{"id":1264,"date":"2026-10-13T18:30:25","date_gmt":"2026-10-13T18:30:25","guid":{"rendered":"https:\/\/equitiesorbis.com\/%e5%ad%98%e5%82%a8%e8%8a%af%e7%89%87%e4%bb%b7%e6%a0%bc%e7%bf%bb%e5%80%8d%ef%bc%8c%e5%ad%98%e5%82%a8%e8%82%a1%e5%8d%b4%e5%9c%a8%e4%b8%8b%e8%b7%8c%e3%80%82\/"},"modified":"2026-10-17T20:29:00","modified_gmt":"2026-10-17T20:29:00","slug":"%e5%ad%98%e5%82%a8%e8%8a%af%e7%89%87%e4%bb%b7%e6%a0%bc%e7%bf%bb%e5%80%8d%ef%bc%8c%e5%ad%98%e5%82%a8%e8%82%a1%e5%8d%b4%e5%9c%a8%e4%b8%8b%e8%b7%8c%e3%80%82","status":"publish","type":"post","link":"https:\/\/equitiesorbis.com\/zh-hans\/%e5%ad%98%e5%82%a8%e8%8a%af%e7%89%87%e4%bb%b7%e6%a0%bc%e7%bf%bb%e5%80%8d%ef%bc%8c%e5%ad%98%e5%82%a8%e8%82%a1%e5%8d%b4%e5%9c%a8%e4%b8%8b%e8%b7%8c%e3%80%82\/","title":{"rendered":"\u5b58\u50a8\u82af\u7247\u4ef7\u683c\u7ffb\u500d\uff0c\u5b58\u50a8\u80a1\u5374\u5728\u4e0b\u8dcc\u3002"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>DRAM \u5b9a\u4ef7\u521b\u4e0b\u4e86\u6709\u8bb0\u5f55\u4ee5\u6765\u6700\u6781\u7aef\u7684\u5b63\u5ea6\u8868\u73b0\u4e4b\u4e00\uff0c\u7136\u800c\u5b58\u50a8\u80a1\u7684\u4ea4\u6613\u4ef7\u683c\u5374\u63a5\u8fd1\u5176\u533a\u95f4\u9876\u90e8\uff0c\u4e14\u5728\u8be5\u677f\u5757\u906d\u5230\u629b\u552e\u7684\u540c\u65f6\uff0c\u9053\u743c\u65af\u6307\u6570\u5374\u5728\u4e0a\u6da8\u3002\u5927\u5b97\u5546\u54c1\u4ef7\u683c\u4e0e\u80a1\u7968\u4f30\u503c\u4e4b\u95f4\u7684\u5dee\u8ddd\uff0c\u6b63\u662f\u76ee\u524d\u5206\u6790\u7684\u6838\u5fc3\u77db\u76fe\u6240\u5728\u3002<\/em><\/p>\n\n<p class=\"wp-block-paragraph\">\u5468\u4e00\uff0810 \u6708 12 \u65e5\uff09\uff0c\u7f8e\u56fd\u5e02\u573a\u6536\u76d8\u8d70\u52bf\u5206\u6b67\u3002\u9053\u743c\u65af\u5de5\u4e1a\u5e73\u5747\u6307\u6570\u4e0a\u6da8\uff0c\u800c\u7eb3\u65af\u8fbe\u514b\u6307\u6570\u4e0b\u8dcc\uff0c\u90e8\u5206\u62d6\u7d2f\u6765\u81ea\u5b58\u50a8\u82af\u7247\u80a1\u7684\u4e8f\u635f\uff0c\u5373\u4fbf\u6cb9\u4ef7\u4e0a\u6da8\u4e5f\u5bf9\u5927\u76d8\u9020\u6210\u4e86\u538b\u529b\u3002\u540c\u65e5\uff0c\u884c\u4e1a\u5185\u4e00\u5bb6\u4e2d\u578b DRAM \u5236\u9020\u5546\u62a5\u544a\u4e86\u4e00\u4e2a\u6309\u4efb\u4f55\u5386\u53f2\u6807\u51c6\u8861\u91cf\u90fd\u582a\u79f0\u60ca\u4eba\u7684\u5b63\u5ea6\u4e1a\u7ee9\u3002<\/p>\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.investing.com\/news\/transcripts\/earnings-call-transcript-nanya-technology-q3-2026-profit-surges-on-dram-pricing-93CH-4943419\">\u5357\u4e9a\u79d1\u6280 (Nanya Technology)<\/a> \u5728\u7b2c\u4e09\u5b63\u5ea6\u7535\u8bdd\u4f1a\u8bae\u4e0a\u544a\u8bc9\u5206\u6790\u5e08\uff0c\u5e73\u5747\u552e\u4ef7\u73af\u6bd4\u4e0a\u6da8\u8d85\u8fc7 60%\uff0c\u540c\u6bd4\u4e0a\u6da8\u8d85\u8fc7 500%\u3002\u5176\u603b\u7ecf\u7406\u674e\u57f9\u745b\u5c06\u8425\u6536\u548c\u5229\u6da6\u7684\u589e\u957f\u4e3b\u8981\u5f52\u529f\u4e8e\u5b9a\u4ef7\u3002\u8be5\u80a1\u80a1\u4ef7\u76ee\u524d\u5904\u4e8e 52 \u5468\u8303\u56f4\u7684\u9876\u90e8\uff0c\u63a5\u8fd1\u4eca\u5e74\u4f4e\u70b9\u7684\u6570\u500d\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u8fd9\u5c31\u662f\u503c\u5f97\u6df1\u601d\u7684\u6096\u8bba\uff1a\u5982\u679c\u8fd9\u79cd\u7a0b\u5ea6\u7684\u5b9a\u4ef7\u6743\u90fd\u65e0\u6cd5\u63d0\u632f\u80a1\u4ef7\uff0c\u90a3\u4e48\u5e02\u573a\u7a76\u7adf\u5728\u5b9a\u4ef7\u4ec0\u4e48\uff1f<\/p>\n\n<p class=\"wp-block-paragraph\">\u4ece\u8be5\u516c\u53f8\u7684\u62ab\u9732\u4e2d\u53ef\u4ee5\u5f97\u51fa\u4e09\u4e2a\u7b54\u6848\u3002\u9996\u5148\u662f\u8d44\u672c\u652f\u51fa\u3002\u5357\u4e9a\u79d1\u6280\u8868\u793a\uff0c\u4e00\u5ea7\u65b0\u6676\u5706\u5382\u5c06\u9700\u8981\u7ea6 160 \u4ebf\u7f8e\u5143\uff0c\u5305\u62ec\u5efa\u7b51\u3001\u65e0\u5c18\u5ba4\u3001\u8bbe\u5907\u548c\u672a\u6765\u7684\u6781\u7d2b\u5916\u5149 (EUV) \u80fd\u529b\uff0c\u800c\u7b2c\u4e8c\u5ea7\u7528\u4e8e 3D \u6676\u5706\u5c01\u88c5\u548c\u6d4b\u8bd5\u7684\u8bbe\u65bd\u957f\u671f\u8017\u8d44\u7ea6 100 \u4ebf\u7f8e\u5143\u3002\u4e00\u5bb6\u8d5a\u53d6\u610f\u5916\u9ad8\u4ef7\u5229\u6da6\u7684\u4f01\u4e1a\uff0c\u6b63\u540c\u65f6\u5c06\u8fd9\u4e9b\u5229\u6da6\u6295\u5165\u5230\u6700\u65e9\u8981\u5230 2027 \u5e74\u4e0b\u534a\u5e74\u624d\u80fd\u6295\u4ea7\u7684\u4ea7\u80fd\u4e2d\u3002\u5176\u6b21\u662f\u51fa\u8d27\u91cf\u3002\u7531\u4e8e\u5e93\u5b58\u8017\u5c3d\uff0c\u672c\u5b63\u5ea6\u51fa\u8d27\u91cf\u4e0b\u964d\u4e86\u4e2d\u5355\u4f4d\u6570\uff0c\u7ba1\u7406\u5c42\u9884\u8ba1\u4f4d\u5143\u51fa\u8d27\u91cf\u5c06\u5728\u672a\u6765\u51e0\u4e2a\u5b63\u5ea6\u4fdd\u6301\u6301\u5e73\u3002\u8425\u6536\u589e\u957f\u5b8c\u5168\u4f9d\u8d56\u4e8e\u4ef7\u683c\u3002\u7b2c\u4e09\u662f\u5468\u671f\u3002\u7ba1\u7406\u5c42\u544a\u8bc9\u5206\u6790\u5e08\uff0c\u77ed\u7f3a\u5c06\u6301\u7eed\u5230 12 \u6708\u5b63\u5ea6\uff0c\u4e14 2027 \u5e74\u53ef\u80fd\u4fdd\u6301\u7d27\u5f20\uff0c\u800c\u8fd9\u6070\u6070\u662f\u5f15\u53d1\u76ee\u524d\u6b63\u5728\u6ce8\u8d44\u7684\u4ea7\u80fd\u6269\u5f20\u53cd\u5e94\u7684\u8bf1\u56e0\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u56e0\u6b64\uff0c\u5e02\u573a\u7684\u53cd\u5e94\u662f\u7406\u6027\u7684\uff1a\u6839\u636e\u5c06\u5305\u542b\u6240\u6709\u8fd9\u4e9b\u65b0\u4f9b\u5e94\u7684 2028 \u5e74\u60c5\u51b5\uff0c\u6765\u8bc4\u4f30\u5904\u4e8e\u4ef7\u683c\u5dc5\u5cf0\u7684\u5e74\u4efd\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u8d44\u91d1\u7684\u6d41\u5411\u53cd\u800c\u66f4\u5177\u542f\u53d1\u6027\u3002\u7a00\u7f3a\u6027\u5df2\u8f6c\u79fb\u5230\u6676\u5706\u5370\u5237\u4e4b\u540e\u7684\u6b65\u9aa4\u3002<a href=\"https:\/\/www.rexshares.com\/the-ai-chipmaking-market-update-tsmc-pays-globalfoundries-2-billion-for-interposers-high-na-goes-to-production-and-lead-times-stretch-to-40-months\/\">\u8bbe\u5907\u4ea4\u671f<\/a> \u5bf9\u4e8e\u4e00\u4e9b\u97e9\u56fd\u96f6\u90e8\u4ef6\u4f9b\u5e94\u5546\u6765\u8bf4\u5df2\u5ef6\u957f\u81f3 40 \u4e2a\u6708\uff0c\u8fd9\u610f\u5473\u7740\u4eca\u5929\u89c4\u5212\u7684\u6676\u5706\u5382\u8981\u5230 2030 \u5e74\u624d\u80fd\u5b8c\u6210\u8bbe\u5907\u5b89\u88c5\u3002DISCO \u62a5\u544a 7 \u6708\u81f3 9 \u6708\u51fa\u8d27\u91cf\u521b\u7eaa\u5f55\uff0c\u589e\u957f\u4e86 60%\u3002Lam Research \u5c06\u5b63\u5ea6\u80a1\u606f\u63d0\u9ad8\u4e86 27%\uff0810 \u6708 14 \u65e5\u652f\u4ed8\uff09\uff0c\u8fd9\u4e0d\u50cf\u662f\u4e00\u5bb6\u6b63\u51c6\u5907\u5e94\u5bf9\u8d44\u672c\u652f\u51fa\u5d29\u76d8\u7684\u516c\u53f8\u3002\u4e1c\u4eac\u7535\u5b50 (Tokyo Electron) \u7684\u8d22\u52a1\u603b\u76d1\u5df2\u9884\u793a\u8fd9\u5c06\u662f\u521b\u7eaa\u5f55\u7684\u4e00\u5e74\u3002\u53f0\u79ef\u7535 (TSMC) \u516c\u5e03 9 \u6708\u8425\u6536\u521b\u7eaa\u5f55\uff0c\u540c\u6bd4\u589e\u957f 54.6%\uff0c\u5b63\u5ea6\u8425\u6536\u8fbe\u5230\u521b\u7eaa\u5f55\u7684 1.49 \u4e07\u4ebf\u65b0\u53f0\u5e01\uff0c\u5b8c\u6574\u4e1a\u7ee9\u5c06\u4e8e 10 \u6708 15 \u65e5\u516c\u5e03\u3002<\/p>\n\n<p 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class=\"wp-block-paragraph\">\u5bf9\u4e8e\u6295\u8d44\u8005\u800c\u8a00\uff0c\u5b9e\u9645\u95ee\u9898\u4e0d\u5728\u4e8e\u5b58\u50a8\u82af\u7247\u77ed\u7f3a\u662f\u5426\u771f\u5b9e\u5b58\u5728\u3002\u663e\u800c\u6613\u89c1\uff0c\u5b83\u662f\u771f\u5b9e\u7684\u3002\u95ee\u9898\u5728\u4e8e\u4ef7\u503c\u94fe\u7684\u54ea\u4e00\u90e8\u5206\u662f\u56e0\u7a00\u7f3a\u6027\u800c\u83b7\u5f97\u62a5\u916c\uff0c\u800c\u4e0d\u662f\u4e3a\u4e86\u6269\u5f20\u800c\u4ed8\u8d39\u3002\u5b58\u50a8\u5382\u5546\u6b63\u56e0\u524d\u8005\u83b7\u5f97\u62a5\u916c\uff0c\u5e76\u4e3a\u540e\u8005\u652f\u4ed8\u4ee3\u4ef7\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e09\u4e2a\u6570\u636e\u70b9\u5c06\u51b3\u5b9a\u7ed3\u679c\uff1a\u7ba1\u7406\u5c42\u9884\u8ba1\u5c06\u518d\u6b21\u6539\u5584\u7684 12 \u6708\u5b63\u5ea6 DRAM \u5408\u7ea6\u4ef7\u683c\uff1b2027 \u5e74\u7684 HBM4 \u8c08\u5224\uff0c\u5176\u7ed3\u679c\u51b3\u5b9a\u4e86\u6709\u591a\u5c11\u5e38\u89c4\u4ea7\u80fd\u4f1a\u88ab\u5206\u6d41\uff1b\u4ee5\u53ca\u4e0b\u4e00\u8f6e\u8d22\u62a5\u4e2d\u7684\u8d44\u672c\u652f\u51fa\u9879\uff0c\u56e0\u4e3a\u4eca\u5929\u6295\u5165\u7684\u6bcf\u4e00\u7f8e\u5143\u90fd\u610f\u5473\u7740 2028 \u5e74\u5230\u8fbe\u7684\u4f9b\u5e94\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u672c\u6587\u4ec5\u4f9b\u53c2\u8003\u548c\u6559\u80b2\u76ee\u7684\u3002\u4e0d\u6784\u6210\u8d22\u52a1\u5efa\u8bae\uff0c\u6587\u4e2d\u7684\u4efb\u4f55\u5185\u5bb9\u5747\u4e0d\u6784\u6210\u4e70\u5356\u4efb\u4f55\u8bc1\u5238\u7684\u5efa\u8bae\u3002\u8bfb\u8005\u5728\u505a\u51fa\u4efb\u4f55\u6295\u8d44\u51b3\u5b9a\u524d\uff0c\u5e94\u8fdb\u884c\u5c3d\u804c\u8c03\u67e5\u5e76\u54a8\u8be2\u5408\u683c\u7684\u4e13\u4e1a\u4eba\u58eb\u3002\u8fc7\u5f80\u4e1a\u7ee9\u4e0d\u4ee3\u8868\u672a\u6765\u8868\u73b0\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DRAM 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