1\u79cd<\/th><th>AI\u9700\u6c42\u589e\u901f<\/th><th>\u4f9b\u7ed9\u5f39\u6027<\/th><th>\u4f9b\u5e94\u5546\u6570\u91cf<\/th><th>\u8ba4\u8bc1\u5468\u671f<\/th><\/tr><\/thead><tbody><tr><td><strong>1<\/strong><\/td><td>\u5148\u8fdb\u5c01\u88c5\u710a\u6599<\/td><td>\u6781\u9ad8<\/td><td>\u9521<\/td><td>20-30%\/\u5e74<\/td><td>\u8fd1\u4e4e\u4e3a\u96f6<\/td><td>\u5168\u7403\u7cbe\u9521&lt;10\u5bb6<\/td><td>1-2\u5e74<\/td><\/tr><tr><td><strong>2<\/strong><\/td><td>\u534a\u5bfc\u4f53\u6e85\u5c04\u9776\u6750<\/td><td>\u6781\u9ad8<\/td><td>\u9ad8\u7eaf\u94a8\/\u94bc\/\u94bd<\/td><td>50%+\/\u5e74<\/td><td>\u6781\u4f4e<\/td><td>\u5168\u74033-5\u5bb6<\/td><td>2\u5e74+<\/td><\/tr><tr><td><strong>3<\/strong><\/td><td>\u7535\u5b50\u7279\u6c14<\/td><td>\u6781\u9ad8<\/td><td>\u516d\u6c1f\u5316\u94a8 WF\u2086<\/td><td>30%+\/\u5e74<\/td><td>\u4f4e<\/td><td>\u5168\u7403&lt;5\u5bb6<\/td><td>2\u5e74+<\/td><\/tr><tr><td><strong>4<\/strong><\/td><td>\u5316\u5408\u7269\u534a\u5bfc\u4f53\u886c\u5e95<\/td><td>\u5f88\u9ad8<\/td><td>\u78f7\u5316\u94df\/\u9517<\/td><td>50%+\/\u5e74<\/td><td>\u5f88\u4f4e<\/td><td>\u5168\u74033-4\u5bb6<\/td><td>18-36\u6708<\/td><\/tr><tr><td><strong>5<\/strong><\/td><td>\u94bd\u7535\u5bb9<\/td><td>\u5f88\u9ad8<\/td><td>\u94bd\u7c89\/\u94bd\u4e1d<\/td><td>40%+\/\u5e74<\/td><td>\u4f4e<\/td><td>\u56fd\u5185&lt;3\u5bb6<\/td><td>1-2\u5e74<\/td><\/tr><tr><td><strong>6<\/strong><\/td><td>HVLP\u94dc\u7b94<\/td><td>\u9ad8<\/td><td>HVLP3-4<\/td><td>260%+\/\u5e74<\/td><td>\u4e2d\u7b49<\/td><td>\u5168\u7403&lt;5\u5bb6<\/td><td>1\u5e74+<\/td><\/tr><tr><td><strong>7<\/strong><\/td><td>\u77ff\u7aef\u94dc\u8d44\u6e90<\/td><td>\u4e2d\u9ad8<\/td><td>\u94dc\u7cbe\u77ff<\/td><td>4-5%\/\u5e74<\/td><td>\u4f4e<\/td><td>\u5168\u7403\u6570\u5341\u5bb6<\/td><td>7-10\u5e74(\u77ff\u5c71)<\/td><\/tr><tr><td><strong>8<\/strong><\/td><td>\u77ff\u7aef\u9521\/\u94a8\u8d44\u6e90<\/td><td>\u9ad8<\/td><td>\u9521\u7cbe\u77ff\/\u94a8\u7cbe\u77ff<\/td><td>10-20%\/\u5e74<\/td><td>\u6781\u4f4e<\/td><td>\u56fd\u5185&lt;5\u5bb6<\/td><td>5-8\u5e74(\u77ff\u5c71)<\/td><\/tr><tr><td><strong>9<\/strong><\/td><td>\u666e\u901a\u94dc\u94dd\u51b6\u70bc<\/td><td>\u4f4e<\/td><td>\u7535\u89e3\u94dc\/\u94dd<\/td><td>\u4f4e\u4e2a\u4f4d\u6570<\/td><td>\u9ad8<\/td><td>\u56fd\u5185\u6570\u5341\u5bb6<\/td><td>\u65e0\u8ba4\u8bc1\u58c1\u5792<\/td><\/tr><tr><td><strong>10<\/strong><\/td><td>\u6982\u5ff5\u7092\u4f5c\u6807\u7684<\/td><td>\u65e0<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u2014<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u56db\u3001\u516c\u53f8\u5206\u7c7b\u8bc4\u4f30<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u5206\u7c7b\u6807\u51c6<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u5206\u7c7b<\/th><th>\u542b\u4e49<\/th><\/tr><\/thead><tbody><tr><td>\ud83d\udfe2 <strong>\u63a7\u5236\u7a00\u7f3a\u5c42<\/strong><\/td><td>\u5728\u4ea7\u4e1a\u94fe\u5173\u952e\u73af\u8282\u62e5\u6709\u5b9a\u4ef7\u6743\u6216\u4e0d\u53ef\u66ff\u4ee3\u6027<\/td><\/tr><tr><td>\ud83d\udd35 <strong>\u4f9b\u5e94\u7a00\u7f3a\u5c42<\/strong><\/td><td>\u5904\u4e8e\u7a00\u7f3a\u5c42\u4f46\u9762\u4e34\u7ade\u4e89\uff0c\u6216\u4f53\u91cf\u4e0d\u8db3\u4ee5\u63a7\u5236<\/td><\/tr><tr><td>\ud83d\udfe1 <strong>\u53d7\u76ca\u4e8e\u8d8b\u52bf<\/strong><\/td><td>\u95f4\u63a5\u53d7\u76ca\u4f46\u63a7\u5236\u529b\u6709\u9650<\/td><\/tr><tr><td>\ud83d\udfe0 <strong>\u63a7\u5236\u529b\u5f31<\/strong><\/td><td>\u6709\u66dd\u5149\u4f46\u5b9a\u4ef7\u6743\u5f31<\/td><\/tr><tr><td>\ud83d\udd34 <strong>\u4e3b\u8981\u662f\u6545\u4e8b<\/strong><\/td><td>\u6982\u5ff5\u5f3a\u4f46\u8bc1\u636e\u5f31\uff0c\u6216\u5df2\u88ab\u4e25\u91cd\u9ad8\u4f30<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4.1 \u9521\u2014\u2014\u5148\u8fdb\u5c01\u88c5\u710a\u6599\uff08\u6700\u7a00\u7f3a\u5c42\uff09<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8<\/th><th>\u4ee3\u7801<\/th><th>\u5206\u7c7b<\/th><th>\u6838\u5fc3\u5b9a\u4f4d<\/th><th>AI\u5173\u8054\u4eae\u70b9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u9521\u4e1a\u80a1\u4efd<\/strong><\/td><td>000960<\/td><td>\ud83d\udfe2<\/td><td>\u5168\u7403\u9521+\u94df\u53cc\u9f99\u5934<\/td><td>5N-7N\u9ad8\u7eaf\u9521\u2192\u5148\u8fdb\u5c01\u88c5\uff1b\u94df\u50a8\u91cf\u5168\u7403\u7b2c\u4e004,821\u5428\u2192\u78f7\u5316\u94df\u886c\u5e95\u4e0a\u6e38<\/td><\/tr><tr><td><strong>\u534e\u9521\u6709\u8272<\/strong><\/td><td>600301<\/td><td>\ud83d\udd35<\/td><td>\u9521\u9511\u94df\u4f34\u751f\uff0c\u5e7f\u897f\u56fd\u8d44<\/td><td>7N\u8d85\u9ad8\u7eaf\u9521\u2192\u5c01\u88c5\uff1b\u9511\u8d44\u6e90\u4e30\u5bcc\u2192\u963b\u71c3\u5242<\/td><\/tr><tr><td><strong>\u5174\u4e1a\u94f6\u9521<\/strong><\/td><td>000426<\/td><td>\ud83d\udd35<\/td><td>\u94f6\u6f2b\u56fd\u5185\u6700\u5927\u5355\u4f53\u94f6\u9521\u77ff<\/td><td>\u9521\u7cbe\u77ff\u81ea\u7ed9\u7387100%\uff0c\u9521\u4ef7\u5f39\u6027\u6781\u5f3a<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>\u8d22\u52a1\u901f\u89c8\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8<\/th><th>2025\u8425\u6536<\/th><th>2025\u51c0\u5229<\/th><th>2026Q1\u8425\u6536<\/th><th>2026Q1\u51c0\u5229<\/th><th>\u51c0\u5229YoY<\/th><th>\u9521\u8d44\u6e90\u91cf<\/th><\/tr><\/thead><tbody><tr><td>\u9521\u4e1a\u80a1\u4efd<\/td><td>435\u4ebf<\/td><td>19.66\u4ebf<\/td><td>155.5\u4ebf<\/td><td>8.68\u4ebf<\/td><td>+74%<\/td><td>61.38\u4e07\u5428<\/td><\/tr><tr><td>\u534e\u9521\u6709\u8272<\/td><td>\u2014<\/td><td>\u2014<\/td><td>11.57\u4ebf<\/td><td>1.82\u4ebf<\/td><td>+18.5%<\/td><td>~24.5\u4e07\u5428<\/td><\/tr><tr><td>\u5174\u4e1a\u94f6\u9521<\/td><td>\u2014<\/td><td>\u2014<\/td><td>21.3\u4ebf<\/td><td>13.4\u4ebf<\/td><td>+257%<\/td><td>\u2014<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4.2 \u94a8\/\u94bc\u2014\u2014\u6e85\u5c04\u9776\u6750 + \u7535\u5b50\u7279\u6c14<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8<\/th><th>\u4ee3\u7801<\/th><th>\u5206\u7c7b<\/th><th>\u6838\u5fc3\u5b9a\u4f4d<\/th><th>AI\u5173\u8054\u4eae\u70b9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u91d1\u94bc\u80a1\u4efd<\/strong><\/td><td>601958<\/td><td>\ud83d\udfe2<\/td><td>\u56fd\u5185\u552f\u4e00&#8221;\u77ff\u21926N\u94bc\u7c89\u219212\u5bf8\u9776\u6750&#8221;\u5168\u94fe<\/td><td>\u53f0\u79ef\u7535\/\u4e09\u661f\u8ba4\u8bc1\uff1b\u4e2d\u82af\u56fd\u96455\u5e7410\u4ebf\u957f\u534f\uff1bSK\u6d77\u529b\u58eb375\u5c42NAND\u94bc\u4ee3\u94a8<\/td><\/tr><tr><td><strong>\u4e2d\u8239\u7279\u6c14<\/strong><\/td><td>688146<\/td><td>\ud83d\udfe2<\/td><td>\u5168\u7403\u516d\u6c1f\u5316\u94a8\u4ea7\u80fd\u7b2c\u4e00(2000\u5428\/\u5e74)<\/td><td>\u552f\u4e007N\u7ea7\u91cf\u4ea7\uff1b\u53f0\u79ef\u75353nm\u4f9b\u8d27\uff1b\u65e5\u672c\u65ad\u4f9b\u76f4\u63a5\u53d7\u76ca<\/td><\/tr><tr><td><strong>\u53a6\u95e8\u94a8\u4e1a<\/strong><\/td><td>600549<\/td><td>\ud83d\udfe2<\/td><td>\u5168\u7403\u94a8\u5168\u4ea7\u4e1a\u94fe\u9f99\u5934<\/td><td>\u94a8\u7cbe\u77ff1.2\u4e07\u5428\/\u5e74\uff1b\u516d\u6c1f\u5316\u94a8\u51fa\u53e3\u5360\u5168\u56fd35%+\uff1b\u7a00\u571f\u6c38\u78c1\u534f\u540c<\/td><\/tr><tr><td><strong>\u4e2d\u94a8\u9ad8\u65b0<\/strong><\/td><td>000657<\/td><td>\ud83d\udd35<\/td><td>\u67ff\u7af9\u56ed\u5168\u7403\u6700\u5927\u5355\u4f53\u94a8\u77ff<\/td><td>PCB\u5fae\u94bb\u5168\u7403\u9f99\u5934\uff1b\u786c\u8d28\u5408\u91d1\u56fd\u5185&gt;25%\uff1b\u4e94\u77ff\u592e\u4f01<\/td><\/tr><tr><td><strong>\u6c5f\u4e30\u7535\u5b50<\/strong><\/td><td>300666<\/td><td>\ud83d\udfe2<\/td><td>\u56fd\u5185\u552f\u4e00\u5168\u54c1\u7c7b\u534a\u5bfc\u4f53\u9776\u6750\u9f99\u5934<\/td><td>\u53f0\u79ef\u75353nm\u8ba4\u8bc1\uff1b\u5168\u7403\u9776\u6750\u4efd\u989d26.9%\u7b2c\u4e8c\uff1b\u94a8\u9776\u6da8\u4ef760-70%<\/td><\/tr><tr><td><strong>\u9686\u534e\u79d1\u6280<\/strong><\/td><td>300263<\/td><td>\ud83d\udd35<\/td><td>\u534a\u5bfc\u4f53\u94bc\u9776\u56fd\u5185&gt;50%<\/td><td>\u4e09\u661f286\u5c42NAND\u4f9b\u8d27\uff1b\u65e0\u94df\u9776A\u80a1\u552f\u4e00\u91cf\u4ea7<\/td><\/tr><tr><td><strong>\u7ae0\u6e90\u94a8\u4e1a<\/strong><\/td><td>002378<\/td><td>\ud83d\udd35<\/td><td>\u6c11\u8425\u94a8\u8d44\u6e90\u9f99\u5934<\/td><td>\u77ff\u7aef\u81ea\u7ed9\u7387\u9ad8\uff0c\u94a8\u4ef7\u5f39\u6027\u6781\u5f3a<\/td><\/tr><tr><td><strong>\u6709\u7814\u65b0\u6750<\/strong><\/td><td>600206<\/td><td>\ud83d\udd35<\/td><td>12\u5bf8\u94bc\u9776+\u91d1\u9521\u710a\u7247<\/td><td>\u4e09\u661f\/SK\u6d77\u529b\u58eb\u8ba4\u8bc1\uff1bHBM\u5806\u53e0+\u94bc\u4ee3\u94a8\u53cc\u903b\u8f91<\/td><\/tr><tr><td><strong>\u76db\u9f99\u80a1\u4efd<\/strong><\/td><td>001257<\/td><td>\ud83d\udd35<\/td><td>\u7eaf\u94bc\u6807\u7684(\u5357\u6ce5\u6e56\u94bc\u77ff)<\/td><td>\u56fd\u5185\u6700\u5927\u5728\u4ea7\u5355\u4f53\u94bc\u77ff\uff0c\u6d1b\u9633\u56fd\u8d44<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>\u8d22\u52a1\u901f\u89c8\uff1a<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8<\/th><th>2026Q1\u8425\u6536<\/th><th>2026Q1\u51c0\u5229<\/th><th>\u51c0\u5229YoY<\/th><th>\u6838\u5fc3\u8d44\u6e90\/\u4ea7\u80fd<\/th><\/tr><\/thead><tbody><tr><td>\u91d1\u94bc\u80a1\u4efd<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u94bc227\u4e07\u5428\uff1b\u94bc\u4ef7\u6bcf\u6da8100\u5143\/\u5428\u5ea6\u589e\u52291\u4ebf<\/td><\/tr><tr><td>\u4e2d\u8239\u7279\u6c14<\/td><td>7.01\u4ebf<\/td><td>1.01\u4ebf<\/td><td>+17%<\/td><td>WF\u2086 2000\u5428\/\u5e74(\u5168\u7403\u6700\u5927)<\/td><\/tr><tr><td>\u53a6\u95e8\u94a8\u4e1a<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u94a8\u7cbe\u77ff1.2\u4e07\u5428\/\u5e74\uff1b\u7a00\u571f\u6c38\u78c19,095\u5428<\/td><\/tr><tr><td>\u6c5f\u4e30\u7535\u5b50<\/td><td>13.06\u4ebf<\/td><td>2.10\u4ebf<\/td><td>+33%<\/td><td>\u5168\u7403\u9776\u6750\u51fa\u8d27\u91cf\u7b2c\u4e00<\/td><\/tr><tr><td>\u9686\u534e\u79d1\u6280<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u2014<\/td><td>\u534a\u5bfc\u4f53\u94bc\u9776\u56fd\u5185&gt;50%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4.3 \u94df\/\u9517\u2014\u2014\u5316\u5408\u7269\u534a\u5bfc\u4f53\u886c\u5e95<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8<\/th><th>\u4ee3\u7801<\/th><th>\u5206\u7c7b<\/th><th>\u6838\u5fc3\u5b9a\u4f4d<\/th><th>AI\u5173\u8054\u4eae\u70b9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4e91\u5357\u9517\u4e1a<\/strong><\/td><td>002428<\/td><td>\ud83d\udfe2<\/td><td>\u56fd\u5185\u552f\u4e00\u7eaf\u9517\u5168\u4ea7\u4e1a\u94fe+\u552f\u4e006\u82f1\u5bf8\u78f7\u5316\u94df\u91cf\u4ea7<\/td><td>\u534e\u4e3a\u54c8\u52c3\u6301\u80a123.91%\uff1b\u534e\u4e3a\u9501\u5b9a53%\u4ea7\u80fd(\u9884\u4ed840%)\uff1b\u5168\u7403\u886c\u5e95\u7f3a\u53e370%+<\/td><\/tr><tr><td><strong>\u9a70\u5b8f\u950c\u9517<\/strong><\/td><td>600497<\/td><td>\ud83d\udd35<\/td><td>\u9517\u5e74\u4ea7\u80fd60\u5428(\u5168\u7403\u539f\u751f\u951725%)<\/td><td>\u94c5\u950c\u4f34\u751f\u6210\u672c\u4f18\u52bf\uff1b\u9517\u8d44\u6e90593\u5428<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4.4 \u94bd\u2014\u2014AI\u670d\u52a1\u5668\u94bd\u7535\u5bb9<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8<\/th><th>\u4ee3\u7801<\/th><th>\u5206\u7c7b<\/th><th>\u6838\u5fc3\u5b9a\u4f4d<\/th><th>AI\u5173\u8054\u4eae\u70b9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4e1c\u65b9\u94bd\u4e1a<\/strong><\/td><td>000962<\/td><td>\ud83d\udfe2<\/td><td>\u56fd\u5185\u552f\u4e00\u94bd\u94cc\u5168\u6d41\u7a0b\u9f99\u5934<\/td><td>\u94bd\u4e1d\u5168\u7403&gt;50%\uff1b\u5b9a\u589e12\u4ebf\u6269\u4ea7\uff1b\u94bd\u4ef7\u6da8158%\uff1bAI\u94bd\u7535\u5bb9\u7528\u91cf30\u500d\u4e8e\u4f20\u7edf<\/td><\/tr><tr><td><strong>\u5b8f\u8fbe\u7535\u5b50<\/strong><\/td><td>300726<\/td><td>\ud83d\udd35<\/td><td>\u519b\u5de5\u94bd\u7535\u5bb9&gt;80%\uff1b\u82f1\u4f1f\u8fbe\u8ba4\u8bc1<\/td><td>Q1\u51c0\u5229+71%\uff1bAI\u94bd\u7535\u5bb9\u6bdb\u5229\u738761%\uff1b\u914d\u5957\u534e\u4e3a\u9cb2\u9e4f\/\u6d6a\u6f6e\/\u66d9\u5149<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4.5 HVLP\u94dc\u7b94\u2014\u2014AI\u670d\u52a1\u5668\u9ad8\u7aefPCB\u6838\u5fc3\u8017\u6750<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8<\/th><th>\u4ee3\u7801<\/th><th>\u5206\u7c7b<\/th><th>\u6838\u5fc3\u5b9a\u4f4d<\/th><th>AI\u5173\u8054\u4eae\u70b9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u94dc\u51a0\u94dc\u7b94<\/strong><\/td><td>301217<\/td><td>\ud83d\udfe2<\/td><td>HVLP1-4\u5168\u7cfb\u5217\u91cf\u4ea7(\u56fd\u4ea7\u552f\u4e00)<\/td><td>Q1\u51c0\u5229+2138%\uff1b\u6d77\u5916\u6536\u5165+2957%\uff1b\u5355\u53f0Rubin LPU\u7528\u94dc\u7b94\u7ea6100kg<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4.6 \u77ff\u7aef\u8d44\u6e90\u5de8\u5934\uff08\u91cf\u5927\u5229\u8584\u4f46\u786e\u5b9a\u6027\u9ad8\uff09<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8<\/th><th>\u4ee3\u7801<\/th><th>\u5206\u7c7b<\/th><th>\u6838\u5fc3\u54c1\u79cd<\/th><th>AI\u5173\u8054\u903b\u8f91<\/th><\/tr><\/thead><tbody><tr><td><strong>\u7d2b\u91d1\u77ff\u4e1a<\/strong><\/td><td>601899<\/td><td>\ud83d\udfe1<\/td><td>\u94dc(10,968\u4e07\u5428)\/\u91d1\/\u94bc<\/td><td>\u5168\u7403\u94dc\u77ff\u9f99\u5934\uff0c\u6570\u636e\u4e2d\u5fc3\u7528\u94dc\u7ed3\u6784\u6027\u589e\u91cf<\/td><\/tr><tr><td><strong>\u6d1b\u9633\u94bc\u4e1a<\/strong><\/td><td>603993<\/td><td>\ud83d\udfe1<\/td><td>\u94dc\/\u94b4\/\u94bc\/\u94a8\/\u94cc<\/td><td>TFM\u94dc\u94b4\u77ff+\u94a8\u94bc\u4f34\u751f\uff0c\u591a\u54c1\u7c7b\u5e73\u6291\u5468\u671f<\/td><\/tr><tr><td><strong>\u6c5f\u897f\u94dc\u4e1a<\/strong><\/td><td>600362<\/td><td>\ud83d\udfe1<\/td><td>\u94dc\u51b6\u70bc238\u4e07\u5428<\/td><td>\u5411\u534e\u4e3a\u9cb2\u9e4f\/\u963f\u91cc\u8d85\u7b97\u4f9b\u8d27\u7279\u79cd\u94dc\u6750\uff1bAI\u6f06\u5305\u7ebf\u9500\u91cf+120%<\/td><\/tr><tr><td><strong>\u4e2d\u56fd\u94dd\u4e1a<\/strong><\/td><td>601600<\/td><td>\ud83d\udd35<\/td><td>\u9553\u4ea7\u80fd\u4e16\u754c\u7b2c\u4e00<\/td><td>\u9553\u5168\u9762\u7981\u4ee4\u540e\u5b9a\u4ef7\u6743\u6781\u9ad8<\/td><\/tr><tr><td><strong>\u6e56\u5357\u9ec4\u91d1<\/strong><\/td><td>002155<\/td><td>\ud83d\udfe1<\/td><td>\u9511\u8d44\u6e9034.71\u4e07\u5428<\/td><td>\u963b\u71c3\u5242(AI\u670d\u52a1\u5668PCB\u521a\u9700)<\/td><\/tr><tr><td><strong>\u963f\u77f3\u521b<\/strong><\/td><td>300706<\/td><td>\ud83d\udfe0<\/td><td>\u663e\u793a\u94bc\u9776\u5168\u7403\u7b2c\u4e00<\/td><td>Q1\u51c0\u5229+572%\u626d\u4e8f\uff1b\u534a\u5bfc\u4f53\u9776\u6750\u4ecd\u5728\u9001\u6837<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4.7 \u88ab\u964d\u7ea7\u7684\u70ed\u95e8\u65b9\u5411<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u516c\u53f8\/\u65b9\u5411<\/th><th>\u4ee3\u7801<\/th><th>\u964d\u7ea7\u539f\u56e0<\/th><\/tr><\/thead><tbody><tr><td><strong>\u552f\u7279\u5076<\/strong><\/td><td>301319<\/td><td>\ud83d\udd34 \u5149\u6a21\u5757\u4e1a\u52a1\u524d5\u6708\u9500\u552e\u4ec5134\u4e07\u5143\uff1b\u5148\u8fdb\u5c01\u88c5\u8425\u6536\u5360\u6bd4&lt;1%\uff1bPE 249\u500d\uff1b\u6df1\u4ea4\u6240\u5173\u6ce8\u51fd\uff1b&#8221;\u82f1\u4f1f\u8fbe\/\u534e\u4e3a\u6607\u817e\u4f9b\u5e94\u94fe&#8221;\u4e3a\u5e02\u573a\u60f3\u8c61\uff0c\u65e0\u5b9e\u8d28\u8ba2\u5355\u8bc1\u636e<\/td><\/tr><tr><td><strong>\u94dc\u9675\u6709\u8272<\/strong><\/td><td>000630<\/td><td>\ud83d\udfe0 \u51b6\u70bc\u4e3a\u4e3b\uff0c\u52a0\u5de5\u8d39\u4f4e\u8ff7\uff0c\u77ff\u7aef\u81ea\u7ed9\u7387\u4f4e\uff1bAI\u94dc\u9700\u6c42\u5360\u603b\u9700\u6c42\u4e0d\u8db35%\uff0c\u589e\u91cf\u903b\u8f91\u4e0d\u591f\u786c<\/td><\/tr><tr><td><strong>\u4e91\u5357\u94dc\u4e1a<\/strong><\/td><td>000878<\/td><td>\ud83d\udfe0 \u540c\u51b6\u70bc\u903b\u8f91\uff0cTC\/RC\u6301\u7eed\u4f4e\u4f4d\u62d6\u7d2f\u5229\u6da6<\/td><\/tr><tr><td><strong>\u666e\u901a\u94dd\u4e1a\u516c\u53f8<\/strong><\/td><td>\u2014<\/td><td>\ud83d\udd34 AI\u670d\u52a1\u5668\u7528\u94dd(\u6563\u70ed\/\u673a\u58f3)\u7edd\u5bf9\u91cf\u6781\u5c11\uff0c\u903b\u8f91\u4e0d\u6210\u7acb<\/td><\/tr><tr><td><strong>\u7fd4\u9e6d\u94a8\u4e1a<\/strong><\/td><td>002842<\/td><td>\ud83d\udfe0 \u6d41\u901a\u76d8\u5c0f\u5f39\u6027\u597d\u4f46\u57fa\u672c\u9762\u65e0\u5b9e\u8d28\u53d8\u5316\uff0c\u94a8\u77ff\u81ea\u7ed9\u7387\u4f4e<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e94\u3001\u6700\u7ec8\u4f18\u5148\u7814\u7a76\u540d\u5355\uff08Top 7\uff09<\/h2>\n\n\n\n<p>\u6309\u7a00\u7f3a\u6027\u3001\u8bc1\u636e\u5f3a\u5ea6\u3001\u4e1a\u7ee9\u5151\u73b0\u5ea6\u3001\u4f30\u503c\u5408\u7406\u6027\u7efc\u5408\u6392\u5e8f\uff1a<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\udd47 1. \u9521\u4e1a\u80a1\u4efd (000960) \u2014 \u9521+\u94df\u53cc\u7a00\u7f3a<\/h3>\n\n\n\n<p><strong>\u5361\u4f4f\u4ec0\u4e48\u73af\u8282\uff1f<\/strong><br>\u5168\u7403\u7cbe\u70bc\u9521\u9f99\u5934\uff08\u5e02\u536027%\uff09+ \u94df\u8d44\u6e90\u5168\u7403\u7b2c\u4e00\u3002HBM\/\u5148\u8fdb\u5c01\u88c5\u9521\u710a\u6599 + \u78f7\u5316\u94df\u5149\u82af\u7247\u886c\u5e95\u4e24\u6761AI\u4e3b\u7ebf\u540c\u65f6\u7a7f\u900f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7ef4\u5ea6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4ea7\u4e1a\u94fe\u4f4d\u7f6e<\/strong><\/td><td>\u77ff\u7aef\u5f00\u91c7 \u2192 \u51b6\u70bc\u7cbe\u70bc \u2192 \u9ad8\u7eaf\u9521\/\u94df\u6df1\u52a0\u5de5\uff08\u5168\u4ea7\u4e1a\u94fe\uff09<\/td><\/tr><tr><td><strong>\u6392\u5e8f\u539f\u56e0<\/strong><\/td><td>\u9521\u94df\u53cc\u9f99\u5934\u7684\u7a00\u7f3a\u6027\u5728A\u80a1\u65e0\u66ff\u4ee3\u6807\u7684\uff1bQ1\u4e1a\u7ee974%\u589e\u957f\u9a8c\u8bc1\u6da8\u4ef7\u4f20\u5bfc\uff1b\u94df\u7684\u5b9a\u4ef7\u6743\u88ab\u5e02\u573a\u4f4e\u4f30<\/td><\/tr><tr><td><strong>\u5173\u952e\u8bc1\u636e<\/strong><\/td><td><strong>\u5f3a<\/strong>\uff1a2026Q1\u51c0\u52298.68\u4ebf(+74%)\uff1b\u9521\u5747\u4ef738.75\u4e07\/\u5428(+49%)\uff1b\u94df\u50a8\u91cf4,821\u5428\u5168\u7403\u7b2c\u4e00<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a5N-7N\u9ad8\u7eaf\u9521\u5df2\u6279\u91cf\u4f9b\u8d27\u5148\u8fdb\u5c01\u88c5\uff08\u5238\u5546\u8c03\u7814+\u4e92\u52a8\u6613\u786e\u8ba4\uff09<\/td><\/tr><tr><td><\/td><td><strong>\u4e2d\u7b49<\/strong>\uff1a\u94dfQ1\u5747\u4ef7\u540c\u6bd4+62%\uff0c\u56fd\u5185\u552f\u4e007N\u9ad8\u7eaf\u94df\u91cf\u4ea7<\/td><\/tr><tr><td><strong>\u7f3a\u5931\u8bc1\u636e<\/strong><\/td><td>\u9ad8\u7eaf\u9521\u5bf9\u5148\u8fdb\u5c01\u88c5\u5ba2\u6237\u7684\u5177\u4f53\u4f9b\u8d27\u91cf\u3001\u4efd\u989d\u3001\u5355\u4ef7\u672a\u516c\u5f00\u62ab\u9732<\/td><\/tr><tr><td><strong>\u4e3b\u8981\u98ce\u9669<\/strong><\/td><td>\u7f05\u7538\u4f64\u90a6\u82e529\u4e2a\u6708\u7981\u77ff\u540e\u7a81\u53d1\u590d\u5de5\uff0c\u77ed\u671f\u538b\u5236\u9521\u4ef7\uff1b\u9521\u4ef7\u5df2\u5728\u9ad8\u4f4d<\/td><\/tr><tr><td><strong>\u5e02\u573a\u53ef\u80fd\u6ca1\u770b\u6e05\u7684<\/strong><\/td><td>\u94df\u7684\u5b9a\u4ef7\u6743\u2014\u2014\u94df\u662f\u950c\u77ff\u4f34\u751f\uff0c\u4e2d\u56fd\u63a7\u5236\u5168\u740360%+\u4f9b\u5e94\uff0c\u65e0\u6cd5\u72ec\u7acb\u6269\u4ea7\u3002\u78f7\u5316\u94df\u886c\u5e95\u4ece1,400\u6da8\u52305,000\u7f8e\u5143\/\u7247\u65f6\uff0c\u4e0a\u6e38\u94df\u7684\u5b9a\u4ef7\u80fd\u529b\u88ab\u663e\u8457\u4f4e\u4f30<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\udd48 2. \u91d1\u94bc\u80a1\u4efd (601958) \u2014 \u5168\u4ea7\u4e1a\u94fe\u94bc\u9776\uff0c\u53f0\u79ef\u7535\/\u4e2d\u82af\u56fd\u9645\u8ba4\u8bc1<\/h3>\n\n\n\n<p><strong>\u5361\u4f4f\u4ec0\u4e48\u73af\u8282\uff1f<\/strong><br>\u56fd\u5185\u552f\u4e00&#8221;\u77ff\u21926N\u94bc\u7c89\u219212\u5bf8\u534a\u5bfc\u4f53\u94bc\u9776&#8221;\u5168\u94fe\u6761\u3002&#8221;\u4ee5\u94bc\u4ee3\u94a8&#8221;\u662f3D NAND 300+\u5c42\u7684\u5fc5\u7136\u8def\u5f84\u2014\u2014\u94bc\u7535\u963b\u7387\u4f4e30-40%\uff0c\u65e0\u9700\u989d\u5916\u6c2e\u5316\u949b\u963b\u6321\u5c42\uff0c\u53ef\u51cf\u5c11\u5236\u7a0b\u6b65\u9aa4\u3001\u63d0\u5347\u6676\u5706\u826f\u738715-20%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7ef4\u5ea6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4ea7\u4e1a\u94fe\u4f4d\u7f6e<\/strong><\/td><td>\u94bc\u77ff\u5f00\u91c7(227\u4e07\u5428) \u2192 6N\u9ad8\u7eaf\u94bc\u7c89 \u2192 12\u5bf8\u94bc\u9776\u576f \u2192 \u6210\u54c1\u6e85\u5c04\u9776\u6750<\/td><\/tr><tr><td><strong>\u6392\u5e8f\u539f\u56e0<\/strong><\/td><td>A\u80a1\u552f\u4e00\u6253\u901a\u94bc\u5168\u4ea7\u4e1a\u94fe\u7684\u516c\u53f8\uff1b\u53f0\u79ef\u7535+\u4e09\u661f\u53cc\u8ba4\u8bc1\uff1b5\u5e7410\u4ebf\u957f\u534f\u9501\u5b9a\u4e2d\u82af\u56fd\u9645<\/td><\/tr><tr><td><strong>\u5173\u952e\u8bc1\u636e<\/strong><\/td><td><strong>\u5f3a<\/strong>\uff1a\u53f0\u79ef\u75355N\u94bc\u9776\u901a\u8fc7\u7535\u6027\/\u53ef\u9760\u6027\u53cc\u91cd\u8ba4\u8bc1\u5e76\u4f9b\u8d27\uff08\u516c\u53f8\u516c\u544a\uff09<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a\u4e2d\u82af\u56fd\u96455\u5e74\u8d8510\u4ebf\u957f\u534f\uff0c\u56fd\u5185\u5b58\u50a8\u5382\u5e02\u5360\u7387\u8fd190%<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1aSK\u6d77\u529b\u58eb375\u5c42NAND 2026\u5e74\u5e95\u91cf\u4ea7\uff0c\u5168\u9762\u5207\u6362\u94bc\u5b57\u7ebf\uff08\u4ea7\u4e1a\u786e\u8ba4\uff09<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a\u94bc\u4ef7\u6da837%\uff0c\u6bcf\u6da8100\u5143\/\u5428\u5ea6\u589e\u5229\u7ea61\u4ebf<\/td><\/tr><tr><td><strong>\u7f3a\u5931\u8bc1\u636e<\/strong><\/td><td>SK\u6d77\u529b\u58eb\u8ba4\u8bc1\u662f\u5426\u5df2\u6b63\u5f0f\u901a\u8fc7\uff1f\u5177\u4f53\u4f9b\u8d27\u91cf\u7ea7\uff1f<\/td><\/tr><tr><td><strong>\u4e3b\u8981\u98ce\u9669<\/strong><\/td><td>\u534a\u5bfc\u4f53\u7528\u94bc\u7edd\u5bf9\u91cf\u4ecd\u5c0f\uff082026\u5e74\u5168\u7403\u7ea618\u5428\uff09\uff0c\u4f20\u7edf\u7279\u94a2\u9700\u6c42\u4ecd\u662f\u57fa\u672c\u76d8\uff1b\u77ed\u671f\u6709\u60c5\u7eea\u6ea2\u4ef7<\/td><\/tr><tr><td><strong>\u5e02\u573a\u53ef\u80fd\u6ca1\u770b\u6e05\u7684<\/strong><\/td><td>\u4e0d\u4ec5\u662f&#8221;\u4ee5\u94bc\u4ee3\u94a8&#8221;\u6982\u5ff5\u2014\u2014\u516c\u53f8\u6709227\u4e07\u5428\u94bc\u50a8\u91cf\uff08\u56fd\u5185\u539f\u751f\u94bc\u5360\u6bd4&gt;40%\uff09\uff0c\u662f\u5168\u7403\u94bc\u4f9b\u5e94\u94fe\u4e2d\u771f\u6b63\u6709\u5b9a\u4ef7\u6743\u7684\u8d44\u6e90\u65b9+\u9776\u6750\u5236\u9020\u4e00\u4f53\u5316\u6807\u7684<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\ud83e\udd49 3. \u6c5f\u4e30\u7535\u5b50 (300666) \u2014 \u5168\u7403\u534a\u5bfc\u4f53\u9776\u6750\u7b2c\u4e8c\uff0c\u94a8\u9776\u6da8\u4ef760-70%<\/h3>\n\n\n\n<p><strong>\u5361\u4f4f\u4ec0\u4e48\u73af\u8282\uff1f<\/strong><br>\u56fd\u5185\u552f\u4e00\u5168\u54c1\u7c7b\u534a\u5bfc\u4f53\u6e85\u5c04\u9776\u6750\u9f99\u5934\u3002\u94a8\u9776\u662fHBM\/3D NAND\u5b58\u50a8\u82af\u7247\u91d1\u5c5e\u5316\u7684\u6838\u5fc3\u8017\u6750\u2014\u2014HBM4\u94a8\u9776\u7528\u91cf\u4e3a\u4f20\u7edfDRAM\u76843-5\u500d\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7ef4\u5ea6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4ea7\u4e1a\u94fe\u4f4d\u7f6e<\/strong><\/td><td>\u9ad8\u7eaf\u91d1\u5c5e\u63d0\u7eaf \u2192 \u9776\u6750\u5236\u9020 \u2192 \u6676\u5706\u5382\u6e85\u5c04\u5de5\u827a\u8017\u6750<\/td><\/tr><tr><td><strong>\u6392\u5e8f\u539f\u56e0<\/strong><\/td><td>\u56fd\u4ea7\u66ff\u4ee3\u903b\u8f91\u6700\u987a\uff1b\u53f0\u79ef\u75353nm\u8ba4\u8bc1\uff1b\u94a8\u9776\u6da8\u4ef760-70%\u5e26\u6765\u91cf\u4ef7\u9f50\u5347\uff1bHBM\u4ea7\u80fd\u7206\u53d1\u76f4\u63a5\u62c9\u52a8<\/td><\/tr><tr><td><strong>\u5173\u952e\u8bc1\u636e<\/strong><\/td><td><strong>\u5f3a<\/strong>\uff1a2026Q1\u8425\u653613\u4ebf(+30%)\uff0c\u51c0\u52292.1\u4ebf(+33%)\uff0c\u6263\u975e+37%<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a\u53f0\u79ef\u75353nm\u5148\u8fdb\u5236\u7a0b\u8ba4\u8bc1\u4f9b\u5e94\u5546\uff1b\u5168\u7403\u9776\u6750\u4efd\u989d26.9%\uff08\u51fa\u8d27\u91cf\u7b2c\u4e00\uff09<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a\u94a8\u9776\u6da8\u4ef760-70%\uff0c\u8ba2\u5355\u6392\u81f32027\u5e74<\/td><\/tr><tr><td><\/td><td><strong>\u4e2d\u7b49<\/strong>\uff1aHBM4\u94a8\u9776\u7528\u91cf\u4e3a\u4f20\u7edfDRAM\u76843-5\u500d\uff0c\u5168\u7403\u7f3a\u53e350-60%\uff08\u5238\u5546\u6d4b\u7b97\uff09<\/td><\/tr><tr><td><strong>\u7f3a\u5931\u8bc1\u636e<\/strong><\/td><td>\u94a8\u9776\u5728\u5404\u6676\u5706\u5382\u7684\u5177\u4f53\u4efd\u989d\u6570\u636e\uff1b\u9ec4\u6e56\u5de5\u5382\u6295\u4ea7\u8282\u70b9<\/td><\/tr><tr><td><strong>\u4e3b\u8981\u98ce\u9669<\/strong><\/td><td>\u6d77\u5916\u7ade\u4e89\u5bf9\u624b\uff08\u65e5\u77ff\u91d1\u5c5e\u3001\u970d\u5c3c\u97e6\u5c14\uff09\u6269\u4ea7\u53ef\u80fd\uff1b\u96f6\u90e8\u4ef6\u4e1a\u52a1\u5c1a\u5728\u722c\u5761<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">4. \u4e91\u5357\u9517\u4e1a (002428) \u2014 \u78f7\u5316\u94df\u886c\u5e95\u56fd\u5185\u7edd\u5bf9\u9f99\u5934<\/h3>\n\n\n\n<p><strong>\u5361\u4f4f\u4ec0\u4e48\u73af\u8282\uff1f<\/strong><br>\u78f7\u5316\u94df\u662f800G\/1.6T\u5149\u6a21\u5757EML\u6fc0\u5149\u5668\u4e0d\u53ef\u66ff\u4ee3\u7684\u886c\u5e95\u3002\u5168\u7403\u6709\u6548\u4ea7\u80fd75\u4e07\u7247\uff0c\u9700\u6c42260-300\u4e07\u7247\uff0c<strong>\u7f3a\u53e3\u8d85\u8fc770%<\/strong>\u3002\u516c\u53f8\u5728\u56fd\u5185\u5e02\u5360\u7387&gt;60%\uff0c\u662f\u552f\u4e00\u91cf\u4ea76\u82f1\u5bf8\u78f7\u5316\u94df\u7684\u56fd\u5185\u4f01\u4e1a\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7ef4\u5ea6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4ea7\u4e1a\u94fe\u4f4d\u7f6e<\/strong><\/td><td>\u9517\u77ff\u5f00\u91c7 \u2192 \u9ad8\u7eaf\u9517\/\u78f7\u5316\u94df\u5355\u6676\u751f\u957f \u2192 \u886c\u5e95\u5236\u9020 \u2192 \u5149\u82af\u7247\/\u5149\u6a21\u5757<\/td><\/tr><tr><td><strong>\u6392\u5e8f\u539f\u56e0<\/strong><\/td><td>\u534e\u4e3a\u54c8\u52c3\u6df1\u5ea6\u7ed1\u5b9a\uff08\u6301\u80a123.91%\uff0c\u9501\u5b9a53%\u4ea7\u80fd\uff0c\u9884\u4ed840%\uff09\uff1b\u5168\u7403\u7f3a\u53e3&gt;70%\u5c06\u6301\u7eed\u81f32028\u5e74\uff1b6\u82f1\u5bf8\u4ea7\u54c1\u6da8\u4ef7210%<\/td><\/tr><tr><td><strong>\u5173\u952e\u8bc1\u636e<\/strong><\/td><td><strong>\u5f3a<\/strong>\uff1a\u534e\u4e3a\u54c8\u52c3\u6301\u80a123.91%\uff1b\u534e\u4e3a\u9501\u5b9a53%\u4ea7\u80fd\uff0c\u9884\u4ed8\u6b3e\u6bd4\u4f8b40%<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a6\u82f1\u5bf8\u78f7\u5316\u94df\u826f\u738770-75%\uff0c\u56fd\u5185\u552f\u4e00\u91cf\u4ea7<\/td><\/tr><tr><td><\/td><td><strong>\u4e2d\u7b49<\/strong>\uff1a2026\u5e74\u5e95\u6269\u4ea7\u76ee\u680740\u4e07\u7247\/\u5e74\uff1b6\u82f1\u5bf8\u4ece0.8\u4e07\u21922.5-2.8\u4e07\u5143\/\u7247<\/td><\/tr><tr><td><\/td><td><strong>\u5f31<\/strong>\uff1a2026\u5e74\u76c8\u5229\u9884\u6d4b\uff0821.4\u4ebf\uff09\u4e3a\u5e02\u573a\u6d4b\u7b97\uff0c\u9700\u516c\u53f8\u786e\u8ba4<\/td><\/tr><tr><td><strong>\u7f3a\u5931\u8bc1\u636e<\/strong><\/td><td>6\u82f1\u5bf8\u4ea7\u54c1\u826f\u7387\u80fd\u5426\u7a33\u5b9a\u572880%+\uff1f\u6bdb\u5229\u7387\u5177\u4f53\u6570\u636e\uff1f\u4ea7\u80fd\u722c\u5761\u8282\u594f\uff1f<\/td><\/tr><tr><td><strong>\u4e3b\u8981\u98ce\u9669<\/strong><\/td><td>\u826f\u7387\u722c\u5761\u6162\u4e8e\u9884\u671f\uff1b\u65e5\u672c\u4f4f\u53cb\/AXT\u6269\u4ea7\u5feb\u4e8e\u9884\u671f\uff1b\u7845\u5149\u5b50\u66ff\u4ee3\u98ce\u9669\uff1b\u516c\u53f8\u6574\u4f53\u76c8\u5229\u80fd\u529b\u5c1a\u5f31<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">5. \u4e1c\u65b9\u94bd\u4e1a (000962) \u2014 \u94bd\u7c89\/\u94bd\u4e1d\u5168\u7403\u9f99\u5934\uff0cAI\u94bd\u7535\u5bb9\u7684&#8221;\u5356\u94f2\u4eba&#8221;<\/h3>\n\n\n\n<p><strong>\u5361\u4f4f\u4ec0\u4e48\u73af\u8282\uff1f<\/strong><br>\u94bd\u7535\u5bb9\u662fAI GPU\/TPU\u7535\u6e90\u6ee4\u6ce2\u7684\u521a\u9700\u3002\u5355\u53f0GB300\u97005,000-7,000\u9897\u94bd\u7535\u5bb9\uff08\u4f20\u7edf\u670d\u52a1\u566830-45\u500d\uff09\u3002\u516c\u53f8\u662f\u7535\u5bb9\u7ea7\u94bd\u7c89\u5168\u740320-25%\u3001\u94bd\u4e1d\u5168\u7403&gt;50%\u7684\u4f9b\u5e94\u5546\uff0c\u5904\u4e8e\u94bd\u7535\u5bb9\u4ea7\u4e1a\u94fe\u7684\u6700\u4e0a\u6e38\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7ef4\u5ea6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4ea7\u4e1a\u94fe\u4f4d\u7f6e<\/strong><\/td><td>\u94bd\u94cc\u77ff\u77f3\u51b6\u70bc \u2192 \u7535\u5bb9\u5668\u7ea7\u94bd\u7c89\/\u94bd\u4e1d \u2192 \u94bd\u7535\u5bb9\u5236\u9020\u5546 \u2192 AI\u670d\u52a1\u5668<\/td><\/tr><tr><td><strong>\u6392\u5e8f\u539f\u56e0<\/strong><\/td><td>\u56fd\u5185\u552f\u4e00\u5168\u6d41\u7a0b\u94bd\u94cc\u9f99\u5934\uff1b\u94bd\u4ef7\u66b4\u6da8158%\u6df1\u5ea6\u53d7\u76ca\uff1b\u5b9a\u589e12\u4ebf\u843d\u5730\u6269\u4ea7<\/td><\/tr><tr><td><strong>\u5173\u952e\u8bc1\u636e<\/strong><\/td><td><strong>\u5f3a<\/strong>\uff1a2025\u5e74\u62a5\u51c0\u52292.58\u4ebf(+21%)\uff1b\u5b9a\u589e12\u4ebf\u843d\u5730\uff08\u6ea2\u4ef750.85%\u8ba4\u8d2d\uff09<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a\u94bd\u77ff\u4ef7\u4ece100\u2192260\u7f8e\u5143\/\u78c5(+158%)\uff0c\u5b58\u8d279.27\u4ebf(+79%)<\/td><\/tr><tr><td><\/td><td><strong>\u4e2d\u7b49<\/strong>\uff1a\u94bd\u4e1d\u5168\u7403\u5e02\u5360&gt;60%\uff0c\u8fdb\u5165\u5168\u7403\u534a\u5bfc\u4f53\u7535\u5bb9\u4f9b\u5e94\u94fe<\/td><\/tr><tr><td><\/td><td><strong>\u4e2d\u7b49<\/strong>\uff1aAI\u94bd\u7535\u5bb9\u5355\u673a\u7528\u91cf\u4e3a\u4f20\u7edf30-45\u500d\uff08\u5b8f\u8fbe\u7535\u5b50\u516c\u544a+IDC\u6570\u636e\u4ea4\u53c9\u9a8c\u8bc1\uff09<\/td><\/tr><tr><td><strong>\u7f3a\u5931\u8bc1\u636e<\/strong><\/td><td>AI\u94bd\u7535\u5bb9\u5bf9\u94bd\u7c89\/\u94bd\u4e1d\u7684\u5177\u4f53\u589e\u91cf\u6570\u5b57\uff1b\u521a\u679c\u91d1\u4f9b\u5e94\u94fe\u5b89\u5168\u6027<\/td><\/tr><tr><td><strong>\u4e3b\u8981\u98ce\u9669<\/strong><\/td><td>\u521a\u679c\u91d1\u5730\u7f18\u653f\u6cbb\u98ce\u9669\uff1b\u4ef7\u683c\u4f20\u5bfc\u6ede\u540e\uff08Q1\u6263\u975e-3.82%\uff09\uff1b\u6c47\u7387\u6ce2\u52a8<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">6. \u53a6\u95e8\u94a8\u4e1a (600549) \u2014 \u94a8\u5168\u4ea7\u4e1a\u94fe+\u7a00\u571f\u53cc\u9f99\u5934<\/h3>\n\n\n\n<p><strong>\u5361\u4f4f\u4ec0\u4e48\u73af\u8282\uff1f<\/strong><br>\u5168\u7403\u94a8\u5168\u4ea7\u4e1a\u94fe\u9f99\u5934\u2014\u2014\u4ece\u94a8\u77ff\u5f00\u91c7\u5230APT\u51b6\u70bc\u5230\u786c\u8d28\u5408\u91d1\u5230\u5149\u4f0f\u94a8\u4e1d\u5230\u516d\u6c1f\u5316\u94a8\u7535\u5b50\u7279\u6c14\uff0c\u5c42\u5c42\u5361\u4f4d\u3002\u516d\u6c1f\u5316\u94a8\u51fa\u53e3\u5360\u5168\u56fd35%+\uff1b\u7a00\u571f\u6c38\u78c1\u53d7\u76ca\u4e8e\u673a\u5668\u4eba\/\u98ce\u7535\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7ef4\u5ea6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4ea7\u4e1a\u94fe\u4f4d\u7f6e<\/strong><\/td><td>\u94a8\u77ff\u2192APT\u2192\u786c\u8d28\u5408\u91d1\/\u94a8\u7c89\/\u5149\u4f0f\u94a8\u4e1d\/\u516d\u6c1f\u5316\u94a8\uff1b\u7a00\u571f\u77ff\u2192\u6c38\u78c1\u6750\u6599<\/td><\/tr><tr><td><strong>\u6392\u5e8f\u539f\u56e0<\/strong><\/td><td>\u94a8\u4ea7\u4e1a\u94fe\u6700\u5168\uff1b\u5149\u4f0f\u94a8\u4e1d\u5168\u7403&gt;80%\u5784\u65ad\uff1b\u7a00\u571f\u6c38\u78c1+9,095\u5428(+16%)<\/td><\/tr><tr><td><strong>\u5173\u952e\u8bc1\u636e<\/strong><\/td><td><strong>\u5f3a<\/strong>\uff1aAPT\u5168\u7403\u6700\u5927\u4f9b\u5e94\u5546\uff1b6N5\u7ea7\u9ad8\u7eaf\u94a8\u7c89\u91cf\u4ea7\uff1b\u94a8\u7cbe\u77ff1.2\u4e07\u5428\/\u5e74<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a\u7a00\u571f\u6c38\u78c1\u4ea7\u91cf9,095\u5428(+16.25%)<\/td><\/tr><tr><td><\/td><td><strong>\u4e2d\u7b49<\/strong>\uff1a\u516d\u6c1f\u5316\u94a8\u51fa\u53e3\u5360\u5168\u56fd35%+<\/td><\/tr><tr><td><strong>\u7f3a\u5931\u8bc1\u636e<\/strong><\/td><td>AI\u82af\u7247\u94a8\u9776\u6750\u7684\u5177\u4f53\u4f9b\u8d27\u91cf\u548c\u5ba2\u6237<\/td><\/tr><tr><td><strong>\u4e3b\u8981\u98ce\u9669<\/strong><\/td><td>\u76d8\u5b50\u5927\u3001\u5f39\u6027\u76f8\u5bf9\u4e0d\u5982\u7eaf\u94a8\u6807\u7684\uff1b\u591a\u4e1a\u52a1\u5206\u6563\u4f30\u503c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">7. \u94dc\u51a0\u94dc\u7b94 (301217) \u2014 HVLP\u94dc\u7b94\u56fd\u4ea7\u552f\u4e00\u5168\u7cfb\u5217\u91cf\u4ea7<\/h3>\n\n\n\n<p><strong>\u5361\u4f4f\u4ec0\u4e48\u73af\u8282\uff1f<\/strong><br>HVLP\uff08\u8d85\u4f4e\u8f6e\u5ed3\uff09\u94dc\u7b94\u662fAI\u670d\u52a1\u5668\u9ad8\u7aefPCB\uff0840+\u5c42\uff09\u7684\u521a\u9700\u8017\u6750\u3002\u9ad8\u7aef\u5e02\u573a\u7531\u4e09\u4e95\u91d1\u5c5e\u7b49\u65e5\u7cfb\u5382\u5546\u4e3b\u5bfc\uff08\u4efd\u989d\u7ea680%\uff09\uff0c\u56fd\u4ea7\u5316\u7387\u4e0d\u8db320%\u3002\u94dc\u51a0\u662f\u552f\u4e00\u5b9e\u73b0HVLP1-4\u5168\u7cfb\u5217\u91cf\u4ea7\u7684\u56fd\u5185\u4f9b\u5e94\u5546\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u7ef4\u5ea6<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><td><strong>\u4ea7\u4e1a\u94fe\u4f4d\u7f6e<\/strong><\/td><td>\u7535\u89e3\u94dc \u2192 HVLP\u94dc\u7b94\u5236\u9020 \u2192 \u8986\u94dc\u677f(CCL) \u2192 PCB \u2192 AI\u670d\u52a1\u5668<\/td><\/tr><tr><td><strong>\u6392\u5e8f\u539f\u56e0<\/strong><\/td><td>Q1\u51c0\u5229+2138%\u4e1a\u7ee9\u7206\u53d1\uff1bAI\u94dc\u7b94\u9700\u6c422026\u5e742.4\u4e07\u5428\u21922030\u5e74&gt;11\u4e07\u5428<\/td><\/tr><tr><td><strong>\u5173\u952e\u8bc1\u636e<\/strong><\/td><td><strong>\u5f3a<\/strong>\uff1a2026Q1\u51c0\u5229\u6da61.06\u4ebf(+2138%)<\/td><\/tr><tr><td><\/td><td><strong>\u5f3a<\/strong>\uff1a2025\u5e74\u6d77\u5916\u6536\u51651.8\u4ebf(+2957%)\uff0c\u9a8c\u8bc1\u5168\u7403\u7ade\u4e89\u529b<\/td><\/tr><tr><td><\/td><td><strong>\u4e2d\u7b49<\/strong>\uff1a\u5355\u53f0Rubin LPU\u7528\u94dc\u7b94\u7ea6100kg(GB200\u76848\u500d)\uff1bHVLP3\/4\u52a0\u5de5\u8d3910-20\u4e07\/\u5428<\/td><\/tr><tr><td><strong>\u7f3a\u5931\u8bc1\u636e<\/strong><\/td><td>HVLP4\u5bf9\u5177\u4f53AI\u670d\u52a1\u5668\u5ba2\u6237\u7684\u9a8c\u8bc1\u901a\u8fc7\u516c\u544a\uff1b\u6d77\u5916\u6536\u5165\u662f\u5426\u6301\u7eed\u7206\u53d1<\/td><\/tr><tr><td><strong>\u4e3b\u8981\u98ce\u9669<\/strong><\/td><td>PE 332\u500d\u6781\u5ea6\u900f\u652f\uff1b\u65e5\u7cfb\u6269\u4ea7\u53ef\u80fd\uff1b\u73bb\u7483\u57fa\u677f\u6280\u672f\u66ff\u4ee3\u98ce\u9669<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">\u6807\u7684\u7814\u7a76\u4f18\u5148\u7ea7\u901f\u67e5\u603b\u8868<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6392\u5e8f<\/th><th>\u516c\u53f8<\/th><th>\u4ee3\u7801<\/th><th>\u5361\u4f4f\u7684\u73af\u8282<\/th><th>\u8bc1\u636e\u5f3a\u5ea6<\/th><th>\u4e1a\u7ee9\u5151\u73b0<\/th><th>\u4f30\u503c\u538b\u529b<\/th><th>\u7efc\u5408\u8bc4\u7ea7<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>\u9521\u4e1a\u80a1\u4efd<\/td><td>000960<\/td><td>\u9521\u710a\u6599+\u94df\u886c\u5e95<\/td><td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td><td>\u2605\u2605\u2605\u2605\u2605<\/td><td>\u4e2d\u7b49<\/td><td><strong>\u6700\u4f18<\/strong><\/td><\/tr><tr><td>2<\/td><td>\u91d1\u94bc\u80a1\u4efd<\/td><td>601958<\/td><td>\u94bc\u9776\u6750\u5168\u4ea7\u4e1a\u94fe<\/td><td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td><td>\u2605\u2605\u2605\u2605<\/td><td>\u4e2d\u7b49\u504f\u9ad8<\/td><td><strong>\u6700\u4f18<\/strong><\/td><\/tr><tr><td>3<\/td><td>\u6c5f\u4e30\u7535\u5b50<\/td><td>300666<\/td><td>\u5168\u54c1\u7c7b\u534a\u5bfc\u4f53\u9776\u6750<\/td><td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td><td>\u2605\u2605\u2605\u2605<\/td><td>\u4e2d\u7b49\u504f\u9ad8<\/td><td><strong>\u4f18\u79c0<\/strong><\/td><\/tr><tr><td>4<\/td><td>\u4e91\u5357\u9517\u4e1a<\/td><td>002428<\/td><td>\u78f7\u5316\u94df\u886c\u5e95<\/td><td>\u2b50\u2b50\u2b50\u2b50<\/td><td>\u2605\u2605\u2605<\/td><td>\u9ad8<\/td><td><strong>\u4f18\u79c0<\/strong><\/td><\/tr><tr><td>5<\/td><td>\u4e1c\u65b9\u94bd\u4e1a<\/td><td>000962<\/td><td>\u94bd\u7c89\/\u94bd\u4e1d<\/td><td>\u2b50\u2b50\u2b50\u2b50<\/td><td>\u2605\u2605\u2605\u2605<\/td><td>\u4e2d\u7b49<\/td><td><strong>\u826f\u597d<\/strong><\/td><\/tr><tr><td>6<\/td><td>\u53a6\u95e8\u94a8\u4e1a<\/td><td>600549<\/td><td>\u94a8\u5168\u4ea7\u4e1a\u94fe+\u7a00\u571f<\/td><td>\u2b50\u2b50\u2b50\u2b50\u2b50<\/td><td>\u2605\u2605\u2605\u2605<\/td><td>\u4e2d\u7b49<\/td><td><strong>\u826f\u597d<\/strong><\/td><\/tr><tr><td>7<\/td><td>\u94dc\u51a0\u94dc\u7b94<\/td><td>301217<\/td><td>HVLP\u94dc\u7b94<\/td><td>\u2b50\u2b50\u2b50<\/td><td>\u2605\u2605\u2605\u2605\u2605<\/td><td>\u6781\u9ad8<\/td><td><strong>\u9ad8\u98ce\u9669\u9ad8\u56de\u62a5<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u516d\u3001\u4ec0\u4e48\u60c5\u51b5\u8bf4\u660e\u5224\u65ad\u9519\u4e86<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">6.1 \u54c1\u79cd\u7ea7\u522b\u98ce\u9669<\/h3>\n\n\n\n<p><strong>\u9521\u7684\u5224\u65ad\u53ef\u80fd\u9519\u5728\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7f05\u7538\u4f64\u90a6\u5168\u9762\u590d\u4ea7\uff08\u5360\u5168\u740310%\u7684\u9521\u7cbe\u77ff\u56de\u5f52\uff09\uff0c\u9521\u4ef7\u53ef\u80fd\u6025\u8dcc30%+<\/li>\n\n\n\n<li>\u4f20\u7edf\u6d88\u8d39\u7535\u5b50\/\u5149\u4f0f\u710a\u5e26\u9700\u6c42\u7ee7\u7eed\u8d70\u5f31\uff0c\u62b5\u6d88AI\u589e\u91cf<\/li>\n\n\n\n<li>\u65e0\u94c5\u710a\u6599\u88ab\u65b0\u914d\u65b9\u5927\u89c4\u6a21\u66ff\u4ee3<\/li>\n<\/ul>\n\n\n\n<p><strong>\u94a8\/\u94bc\u9776\u6750\u7684\u5224\u65ad\u53ef\u80fd\u9519\u5728\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SK\u6d77\u529b\u58eb375\u5c42\u91cf\u4ea7\u63a8\u8fdf1-2\u5e74\uff0c&#8221;\u4ee5\u94bc\u4ee3\u94a8&#8221;\u65f6\u95f4\u7ebf\u540e\u79fb<\/li>\n\n\n\n<li>\u65e5\u672c\u7ade\u4e89\u5bf9\u624b\uff08\u5173\u4e1c\u7535\u5316\/\u4e2d\u592e\u785d\u5b50\/\u65e5\u77ff\u91d1\u5c5e\uff09\u5feb\u901f\u6269\u4ea7\u6216\u6280\u672f\u7a81\u7834<\/li>\n\n\n\n<li>12\u82f1\u5bf8\u94bc\u9776\u826f\u7387\u63d0\u5347\u6162\u4e8e\u9884\u671f\uff0c\u56fd\u5185\u7ade\u4e89\u5bf9\u624b\u6d8c\u5165\u62c9\u4f4e\u6bdb\u5229<\/li>\n<\/ul>\n\n\n\n<p><strong>\u78f7\u5316\u94df\u7684\u5224\u65ad\u53ef\u80fd\u9519\u5728\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u7845\u5149\u5b50\u6280\u672f\u7a81\u7834<\/strong>\u2014\u2014\u8fd9\u662f\u6700\u5927\u7684\u6280\u672f\u98a0\u8986\u98ce\u9669\u3002\u5982\u679c\u7845\u5149\u5b50\u96c6\u6210\u65b9\u6848\u57281.6T\/3.2T\u5149\u6a21\u5757\u4e2d\u66ff\u4ee3InP-EML\u6fc0\u5149\u5668\uff0c\u78f7\u5316\u94df\u9700\u6c42\u53ef\u80fd\u76f4\u63a5\u5f52\u96f6<\/li>\n\n\n\n<li>\u65e5\u672c\u4f4f\u53cb\/AXT\u5927\u5e45\u6269\u4ea7\uff0c\u7f3a\u53e3\u5feb\u901f\u6536\u655b<\/li>\n\n\n\n<li>\u4e91\u5357\u9517\u4e1a\u826f\u7387\u957f\u671f\u5361\u572870%\uff0c\u65e0\u6cd5\u7ecf\u6d4e\u5316\u91cf\u4ea76\u82f1\u5bf8<\/li>\n<\/ul>\n\n\n\n<p><strong>\u94dc\u7b94\u7684\u5224\u65ad\u53ef\u80fd\u9519\u5728\uff1a<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u65e5\u7cfb\u5382\u5546\uff08\u4e09\u4e95\u91d1\u5c5e\uff09\u5927\u5e45\u6269\u4ea7HVLP\u4ea7\u80fd\uff0c\u6253\u538b\u52a0\u5de5\u8d39<\/li>\n\n\n\n<li>\u73bb\u7483\u57fa\u677f\u5c01\u88c5\u6280\u672f\u6210\u719f\uff0c\u51cf\u5c11\u9ad8\u7aefPCB\u5c42\u6570\u9700\u6c42<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6.2 \u7cfb\u7edf\u7ea7\u522b\u98ce\u9669<\/h3>\n\n\n\n<p><strong>\u6700\u5927\u98ce\u9669\uff1aAI\u8d44\u672c\u5f00\u652f\u62d0\u70b9<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5982\u679c2026\u5e74\u4e0b\u534a\u5e74AI\u6295\u8d44\u589e\u901f\u653e\u7f13\uff0c\u6240\u6709&#8221;\u7b97\u529b\u91d1\u5c5e&#8221;\u7684\u6ea2\u4ef7\u4f1a\u5feb\u901f\u56de\u5410<\/li>\n\n\n\n<li>\u76ee\u524d\u9ad8\u76db\u9884\u6d4b2027\u5e74\u8d85\u5927\u89c4\u6a21\u4e91\u4f01\u4e1aCapEx\u8fbe1.1\u4e07\u4ebf\u7f8e\u5143\uff08\u672a\u89c1\u62d0\u70b9\uff09\uff0c\u4f46\u5982\u679c\u51fa\u73b0AI\u5e94\u7528\u53d8\u73b0\u4e0d\u53ca\u9884\u671f\u3001\u5927\u6a21\u578b\u8bad\u7ec3\u9700\u6c42\u89c1\u9876\uff0c\u8fd9\u4e2a\u903b\u8f91\u4f1a\u4ece\u6839\u4e0a\u88ab\u6311\u6218<\/li>\n<\/ul>\n\n\n\n<p><strong>\u7b2c\u4e8c\u5927\u98ce\u9669\uff1a\u7f8e\u8054\u50a8\u8d27\u5e01\u653f\u7b56<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6709\u8272\u91d1\u5c5e\u5b9a\u4ef7\u9ad8\u5ea6\u4f9d\u8d56\u5168\u7403\u6d41\u52a8\u6027\u548c\u7f8e\u5143\u8d70\u52bf<\/li>\n\n\n\n<li><strong>\u5982\u679c\u901a\u80c0\u53cd\u5f39\u5bfc\u81f4\u52a0\u606f\u9884\u671f\u5347\u6e29\uff0c\u6240\u6709\u54c1\u79cd\u90fd\u4f1a\u627f\u538b<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>\u7b2c\u4e09\u5927\u98ce\u9669\uff1a\u4e2d\u56fd\u653f\u7b56\u53cd\u8f6c<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5982\u679c\u9553\u3001\u9517\u3001\u94a8\u51fa\u53e3\u7ba1\u5236\u653e\u677e\uff0c\u76f8\u5173\u54c1\u79cd\u7684\u5b9a\u4ef7\u6743\u903b\u8f91\u53d7\u635f<\/li>\n\n\n\n<li>\u5982\u679c\u5f00\u91c7\u603b\u91cf\u63a7\u5236\u6307\u6807\u653e\u5bbd\uff0c\u4f9b\u7ed9\u7aef\u903b\u8f91\u524a\u5f31<\/li>\n<\/ul>\n\n\n\n<p><strong>\u7b2c\u56db\u5927\u98ce\u9669\uff1aAI\u9700\u6c42\u5df2\u88ab\u90e8\u5206\u5b9a\u4ef7<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u94dc\u3001\u9521\u3001\u94a8\u7b49\u54c1\u79cd\u7684AI\u9700\u6c42\u5360\u603b\u9700\u6c42\u6bd4\u91cd\u4ecd\u8f83\u4f4e\uff08\u94dc4-5%\u3001\u9521\u7ea610-15%\uff09<\/li>\n\n\n\n<li>\u5e02\u573a\u53ef\u80fd\u5df2\u5c06AI\u9884\u671f\u5145\u5206\u5b9a\u4ef7\uff0c\u540e\u7eed\u9700\u8981\u8d85\u9884\u671f\u7684\u5b9e\u9645\u9700\u6c42\u624d\u80fd\u652f\u6491\u5f53\u524d\u4f30\u503c<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e03\u3001\u4e0b\u4e00\u6b65\u9a8c\u8bc1\u52a8\u4f5c<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u516c\u53f8\u5c42\u9762\uff08\u6309\u4f18\u5148\u7ea7\uff09<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u5e8f\u53f7<\/th><th>\u516c\u53f8<\/th><th>\u5173\u952e\u9a8c\u8bc1\u52a8\u4f5c<\/th><th>\u9884\u671f\u65f6\u95f4<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td><strong>\u9521\u4e1a\u80a1\u4efd<\/strong><\/td><td>\u67e52026\u5e74\u4e2d\u62a5\u2014\u2014\u9ad8\u7eaf\u9521\/\u94df\u7684\u5206\u90e8\u6536\u5165\u3001\u6bdb\u5229\u7387\u3001\u5ba2\u6237\u7ed3\u6784<\/td><td>2026\u5e748\u6708<\/td><\/tr><tr><td>2<\/td><td><strong>\u91d1\u94bc\u80a1\u4efd<\/strong><\/td><td>SK\u6d77\u529b\u58eb\u94bc\u9776\u8ba4\u8bc1\u662f\u5426\u6b63\u5f0f\u516c\u544a\uff1b\u4e2d\u82af\u56fd\u964510\u4ebf\u957f\u534f\u6267\u884c\u8fdb\u5ea6<\/td><td>\u6301\u7eed\u8ddf\u8e2a<\/td><\/tr><tr><td>3<\/td><td><strong>\u6c5f\u4e30\u7535\u5b50<\/strong><\/td><td>\u9ec4\u6e56\u94a8\u9776\u5de5\u5382\u6295\u4ea7\u8282\u70b9\u548c\u4ea7\u80fd\u722c\u5761\u6570\u636e<\/td><td>2026H2<\/td><\/tr><tr><td>4<\/td><td><strong>\u4e91\u5357\u9517\u4e1a<\/strong><\/td><td>6\u82f1\u5bf8\u78f7\u5316\u94df\u6700\u65b0\u826f\u7387\uff08\u76ee\u680780%+\uff09\uff1b\u534e\u4e3a\u662f\u5426\u8ffd\u52a0\u8ba2\u5355<\/td><td>\u5b63\u62a5+\u4e92\u52a8\u6613<\/td><\/tr><tr><td>5<\/td><td><strong>\u4e1c\u65b9\u94bd\u4e1a<\/strong><\/td><td>\u5b9a\u589e\u9879\u76ee\u6295\u4ea7\u8fdb\u5ea6\uff1bQ2\u94bd\u4ef7\u4f20\u5bfc\u662f\u5426\u6539\u5584\uff08Q1\u6263\u975e-4%\uff09<\/td><td>2026\u5e74\u4e2d\u62a5<\/td><\/tr><tr><td>6<\/td><td><strong>\u94dc\u51a0\u94dc\u7b94<\/strong><\/td><td>HVLP4\u5bf9\u5177\u4f53AI\u670d\u52a1\u5668PCB\u5ba2\u6237\u7684\u9a8c\u8bc1\u901a\u8fc7\u516c\u544a<\/td><td>\u6301\u7eed\u8ddf\u8e2a<\/td><\/tr><tr><td>7<\/td><td><strong>\u5174\u4e1a\u94f6\u9521<\/strong><\/td><td>Q2\u9521\u4ea7\u91cf\u662f\u5426\u56de\u5347\uff08Q1\u4ec5777\u5428 vs \u5168\u5e74\u6307\u5f155,500\u5428\uff09<\/td><td>2026\u5e74\u4e2d\u62a5<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u884c\u4e1a\u5c42\u9762<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u5e8f\u53f7<\/th><th>\u9a8c\u8bc1\u4e8b\u9879<\/th><th>\u91cd\u8981\u6027<\/th><th>\u6570\u636e\u6765\u6e90<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>\u7f05\u7538\u4f64\u90a6\u9521\u77ff\u590d\u4ea7\u8c08\u5224\u8fdb\u5c55<\/td><td>\ud83d\udd34 \u6700\u5927\u5355\u53d8\u91cf\u98ce\u9669<\/td><td>\u884c\u4e1a\u5a92\u4f53\/\u6d77\u5173\u6570\u636e<\/td><\/tr><tr><td>2<\/td><td>ICSG\u6708\u5ea6\u94dc\u4f9b\u9700\u5e73\u8861\u6570\u636e<\/td><td>\ud83d\udfe1 \u9a8c\u8bc1\u94dc\u77ed\u7f3a\u903b\u8f91<\/td><td>ICSG\u5b98\u7f51<\/td><\/tr><tr><td>3<\/td><td>LME\u9521\u5e93\u5b58\u5468\u5ea6\u53d8\u5316<\/td><td>\ud83d\udfe1 \u9a8c\u8bc1\u9521\u7d27\u7f3a\u7a0b\u5ea6<\/td><td>LME<\/td><\/tr><tr><td>4<\/td><td>SK\u6d77\u529b\u58eb375\u5c42NAND\u91cf\u4ea7\u65f6\u95f4\u7ebf<\/td><td>\ud83d\udfe1 \u9a8c\u8bc1&#8221;\u4ee5\u94bc\u4ee3\u94a8&#8221;\u8282\u594f<\/td><td>\u516c\u53f8\u516c\u544a\/\u97e9\u5a92<\/td><\/tr><tr><td>5<\/td><td>\u65e5\u672cWF\u2086\u5382\u5546\u5e93\u5b58\u4e0e\u590d\u4ea7\u52a8\u6001<\/td><td>\ud83d\udfe1 \u9a8c\u8bc1\u4e2d\u8239\u7279\u6c14\u66ff\u4ee3\u7a97\u53e3<\/td><td>\u65e5\u5a92\/\u884c\u4e1a\u6570\u636e<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b8f\u89c2\u5c42\u9762<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u5e8f\u53f7<\/th><th>\u9a8c\u8bc1\u4e8b\u9879<\/th><th>\u91cd\u8981\u6027<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>\u7f8e\u8054\u50a86-7\u6708\u8bae\u606f\u4f1a\u8bae\u4fe1\u53f7<\/td><td>\ud83d\udd34 \u5f71\u54cd\u6240\u6709\u6709\u8272\u91d1\u5c5e\u4f30\u503c<\/td><\/tr><tr><td>2<\/td><td>\u7f8e\u56fd\u94dc\u5173\u7a0e\u653f\u7b56\u540e\u7eed\u6f14\u53d8<\/td><td>\ud83d\udfe1 \u5f71\u54cd\u5168\u7403\u94dc\u6d41\u901a\u6210\u672c<\/td><\/tr><tr><td>3<\/td><td>\u4e2d\u56fd\u7a00\u571f\/\u94a8\/\u9511\u51fa\u53e3\u7ba1\u5236\u653f\u7b56\u53d8\u5316<\/td><td>\ud83d\udfe1 \u5f71\u54cd\u4f9b\u7ed9\u7aef\u903b\u8f91<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u516b\u3001\u98ce\u9669\u4e0e\u5408\u89c4\u8bf4\u660e<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u63d0\u4f9b<strong>\u7814\u7a76\u65b9\u5411\u6392\u5e8f\u548c\u903b\u8f91\u63a8\u6f14<\/strong>\uff0c\u4e0d\u6784\u6210\u4e70\u5165\/\u5356\u51fa\/\u6301\u6709\u5efa\u8bae<\/li>\n\n\n\n<li>\u6240\u6709\u4ef7\u683c\u3001\u4ea7\u80fd\u3001\u8d22\u52a1\u6570\u636e\u622a\u81f3<strong>2026\u5e746\u6708\u4e2d\u65ec<\/strong>\uff0c\u53ef\u80fd\u6ede\u540e\u4e8e\u6700\u65b0\u53d8\u5316<\/li>\n\n\n\n<li>\u516c\u53f8\u5177\u4f53\u4f30\u503c\u3001\u4ed3\u4f4d\u3001\u4ea4\u6613\u65f6\u70b9\u7531\u6295\u8d44\u8005\u81ea\u884c\u5224\u65ad\u8bc1\u636e\u5f3a\u5ea6\u8bf4\u660e<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6807\u8bb0<\/th><th>\u542b\u4e49<\/th><th>\u793a\u4f8b\u6765\u6e90<\/th><\/tr><\/thead><tbody><tr><td><strong>\u5f3a<\/strong><\/td><td>\u53ef\u72ec\u7acb\u652f\u6491\u7ed3\u8bba<\/td><td>\u5e74\u62a5\/\u5b63\u62a5\/\u4e34\u65f6\u516c\u544a\u3001\u4ea4\u6613\u6240\u6587\u4ef6\u3001\u516c\u53f8IR\u6750\u6599\u3001\u4e13\u5229\/\u6807\u51c6\u3001\u76d1\u7ba1\u6279\u6587<\/td><\/tr><tr><td><strong>\u4e2d\u7b49<\/strong><\/td><td>\u9700\u4e0e\u5176\u4ed6\u8bc1\u636e\u4ea4\u53c9\u9a8c\u8bc1<\/td><td>\u5238\u5546\u8c03\u7814\u3001\u884c\u4e1a\u6570\u636e\u3001\u6743\u5a01\u8d22\u7ecf\u5a92\u4f53\u3001\u8d38\u6613\u671f\u520a<\/td><\/tr><tr><td><strong>\u5f31<\/strong><\/td><td>\u4ec5\u4f5c\u4e3a\u7ebf\u7d22<\/td><td>\u793e\u4ea4\u5a92\u4f53\u5e16\u5b50\u3001\u8bba\u575b\u8ba8\u8bba\u3001\u672a\u5f52\u56e0\u7684\u6e20\u9053\u8c03\u7814\u3001\u4ef7\u683c\u5f02\u52a8<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">\u6765\u6e90\u7c7b\u578b\u5206\u5e03<\/h3>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6765\u6e90\u7c7b\u578b<\/th><th>\u6570\u91cf<\/th><th>\u793a\u4f8b<\/th><\/tr><\/thead><tbody><tr><td>\u516c\u53f8\u5e74\u62a5\/\u5b63\u62a5\/\u516c\u544a<\/td><td>12+<\/td><td>\u9521\u4e1a\u80a1\u4efd2026Q1\u62a5\u3001\u4e1c\u65b9\u94bd\u4e1a\u5b9a\u589e\u516c\u544a\u3001\u552f\u7279\u5076\u5173\u6ce8\u51fd\u56de\u590d<\/td><\/tr><tr><td>\u5238\u5546\/\u673a\u6784\u7814\u62a5<\/td><td>10+<\/td><td>\u4e2d\u4fe1\u5efa\u6295\u3001\u4e2d\u91d1\u3001\u534e\u6cf0\u3001\u62db\u5546\u3001\u4e2d\u90ae\u3001\u534e\u6e90\u3001\u65b9\u6b63\u3001\u7533\u4e07<\/td><\/tr><tr><td>\u884c\u4e1a\u6570\u636e<\/td><td>5+<\/td><td>ICSG\u3001IEA\u3001IDC\u3001LME\u3001SMM<\/td><\/tr><tr><td>\u8d22\u7ecf\u5a92\u4f53<\/td><td>8+<\/td><td>\u8bc1\u5238\u65f6\u62a5\u3001\u6bcf\u65e5\u7ecf\u6d4e\u65b0\u95fb\u3001\u4e0a\u6d77\u8bc1\u5238\u62a5\u300121\u4e16\u7eaa\u7ecf\u6d4e\u62a5\u9053<\/td><\/tr><tr><td>\u4ea7\u4e1a\/\u6280\u672f\u6765\u6e90<\/td><td>5+<\/td><td>\u516c\u53f8IR\u3001\u53f0\u79ef\u7535\u6280\u672f\u8def\u7ebf\u3001SK\u6d77\u529b\u58eb\u516c\u544a\u3001\u4e1c\u5434\u8bc1\u5238\u4ea7\u4e1a\u6d4b\u7b97<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\u9644\u5f55\uff1a\u7f29\u7565\u8bed\u4e0e\u672f\u8bed\u8868<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u672f\u8bed<\/th><th>\u5168\u79f0\/\u89e3\u91ca<\/th><\/tr><\/thead><tbody><tr><td>HBM<\/td><td>High Bandwidth Memory\uff0c\u9ad8\u5e26\u5bbd\u5b58\u50a8\uff08AI GPU\u6838\u5fc3\u914d\u5957\u5b58\u50a8\uff09<\/td><\/tr><tr><td>3D NAND<\/td><td>\u4e09\u7ef4\u5806\u53e0\u95ea\u5b58\uff08\u5b58\u50a8\u82af\u7247\uff0c\u5c42\u6570\u8d8a\u9ad8\u5bc6\u5ea6\u8d8a\u5927\uff09<\/td><\/tr><tr><td>Chiplet<\/td><td>\u5c0f\u82af\u7247\/\u82af\u7c92\uff08\u5c06\u5927\u82af\u7247\u62c6\u5206\u4e3a\u591a\u4e2a\u5c0f\u82af\u7247\u901a\u8fc7\u5148\u8fdb\u5c01\u88c5\u4e92\u8054\uff09<\/td><\/tr><tr><td>HVLP<\/td><td>Hyper Very Low Profile\uff0c\u8d85\u4f4e\u8f6e\u5ed3\u94dc\u7b94\uff08AI\u670d\u52a1\u5668PCB\u5173\u952e\u6750\u6599\uff09<\/td><\/tr><tr><td>WF\u2086<\/td><td>\u516d\u6c1f\u5316\u94a8\uff08\u82af\u7247CVD\u5236\u7a0b\u6c89\u79ef\u94a8\u819c\u7684\u6838\u5fc3\u7535\u5b50\u7279\u6c14\uff09<\/td><\/tr><tr><td>InP<\/td><td>\u78f7\u5316\u94df\uff08\u5316\u5408\u7269\u534a\u5bfc\u4f53\uff0c800G\/1.6T\u5149\u6a21\u5757EML\u6fc0\u5149\u5668\u886c\u5e95\uff09<\/td><\/tr><tr><td>EML<\/td><td>Electro-absorption Modulated Laser\uff0c\u7535\u5438\u6536\u8c03\u5236\u6fc0\u5149\u5668<\/td><\/tr><tr><td>TC\/RC<\/td><td>\u94dc\u7cbe\u77ff\u52a0\u5de5\u8d39\/\u7cbe\u70bc\u8d39\uff08\u53cd\u6620\u77ff\u7aef\u4f9b\u9700\uff0c\u8d8a\u4f4e\u77ff\u8d8a\u7d27\u5f20\uff09<\/td><\/tr><tr><td>CapEx<\/td><td>Capital Expenditure\uff0c\u8d44\u672c\u5f00\u652f<\/td><\/tr><tr><td>ICSG<\/td><td>International Copper Study Group\uff0c\u56fd\u9645\u94dc\u7814\u7a76\u5c0f\u7ec4<\/td><\/tr><tr><td>IEA<\/td><td>International Energy Agency\uff0c\u56fd\u9645\u80fd\u6e90\u7f72<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;\u7b97\u529b\u7684\u5c3d\u5934\u662f\u7535\u529b\uff0c\u7535\u529b\u7684\u8f7d\u4f53\u662f\u91d1\u5c5e\u3002AI\u57fa\u5efa\u6b63\u5728\u7cfb\u7edf\u6027\u91cd\u4f30\u6574 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1386,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[32],"class_list":["post-2263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-9","tag-32"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91 - \u6772\u6773\u4e4b\u95f4<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.jupanshou.cn\/?p=2263\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91 - \u6772\u6773\u4e4b\u95f4\" \/>\n<meta property=\"og:description\" content=\"&#8220;\u7b97\u529b\u7684\u5c3d\u5934\u662f\u7535\u529b\uff0c\u7535\u529b\u7684\u8f7d\u4f53\u662f\u91d1\u5c5e\u3002AI\u57fa\u5efa\u6b63\u5728\u7cfb\u7edf\u6027\u91cd\u4f30\u6574 &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.jupanshou.cn\/?p=2263\" \/>\n<meta property=\"og:site_name\" content=\"\u6772\u6773\u4e4b\u95f4\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-20T09:04:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-20T09:06:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1159\" \/>\n\t<meta property=\"og:image:height\" content=\"611\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"vowvow\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u4f5c\u8005\" \/>\n\t<meta name=\"twitter:data1\" content=\"vowvow\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 \u5206\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263\"},\"author\":{\"name\":\"vowvow\",\"@id\":\"https:\/\/www.jupanshou.cn\/#\/schema\/person\/fa864eb6eea1e218d3e508251cb7c53b\"},\"headline\":\"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91\",\"datePublished\":\"2026-06-20T09:04:55+00:00\",\"dateModified\":\"2026-06-20T09:06:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263\"},\"wordCount\":317,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png\",\"keywords\":[\"\u6162\u5373\u662f\u5feb\"],\"articleSection\":[\"\u6772\u6773\u4e4b\u95f4\"],\"inLanguage\":\"zh-Hans\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.jupanshou.cn\/?p=2263#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263\",\"url\":\"https:\/\/www.jupanshou.cn\/?p=2263\",\"name\":\"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91 - \u6772\u6773\u4e4b\u95f4\",\"isPartOf\":{\"@id\":\"https:\/\/www.jupanshou.cn\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png\",\"datePublished\":\"2026-06-20T09:04:55+00:00\",\"dateModified\":\"2026-06-20T09:06:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.jupanshou.cn\/#\/schema\/person\/fa864eb6eea1e218d3e508251cb7c53b\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263#breadcrumb\"},\"inLanguage\":\"zh-Hans\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.jupanshou.cn\/?p=2263\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"zh-Hans\",\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263#primaryimage\",\"url\":\"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png\",\"contentUrl\":\"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png\",\"width\":1159,\"height\":611},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.jupanshou.cn\/?p=2263#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"\u9996\u9875\",\"item\":\"https:\/\/www.jupanshou.cn\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.jupanshou.cn\/#website\",\"url\":\"https:\/\/www.jupanshou.cn\/\",\"name\":\"\u6772\u6773\u4e4b\u95f4\",\"description\":\"\u72d9\u76d8\u624b\u89c6\u9891\u3001\u6587\u6863\u3001\u4ee3\u7801\u5206\u4eab\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.jupanshou.cn\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"zh-Hans\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.jupanshou.cn\/#\/schema\/person\/fa864eb6eea1e218d3e508251cb7c53b\",\"name\":\"vowvow\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"zh-Hans\",\"@id\":\"https:\/\/www.jupanshou.cn\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/63db5c3c3e0710d1f534d8e12fbb1c7d?s=96&d=monsterid&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/63db5c3c3e0710d1f534d8e12fbb1c7d?s=96&d=monsterid&r=g\",\"caption\":\"vowvow\"},\"description\":\"\u56e0\u4e3a\u70ed\u7231\u6240\u4ee5\u575a\u6301\uff01\",\"sameAs\":[\"http:\/\/www.jupanshou.cn\"],\"url\":\"https:\/\/www.jupanshou.cn\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91 - \u6772\u6773\u4e4b\u95f4","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.jupanshou.cn\/?p=2263","og_locale":"zh_CN","og_type":"article","og_title":"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91 - \u6772\u6773\u4e4b\u95f4","og_description":"&#8220;\u7b97\u529b\u7684\u5c3d\u5934\u662f\u7535\u529b\uff0c\u7535\u529b\u7684\u8f7d\u4f53\u662f\u91d1\u5c5e\u3002AI\u57fa\u5efa\u6b63\u5728\u7cfb\u7edf\u6027\u91cd\u4f30\u6574 &hellip;","og_url":"https:\/\/www.jupanshou.cn\/?p=2263","og_site_name":"\u6772\u6773\u4e4b\u95f4","article_published_time":"2026-06-20T09:04:55+00:00","article_modified_time":"2026-06-20T09:06:52+00:00","og_image":[{"width":1159,"height":611,"url":"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png","type":"image\/png"}],"author":"vowvow","twitter_card":"summary_large_image","twitter_misc":{"\u4f5c\u8005":"vowvow","\u9884\u8ba1\u9605\u8bfb\u65f6\u95f4":"6 \u5206"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.jupanshou.cn\/?p=2263#article","isPartOf":{"@id":"https:\/\/www.jupanshou.cn\/?p=2263"},"author":{"name":"vowvow","@id":"https:\/\/www.jupanshou.cn\/#\/schema\/person\/fa864eb6eea1e218d3e508251cb7c53b"},"headline":"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91","datePublished":"2026-06-20T09:04:55+00:00","dateModified":"2026-06-20T09:06:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.jupanshou.cn\/?p=2263"},"wordCount":317,"commentCount":0,"image":{"@id":"https:\/\/www.jupanshou.cn\/?p=2263#primaryimage"},"thumbnailUrl":"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png","keywords":["\u6162\u5373\u662f\u5feb"],"articleSection":["\u6772\u6773\u4e4b\u95f4"],"inLanguage":"zh-Hans","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.jupanshou.cn\/?p=2263#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.jupanshou.cn\/?p=2263","url":"https:\/\/www.jupanshou.cn\/?p=2263","name":"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91 - \u6772\u6773\u4e4b\u95f4","isPartOf":{"@id":"https:\/\/www.jupanshou.cn\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.jupanshou.cn\/?p=2263#primaryimage"},"image":{"@id":"https:\/\/www.jupanshou.cn\/?p=2263#primaryimage"},"thumbnailUrl":"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png","datePublished":"2026-06-20T09:04:55+00:00","dateModified":"2026-06-20T09:06:52+00:00","author":{"@id":"https:\/\/www.jupanshou.cn\/#\/schema\/person\/fa864eb6eea1e218d3e508251cb7c53b"},"breadcrumb":{"@id":"https:\/\/www.jupanshou.cn\/?p=2263#breadcrumb"},"inLanguage":"zh-Hans","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.jupanshou.cn\/?p=2263"]}]},{"@type":"ImageObject","inLanguage":"zh-Hans","@id":"https:\/\/www.jupanshou.cn\/?p=2263#primaryimage","url":"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png","contentUrl":"https:\/\/www.jupanshou.cn\/wp-content\/uploads\/2025\/02\/image.png","width":1159,"height":611},{"@type":"BreadcrumbList","@id":"https:\/\/www.jupanshou.cn\/?p=2263#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"\u9996\u9875","item":"https:\/\/www.jupanshou.cn\/"},{"@type":"ListItem","position":2,"name":"\u6709\u8272\u7684\u957f\u7ebf\u903b\u8f91\u4e0d\u518d\u4ec5\u4ec5\u662f\u5468\u671f\u903b\u8f91\uff0c\u66f4\u91cd\u8981\u7684\u662f\u7b97\u529b\u903b\u8f91"}]},{"@type":"WebSite","@id":"https:\/\/www.jupanshou.cn\/#website","url":"https:\/\/www.jupanshou.cn\/","name":"\u6772\u6773\u4e4b\u95f4","description":"\u72d9\u76d8\u624b\u89c6\u9891\u3001\u6587\u6863\u3001\u4ee3\u7801\u5206\u4eab","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.jupanshou.cn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"zh-Hans"},{"@type":"Person","@id":"https:\/\/www.jupanshou.cn\/#\/schema\/person\/fa864eb6eea1e218d3e508251cb7c53b","name":"vowvow","image":{"@type":"ImageObject","inLanguage":"zh-Hans","@id":"https:\/\/www.jupanshou.cn\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/63db5c3c3e0710d1f534d8e12fbb1c7d?s=96&d=monsterid&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/63db5c3c3e0710d1f534d8e12fbb1c7d?s=96&d=monsterid&r=g","caption":"vowvow"},"description":"\u56e0\u4e3a\u70ed\u7231\u6240\u4ee5\u575a\u6301\uff01","sameAs":["http:\/\/www.jupanshou.cn"],"url":"https:\/\/www.jupanshou.cn\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=\/wp\/v2\/posts\/2263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2263"}],"version-history":[{"count":2,"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=\/wp\/v2\/posts\/2263\/revisions"}],"predecessor-version":[{"id":2265,"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=\/wp\/v2\/posts\/2263\/revisions\/2265"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=\/wp\/v2\/media\/1386"}],"wp:attachment":[{"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jupanshou.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}