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错杀!祥硕股价大跌背后藏着重大预期差

发布于 2025-08-21

<p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" data-pm-slice="0 0 []"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">摩根大通:AMD芯片组订单争夺战存在三大误读</span></strong></p><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">8月12日,祥硕科技(5269.TW)股价单日暴跌7.3%,跑输大盘及同业谱瑞科技(上涨6.3%)。市场传言AMD可能将芯片组外包业务转给谱瑞,但摩根大通最新报告指出:</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">这可能是市场对行业规则的严重误判!</span></strong></p><h4 style="margin: 16px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: var(--yb-md-h-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">🔍 事实真相:一场2027年才落地的订单争夺战</span></h4><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">据摩根大通实地调研,AMD近期就"简化版芯片组(I/O集线器)"项目招标,该产品面向品牌台式机市场,</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">最早2027年量产</span></strong><span leaf="">。参与竞标的四家供应商经过两轮筛选,目前仅剩祥硕与谱瑞进入决赛,结果将于近期公布。</span></p><section style="text-align: center;" nodeleaf=""><img class="rich_pages wxw-img" data-imgfileid="100042889" data-src="https://mmbiz.qpic.cn/sz_mmbiz_png/VXjHib6YROwlCzViagu99H4L2Gp3aofpdISA0bhnrJcgEQA1Zf5gh95dBxXQeyNGpYiao6h3ONIBico7spnpKcu5iaQ/640?wx_fmt=png&amp;from=appmsg" data-type="png" style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;border-radius: 4px;min-width: auto;min-height: auto;max-width: 360px;max-height: 320px;cursor: pointer;display: block;object-fit: cover;height: auto;" /></section><h4 style="margin: 16px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: var(--yb-md-h-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">⚠️ 市场三大认知误区被击破</span></h4><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">误区1:订单替换风险?实则增量市场!</span></strong></p><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">摩根大通强调:AMD主板芯片组当前仅用于DIY市场(如华硕主板),而本次招标的台式机芯片组是面向</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">全新商用市场</span></strong><span leaf="">,并非替换祥硕现有业务。三者供应链完全不同(见上图)。</span></p><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">误区2:技术壁垒可轻易突破?20年积累难复制!</span></strong></p><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">祥硕在USB/SATA/PCIe等高速接口技术领域沉淀超20年,x86架构需高度兼容历史设备。其40G USB市占率达</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">全球双寡头级别</span></strong><span leaf="">,80G技术更持续强化领先优势。</span></p><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">误区3:供应商可随意切换?"赢家通吃"是行业铁律!</span></strong></p><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">芯片组行业特性是"非备胎制":一旦选定主供应商,基本不会保留第二货源。若AMD重视产品上市速度,继续选择合作十年的祥硕仍是理性选择。</span></p><h4 style="margin: 16px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: var(--yb-md-h-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">📊 最坏情境推演:影响也有限</span></h4><p style="margin-top: 16px;margin-bottom: 0rem;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">即使谱瑞中标(概率约30%),对祥硕冲击主要在情绪面:</span></p><ol style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: decimal;text-align: left;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: var(--hy-font-family);font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000);min-width: 13px; "><span leaf="">1.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><span leaf="">谱瑞强项在笔记本/车用芯片,缺乏主板技术经验</span></p></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 10px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: var(--hy-font-family);font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000);min-width: 13px; "><span leaf="">2.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><span leaf="">祥硕主板业务受x86兼容性保护,基本盘稳固</span></p></span></li><li style="margin-top: 0px;margin-right: 0px;margin-bottom: 0px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;display: flex;align-items: baseline;word-break: break-word;overflow-wrap: break-word;"><span style=" margin: 0px 4px 0px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: inherit;font-variant-caps: inherit;font-variant-numeric: tabular-nums;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: var(--hy-font-family);font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: &quot;tnum&quot;;font-variation-settings: inherit;vertical-align: baseline; text-align: right;color: var(--yb_text_markdown, #000);min-width: 13px; "><span leaf="">3.</span></span><span style="margin: 0px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;flex: 1 1 0%;overflow: auto;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><span leaf="">新订单规模仅占祥硕小部分营收</span></p></span></li></ol><h4 style="margin: 16px 0px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: var(--yb-md-h-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">💡 历史经验:每次恐慌都是黄金坑</span></h4><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgb(0, 0, 0);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">回顾前两次市场担忧AMD替换祥硕(2019/2020年),股价回调20-25%后均强势反弹。按15倍PE估值测算,​**​NT1,500构成坚实底部∗∗。维持NT2,500目标价(30倍核心业务PE+非主营收益)。</span></p><blockquote style="margin: 16px 0px;padding: 0px 0px 0px 12px;border-top: 0px;border-right: 0px;border-bottom: 0px;border-left: solid var(--yb-md-blockquote-border-color) 4px;border-image: initial;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;quotes: none;color: var(--yb-md-blockquote-color);letter-spacing: -0.16px;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(255, 255, 255);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><p style="margin-top: 16px;margin-bottom: 16px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">数据说话</span></strong></p><p style="margin-top: 16px;margin-bottom: 0rem;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.7;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><span leaf="">祥硕2026年盈利预测:</span></p><ul style="margin-top: 16px;margin-right: 0px;margin-bottom: 16px;margin-left: 0px !important;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;list-style: disc;text-align: left;" class="list-paddingleft-1"></ul></blockquote><p><span leaf="">•核心业务EPS:NT69(30倍PE值NT2,076)</span></p><p><span leaf="">•投资收益贡献:NT37(11倍PE值NT425)</span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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