[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciod309598c":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciod309598c","SK海力士利润率超过了英伟达——为什么说 HBM护城河比GPU更深","\u002Fdoc\u002Fdciod309598c","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">先说一个数字，我觉得很多人没有认真看过它：韩国\u003C\u002Fspan>SK \u003Cspan style=\"font-family: DengXian;\">海力士今年一季度的营业利润率，\u003C\u002Fspan>71.8%\u003Cspan style=\"font-family: DengXian;\">。英伟达大约\u003C\u002Fspan> 65%\u003Cspan style=\"font-family: DengXian;\">，台积电大约\u003C\u002Fspan> 58%\u003Cspan style=\"font-family: DengXian;\">。一家内存公司，利润率超过了全球最贵的芯片设计公司和最先进的晶圆厂。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">这不正常。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">正常的内存公司，利润率应该在\u003C\u002Fspan> 20%-30%\u003Cspan style=\"font-family: DengXian;\">，为什么\u003C\u002Fspan> SK \u003Cspan style=\"font-family: DengXian;\">海力士能做到\u003C\u002Fspan> 71.8%\u003Cspan style=\"font-family: DengXian;\">？答案只有一个\u003C\u002Fspan>——\u003Cspan style=\"font-family: DengXian;\">它卖的东西，客户没有别的地方买。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这个东西，就是\u003C\u002Fspan> HBM \u003Cspan style=\"font-family: DengXian;\">高带宽内存。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">根据美股投资网调研，英伟达每一块\u003C\u002Fspan> GPU \u003Cspan style=\"font-family: DengXian;\">旁边，都要贴着几颗\u003C\u002Fspan> HBM \u003Cspan style=\"font-family: DengXian;\">才能跑起来。没有\u003C\u002Fspan> HBM\u003Cspan style=\"font-family: DengXian;\">，\u003C\u002Fspan>GPU \u003Cspan style=\"font-family: DengXian;\">就是一堆精密的硅，没有办法处理\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">需求的数据传输量。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">全球能造\u003C\u002Fspan> HBM \u003Cspan style=\"font-family: DengXian;\">的公司，只有三家：\u003C\u002Fspan>SK \u003Cspan style=\"font-family: DengXian;\">海力士、三星、美光。这三家合计占据全球\u003C\u002Fspan> HBM \u003Cspan style=\"font-family: DengXian;\">市场约\u003C\u002Fspan> 99%\u003Cspan style=\"font-family: DengXian;\">。其他任何公司，今天进场，最快也要五到七年才能造出合格的产品。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这不是技术门槛，这是物理门槛\u003C\u002Fspan>——HBM \u003Cspan style=\"font-family: DengXian;\">的制造涉及极复杂的\u003C\u002Fspan> 3D \u003Cspan style=\"font-family: DengXian;\">堆叠封装工艺，不是靠钱砸就能追上的。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">对比一下\u003C\u002Fspan> GPU \u003Cspan style=\"font-family: DengXian;\">那边。\u003C\u002Fspan>GPU \u003Cspan style=\"font-family: DengXian;\">的护城河是什么？\u003C\u002Fspan>CUDA \u003Cspan style=\"font-family: DengXian;\">软件生态，\u003C\u002Fspan>NVLink \u003Cspan style=\"font-family: DengXian;\">互联，十几年积累的库和编译器。这些是真实的护城河，英伟达\u003C\u002Fspan> 75% \u003Cspan style=\"font-family: DengXian;\">的市占率建立在这上面。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">但有一件事值得认真想：\u003C\u002Fspan>GPU\u003Cspan style=\"font-family: DengXian;\">，本质上是一场设计游戏。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">你写出芯片架构，交给台积电生产，台积电的\u003C\u002Fspan> N3\u003Cspan style=\"font-family: DengXian;\">、\u003C\u002Fspan>N2 \u003Cspan style=\"font-family: DengXian;\">工艺对所有客户开放。所以\u003C\u002Fspan> AMD \u003Cspan style=\"font-family: DengXian;\">可以做，谷歌\u003C\u002Fspan> TPU \u003Cspan style=\"font-family: DengXian;\">可以做，亚马逊\u003C\u002Fspan> Trainium \u003Cspan style=\"font-family: DengXian;\">可以做，\u003C\u002Fspan>ARM \u003Cspan style=\"font-family: DengXian;\">刚刚下场也在做，\u003C\u002Fspan>OpenAI \u003Cspan style=\"font-family: DengXian;\">据说也在自研。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">所有这些公司，都在用同一座台积电工厂的产线。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">GPU \u003Cspan style=\"font-family: DengXian;\">的壁垒是软件，软件会随时间衰减\u003C\u002Fspan>——\u003Cspan style=\"font-family: DengXian;\">推理负载在向开放标准迁移，\u003C\u002Fspan>PyTorch \u003Cspan style=\"font-family: DengXian;\">抽象层日趋成熟，定制\u003C\u002Fspan> ASIC \u003Cspan style=\"font-family: DengXian;\">在特定模型上的效率正在追上来。这些都在发生。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">但\u003C\u002Fspan> HBM \u003Cspan style=\"font-family: DengXian;\">不一样，没有人能绕过那三家公司。不是因为他们的软件生态更好，是因为那个工艺，别人在物理上还没追上来。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这个月我写\u003C\u002Fspan> Micron \u003Cspan style=\"font-family: DengXian;\">那篇的时候，提到了一个数字：\u003C\u002Fspan>2026 \u003Cspan style=\"font-family: DengXian;\">年全年\u003C\u002Fspan> HBM \u003Cspan style=\"font-family: DengXian;\">产能完全售罄，订单排到\u003C\u002Fspan> 2027 \u003Cspan style=\"font-family: DengXian;\">年。这不是供需失衡，这是物理产能的硬上限。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">想要更多\u003C\u002Fspan> HBM\u003Cspan style=\"font-family: DengXian;\">？等着排队。\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">想要更多\u003C\u002Fspan> GPU \u003Cspan style=\"font-family: DengXian;\">设计公司？下个月又会多一家。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">两件事放在一起，说明了什么？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">英伟达今天是\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">时代最重要的公司，这一点没有疑问。但如果你问我，这场供应链里谁的位置最难被撼动？不是英伟达，不是台积电，是那三家造\u003C\u002Fspan> HBM \u003Cspan style=\"font-family: DengXian;\">的公司。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">它们站在一个别人今天进不来、明天也进不来的地方。安静，不出名，但所有人都绕不过它们。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">最终结论：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">我们美股投资网以为\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">时代最值钱的资产是算力。现在我觉得，最值钱的资产是那个让算力跑起来的东西\u003C\u002Fspan>——\u003Cspan style=\"font-family: DengXian;\">而那个东西，全世界只有三家公司能造。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">淘金热里，最稳的生意是卖铲子的。如果铲子只有一种材料，而那种材料只有三家矿场，那三家矿场，才是真正的赢家。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FM\u002FMU\u002FMU.jpg","2026-05-16T17:12:07","2026.05.16","2026\u002F05\u002F16",58870,[22],"MU","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"https:\u002F\u002Fstockwewebfiles.blob.core.windows.net\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]