{"id":667876,"date":"2026-10-08T03:01:35","date_gmt":"2026-10-08T10:01:35","guid":{"rendered":"https:\/\/nai500.com\/?p=667876"},"modified":"2026-10-08T04:26:37","modified_gmt":"2026-10-08T11:26:37","slug":"107-4-ai","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/10\/107-4-ai\/","title":{"rendered":"\u97d3\u570b\u53f2\u4e0a\u9996\u5bb6\uff01\u4e09\u661f\u55ae\u5b63\u71df\u696d\u5229\u6f64\u7834 100 \u842c\u5104\u97d3\u5143"},"content":{"rendered":"<p>\u4e09\u661f\u96fb\u5b50\u516c\u4f48 2026 \u5e74\u7b2c\u4e09\u5b63\u5ea6\u521d\u6b65\u696d\u7e3e\uff1a\u55ae\u5b63\u71df\u696d\u5229\u6f64\u9054 107.4 \u842c\u5104\u97d3\u5143\uff0c\u540c\u6bd4\u589e\u9577 782.5%\uff0c\u6309\u5927\u578b\u79d1\u6280\u4f01\u696d\u6a19\u6e96\u9019\u4e00\u6578\u5b57\u4e5f\u8fd1\u4e4e\u8d85\u73fe\u5be6\uff0c\u4e09\u661f\u7531\u6b64\u6210\u70ba\u97d3\u570b\u6b77\u53f2\u4e0a\u9996\u5bb6\u55ae\u5b63\u71df\u696d\u5229\u6f64\u7a81\u7834 100 \u842c\u5104\u97d3\u5143\u7684\u4f01\u696d\u3002\u4e0d\u904e\uff0c\u696d\u7e3e\u516c\u4f48\u7576\u65e5\uff0c\u9996\u723e\u5e02\u5834\u7684\u53cd\u61c9\u4e26\u975e\u5b8c\u5168\u6176\u795d \u2014\u2014 \u4e09\u661f\u80a1\u50f9\u6536\u8dcc 2.4%\uff0c\u5831 26.2 \u842c\u97d3\u5143\uff0c\u6295\u8cc7\u8005\u96a8\u5373\u5f9e\u982d\u689d\u8d85\u9810\u671f\u8f49\u5411\u4e00\u500b\u66f4\u96e3\u7684\u554f\u984c\uff1aAI \u9a45\u52d5\u7684\u5b58\u5132\u9700\u6c42\u9084\u80fd\u7dad\u6301\u591a\u71b1\u3002<\/p>\n<h2>\u9023\u7e8c\u56db\u500b\u5b63\u5ea6\u5275\u7d00\u9304\uff0c\u71df\u6536\u4ecd\u4f4e\u65bc FactSet \u9810\u671f<\/h2>\n<p>\u6b64\u6b21\u70ba\u4e09\u661f\u96fb\u5b50\u9023\u7e8c\u7b2c\u56db\u500b\u5b63\u5ea6\u5275\u4e0b\u5b63\u5ea6\u696d\u7e3e\u7d00\u9304\u3002\u516c\u53f8\u540c\u6642\u516c\u4f48\u521d\u6b65\u71df\u6536 195 \u842c\u5104\u97d3\u5143\uff0c\u540c\u6bd4\u589e\u9577\u7d04 127%\uff0c\u4f46\u4ecd\u4f4e\u65bc FactSet \u4e00\u81f4\u9810\u671f\u7684 206.81 \u842c\u5104\u97d3\u5143\u3002<\/p>\n<p>\u5229\u6f64\u7aef\u540c\u6a23\u5448\u73fe &#8220;\u4e0d\u53ca\u6700\u6a02\u89c0\u9810\u671f&#8221; \u7684\u7279\u5fb5\uff1a107.4 \u842c\u5104\u97d3\u5143\u7684\u71df\u696d\u5229\u6f64\u9ad8\u65bc LSEG SmartEstimate \u7684 106.1 \u842c\u5104\u97d3\u5143\uff0c\u4f46\u4f4e\u65bc Bloomberg \u5206\u6790\u5e2b\u5e73\u5747\u9810\u671f\u7684 108.7 \u842c\u5104\u97d3\u5143\u3002\u9996\u723e\u7d93\u6fdf\u65e5\u5831\u6578\u64da\u986f\u793a\uff0c\u4e09\u661f\u672c\u5b63\u5ea6\u71df\u696d\u5229\u6f64\u7387\u9054\u5230\u5275\u7d00\u9304\u7684 55.1%\uff0c\u51f8\u986f\u5b9a\u50f9\u8207\u4f9b\u61c9\u689d\u4ef6\u5df2\u8b8a\u5f97\u591a\u9ebc\u6709\u5229\u3002<\/p>\n<p>\u80a1\u50f9\u65b9\u9762\uff0c\u4e09\u661f\u7576\u524d\u80a1\u50f9\u4ecd\u8f03 6 \u6708\u5cf0\u503c\u4f4e\u7d04 25%\u3002\u696d\u7e3e\u516c\u4f48\u7576\u65e5\u6536\u8dcc 2.4% \u81f3 26.2 \u842c\u97d3\u5143\u3002\u696d\u7e3e\u516c\u4f48\u524d\u80a1\u50f9\u5df2\u5927\u5e45\u4e0a\u6f32\uff0c\u5716\u8868\u4e2d\u5df2\u8a08\u5165\u5927\u91cf\u5b58\u5132\u9031\u671f\u6a02\u89c0\u9810\u671f\uff0c\u5728\u9019\u4e00\u80cc\u666f\u4e0b\uff0c\u4e00\u4efd\u4eae\u773c\u696d\u7e3e\u53cd\u800c\u6210\u70ba &#8220;\u8acb\u62ff\u51fa\u66f4\u591a\u8b49\u64da&#8221; \u7684\u4e8b\u4ef6\uff0c\u800c\u975e\u4e7e\u6de8\u7684\u50ac\u5316\u5291\u3002\u516c\u53f8\u76c8\u5229\u52d5\u80fd\u8207\u80a1\u50f9\u8d70\u52e2\u4e4b\u9593\u7684\u843d\u5dee\uff0c\u8b1b\u8ff0\u4e86\u4e00\u500b\u4e9e\u6d32\u5e02\u5834\u719f\u6089\u7684\u6545\u4e8b\uff1a\u6295\u8cc7\u8005\u9858\u610f\u734e\u52f5 AI \u5efa\u8a2d\uff0c\u4f46\u5c1a\u672a\u6e96\u5099\u597d\u5047\u8a2d\u9031\u671f\u6703\u4e0d\u9593\u65b7\u5730\u4fdd\u6301\u5982\u6b64\u5f37\u52c1\u3002<\/p>\n<p>\u8def\u900f\u793e\u8207\u9053\u74ca\u65af\u5831\u9053\u6307\u51fa\uff0c\u672c\u8f2a\u76c8\u5229\u98c6\u5347\u7531 AI \u5b58\u5132\u82af\u7247\u9700\u6c42\u63a8\u52d5\uff0c\u4e3b\u8981\u6d89\u53ca HBM\u3001DRAM \u548c NAND\u3002\u76f8\u95dc\u5831\u9053\u5c07\u4e09\u661f\u696d\u7e3e\u589e\u9577\u8207 AI \u57fa\u790e\u8a2d\u65bd\u76f8\u95dc\u7684\u66f4\u5ee3\u6cdb\u5b58\u5132\u4e0a\u884c\u9031\u671f\u639b\u9264\uff0c\u800c\u975e\u4e00\u6b21\u6027\u6703\u8a08\u6536\u76ca\u6216\u55ae\u4e00\u7522\u54c1\u7dda\u3002<\/p>\n<p>\u540c\u4e00\u4fe1\u6e90\u540c\u6642\u63d0\u53ca\uff0c\u5b58\u5132\u4f9b\u61c9\u7dca\u5f35\u53ef\u80fd\u5ef6\u7e8c\u81f3 2027\u20142028 \u5e74\u3002\u8868\u9762\u4e0a\u9019\u4e00\u770b\u4f3c\u5229\u597d\uff0c\u5c0d\u82af\u7247\u88fd\u9020\u5546\u800c\u8a00\u78ba\u5be6\u5982\u6b64\uff1b\u4f46\u5c0d\u80a1\u7968\u6295\u8cc7\u8005\u800c\u8a00\uff0c\u66f4\u9577\u6642\u9593\u7684\u4f9b\u61c9\u7dca\u5f35\u53ef\u4ee5\u6709\u5169\u7a2e\u89e3\u8b80\uff1a\u5b83\u652f\u6490\u5b9a\u50f9\u6b0a\u8207\u76c8\u5229\u80fd\u898b\u5ea6\uff0c\u540c\u6642\u4e5f\u5f15\u51fa\u5f8c\u7e8c\u7591\u554f \u2014\u2014 \u5ba2\u6236\u662f\u5426\u6700\u7d42\u6703\u9650\u5236\u9700\u6c42\u3001\u5207\u63db\u4f9b\u61c9\u5546\uff0c\u6216\u63a8\u52d5\u7522\u80fd\u64f4\u5f35\u5f9e\u800c\u6539\u8b8a\u5f8c\u7e8c\u4f9b\u9700\u5e73\u8861\u3002<\/p>\n<h2>\u5e02\u5834\u7126\u9ede\u8f49\u5411\u589e\u9577\u53ef\u6301\u7e8c\u6027\uff0c10 \u6708 29 \u65e5\u5c07\u62ab\u9732\u5206\u90e8\u6578\u64da<\/h2>\n<p>Mirae Asset Securities \u5e02\u5834\u5206\u6790\u5e2b Kim Seok-hwan \u5c0d\u8def\u900f\u793e\u8868\u793a\uff1a\u201c\u5e02\u5834\u7684\u6ce8\u610f\u529b\u5df2\u8f49\u5411\u4e00\u5e74\u524d\u958b\u59cb\u7684\u5f37\u52c1\u76c8\u5229\u589e\u9577\u662f\u5426\u53ef\u6301\u7e8c\u3002&#8221; \u5e02\u5834\u5df2\u4e0d\u518d\u8ffd\u554f AI \u5b58\u5132\u662f\u5426\u771f\u5be6\uff0c\u800c\u662f\u5728\u554f\u589e\u9577\u7387\u662f\u5426\u4ecd\u5177\u5099\u6295\u8cc7\u50f9\u503c\u3002<\/p>\n<p>CLSA Securities Korea \u5317\u4e9e\u534a\u5c0e\u9ad4\u7814\u7a76\u4e3b\u7ba1 Sanjeev Rana \u901a\u904e Moneycontrol \u5c0d Bloomberg \u8868\u793a\uff1a\u201c\u6211\u5011\u4ecd\u770b\u591a\u5b58\u5132\u9031\u671f\u548c\u4e09\u661f\u96fb\u5b50\u3002\u9700\u6c42\u6301\u7e8c\u8d85\u904e\u4f9b\u61c9\uff0cHBM \u5b9a\u50f9\u5728 2027 \u5e74\u5c07\u5927\u5e45\u63d0\u5347\u3002&#8221; \u4e0d\u904e\uff0c\u7576\u5206\u6790\u5e2b\u958b\u59cb\u8ac7\u8ad6 2027 \u5e74\u5b9a\u50f9\u5927\u5e45\u63d0\u5347\u6642\uff0c\u4e5f\u96b1\u542b\u627f\u8a8d\u7576\u524d\u689d\u4ef6\u53ef\u80fd\u5df2\u63a5\u8fd1\u71b1\u60c5\u9802\u5cf0\u3002\u6295\u8cc7\u8005\u95dc\u5fc3\u7684\u4e26\u975e HBM \u5b9a\u50f9\u662f\u5426\u4e0a\u6f32\uff0c\u800c\u662f\u4e09\u661f\u80fd\u5426\u5c07\u9019\u6ce2\u9700\u6c42\u8f49\u5316\u70ba\u6301\u7e8c\u76c8\u5229\u80fd\u529b\uff0c\u800c\u4e0d\u88ab\u8feb\u9677\u5165\u5f8c\u7e8c\u7522\u80fd\u904e\u5269\u8207\u5229\u6f64\u7387\u58d3\u7e2e\u7684\u5faa\u74b0\u3002<\/p>\n<p>\u672c\u5730\u5a92\u9ad4\u5c07\u6b64\u65e2\u6846\u5b9a\u70ba\u4e00\u5834\u52dd\u5229\uff0c\u4e5f\u6846\u5b9a\u70ba\u4e00\u5834\u8003\u9a57\u3002\u9053\u74ca\u65af\u548c\u9996\u723e\u7d93\u6fdf\u65e5\u5831\u5f37\u8abf\u5275\u7d00\u9304\u7684\u71df\u696d\u5229\u6f64\u8207\u5229\u6f64\u7387\uff0c\u8def\u900f\u793e\u805a\u7126\u53ef\u6301\u7e8c\u6027\u722d\u8ad6\uff0c\u65b0\u83ef\u8ca1\u7d93\u5247\u6307\u51fa\u4e09\u661f\u8d85 LSEG SmartEstimate \u4f46\u4e0d\u53ca Bloomberg \u5206\u6790\u5e2b\u5e73\u5747\u9810\u671f\u3002<\/p>\n<p>\u4e09\u661f\u5b8c\u6574\u8ca1\u5831\u5b9a\u65bc 2026 \u5e74 10 \u6708 29 \u65e5\u767c\u4f48\uff0c\u5c46\u6642\u5c07\u516c\u4f48\u8a73\u7d30\u8ca1\u52d9\u5831\u8868\u53ca\u5404\u696d\u52d9\u90e8\u9580\u62c6\u5206\u6578\u64da\u3002\u5728\u6b64\u4e4b\u524d\uff0c\u6295\u8cc7\u8005\u50c5\u638c\u63e1\u71df\u6536\u8207\u71df\u696d\u5229\u6f64\u6574\u9ad4\u6578\u64da\uff0c\u5c1a\u4e0d\u6e05\u695a\u5404\u696d\u52d9\u90e8\u9580\u7684\u5177\u9ad4\u8ca2\u737b\u53ca\u696d\u52d9\u7d50\u69cb\u7684\u53ef\u6301\u7e8c\u6027\u3002\u7576\u4e00\u5bb6\u516c\u53f8\u80fd\u5be6\u73fe 107.4 \u842c\u5104\u97d3\u5143\u5b63\u5ea6\u71df\u696d\u5229\u6f64\u537b\u4ecd\u9762\u81e8\u80a1\u50f9\u4e0b\u8dcc\uff0c\u4fe1\u606f\u4e26\u975e\u5e02\u5834\u5931\u9748\uff0c\u800c\u662f AI \u57fa\u790e\u8a2d\u65bd\u9810\u671f\u5df2\u9ad8\u5230\u6295\u8cc7\u8005\u8981\u8b49\u64da\u800c\u975e\u50c5\u8981\u52d5\u80fd\u3002\u4e09\u661f\u5df2\u8b49\u660e\u76c8\u5229\u80fd\u529b\u771f\u5be6\uff0c\u4e0b\u4e00\u500b\u8003\u9a57\u662f\u5e02\u5834\u662f\u5426\u7e7c\u7e8c\u70ba\u4e4b\u4ed8\u8cbb\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4e09\u661f\u96fb\u5b50\uff08Samsung Electronics\uff09\u525b\u516c\u5e03\u4e86\u4e00\u500b\u5373\u4f7f\u4ee5\u5927\u79d1\u6280\u516c\u53f8\u7684\u6a19\u6e96\u4f86\u770b\u90fd\u5e7e\u4e4e\u4ee4\u4eba\u96e3\u4ee5\u7f6e\u4fe1\u7684\u6578\u5b57\uff1a\u7b2c\u4e09\u5b63\u521d\u4f30\u71df\u696d\u5229\u76ca\u9054107.<\/p>\n","protected":false},"author":53,"featured_media":588515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[2275],"tags":[801,675],"class_list":["post-667876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gcff-events-tch","tag-801","tag--zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/667876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=667876"}],"version-history":[{"count":3,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/667876\/revisions"}],"predecessor-version":[{"id":667915,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/667876\/revisions\/667915"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/588515"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=667876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=667876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=667876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}