{"id":609153,"date":"2025-12-10T05:58:51","date_gmt":"2025-12-10T13:58:51","guid":{"rendered":"https:\/\/nai500.com\/?p=609153"},"modified":"2025-12-10T05:58:51","modified_gmt":"2025-12-10T13:58:51","slug":"china-nvda-amd-smci-tsm-asml","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/12\/china-nvda-amd-smci-tsm-asml\/","title":{"rendered":"China \u6676\u7247\u53cd\u8f49\uff1aNVDA\u3001AMD\u3001SMCI\u3001TSM\u3001ASML \u52d5\u8d77\u4f86"},"content":{"rendered":"

\u83ef\u76db\u9813\u5fae\u5fae\u6253\u958b\u4e86\u9580\uff0c\u5e02\u5834\u82b1\u4e86\u516b\u5c0f\u6642\u722d\u8ad6\u8981\u4e0d\u8981\u8d70\u9032\u53bb\u3002\u7f8e\u570b\u6279\u51c6\u5411\u4e2d\u570b\u51fa\u53e3 Nvidia \u7684 H200 AI \u6676\u7247\u4e26\u52a0\u5fb5 25% \u95dc\u7a05\uff0c\u540c\u6642\u5c07\u66f4\u65b0\u7684 Blackwell \u7cfb\u5217\u7e7c\u7e8c\u7981\u904b\u3002\u64da\u5831\u5c0e\uff0c\u5317\u4eac\u65b9\u9762\u4e5f\u5728\u8003\u616e\u81ea\u5df1\u7684\u53ef\u53ca\u6027\u9650\u5236\uff0c\u800c Nvidia \u63a8\u51fa\u5730\u7406\u4f4d\u7f6e\u9a57\u8b49\u5de5\u5177\u4ee5\u963b\u6b62\u7070\u5e02\u7e5e\u9053\u3002\u6de8\u6548\u61c9\uff1a\u7576\u65e5\u534a\u5c0e\u9ad4\u51fa\u73fe\u77ed\u66ab\u751c\u871c\u4e0a\u6f32\uff0c\u4f46\u96a8\u8457\u4ea4\u6613\u54e1\u7b97\u8d77\u5730\u7de3\u653f\u6cbb\u5e33\uff0c\u6f32\u52e2\u6d88\u9000\u3002\u8a72\u65cf\u7fa4\u5728\u6210\u4ea4\u91cf\u8207\u65b0\u805e\u9762\u4ecd\u5360\u4e3b\u5c0e\uff0c\u4f46\u4fe1\u5ff5\u88ab\u514b\u5236\u3002<\/p>\n

\u904e\u53bb 8 \u5c0f\u6642\u6700\u6d3b\u8e8d\u7684\u534a\u5c0e\u9ad4\u80a1\u7968<\/h3>\n

1) Nvidia (NVDA) \u2014 H200 \u7372\u5f97\u901a\u884c\u8b49\uff0c\u4f46\u9580\u53e3\u4fdd\u5168\u4ecd\u5728\u770b\u5b88<\/h3>\n

\u4eca\u65e5\u7126\u9ede\uff1a\u7f8e\u570b\u51c6\u8a31 Nvidia \u7684 H200 \u51fa\u53e3\u81f3\u4e2d\u570b\u4e26\u9644\u5e36 25% \u8cbb\u7528\uff0c\u4fdd\u7559\u300c\u9818\u5c0e\u5730\u4f4d\u300d\u7684\u8868\u8c61\uff0c\u540c\u6642\u5c07 Blackwell \u6392\u9664\u5728\u51fa\u53e3\u6e05\u55ae\u4e4b\u5916\u3002\u83ef\u76db\u9813\u7684\u6279\u8a55\u8005\u62a8\u64ca\u6b64\u8209\u662f\u570b\u5b89\u4e0a\u7684\u5931\u8aa4\uff0c\u4e2d\u570b\u65b9\u9762\u6709\u6d88\u606f\u7a31\u76e3\u7ba1\u6a5f\u69cb\u6b63\u8a55\u4f30\u53ef\u80fd\u9650\u5236\u4ee5\u6291\u5236\u4efb\u4f55\u9700\u6c42\u3002Nvidia \u4e5f\u5ba3\u50b3\u5176\u65b0\u7684\u5730\u7406\u4f4d\u7f6e\u9a57\u8b49\u8edf\u9ad4\uff0c\u65e8\u5728\u963b\u6b62\u5176 GPU \u7d93\u7531\u5f8c\u9580\u6d41\u5165\u53d7\u5236\u88c1\u5e02\u5834\u3002\u4ea4\u6613\u8f2a\u5ed3\uff1aNVDA \u56e0\u65b0\u805e\u8df3\u5347\uff0c\u4e4b\u5f8c\u96a8\u4e2d\u570b\u98a8\u96aa\u56de\u88dc\u800c\u76e4\u6574\u3002\u9078\u64c7\u6b0a\u6210\u4ea4\u71b1\u7d61\uff0c\u504f\u5411\u77ed\u671f\u671f\u6b0a\u8207\u907f\u96aa\u55ae\uff0c\u96b1\u542b\u6ce2\u52d5\u7387\u5728\u653f\u7b56\u566a\u97f3\u4e2d\u88ab\u8cb7\u76e4\u652f\u6490\u3002\u80a1\u50f9\u7dad\u6301\u5728\u8fd1\u671f\u5340\u9593\uff0cAI \u540c\u696d\u806f\u52d5\u3002\u6295\u8cc7\u4eba\u8981\u9ede\uff1a\u5c0d\u4e2d\u570b\u4f86\u8aaa\u6709\u908a\u969b\u6536\u5165\u53ef\u80fd\uff0c\u4f46\u4f34\u96a8\u6469\u64e6\u6210\u672c\u3001\u5408\u898f\u8ca0\u64d4\u8207\u65b0\u805e\u98a8\u96aa\u3002\u4e2d\u570b\u4ee5\u5916\u7684\u9577\u671f AI \u9700\u6c42\u6545\u4e8b\u4ecd\u6bd4\u9019\u689d\u901a\u9053\u66f4\u70ba\u91cd\u8981\u3002\u6301\u5009\u898f\u6a21\u61c9\u8003\u91cf\u653f\u7b56\u97ad\u64ca\u98a8\u96aa\u6ea2\u50f9\u3002<\/p>\n

2) Advanced Micro Devices (AMD) \u2014 \u540c\u60c5\u6027\u4ea4\u6613\u52a0\u4e0a\u66ff\u4ee3\u9078\u9805\u7684\u53ef\u80fd\u6027<\/h3>\n

\u4eca\u65e5\u7126\u9ede\uff1a\u82e5 Nvidia \u7684\u9802\u7d1a Blackwell \u88ab\u5c01\u9396\u4e14 H200 \u88ab\u8ab2\u7a05\uff0c\u4e00\u4e9b\u4ea4\u6613\u53f0\u9810\u60f3 AMD \u7684\u6578\u64da\u4e2d\u5fc3\u7522\u54c1\u5728\u4e2d\u570b\u4ee5\u5916\u53ef\u80fd\u76f8\u5c0d\u53d7\u76ca\uff0c\u800c\u4e2d\u570b\u6e20\u9053\u5c0d\u6240\u6709\u4eba\u4ecd\u4e0d\u660e\u6717\u3002MI300 \u5bb6\u65cf\u6b63\u8655\u65bc\u63a1\u8cfc\u5faa\u74b0\u7684\u751c spot\uff0c\u6295\u8cc7\u4eba\u50be\u5411\u300c\u7b2c\u4e8c\u4f9b\u61c9\u5546\u300d\u6558\u4e8b\uff0c\u56e0\u8d85\u5927\u898f\u6a21\u96f2\u7aef\u5ba2\u6236\u5206\u6563\u98a8\u96aa\u3002\u4ea4\u6613\u8f2a\u5ed3\uff1aBeta \u505a\u4e86\u5b83\u8a72\u505a\u7684\u4e8b\u3002AMD \u96a8 NVDA \u65b0\u805e\u4e0a\u6f32\u3001\u56de\u5410\u90e8\u5206\u6f32\u5e45\uff0c\u4e26\u4ee5\u9ad8\u65bc 20 \u65e5\u5747\u91cf\u6536\u76e4\u3002\u914d\u5c0d\u4ea4\u6613\u51fa\u73fe\u5728\u6d41\u5411\u76e3\u6e2c\u5668\uff1a\u505a\u591a AMD \u540c\u6642\u505a\u7a7a NVDA \u4f5c\u70ba\u653f\u7b56\u62d6\u7d2f\u7684\u907f\u96aa\uff0c\u4e26\u4ee5\u8cb7\u6b0a\u50f9\u5dee\u62bc\u6ce8\u984d\u5916\u5e02\u5360\u3002\u6295\u8cc7\u4eba\u8981\u9ede\uff1a\u591a\u982d\u8ad6\u9ede\u5f88\u76f4\u63a5\u2014\u82e5 Nvidia \u5728\u4e2d\u570b\u7684\u5fa9\u7526\u53ea\u662f\u90e8\u5206\u4e14\u5408\u898f\u6210\u672c\u9ad8\uff0cAMD \u5c07\u596a\u53d6\u66f4\u591a\u4e2d\u570b\u5916\u7684\u652f\u51fa\u4e26\u978f\u56fa\u5176\u52a0\u901f\u5668\u5e2d\u4f4d\u3002\u89c0\u5bdf\u4f9b\u61c9\u7bc0\u594f\u3001MI300X \u7684\u90e8\u7f72\uff0c\u4ee5\u53ca TSMC \u662f\u5426\u51fa\u73fe\u4ea4\u671f\u58d3\u7e2e\u8de1\u8c61\u3002\u4e2d\u570b\u4ecd\u662f\u566a\u97f3\uff1b\u8d85\u5927\u5ba2\u6236\u8a02\u55ae\u624d\u662f\u8a0a\u865f\u3002<\/p>\n

3) Super Micro Computer (SMCI) \u2014 \u88dd\u914d\u5546\u4f4d\u5728\u7206\u70b8\u5708\u5167<\/h3>\n

\u4eca\u65e5\u7126\u9ede\uff1aSMCI \u7684\u547d\u904b\u53d6\u6c7a\u65bc GPU \u7684\u53ef\u5f97\u6027\u8207\u5b9a\u50f9\uff0c\u4efb\u4f55\u4e2d\u570b\u9700\u6c42\u7684\u91cd\u65b0\u958b\u653e\u90fd\u8981\u4ed8 25% \u7684\u4ee3\u50f9\u4e26\u4f34\u96a8\u984d\u5916\u6587\u66f8\u5de5\u4f5c\u3002\u518d\u52a0\u4e0a\u4e2d\u570b\u76e3\u7ba1\u53ef\u80fd\u9650\u5236\u5b58\u53d6\uff0c\u6e20\u9053\u524d\u666f\u8b8a\u5f97\u6df7\u4e82\uff0c\u5229\u6f64\u7387\u5047\u8a2d\u7684\u5340\u9593\u64f4\u5927\u3002\u8a72\u516c\u53f8\u9760\u901f\u5ea6\u751f\u5b58\uff1b\u653f\u7b56\u6703\u653e\u6162\u4e00\u5207\u3002\u4ea4\u6613\u8f2a\u5ed3\uff1a\u6ce2\u52d5\u6027\u4fdd\u6301\u504f\u9ad8\uff0c\u65e5\u5167\u5340\u9593\u5bec\u5ee3\u5df2\u6210\u70ba SMCI \u7684\u986f\u8457\u7279\u5fb5\u3002\u9078\u64c7\u6b0a\u504f\u659c\u5448\u73fe\u4fdd\u8b77\u6027\u7d50\u69cb\uff0c\u7a7a\u982d\u5229\u606f\u5076\u723e\u9020\u6210\u96d9\u5411\u7684\u771f\u7a7a\u3002\u8cc7\u91d1\u6d41\u986f\u793a\u77ed\u7dda\u4ea4\u6613\u8005\u5728\u9ad8\u9ede\u505a\u6de1\u3001\u5728\u56de\u8abf\u6642\u88dc\u5009\u3002\u6295\u8cc7\u4eba\u8981\u9ede\uff1a\u55ae\u4f4d\u6210\u9577\u53d7\u5236\u65bc Nvidia \u7684\u51fa\u8ca8\u7bc0\u594f\u8207\u7db2\u8def\u8a2d\u5099\u53ef\u7528\u6027\u3002\u5c0d\u4e2d\u570b\u5fb5\u7a05\u4e14\u5408\u898f\u7e41\u91cd\u6703\u58d3\u7e2e\u6bdb\u5229\u4e26\u62c9\u9577\u88fd\u9020\u9031\u671f\u3002\u82e5\u4f60\u6301\u6709\u5b83\uff0c\u5c31\u662f\u5728\u627f\u64d4\u5728\u969c\u7919\u8cfd\u4e2d\u57f7\u884c\u7684\u8cac\u4efb\u3002\u82e5\u4f60\u4ea4\u6613\u5b83\uff0c\u5c0a\u91cd\u76e4\u9762\u2014\u2014\u9019\u662f\u4e00\u6a94\u5728\u6700\u9700\u8981\u6642\u6d41\u52d5\u6027\u6703\u6d88\u5931\u7684\u80a1\u7968\u3002<\/p>\n

4) Taiwan Semiconductor (TSM) \u2014 \u5370\u88fd\u722d\u8b70\u7684\u4ee3\u5de5\u5ee0<\/h3>\n

\u4eca\u65e5\u7126\u9ede\uff1a\u4f5c\u70ba Nvidia \u8207 AMD \u8a31\u591a\u5148\u9032\u77fd\u7247\u7684\u88fd\u9020\u65b9\uff0cTSM \u4f4d\u65bc\u4f9b\u61c9\u93c8\u6838\u5fc3\u3002\u90e8\u5206\u5c0d\u4e2d\u570b\u7684 H200 \u653e\u884c\u6703\u4f7f\u5148\u9032\u5c01\u88dd\u7522\u80fd\u66f4\u5403\u7dca\uff0c\u800c\u4efb\u4f55\u4f86\u81ea\u5317\u4eac\u7684\u9650\u5236\u6697\u793a\u6703\u6ce8\u5165\u7522\u80fd\u5229\u7528\u7387\u7684\u4e0d\u78ba\u5b9a\u6027\u3002\u8207\u6b64\u540c\u6642\uff0c\u7f8e\u570b\u6676\u5713\u5ee0\u64f4\u7522\u65b0\u805e\u8207\u6301\u7e8c\u7684 CoWoS \u53d7\u9650\u8b93\u7522\u80fd\u6558\u4e8b\u4fdd\u6301\u9ad8\u8072\u91cf\u3002\u4ea4\u6613\u8f2a\u5ed3\uff1aADR \u53d7\u5230\u6a5f\u69cb\u6027\u8cb7\u76e4\u652f\u6490\uff0c\u53cd\u6620\u9022\u4f4e\u8cb7\u9032\u7684\u54c1\u8cea\u5fc3\u614b\u3002\u532f\u7387\u8207\u6536\u76ca\u7387\u8f15\u5fae\u63a8\u52d5\u76e4\u9762\uff0c\u4f46\u6545\u4e8b\u4ecd\u805a\u7126\u65bc\u71df\u904b\uff1a\u5c01\u88dd\u541e\u5410\u91cf\u3001\u4ea4\u671f\u8207\u8cc7\u672c\u652f\u51fa\u8a0a\u865f\u3002\u4ea4\u6613\u53f0\u9592\u804a\u6307\u51fa\u8f03\u9060\u671f\u671f\u9650\u7684\u8cb7\u6b0a\u8208\u8da3\u7a69\u5b9a\uff0c\u8207\u9577\u9031\u671f\u89c0\u9ede\u4e00\u81f4\u3002\u6295\u8cc7\u4eba\u8981\u9ede\uff1aTSM \u662f AI \u8cc7\u672c\u652f\u51fa\u7684\u6c34\u7ba1\u3002\u5982\u679c H200 \u51fa\u8ca8\u5230\u4e2d\u570b\u5373\u4f7f\u53ea\u6709\u6d93\u6ef4\uff0c\u5c01\u88dd\u7a00\u7f3a\u4ecd\u5b58\u5728\u4e14\u5b9a\u50f9\u80fd\u529b\u7dad\u6301\u3002\u98a8\u96aa\u4e0d\u662f\u9700\u6c42\u2014\u2014\u800c\u662f\u5730\u7de3\u653f\u6cbb\u8207\u74f6\u9838\u3002\u95dc\u6ce8 CoWoS \u8207 HBM \u7684\u6307\u5f15\uff0c\u800c\u4e0d\u662f\u6bcf\u65e5\u65b0\u805e\u3002<\/p>\n

5) ASML (ASML) \u2014 \u74f6\u9838\u4ecd\u7136\u662f\u74f6\u9838<\/h3>\n

\u4eca\u65e5\u7126\u9ede\uff1aNvidia \u53ef\u4ee5\u51fa\u8ca8\u90e8\u5206 H200\uff0c\u4f46\u524d\u6cbf\u7bc0\u9ede\u4ecd\u53d7\u51fa\u53e3\u7ba1\u5236\u6240\u9650\uff0cASML \u4f4d\u65bc\u69d3\u687f\u9ede\uff0cEUV \u8207\u9ad8\u7aef DUV \u8a2d\u5099\u9700\u53d7\u8a31\u53ef\u8207\u653f\u6cbb\u98a8\u5411\u5f71\u97ff\u3002\u4efb\u4f55\u8072\u7a31\u4e2d\u570b\u80fd\u8fc5\u901f\u64f4\u7522\u7684\u8ad6\u8ff0\u90fd\u5f97\u904e\u5149\u523b\u9019\u4e00\u95dc\uff0c\u800c\u90a3\u88e1\u7684\u7ba1\u5236\u6bd4\u793e\u7fa4\u5a92\u9ad4\u8a55\u8ad6\u4f86\u5f97\u56b4\u683c\u3002\u7576\u7f8e\u570b\u6279\u51c6\u6848\u9047\u5230\u6b50\u6d32\u7684\u8b77\u6b04\u6642\uff0c\u6295\u8cc7\u4eba\u8f49\u5411\u300c\u5de5\u5177\u4e2d\u7684\u5de5\u5177\u300d\u984c\u6750\u3002\u4ea4\u6613\u8f2a\u5ed3\uff1a\u4e3b\u984c\u5e36\u52d5\u4e0b\u6210\u4ea4\u91cf\u4e0a\u5347\uff0c\u5448\u73fe\u7a69\u5065\u78e8\u5e95\u800c\u975e\u55ae\u65e5\u7206\u767c\u3002\u6301\u4e45\u578b\u6301\u5009\u8005\u9069\u5ea6\u52a0\u78bc\uff0c\u800c\u77ed\u671f\u4ea4\u6613\u8005\u6536\u5272\u6642\u9593\u50f9\u503c\u3002\u6c92\u6709\u5927\u7206\u767c\uff0c\u4e5f\u6c92\u6709\u66b4\u6f32\u2014\u2014\u53ea\u662f\u5c0d\u8010\u4e45\u6027\u66dd\u96aa\u7684\u908a\u969b\u9700\u6c42\u3002\u6295\u8cc7\u4eba\u8981\u9ede\uff1a\u5373\u4fbf H200 \u7372\u51c6\uff0c\u9818\u5148\u88fd\u7a0b\u7522\u80fd\u4ecd\u7a00\u7f3a\u4e14\u53d7\u7ba1\u5236\u3002ASML \u7684\u8a02\u55ae\u8207\u5b9a\u50f9\u80fd\u529b\u66f4\u591a\u7d81\u5b9a\u65bc\u5168\u7403 AI \u5efa\u7f6e\u8207\u975e\u4e2d\u570b\u6676\u5713\u5ee0\uff0c\u800c\u975e\u4eca\u65e5\u83ef\u76db\u9813\u7684\u65b0\u805e\u3002\u653f\u7b56\u8da8\u7dca\u662f\u4e3b\u8981\u5c3e\u90e8\u98a8\u96aa\uff1b\u77ed\u671f\u5167\u4e0d\u662f\u9700\u6c42\u6467\u6bc0\u3002<\/p>\n

\u6295\u8cc7\u4eba\u8996\u89d2<\/h3>\n

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