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<html lang="zh-CN" data-theme="night">
<head>
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>超威半导体AMD - AI芯片第二极的崛起之路</title>
<title>深度研报：超威半导体 AMD</title>
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<!-- Header -->
<div class="gradient-bg text-white">
<div class="container mx-auto px-4 py-8">
<div class="flex items-center justify-between">
<div>
<h1 class="text-4xl font-bold mb-2">超威半导体 AMD</h1>
<p class="text-xl opacity-90">AI芯片第二极的崛起之路</p>
</div>
<div class="hidden md:block">
<div class="flex items-center space-x-2">
<i class="ri-cpu-line text-3xl"></i>
<span class="text-2xl font-semibold">NASDAQ: AMD</span>
</div>
</div>
</div>
</div>
<body class="min-h-screen">
<div class="glow-background">
<div class="glow-element glow-1"></div>
<div class="glow-element glow-2"></div>
<div class="glow-element glow-3"></div>
</div>
<!-- Main Content -->
<div class="container mx-auto px-4 py-8">
<!-- Key Stats -->
<div class="grid grid-cols-1 md:grid-cols-4 gap-4 mb-8">
<div class="stats-card rounded-xl p-6 text-center card-hover">
<i class="ri-line-chart-line text-3xl mb-2"></i>
<div class="text-3xl font-bold">120%</div>
<div class="text-sm opacity-90">数据中心业务同比增长</div>
</div>
<div class="stats-card rounded-xl p-6 text-center card-hover">
<i class="ri-money-dollar-circle-line text-3xl mb-2"></i>
<div class="text-3xl font-bold">$50亿+</div>
<div class="text-sm opacity-90">MI300系列年收入预期</div>
</div>
<div class="stats-card rounded-xl p-6 text-center card-hover">
<i class="ri-server-line text-3xl mb-2"></i>
<div class="text-3xl font-bold">52%</div>
<div class="text-sm opacity-90">数据中心业务占比</div>
</div>
<div class="stats-card rounded-xl p-6 text-center card-hover">
<i class="ri-microchip-line text-3xl mb-2"></i>
<div class="text-3xl font-bold">1530亿</div>
<div class="text-sm opacity-90">MI300X晶体管数量</div>
</div>
</div>
<div class="container mx-auto p-4 md:p-8">
<header class="text-center my-12">
<h1 class="font-fui text-4xl md:text-6xl font-bold tracking-widest text-transparent bg-clip-text bg-gradient-to-r from-gray-200 via-gray-400 to-gray-600">
超威半导体 (AMD)
</h1>
<p class="mt-4 text-lg md:text-xl text-gray-400">AI驱动的战略转型深度解析</p>
</header>
<!-- Timeline Section -->
<div class="bg-white rounded-xl shadow-lg p-6 mb-8">
<h2 class="text-2xl font-bold mb-6 flex items-center">
<i class="ri-time-line mr-2 text-purple-600"></i>
关键事件时间轴
</h2>
<div class="relative">
<div class="timeline-line"></div>
<div class="space-y-6">
<div class="timeline-item">
<div class="flex flex-col sm:flex-row sm:items-center">
<span class="text-purple-600 font-semibold mr-4">2023.12</span>
<div>
<h3 class="font-semibold">"Advancing AI"发布会</h3>
<p class="text-gray-600 text-sm">推出MI300系列，纸面性能对标英伟达H100/H200</p>
</div>
</div>
</div>
<div class="timeline-item">
<div class="flex flex-col sm:flex-row sm:items-center">
<span class="text-purple-600 font-semibold mr-4">2024.08</span>
<div>
<h3 class="font-semibold">49亿美元收购ZT Systems</h3>
<p class="text-gray-600 text-sm">增强AI系统和集群级解决方案能力</p>
</div>
</div>
</div>
<div class="timeline-item">
<div class="flex flex-col sm:flex-row sm:items-center">
<span class="text-purple-600 font-semibold mr-4">2024.Q3</span>
<div>
<h3 class="font-semibold">超强财报发布</h3>
<p class="text-gray-600 text-sm">数据中心业务收入同比暴涨120%，上调MI300预期至50亿美元</p>
</div>
</div>
</div>
<div class="timeline-item">
<div class="flex flex-col sm:flex-row sm:items-center">
<span class="text-red-600 font-semibold mr-4">2025.04</span>
<div>
<h3 class="font-semibold">地缘政治风险显性化</h3>
<p class="text-gray-600 text-sm">盘前大跌7.2%，预计承担8亿美元损失</p>
</div>
</div>
</div>
<div class="timeline-item">
<div class="flex flex-col sm:flex-row sm:items-center">
<span class="text-red-600 font-semibold mr-4">2025.08</span>
<div>
<h3 class="font-semibold">地缘政治风险落地</h3>
<p class="text-gray-600 text-sm">同意将中国芯片销售收入的15%上缴美国政府</p>
</div>
<main class="space-y-12">
<!-- 核心观点 & 概念事件 -->
<section class="bento-grid">
<div class="bento-item bento-item-1 p-6 md:p-8 glass-card flex flex-col">
<h2 class="font-fui text-2xl font-bold mb-4 text-indigo-300">核心观点摘要</h2>
<p class="text-gray-300 leading-relaxed text-lg">
AMD正处于从<strong class="text-amber-400">“追赶者”向“市场重要玩家”</strong>转型的关键跃升期。其核心驱动力源于极具竞争力的硬件产品路线图 (MI300/350/400系列) 与顶级客户 (OpenAI) 的战略性深度绑定，二者共同构成了强大的飞轮效应。未来，AMD的潜力将取决于其在补足<strong class="text-pink-400">软件生态 (ROCm) 短板</strong>和<strong class="text-cyan-400">保障先进封装供应链产能</strong>这两大关键战役上的执行力。
</p>
<div id="guidanceChart" class="flex-grow min-h-[250px] mt-4"></div>
</div>
<div class="bento-item bento-item-2 p-6 md:p-8 glass-card">
<h2 class="font-fui text-2xl font-bold mb-4 text-pink-300">概念事件：重大拐点</h2>
<div class="space-y-4">
<div class="timeline-item core-event">
<p class="font-bold text-lg text-pink-300">2025.10.06-09</p>
<p class="text-gray-300">与 <strong class="text-white">OpenAI</strong> 达成 <strong class="text-white">6GW</strong> 算力合作，被CEO苏姿丰称为“重大拐点”，引爆市场。</p>
</div>
</div>
</div>
</div>
</div>
<!-- Core Logic -->
<div class="grid grid-cols-1 lg:grid-cols-2 gap-8 mb-8">
<div class="bg-white rounded-xl shadow-lg p-6">
<h2 class="text-2xl font-bold mb-4 flex items-center">
<i class="ri-lightbulb-line mr-2 text-yellow-500"></i>
核心驱动力
</h2>
<div class="space-y-4">
<div class="flex items-start">
<div class="bg-purple-100 rounded-lg p-3 mr-3">
<i class="ri-cpu-line text-purple-600"></i>
</div>
<div class="bento-item bento-item-3 p-6 md:p-8 glass-card">
<h2 class="font-fui text-2xl font-bold mb-4 text-cyan-300">服务器CPU份额</h2>
<div id="marketShareChart" class="w-full h-full min-h-[250px]"></div>
</div>
</section>
<!-- 核心逻辑与市场认知 -->
<section class="p-6 md:p-8 glass-card">
<h2 class="font-fui text-3xl font-bold mb-6 text-center text-gray-200">核心逻辑与市场认知</h2>
<div class="grid grid-cols-1 lg:grid-cols-3 gap-6">
<div class="space-y-4 p-4 border border-white/10 rounded-2xl">
<h3 class="font-fui text-xl font-semibold text-indigo-400">核心驱动力</h3>
<ul class="list-disc list-inside text-gray-300 space-y-2">
<li><strong class="text-white">产品技术迭代成功：</strong>Zen架构CPU持续抢占Intel份额；MI系列GPU硬件性能已具备与NVIDIA一战之力。</li>
<li><strong class="text-white">AI市场“第二选择”刚需：</strong>云巨头为降低供应链风险，急需可靠的第二供应商，AMD是最佳选择。</li>
<li><strong class="text-white">“芯片-系统”一体化战略：</strong>通过收购ZT Systems等，构建全栈解决方案能力，缩短客户部署周期。</li>
</ul>
</div>
<div class="space-y-4 p-4 border border-white/10 rounded-2xl">
<h3 class="font-fui text-xl font-semibold text-pink-400">市场热度与情绪</h3>
<ul class="list-disc list-inside text-gray-300 space-y-2">
<li><strong class="text-white">高度乐观，伴随高波动：</strong>市场普遍认为AMD已坐稳AI算力第二把交椅，股价对利好反应剧烈。</li>
<li><strong class="text-white">预期苛刻：</strong>市场对AMD期望是“完美追赶”，任何不及预期的细节都可能引发情绪波动，如MI325X发布后因对标H系列而非B系列导致股价下跌。</li>
</ul>
</div>
<div class="space-y-4 p-4 border border-white/10 rounded-2xl">
<h3 class="font-fui text-xl font-semibold text-amber-400">预期差分析</h3>
<ul class="list-disc list-inside text-gray-300 space-y-2">
<li><strong class="text-green-400">积极预期差：</strong>市场可能低估ZT Systems带来的“时间价值”，以及“生态总收入超千亿美元”的长期愿景。</li>
<li><strong class="text-red-400">消极预期差：</strong>市场对ROCm软件生态的改善可能过于乐观，CUDA护城河极深，代码迁移的隐性成本巨大（效率损失约30%）。</li>
</ul>
</div>
</div>
</section>
<!-- 催化剂与发展路径 -->
<section class="bento-grid">
<div class="bento-item bento-item-4 p-6 md:p-8 glass-card">
<h2 class="font-fui text-3xl font-bold mb-6 text-green-300">关键催化剂</h2>
<div class="space-y-6">
<div>
<h3 class="font-semibold">技术突破与产品力</h3>
<p class="text-gray-600 text-sm">Chiplet设计和台积电3D SoIC先进封装，打造1530亿晶体管的MI300X</p>
</div>
</div>
<div class="flex items-start">
<div class="bg-blue-100 rounded-lg p-3 mr-3">
<i class="ri-stack-line text-blue-600"></i>
</div>
<div>
<h3 class="font-semibold">"全栈式"战略布局</h3>
<p class="text-gray-600 text-sm">CPU+GPU+FPGA+DPU完整版图，打造开放AI生态</p>
</div>
</div>
<div class="flex items-start">
<div class="bg-green-100 rounded-lg p-3 mr-3">
<i class="ri-global-line text-green-600"></i>
</div>
<div>
<h3 class="font-semibold">AI浪潮市场窗口期</h3>
<p class="text-gray-600 text-sm">抓住头部客户替代需求，实现指数级增长</p>
<p class="font-fui text-lg font-semibold text-gray-200 mb-2">短期催化剂 (未来3-6个月)</p>
<ul class="list-decimal list-inside space-y-2 text-gray-300">
<li><strong>MI350系列量产与客户反馈 (2025年中):</strong> 对标NVIDIA B系列的关键产品，是验证技术执行力的核心事件。</li>
<li><strong>Q1/Q2财报数据中心GPU营收:</strong> 验证在65亿美元年指引下的季度环比增长质量。</li>
<li><strong>ZT Systems整合后首批成果:</strong> 展示加速AI集群部署的成功案例，验证系统级战略。</li>
</ul>
</div>
</div>
</div>
</div>
<div class="bg-white rounded-xl shadow-lg p-6">
<h2 class="text-2xl font-bold mb-4 flex items-center">
<i class="ri-bar-chart-2-line mr-2 text-blue-500"></i>
市场情绪与预期差
</h2>
<div class="mb-4">
<div class="flex justify-between items-center mb-2">
<span class="text-sm font-medium">乐观程度</span>
<span class="text-sm text-gray-600">75%</span>
<div class="bento-item bento-item-5 p-6 md:p-8 glass-card">
<h2 class="font-fui text-3xl font-bold mb-6 text-blue-300">长期发展路径</h2>
<div class="tabs tabs-boxed bg-black/20">
<a class="tab tab-active">执行与交付 (25-26)</a>
<a class="tab">生态构建 (26-28)</a>
<a class="tab">领导力挑战 (28+)</a>
</div>
<div class="w-full bg-gray-200 rounded-full h-2">
<div class="bg-gradient-to-r from-green-400 to-green-600 h-2 rounded-full progress-bar" style="width: 75%"></div>
<div class="mt-4 text-gray-300 leading-relaxed">
<p><strong class="text-white">执行与交付阶段 (2025-2026):</strong> 核心任务是成功交付与OpenAI的6GW协议，并推动MI350/MI400系列大规模部署，目标是稳固获取20%-30%的AI加速器市场份额。</p>
<p class="mt-2 hidden"><strong class="text-white">生态构建阶段 (2026-2028):</strong> 关键在于ROCm软件栈的成熟和普及。通过与头部模型公司合作，将优化成果开源，吸引开发者迁移，逐步削弱CUDA的锁定效应。</p>
<p class="mt-2 hidden"><strong class="text-white">领导力挑战阶段 (2028年及以后):</strong> 在硬件、软件、系统三方面具备强大竞争力后，有望从“挑战者”转变为在特定领域引领市场的“领导者”。</p>
</div>
</div>
<div class="space-y-3">
<div class="alert alert-success">
<i class="ri-thumb-up-line"></i>
<span>财报数据持续超预期，市场份额快速提升</span>
</section>
<!-- 风险与挑战 -->
<section class="p-6 md:p-8 glass-card">
<h2 class="font-fui text-3xl font-bold mb-6 text-center text-red-400">潜在风险与挑战</h2>
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-6">
<div class="p-4 border border-red-500/30 rounded-xl">
<h3 class="font-fui text-xl font-semibold text-red-300">技术风险</h3>
<p class="mt-2 text-gray-400"><strong>软件生态鸿沟:</strong> ROCm相较于CUDA存在巨大差距，建立生态需漫长时间和巨大投入。<strong>先进封装产能:</strong> 严重依赖台积电CoWoS，产能瓶颈是出货量上限的关键。</p>
</div>
<div class="alert alert-warning">
<i class="ri-alert-line"></i>
<span>ROCm软件生态与CUDA存在差距</span>
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<h3 class="font-fui text-xl font-semibold text-red-300">商业化风险</h3>
<p class="mt-2 text-gray-400"><strong>定价与盈利能力:</strong> 作为追赶者，可能需在价格上妥协，影响毛利率。<strong>客户集中度:</strong> AI业务高度依赖少数几家超大规模云厂商，存在集中风险。</p>
</div>
<div class="alert alert-error risk-badge">
<i class="ri-error-warning-line"></i>
<span>15%收入上缴，地缘政治成本常态化</span>
<div class="p-4 border border-red-500/30 rounded-xl">
<h3 class="font-fui text-xl font-semibold text-red-300">政策与竞争风险</h3>
<p class="mt-2 text-gray-400"><strong>地缘政治风险:</strong> 对华出口限制已造成数十亿美元损失，是最大、最确定的风险。<strong>竞争加剧:</strong> 面临科技巨头自研芯片和ARM架构CPU的侵蚀。</p>
</div>
<div class="p-4 border border-red-500/30 rounded-xl">
<h3 class="font-fui text-xl font-semibold text-red-300">信息交叉验证风险</h3>
<p class="mt-2 text-gray-400"><strong>乐观指引 vs. 现实冲击:</strong> AI GPU营收指引持续上调，但财报同期计提因出口限制导致的销售损失。揭示了内生动力与外部不可抗力间的巨大张力。</p>
</div>
</div>
</div>
</div>
<!-- Industry Chain -->
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<h2 class="text-2xl font-bold mb-6 flex items-center">
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A股产业链图谱
</h2>
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
<div class="border-2 border-indigo-200 rounded-lg p-4 hover:shadow-lg transition-shadow">
<h3 class="font-bold text-indigo-600 mb-3">上游：设计/制造支撑</h3>
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<span class="badge badge-info">EDA/IP: 芯原股份</span>
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<div class="border-2 border-purple-200 rounded-lg p-4 hover:shadow-lg transition-shadow">
<h3 class="font-bold text-purple-600 mb-3">中游：核心制造</h3>
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<span class="font-semibold">封测:</span>
<div class="mt-1">
<span class="badge badge-secondary">通富微电</span>
<span class="badge badge-secondary">华天科技</span>
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<span class="font-semibold">PCB:</span>
<div class="mt-1">
<span class="badge badge-secondary">世运电路</span>
<span class="badge badge-secondary">深南电路</span>
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<h3 class="font-bold text-green-600 mb-3">下游：应用与集成</h3>
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<span class="badge badge-success">服务器: 工业富联</span>
<span class="badge badge-success">AI应用: 岩山科技</span>
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<!-- Stock Table -->
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核心关联股票一览
</h2>
<div class="table-responsive-custom">
<table class="table table-zebra w-full">
<thead>
<tr class="bg-gradient-to-r from-teal-500 to-cyan-600 text-white">
<th class="text-left">股票名称</th>
<th class="text-left">分类</th>
<th class="text-left">合作项目</th>
<th class="text-center">绑定强度</th>
<th class="text-left">信息来源</th>
</tr>
</thead>
<tbody>
<tr class="hover:bg-gray-50">
<td class="font-semibold text-purple-600">通富微电</td>
<td><span class="badge badge-error">封测</span></td>
<td>AMD最大封测供应商，订单占比80%+</td>
<td class="text-center">
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<input type="radio" name="rating-1" class="mask mask-star bg-orange-400" checked />
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<input type="radio" name="rating-1" class="mask mask-star bg-orange-400" checked />
</div>
</td>
<td><span class="badge badge-info">互动</span></td>
</tr>
<tr class="hover:bg-gray-50">
<td class="font-semibold">领益智造</td>
<td><span class="badge badge-warning">散热</span></td>
<td>AMD核心供应商，批量出货散热模组</td>
<td class="text-center">
<div class="rating">
<input type="radio" name="rating-2" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-2" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-2" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-2" class="mask mask-star bg-orange-400" />
<input type="radio" name="rating-2" class="mask mask-star bg-orange-400" />
</div>
</td>
<td><span class="badge badge-info">互动</span></td>
</tr>
<tr class="hover:bg-gray-50">
<td class="font-semibold">世运电路</td>
<td><span class="badge badge-success">PCB</span></td>
<td>完成AMD全系列产品认证，实现量产交付</td>
<td class="text-center">
<div class="rating">
<input type="radio" name="rating-3" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-3" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-3" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-3" class="mask mask-star bg-orange-400" />
<input type="radio" name="rating-3" class="mask mask-star bg-orange-400" />
</div>
</td>
<td><span class="badge badge-primary">调研</span></td>
</tr>
<tr class="hover:bg-gray-50">
<td class="font-semibold">深南电路</td>
<td><span class="badge badge-success">PCB</span></td>
<td>AMD国内PCB核心供应商之一</td>
<td class="text-center">
<div class="rating">
<input type="radio" name="rating-4" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-4" class="mask mask-star bg-orange-400" checked />
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<input type="radio" name="rating-4" class="mask mask-star bg-orange-400" />
<input type="radio" name="rating-4" class="mask mask-star bg-orange-400" />
</div>
</td>
<td><span class="badge badge-secondary">券商纪要</span></td>
</tr>
<tr class="hover:bg-gray-50">
<td class="font-semibold">中电港</td>
<td><span class="badge badge-outline">代理</span></td>
<td>国内第一大电子元器件分销商，授权分销AMD</td>
<td class="text-center">
<div class="rating">
<input type="radio" name="rating-5" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-5" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-5" class="mask mask-star bg-orange-400" />
<input type="radio" name="rating-5" class="mask mask-star bg-orange-400" />
<input type="radio" name="rating-5" class="mask mask-star bg-orange-400" />
</div>
</td>
<td><span class="badge badge-info">互动</span></td>
</tr>
<tr class="hover:bg-gray-50">
<td class="font-semibold">宏昌电子</td>
<td><span class="badge badge-warning">覆铜板</span></td>
<td>高频高速覆铜板已获AMD评估认证</td>
<td class="text-center">
<div class="rating">
<input type="radio" name="rating-6" class="mask mask-star bg-orange-400" checked />
<input type="radio" name="rating-6" class="mask mask-star bg-orange-400" checked />
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<input type="radio" name="rating-6" class="mask mask-star bg-orange-400" />
<input type="radio" name="rating-6" class="mask mask-star bg-orange-400" />
</div>
</td>
<td><span class="badge badge-primary">年报</span></td>
</tr>
</tbody>
</table>
</div>
</div>
<!-- Risk Analysis -->
<div class="bg-gradient-to-br from-red-50 to-orange-50 rounded-xl shadow-lg p-6 mb-8">
<h2 class="text-2xl font-bold mb-6 flex items-center">
<i class="ri-error-warning-line mr-2 text-red-600"></i>
潜在风险与挑战
</h2>
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4">
<div class="bg-white rounded-lg p-4 border-l-4 border-red-500">
<div class="flex items-center mb-2">
<i class="ri-code-box-line text-red-500 mr-2"></i>
<h3 class="font-semibold">技术风险</h3>
</div>
<p class="text-sm text-gray-600">ROCm软件生态是最大瓶颈，与CUDA仍有差距</p>
</div>
<div class="bg-white rounded-lg p-4 border-l-4 border-orange-500">
<div class="flex items-center mb-2">
<i class="ri-exchange-dollar-line text-orange-500 mr-2"></i>
<h3 class="font-semibold">商业化风险</h3>
</div>
<p class="text-sm text-gray-600">市场份额拓展不及预期，地缘政治成本常态化</p>
</div>
<div class="bg-white rounded-lg p-4 border-l-4 border-yellow-500">
<div class="flex items-center mb-2">
<i class="ri-shield-line text-yellow-500 mr-2"></i>
<h3 class="font-semibold">政策风险</h3>
</div>
<p class="text-sm text-gray-600">贸易摩擦加剧，竞争环境日趋严峻</p>
</div>
<div class="bg-white rounded-lg p-4 border-l-4 border-amber-500">
<div class="flex items-center mb-2">
<i class="ri-git-branch-line text-amber-500 mr-2"></i>
<h3 class="font-semibold">信息交叉验证风险</h3>
</div>
<p class="text-sm text-gray-600">增长预期与地缘政治风险并存</p>
</div>
</div>
</div>
<!-- Investment Insight -->
<div class="bg-gradient-to-br from-purple-600 to-indigo-600 rounded-xl shadow-lg p-8 text-white">
<h2 class="text-3xl font-bold mb-6 text-center">投资启示</h2>
<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
<div>
<h3 class="text-xl font-semibold mb-3 flex items-center">
<i class="ri-megaphone-line mr-2"></i>
概念阶段判断
</h3>
<p class="text-white/90">
AMD概念正从"主题炒作"向"基本面驱动"转变。业绩验证增长真实性，但地缘政治与软件生态挑战并存。
<div class="mt-6 p-4 bg-red-900/20 border border-red-500/50 rounded-lg">
<p class="text-red-200"><strong>交叉验证警示:</strong> 新闻与财报证实，美国对华出口限制已造成AMD高达 <strong class="font-bold text-white">8亿美元</strong> 的潜在损失和 <strong class="font-bold text-white">15亿美元</strong> 的销售损失，政策风险是真实且影响巨大的。
</p>
</div>
<div>
<h3 class="text-xl font-semibold mb-3 flex items-center">
<i class="ri-star-line mr-2"></i>
最具投资价值环节
</h3>
<p class="text-white/90">
<span class="font-bold text-yellow-300">封测环节-通富微电</span>是逻辑最纯粹标的，深度绑定AMD，业绩直接受益。
</p>
</section>
<!-- 综合结论与投资启示 -->
<section class="p-6 md:p-8 glass-card">
<h2 class="font-fui text-3xl font-bold mb-6 text-center text-gray-200">综合结论与投资启示</h2>
<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
<div class="md:col-span-1 p-4 bg-base-300/30 rounded-xl">
<h3 class="font-fui text-xl font-semibold text-teal-300">最终看法</h3>
<p class="mt-2 text-gray-300">AMD已确凿无疑地进入了<strong class="text-white">基本面驱动阶段</strong>。其股价不再是“主题炒作”，而是由数据中心业务实实在在的收入、利润增长，以及与全球顶级AI公司签订的长期、大规模供货协议所支撑。它已经从一个“可能性”故事，转变为一个正在发生的“成长”故事。</p>
</div>
<div class="md:col-span-2 p-4 bg-base-300/30 rounded-xl">
<h3 class="font-fui text-xl font-semibold text-purple-300">最具投资价值的细分环节 & 需重点跟踪的关键指标</h3>
<div class="flex flex-col md:flex-row gap-6 mt-2">
<div class="flex-1">
<p class="font-bold text-gray-200">细分环节:</p>
<ul class="list-disc list-inside text-gray-300 space-y-1 mt-1">
<li><strong>AMD本身:</strong> 核心载体，分享成长红利。</li>
<li><strong>先进封装 (如通富微电):</strong> 产业链最确定瓶颈之一，业绩弹性大。</li>
<li><strong>系统级散热与高速互联:</strong> 需求呈指数级增长，长期受益。</li>
</ul>
</div>
<div class="flex-1">
<p class="font-bold text-gray-200">关键指标:</p>
<ul class="list-disc list-inside text-gray-300 space-y-1 mt-1">
<li>数据中心业务 (DCG) 营收及占比</li>
<li>AI GPU出货量及ASP</li>
<li>Non-GAAP毛利率</li>
<li>ROCm软件生态进展</li>
<li>台积电CoWoS产能分配</li>
</ul>
</div>
</div>
</div>
</div>
</section>
<!-- 产业链核心公司 -->
<section class="p-6 md:p-8 glass-card">
<h2 class="font-fui text-3xl font-bold mb-6 text-center text-gray-200">产业链核心公司</h2>
<div class="overflow-x-auto">
<table class="table table-zebra w-full">
<thead class="bg-white/5">
<tr>
<th class="text-base text-white/80">股票名称</th>
<th class="text-base text-white/80">股票代码</th>
<th class="text-base text-white/80 w-1/2">核心逻辑</th>
<th class="text-base text-white/80">标签</th>
</tr>
</thead>
<tbody>
<tr><td>通富微电</td><td><a href="https://valuefrontier.cn/company?scode=002156" target="_blank" class="link link-primary">002156</a></td><td>公司是AMD最大的封测供应商，占其订单总数的80%以上；公司通过并购与AMD形成了“合资+合作”模式，建立战略合作伙伴关系</td><td><span class="badge badge-primary badge-outline">封测</span><span class="badge badge-secondary badge-outline ml-1">互动</span></td></tr>
<tr><td>领益智造</td><td><a href="https://valuefrontier.cn/company?scode=002600" target="_blank" class="link link-primary">002600</a></td><td>公司为AMD核心供应商，在不同系列产品项目上展开合作；已为AMD等国际客户批量出货散热模组</td><td><span class="badge badge-accent badge-outline">散热</span><span class="badge badge-secondary badge-outline ml-1">互动</span></td></tr>
<tr><td>世运电路</td><td><a href="https://valuefrontier.cn/company?scode=603920" target="_blank" class="link link-primary">603920</a></td><td>公司通过OEM方式进入Nvidia和AMD的供应链体系实现量产交付和持续参与新一代产品研发；公司完成AMD全系产品认证</td><td><span class="badge badge-info badge-outline">PCB</span><span class="badge badge-secondary badge-outline ml-1">调研</span></td></tr>
<tr><td>深南电路</td><td><a href="https://valuefrontier.cn/company?scode=002916" target="_blank" class="link link-primary">002916</a></td><td>据券商纪要（公司公开资料未明确），公司为AMD的国内PCB核心供应商之一</td><td><span class="badge badge-info badge-outline">PCB</span><span class="badge badge-warning badge-outline ml-1">券商纪要</span></td></tr>
<tr><td>宏昌电子</td><td><a href="https://valuefrontier.cn/company?scode=603002" target="_blank" class="link link-primary">603002</a></td><td>公司高频高速覆铜板材GA-686、GA-686N等产品已取得Intel、AMD等公司的评估认证；GA-686N可满足AMD平台A4等级材料需求，并进入AMD终端材料库</td><td><span class="badge badge-success badge-outline">覆铜板</span><span class="badge badge-secondary badge-outline ml-1">年报</span></td></tr>
<tr><td>南亚新材</td><td><a href="https://valuefrontier.cn/company?scode=688519" target="_blank" class="link link-primary">688519</a></td><td>Intel/AMD两大主流新品的各平台认证公司各等级都有亮眼的表现，且已开始通过PCB客户积极与全球GPU和AI计算技术为核心的知名科技公司展开产品的认证</td><td><span class="badge badge-success badge-outline">覆铜板</span><span class="badge badge-secondary badge-outline ml-1">调研</span></td></tr>
<tr><td>香农芯创</td><td><a href="https://valuefrontier.cn/company?scode=300475" target="_blank" class="link link-primary">300475</a></td><td>全资子公司联合创泰收到AMD经销商确认函</td><td><span class="badge badge-error badge-outline">代理</span><span class="badge badge-secondary badge-outline ml-1">公告</span></td></tr>
<tr><td>岩山科技</td><td><a href="https://valuefrontier.cn/company?scode=002195" target="_blank" class="link link-primary">002195</a></td><td>RockAI与全球知名芯片厂商AMD签署合作备忘录，在AIPC领域展开深入技术合作</td><td><span class="badge badge-warning badge-outline">AI应用</span><span class="badge badge-secondary badge-outline ml-1">互动</span></td></tr>
<tr><td>芯原股份</td><td><a href="https://valuefrontier.cn/company?scode=688521" target="_blank" class="link link-primary">688521</a></td><td>AMD等十家行业领导企业共同成立了Chiplet标准联盟，芯原已经成为大陆首批加入UCIe联盟的企业之一</td><td><span class="badge badge-neutral">其他</span><span class="badge badge-secondary badge-outline ml-1">半年报</span></td></tr>
</tbody>
</table>
</div>
</div>
<div class="mt-6 p-4 bg-white/10 rounded-lg backdrop-blur-sm">
<h3 class="text-lg font-semibold mb-2">关键跟踪指标</h3>
<div class="flex flex-wrap gap-2">
<span class="badge badge-info badge-lg">MI300出货额</span>
<span class="badge badge-info badge-lg">数据中心占比</span>
<span class="badge badge-info badge-lg">ROCm进展</span>
<span class="badge badge-info badge-lg">通富微电AMD收入增速</span>
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<p class="text-sm text-gray-600 mt-2">本报告为AI合成数据，不构成任何投资建议，投资需谨慎。</p>
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var guidanceOption = {
title: {
text: '数据中心GPU营收指引演进 (亿美元)',
left: 'center',
textStyle: {
color: '#e5e7eb',
fontSize: 14
}
});
}, observerOptions);
},
tooltip: {
trigger: 'axis',
axisPointer: {
type: 'cross',
label: {
backgroundColor: '#6a7985'
}
}
},
grid: {
left: '3%',
right: '4%',
bottom: '3%',
containLabel: true
},
xAxis: [{
type: 'category',
boundaryGap: false,
data: ['23年指引', '24年初', '24Q2上调', '24Q3上调', '25年预测'],
axisLine: { lineStyle: { color: 'rgba(255,255,255,0.3)' } }
}],
yAxis: [{
type: 'value',
axisLine: { lineStyle: { color: 'rgba(255,255,255,0.3)' } },
splitLine: { lineStyle: { color: 'rgba(255,255,255,0.1)' } }
}],
series: [{
name: '营收指引',
type: 'line',
stack: 'Total',
smooth: true,
lineStyle: {
width: 2,
color: '#a78bfa'
},
showSymbol: false,
areaStyle: {
opacity: 0.8,
color: new echarts.graphic.LinearGradient(0, 0, 0, 1, [{
offset: 0,
color: 'rgba(167, 139, 250, 0.5)'
}, {
offset: 1,
color: 'rgba(167, 139, 250, 0)'
}])
},
emphasis: {
focus: 'series'
},
data: [20, 35, 45, 50, 65]
}]
};
guidanceChart.setOption(guidanceOption);
document.querySelectorAll('.card-hover').forEach(card => {
card.style.opacity = '0';
card.style.transform = 'translateY(20px)';
card.style.transition = 'opacity 0.6s ease, transform 0.6s ease';
observer.observe(card);
// ECharts for Market Share
var marketShareChart = echarts.init(document.getElementById('marketShareChart'));
var marketShareOption = {
title: {
text: '服务器CPU市占率',
left: 'center',
top: '5%',
textStyle: { color: '#e5e7eb', fontSize: 14 }
},
tooltip: {
trigger: 'item'
},
series: [{
name: '市场份额',
type: 'pie',
radius: ['40%', '70%'],
center: ['50%', '60%'],
avoidLabelOverlap: false,
itemStyle: {
borderRadius: 10,
borderColor: '#0c0a09',
borderWidth: 2
},
label: {
show: false,
position: 'center'
},
emphasis: {
label: {
show: true,
fontSize: '20',
fontWeight: 'bold',
color: '#fff'
}
},
labelLine: {
show: false
},
data: [
{ value: 30, name: 'AMD (~30%)' },
{ value: 70, name: '其他 (~70%)' }
],
color: ['#c084fc', '#4f46e5']
}]
};
marketShareChart.setOption(marketShareOption);
// Resize charts on window resize
window.addEventListener('resize', function() {
guidanceChart.resize();
marketShareChart.resize();
});
// AlpineJS logic for tabs in the long-term path section
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const contents = document.querySelectorAll('.long-term-path-content > p');
tabs.forEach((tab, index) => {
tab.addEventListener('click', (e) => {
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tabs.forEach(t => t.classList.remove('tab-active'));
tab.classList.add('tab-active');
contents.forEach(c => c.classList.add('hidden'));
contents[index].classList.remove('hidden');
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});
});
</script>
</body>
</html>
</html>