952 lines
49 KiB
HTML
952 lines
49 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>GPU概念股分析 - AI时代的算力革命</title>
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<!-- Bootstrap 5 CSS -->
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<link href="https://cdn.jsdelivr.net/npm/bootstrap@5.3.0/dist/css/bootstrap.min.css" rel="stylesheet">
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.footer {
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color: white;
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padding: 3rem 0 1.5rem;
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margin-top: 4rem;
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.industry-chain {
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.stock-table th,
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</style>
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</head>
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<body>
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<!-- Navigation -->
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<nav class="navbar navbar-expand-lg navbar-dark bg-dark sticky-top">
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<div class="container">
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<a class="navbar-brand" href="#"><i class="bi bi-cpu"></i> GPU概念股分析</a>
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<button class="navbar-toggler" type="button" data-bs-toggle="collapse" data-bs-target="#navbarNav">
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<span class="navbar-toggler-icon"></span>
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</button>
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<div class="collapse navbar-collapse" id="navbarNav">
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<ul class="navbar-nav ms-auto">
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<li class="nav-item"><a class="nav-link" href="#summary">核心观点</a></li>
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<li class="nav-item"><a class="nav-link" href="#timeline">事件时间轴</a></li>
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<li class="nav-item"><a class="nav-link" href="#logic">核心逻辑</a></li>
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<li class="nav-item"><a class="nav-link" href="#catalyst">催化剂</a></li>
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<li class="nav-item"><a class="nav-link" href="#stocks">股票数据</a></li>
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<li class="nav-item"><a class="nav-link" href="#risks">风险分析</a></li>
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</ul>
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</div>
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</div>
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</nav>
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<!-- Hero Section -->
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<section class="hero-section">
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<div class="container">
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<div class="row align-items-center">
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<div class="col-lg-8">
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<h1 class="display-4 fw-bold mb-4">GPU概念股：AI时代的算力革命</h1>
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<p class="lead mb-4">GPU概念股的兴起源于人工智能大模型爆发式发展对算力的迫切需求，叠加国际地缘政治因素推动的国产替代浪潮。这一概念的核心背景是GPU作为AI计算的基础硬件，其性能和供应直接决定了AI技术的发展速度和应用广度。</p>
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<div class="d-flex flex-wrap gap-2">
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<span class="badge bg-light text-dark fs-6"><i class="bi bi-cpu"></i> 算力需求</span>
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<span class="badge bg-light text-dark fs-6"><i class="bi bi-globe"></i> 国产替代</span>
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<span class="badge bg-light text-dark fs-6"><i class="bi bi-robot"></i> AI应用</span>
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<span class="badge bg-light text-dark fs-6"><i class="bi bi-lightning"></i> 技术变革</span>
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</div>
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</div>
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<div class="col-lg-4 text-center">
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<img src="https://picsum.photos/seed/gpu-concept/400/300" alt="GPU概念" class="img-fluid rounded shadow">
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</div>
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</div>
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</div>
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</section>
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<!-- Main Content -->
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<div class="container my-5">
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<!-- Executive Summary -->
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<section id="summary" class="mb-5">
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<h2 class="section-title">核心观点摘要</h2>
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<div class="highlight-box">
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<p class="mb-0"><strong>GPU概念股正处于技术变革与国产替代的双重驱动下</strong>，当前处于从主题炒作向基本面驱动过渡的关键阶段。核心驱动力来自AI大模型对算力的持续需求、GPU硬件设计的潜在变革（如插槽化）以及国内厂商在特定领域的突破，未来潜力在于国产替代加速和新应用场景（如机器人、边缘计算）的拓展，但需警惕需求放缓和技术壁垒带来的挑战。</p>
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</div>
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<div class="row mt-4">
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<div class="col-md-4 mb-3">
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<div class="card h-100">
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<div class="card-header">
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<h5 class="mb-0"><i class="bi bi-lightning-charge"></i> 核心驱动力</h5>
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</div>
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<div class="card-body">
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<ul class="list-unstyled">
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<li><i class="bi bi-check-circle text-success"></i> AI大模型算力需求爆发</li>
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<li><i class="bi bi-check-circle text-success"></i> GPU硬件设计潜在变革</li>
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<li><i class="bi bi-check-circle text-success"></i> 国产替代加速</li>
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<li><i class="bi bi-check-circle text-success"></i> 应用场景拓展</li>
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</ul>
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</div>
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</div>
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</div>
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<div class="col-md-4 mb-3">
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<div class="card h-100">
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<div class="card-header">
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<h5 class="mb-0"><i class="bi bi-thermometer-half"></i> 市场热度</h5>
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</div>
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<div class="card-body">
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<ul class="list-unstyled">
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<li><i class="bi bi-eye text-info"></i> 市场关注度高</li>
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<li><i class="bi bi-exclamation-triangle text-warning"></i> 情绪存在分歧</li>
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<li><i class="bi bi-graph-up text-success"></i> 乐观：长期增长逻辑</li>
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<li><i class="bi bi-graph-down text-danger"></i> 谨慎：需求放缓</li>
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</ul>
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</div>
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</div>
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</div>
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<div class="col-md-4 mb-3">
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<div class="card h-100">
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<div class="card-header">
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<h5 class="mb-0"><i class="bi bi-compass"></i> 预期差</h5>
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</div>
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<div class="card-body">
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<ul class="list-unstyled">
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<li><i class="bi bi-arrow-left-right text-primary"></i> 技术差距被高估</li>
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<li><i class="bi bi-arrow-left-right text-primary"></i> 需求增长被低估</li>
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<li><i class="bi bi-arrow-left-right text-primary"></i> 技术变革被忽视</li>
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<li><i class="bi bi-arrow-left-right text-primary"></i> 生态建设被低估</li>
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</ul>
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</div>
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</div>
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</div>
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</div>
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</section>
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<!-- Timeline -->
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<section id="timeline" class="mb-5">
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<h2 class="section-title">关键催化事件时间轴</h2>
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<div class="timeline">
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<div class="timeline-item">
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<div class="timeline-date">2023年初</div>
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<div class="timeline-content">
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<h5>ChatGPT引爆全球AI热潮</h5>
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<p>ChatGPT引爆全球AI热潮，GPU算力需求激增，英伟达股价开始大幅上涨</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2023年3-4月</div>
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<div class="timeline-content">
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<h5>美国实施高端GPU出口限制</h5>
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<p>美国对华实施高端GPU出口限制，国内GPU产业链企业密集路演，展示国产GPU进展</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2023年11月</div>
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<div class="timeline-content">
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<h5>木樨路演</h5>
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<p>国产GPU创业公司木樨路演，介绍N/C/G全场景产品线规划，引发市场对国产GPU技术突破的关注</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2024年9月</div>
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<div class="timeline-content">
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<h5>野村证券发布GPU插槽分析</h5>
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<p>野村证券发布AI GPU插槽(Socket)市场潜力分析，预测Nvidia可能在2025年考虑为部分AI GPU采用插槽</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2024年10月</div>
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<div class="timeline-content">
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<h5>国内算力租赁市场分析</h5>
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<p>国内GPU算力租赁市场分析显示"需求放缓、国产替代加速"特点，国内算力机架增长仅5%-6%</p>
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</div>
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</div>
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<div class="timeline-item">
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<div class="timeline-date">2025年3月</div>
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<div class="timeline-content">
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<h5>GTC大会</h5>
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<p>GTC大会预计发布GH200新品，单卡算力增长超过50%，中国企业（广和通、麦格米特等）参与度提高</p>
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</div>
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</div>
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</div>
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</section>
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<!-- Core Logic -->
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<section id="logic" class="mb-5">
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<h2 class="section-title">概念的核心逻辑与市场认知</h2>
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<div class="row mb-4">
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<div class="col-md-6">
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<div class="card h-100">
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<div class="card-body">
|
||
<h5 class="card-title"><i class="bi bi-lightning-charge-fill text-primary"></i> 核心驱动力</h5>
|
||
<div class="mb-3">
|
||
<h6>AI大模型带来的算力需求爆发</h6>
|
||
<p class="small">以1750亿参数大模型为例，单次训练需30天，年可训练12次。若100个训练模型需求，拉动AI服务器出货量约<strong>9.6%</strong>。推理侧需求更大：谷歌级文字应用，100个推理需求可拉动AI服务器出货量约<strong>600%</strong>。</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6>GPU硬件设计的潜在变革</h6>
|
||
<p class="small">野村证券预测，Nvidia可能在2025年考虑为部分AI GPU采用插槽，以提高制造良率并降低"故障成本"。2025/26财年GPU插槽和CAMM连接器的综合TAM预计将达到<strong>960万/3100万美元</strong>。</p>
|
||
</div>
|
||
<div>
|
||
<h6>国产替代加速</h6>
|
||
<p class="small">美国对华高端GPU出口限制，促使国内市场加速国产GPU替代进程。华为昇腾910B单精度性能约为H100的<strong>60%</strong>，海光信息GPU性能与英伟达A100相当。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6">
|
||
<div class="card h-100">
|
||
<div class="card-body">
|
||
<h5 class="card-title"><i class="bi bi-people-fill text-info"></i> 市场热度与情绪</h5>
|
||
<div class="mb-3">
|
||
<h6>市场关注度高</h6>
|
||
<p class="small">从新闻数据的密集度和路演数据的丰富性可以看出，GPU概念股受到市场高度关注。关联个股数量众多，涵盖GPU芯片设计、服务器制造、配套零部件等多个环节。</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6>情绪存在分歧</h6>
|
||
<p class="small">乐观方面：看好AI大模型带来的持续算力需求、国产替代加速、新应用场景拓展。谨慎方面：担忧国内算力需求增长放缓（2024年上半年国内算力机架增长仅<strong>5%-6%</strong>）。</p>
|
||
</div>
|
||
<div>
|
||
<h6>预期分化</h6>
|
||
<p class="small">对国际巨头（如英伟达）：看好其技术优势和市场份额，但担忧增长放缓（2024年第二季度同比增速仅约<strong>16%</strong>）。对国内厂商：看好国产替代机遇，但担忧技术差距和生态建设不足。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="card">
|
||
<div class="card-body">
|
||
<h5 class="card-title"><i class="bi bi-graph-up-arrow text-success"></i> 预期差分析</h5>
|
||
<div class="row">
|
||
<div class="col-md-6 mb-3">
|
||
<div class="border-start border-3 border-primary ps-3">
|
||
<h6>技术差距的预期差</h6>
|
||
<p class="small">市场普遍认为国内GPU技术与国际巨头差距巨大，但路演数据显示，海光信息GPU性能与英伟达A100相当，华为昇腾910B单精度性能约为H100的60%。这种差距虽然在高端市场仍明显，但在中低端市场已经可以满足部分需求。</p>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6 mb-3">
|
||
<div class="border-start border-3 border-warning ps-3">
|
||
<h6>需求增长的预期差</h6>
|
||
<p class="small">研报和新闻强调AI大模型带来的算力需求爆发，但路演数据显示2024年上半年国内算力机架增长仅5%-6%，远低于去年25%的增速。这种需求放缓可能被市场低估，尤其是对国内GPU厂商的影响。</p>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6 mb-3">
|
||
<div class="border-start border-3 border-info ps-3">
|
||
<h6>技术变革的预期差</h6>
|
||
<p class="small">市场关注GPU算力的提升，但可能忽视了GPU硬件设计的潜在变革（如插槽化）和无矩阵计算算法等颠覆性技术。路演数据显示，6月18日论文提出无矩阵计算算法，可能大幅降低大型模型对算力的需求。</p>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6 mb-3">
|
||
<div class="border-start border-3 border-success ps-3">
|
||
<h6>生态建设的预期差</h6>
|
||
<p class="small">市场普遍认为CUDA生态是英伟达的核心壁垒，国内厂商难以突破。但路演数据显示，木樨等国内厂商通过兼容CUDA生态快速获取市场，目标2024年Q2实现生态友好衔接。这种"兼容+自有"的生态建设策略可能被市场低估。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Catalysts -->
|
||
<section id="catalyst" class="mb-5">
|
||
<h2 class="section-title">关键催化剂与未来发展路径</h2>
|
||
|
||
<div class="row mb-4">
|
||
<div class="col-md-6">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<h5 class="mb-0"><i class="bi bi-calendar-event"></i> 近期催化剂</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="mb-3">
|
||
<h6><i class="bi bi-star-fill text-warning"></i> GTC大会（2025年3月）</h6>
|
||
<p class="small">预计发布新产品GH200，单卡算力预计增长超过<strong>50%</strong>，配备C叉8网卡和1.6T光模块。中国企业（如广和通、麦格米特等）参与度提高，可能带来合作机会。</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6><i class="bi bi-star-fill text-warning"></i> 国产GPU新品发布</h6>
|
||
<p class="small">木樨C系列预计2024年Q1正式商用，G系列预计2025年Q1/Q2商用。木樨布局三条GPU产品线：N系列（推理专用）、C系列（训练+推理全能型）、G系列（渲染全能型）。</p>
|
||
</div>
|
||
<div>
|
||
<h6><i class="bi bi-star-fill text-warning"></i> AI GPU插槽化进展</h6>
|
||
<p class="small">野村证券预测Nvidia可能在2025年考虑为部分AI GPU采用插槽，以提高制造良率并降低"故障成本"。相关供应链企业（如插槽、连接器制造商）可能受益。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-6">
|
||
<div class="card h-100">
|
||
<div class="card-header">
|
||
<h5 class="mb-0"><i class="bi bi-roads"></i> 长期发展路径</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<div class="mb-3">
|
||
<h6><i class="bi bi-cpu text-primary"></i> 技术演进路径</h6>
|
||
<p class="small">短期（1-2年）：提升单卡算力，缩小与国际巨头的差距；优化能效比；兼容CUDA生态降低迁移成本。中期（2-3年）：构建自有生态；开发专用GPU。长期（3-5年）：实现技术领先；开发颠覆性计算架构。</p>
|
||
</div>
|
||
<div class="mb-3">
|
||
<h6><i class="bi bi-globe text-success"></i> 市场拓展路径</h6>
|
||
<p class="small">短期：聚焦国内市场，尤其是政府、国企等对国产化要求高的领域。中期：拓展至企业级市场，如互联网、金融、医疗等。长期：进军国际市场，与国际巨头直接竞争。</p>
|
||
</div>
|
||
<div>
|
||
<h6><i class="bi bi-diagram-3 text-info"></i> 产业链成熟路径</h6>
|
||
<p class="small">短期：完善GPU芯片设计能力；建立初步的软件生态。中期：形成完整的GPU产业链；建立成熟的软件生态。长期：形成具有国际竞争力的GPU产业集群；引领技术标准制定。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Industry Chain -->
|
||
<section class="mb-5">
|
||
<h2 class="section-title">产业链与核心公司</h2>
|
||
|
||
<div class="industry-chain">
|
||
<div class="chain-item">
|
||
<div class="chain-icon">
|
||
<i class="bi bi-cpu"></i>
|
||
</div>
|
||
<h5>上游</h5>
|
||
<p>GPU芯片设计</p>
|
||
<small>英伟达、AMD、华为昇腾、海光信息、木樨等</small>
|
||
</div>
|
||
<div class="chain-item">
|
||
<div class="chain-icon">
|
||
<i class="bi bi-server"></i>
|
||
</div>
|
||
<h5>中游</h5>
|
||
<p>GPU服务器与系统集成</p>
|
||
<small>浪潮信息、中科曙光、太极股份等</small>
|
||
</div>
|
||
<div class="chain-item">
|
||
<div class="chain-icon">
|
||
<i class="bi bi-cloud"></i>
|
||
</div>
|
||
<h5>下游</h5>
|
||
<p>应用与服务</p>
|
||
<small>优刻得、广安爱众等</small>
|
||
</div>
|
||
<div class="chain-item">
|
||
<div class="chain-icon">
|
||
<i class="bi bi-gear"></i>
|
||
</div>
|
||
<h5>配套</h5>
|
||
<p>散热、封装、PCB等</p>
|
||
<small>鸿富瀚、长电科技、深南电路等</small>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Stock Data -->
|
||
<section id="stocks" class="mb-5">
|
||
<h2 class="section-title">GPU概念股数据</h2>
|
||
|
||
<div class="stock-table">
|
||
<div class="table-responsive">
|
||
<table class="table table-hover mb-0">
|
||
<thead>
|
||
<tr>
|
||
<th>股票名称</th>
|
||
<th>分类</th>
|
||
<th>项目</th>
|
||
<th>产业链</th>
|
||
<th>关联原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr>
|
||
<td><strong>天普股份</strong></td>
|
||
<td><span class="badge bg-primary">拟入主</span></td>
|
||
<td>控制权变更</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>公司实控人尤建义筹划控制权变更事项，增资完成后中吴芯英、海南芯慧合计持有天普50.01%股权</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>科德教育</strong></td>
|
||
<td><span class="badge bg-info">参股</span></td>
|
||
<td>中吴芯英</td>
|
||
<td><span class="badge-chain badge-ai-model">AI模型优化</span></td>
|
||
<td>公司参股的中吴芯英(5.9933%)将DeepSeek-V3系列模型作为重点优化对象</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>艾布鲁</strong></td>
|
||
<td><span class="badge bg-info">参股</span></td>
|
||
<td>中吴芯英</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>公司控股子公司杭州星罗中吴科技(持股50%)持有中吴芯英(杭州)科技7.0465%股份</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>浙大网新</strong></td>
|
||
<td><span class="badge bg-info">参股</span></td>
|
||
<td>杭州网新花港</td>
|
||
<td><span class="badge-chain badge-gpu-investment">GPU投资</span></td>
|
||
<td>公司参与设立的杭州网新花港股权投资合伙企业持有中吴芯英0.5169%股权</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>浙数文化</strong></td>
|
||
<td><span class="badge bg-info">参股</span></td>
|
||
<td>中吴芯英</td>
|
||
<td><span class="badge-chain badge-gpu-investment">GPU投资</span></td>
|
||
<td>公司作为有限合伙人认缴出资2000万元参与投资杭州鸣志创业投资合伙企业</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>群兴玩具</strong></td>
|
||
<td><span class="badge bg-info">参股</span></td>
|
||
<td>中吴芯英</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>子公司杭州图灵和中吴芯英展开战略合作，有助于加速包括V-Gen在内的公司各类大模型的落地</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>广安爱众</strong></td>
|
||
<td><span class="badge bg-success">合作</span></td>
|
||
<td>重庆亿众</td>
|
||
<td><span class="badge-chain badge-liquid-cooling">液冷服务器</span></td>
|
||
<td>参股孙公司重庆亿众(持股20%)联合中吴芯英共建丝绸云谷项目，提供芯汇能液冷智能柜</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>太极股份</strong></td>
|
||
<td><span class="badge bg-success">合作</span></td>
|
||
<td>天津移动TPU智算中心</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>2025年7月28日，由中吴芯英与太极股份联合参与的天津移动TPU智算中心正式点亮</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>和而泰</strong></td>
|
||
<td><span class="badge bg-success">合作</span></td>
|
||
<td>摩尔线程</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>公司直接持股摩尔线程1.244%，摩尔第四代GPU芯片增加了FP8精度支持，大幅提升AI算力</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>联美控股</strong></td>
|
||
<td><span class="badge bg-secondary">摩尔线程</span></td>
|
||
<td>摩尔线程</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>子公司拉萨联虹对摩尔线程股权投资，初始投资成本为人民币1亿元</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>ST华通</strong></td>
|
||
<td><span class="badge bg-secondary">摩尔线程</span></td>
|
||
<td>摩尔线程</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>公司及旗下的产业基金少数股权投资了摩尔线程</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>盈趣科技</strong></td>
|
||
<td><span class="badge bg-secondary">摩尔线程</span></td>
|
||
<td>摩尔线程</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>公司基于战略布局和多元化发展的考虑投资摩尔线程</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>圣元环保</strong></td>
|
||
<td><span class="badge bg-secondary">摩尔线程</span></td>
|
||
<td>摩尔线程</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>公司通过认购中原前海的基金份额3亿元人民币间接参与了摩尔线程的投资</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>初灵信息</strong></td>
|
||
<td><span class="badge bg-secondary">摩尔线程</span></td>
|
||
<td>摩尔线程</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>公司所认购的北京中移数字新经济产业基金为摩尔线程的参股方</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>旗天科技</strong></td>
|
||
<td><span class="badge bg-warning">七彩虹</span></td>
|
||
<td>七彩虹</td>
|
||
<td><span class="badge-chain badge-graphics-card">显卡</span></td>
|
||
<td>2024年7月25日拟通过发行股票变更公司控制权，控股股东变更为七彩虹皓悦</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>鸿富瀚</strong></td>
|
||
<td><span class="badge bg-warning">七彩虹</span></td>
|
||
<td>显卡散热模组</td>
|
||
<td><span class="badge-chain badge-gpu-hardware">GPU硬件</span></td>
|
||
<td>公司热传事业部有生产显卡散热模组，显卡的客户主要是七彩虹等</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>中新集团</strong></td>
|
||
<td><span class="badge bg-info">参股</span></td>
|
||
<td>苏州元禾璞华智芯</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>公司通过参股苏州元禾璞华智芯(公司对该基金的份额占比为3.5%)间接持有昆仑芯约0.35%股权</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>国芯科技</strong></td>
|
||
<td><span class="badge bg-success">合作</span></td>
|
||
<td>战略合作</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>与昆仑芯签署了《战略合作框架协议》，双方将展开在边缘AI计算、车规功能安全SoC等技术领域的合作</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>超讯通信</strong></td>
|
||
<td><span class="badge bg-success">合作</span></td>
|
||
<td>沐曦智能</td>
|
||
<td><span class="badge-chain badge-gpu-chip">GPU芯片</span></td>
|
||
<td>特定行业总代理商，拟与沐曦等共同投资设立沐曦智能(公司持股56%)，未来主要承担芯片的技术服务和服务器整机生产</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>迈信林</strong></td>
|
||
<td><span class="badge bg-success">合作</span></td>
|
||
<td>GPU模组</td>
|
||
<td><span class="badge-chain badge-gpu-hardware">GPU硬件</span></td>
|
||
<td>代理销售沐曦的GPU模组</td>
|
||
</tr>
|
||
<tr>
|
||
<td><strong>优刻得</strong></td>
|
||
<td><span class="badge bg-success">合作</span></td>
|
||
<td>AI应用</td>
|
||
<td><span class="badge-chain badge-ai-application">AI应用</span></td>
|
||
<td>与沐曦合作，将围绕云计算、智慧城市、GPU芯片研发和应用，此前比如量化交易、部分AI客户需要大量的A100、A800</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Risks -->
|
||
<section id="risks" class="mb-5">
|
||
<h2 class="section-title">潜在风险与挑战</h2>
|
||
|
||
<div class="row">
|
||
<div class="col-md-4 mb-3">
|
||
<div class="card h-100 border-danger">
|
||
<div class="card-header bg-danger text-white">
|
||
<h5 class="mb-0"><i class="bi bi-exclamation-triangle"></i> 技术风险</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<ul class="list-unstyled">
|
||
<li class="mb-2"><i class="bi bi-dash-circle text-danger"></i> <strong>技术差距风险</strong><br>
|
||
<small>国内GPU技术与国际巨头仍存在明显差距，如华为昇腾910B单精度性能约为H100的60%</small>
|
||
</li>
|
||
<li class="mb-2"><i class="bi bi-dash-circle text-danger"></i> <strong>技术变革风险</strong><br>
|
||
<small>无矩阵计算算法等颠覆性技术可能大幅降低大型模型对算力的需求</small>
|
||
</li>
|
||
<li><i class="bi bi-dash-circle text-danger"></i> <strong>生态建设风险</strong><br>
|
||
<small>CUDA生态是英伟达的核心壁垒，国内厂商建设自有生态面临巨大挑战</small>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4 mb-3">
|
||
<div class="card h-100 border-warning">
|
||
<div class="card-header bg-warning text-dark">
|
||
<h5 class="mb-0"><i class="bi bi-currency-dollar"></i> 商业化风险</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<ul class="list-unstyled">
|
||
<li class="mb-2"><i class="bi bi-dash-circle text-warning"></i> <strong>需求放缓风险</strong><br>
|
||
<small>2024年上半年国内算力机架增长仅5%-6%，远低于去年25%的增速</small>
|
||
</li>
|
||
<li class="mb-2"><i class="bi bi-dash-circle text-warning"></i> <strong>成本风险</strong><br>
|
||
<small>GPU价格高昂，如英伟达H100 GPU价格约为3万美金，可能限制普及</small>
|
||
</li>
|
||
<li><i class="bi bi-dash-circle text-warning"></i> <strong>应用场景风险</strong><br>
|
||
<small>机器人等新应用场景的商业化前景尚不明确，需要时间验证</small>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
<div class="col-md-4 mb-3">
|
||
<div class="card h-100 border-info">
|
||
<div class="card-header bg-info text-white">
|
||
<h5 class="mb-0"><i class="bi bi-shield-exclamation"></i> 政策与竞争风险</h5>
|
||
</div>
|
||
<div class="card-body">
|
||
<ul class="list-unstyled">
|
||
<li class="mb-2"><i class="bi bi-dash-circle text-info"></i> <strong>出口管制风险</strong><br>
|
||
<small>美国对华高端GPU出口限制可能进一步升级，影响国内获取先进GPU技术</small>
|
||
</li>
|
||
<li class="mb-2"><i class="bi bi-dash-circle text-info"></i> <strong>竞争加剧风险</strong><br>
|
||
<small>国际巨头持续投入研发，国内GPU厂商数量增多，竞争加剧</small>
|
||
</li>
|
||
<li><i class="bi bi-dash-circle text-info"></i> <strong>政策支持风险</strong><br>
|
||
<small>政策力度和持续性存在不确定性，可能影响国产GPU的替代进程</small>
|
||
</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
|
||
<!-- Investment Insights -->
|
||
<section class="mb-5">
|
||
<h2 class="section-title">投资启示</h2>
|
||
|
||
<div class="card">
|
||
<div class="card-body">
|
||
<h5 class="card-title"><i class="bi bi-lightbulb text-warning"></i> 综合结论</h5>
|
||
<p class="card-text">GPU概念股正处于技术变革与国产替代的双重驱动下，当前处于从主题炒作向基本面驱动过渡的关键阶段。一方面，AI大模型带来的算力需求、GPU硬件设计的潜在变革以及新应用场景的拓展为GPU市场提供了长期增长动力；另一方面，国内算力需求增长放缓、国际巨头技术壁垒高以及国产GPU生态建设不足等因素也带来了挑战。</p>
|
||
|
||
<hr>
|
||
|
||
<div class="row">
|
||
<div class="col-md-6">
|
||
<h6><i class="bi bi-star-fill text-success"></i> 最具投资价值的细分环节</h6>
|
||
<ul class="list-unstyled">
|
||
<li><i class="bi bi-check-circle text-success"></i> <strong>GPU芯片设计</strong>：布局全场景产品线、兼容CUDA生态的国内厂商</li>
|
||
<li><i class="bi bi-check-circle text-success"></i> <strong>GPU配套产业链</strong>：1.6T光模块、散热模组、先进封装等</li>
|
||
<li><i class="bi bi-check-circle text-success"></i> <strong>GPU应用与服务</strong>：算力租赁、行业解决方案等</li>
|
||
</ul>
|
||
</div>
|
||
<div class="col-md-6">
|
||
<h6><i class="bi bi-graph-up text-primary"></i> 投资策略建议</h6>
|
||
<ul class="list-unstyled">
|
||
<li><i class="bi bi-arrow-right-circle text-primary"></i> <strong>长期布局</strong>：GPU是AI时代的核心基础设施，长期增长逻辑清晰</li>
|
||
<li><i class="bi bi-arrow-right-circle text-primary"></i> <strong>差异化配置</strong>：国际巨头与国内厂商、不同细分领域差异配置</li>
|
||
<li><i class="bi bi-arrow-right-circle text-primary"></i> <strong>关注催化剂</strong>：GTC大会、国产GPU新品发布等事件</li>
|
||
<li><i class="bi bi-arrow-right-circle text-primary"></i> <strong>风险控制</strong>：控制仓位，设置止损点，避免过度追高</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</section>
|
||
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|
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|
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<!-- Footer -->
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<footer class="footer">
|
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<div class="container">
|
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<div class="row">
|
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<div class="col-md-6">
|
||
<h5>GPU概念股分析</h5>
|
||
<p>AI时代的算力革命与投资机遇</p>
|
||
</div>
|
||
<div class="col-md-6 text-md-end">
|
||
<p class="mb-0">© 2025 GPU概念股分析. 仅供参考，不构成投资建议.</p>
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