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外汇交易员· 2025-11-20 05:48
Counterpoint Research的一份报告显示，英伟达在其AI服务器中使用智能手机式内存芯片的做法可能会导致服务器内存价格到2026年底翻一番。为降低AI服务器的耗电量，英伟达近期决定将服务器使用的内存从通常用于服务器的DDR5（第5代双倍数据速率同步动态随机存取内存）改为LPDDR5X（低功耗，目前旗舰手机在使用的内存）。低端市场的紧俏情况有向上蔓延的风险，因为芯片制造商可能需要权衡是否要将更多产能转向LPDDR，以满足英伟达的需求。更大的风险在于高端内存市场。随着英伟达转向 LPDDR，他们已成为堪比大型智能手机品牌级别的客户，这对供应链来说是一次难以承受的需求“地震”。Counterpoint预计到2026年底，服务器内存芯片的价格将翻一番。到2026年第二季度，整体内存芯片价格可能会比目前水平上涨50%。 ...
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外汇交易员· 2025-11-20 03:55
Government Intervention & Policy Measures - China is considering new measures to revive its struggling property market, including nationwide mortgage subsidies for first-time homebuyers [1] - Other measures under discussion include raising income tax rebates for mortgage borrowers and lowering housing transaction costs [1] - Plans are to be discussed starting at least in the third quarter, as property sales and prices continue to decline; specific implementation timelines and policies remain uncertain [1] Market Trends & Consumer Behavior - Calls for stronger policy support for the residential property market have grown after earlier measures to lower lending thresholds and ease restrictions on multiple home purchases failed to halt the decline [1] - Chinese consumers remain in a deleveraging phase, impacted by weak income expectations and increased uncertainty from the economic slowdown [1] - Outstanding housing mortgage balances fell to 374 trillion RMB in the second and third quarters, down 3.9% from the peak in early 2023 [1] Banking Sector Challenges - Efforts to lower borrowing costs, including the removal of the nationwide mortgage rate floor for individual homebuyers, have been constrained by the continued deterioration of Chinese banks' profitability and asset quality [1] - Commercial banks' net interest margin had fallen to 1.42% by the end of September, remaining below the 1.8% reasonable profitability threshold for over two years [1]
