美銀:中國持續推進自主AI生態系統 助提升市場估值
美銀全球研究部美國半導體資本設備分析師Chris Oberoi表示,基礎設施周期通常較長期。而AI周期從2022年底ChatGPT掀起熱潮開始,2025年底僅是第三年,遠未見底,預計可能持續十年。今年龍頭超大型企業在AI基礎設施上的支出每天超過10億美元,全年預計超過4,000億美元。
他提到,大規模企業因擔心被OpenAI等新興力量顛覆,持續投入AI以保持競爭力。AI供應鏈極其複雜。隨著未來幾年,單一超大型企業的每年支出可能從1,000億美元增至2,000億美元,凸顯亞太供應鏈的關鍵角色。
對於亞太地區在全球AI中的投資機會,美銀中國研究部聯席主管、首席中國策略師兼亞太區首席金融分析師吳旖稱,儘管受到出口管制,中國仍在持續推進自主AI生態系統的建設。亞太各國的互補優勢推動了從硬體製造到數據生成、算法創新和應用的發展。
由於中國和韓國在AI應用上處於領先,她認為可能挑戰對其股市的結構性悲觀預期,提升估值倍數。反之,部分新興亞洲經濟體依賴廉價勞動力吸引外資的模式可能失效。例如若AI降低廉價勞動力的吸引力,蘋果(AAPL.US)可能更傾向在美國而非東南亞建廠。
她指,未來五年,中國的AI芯片和生成式AI軟體、台灣的AI晶圓代工、韓國的HBM記憶體、液冷技術等預計實現20%至50%的年複合增長率。而中國半導體設備因前期需求提前,可能增長放緩。至於AI應用領域如人形機器人、自動駕駛、AI國防、互聯網、藥物研發和醫療保健將在亞太地區呈現顯著增長。
另外,她提到,兩年前市場對中國市場過度悲觀,儘管目前存在短期過熱和回調風險,未來兩至三年中國市場仍具吸引力,受惠創新能力和相對低估值。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.