中金发布研报称，谷歌(GOOGL.US)Google TPUv7的推出，标志着ASICs集群在异于传统GPGPU的架构 上加速自研，使得硬件价值上带来了异构与重塑，同时有望加速AI算力硬件如PCB、液冷、电源等算力 硬件市场规模的量价齐升。展望2027年，AI PCB/液冷/电源芯片市场规模有望分别达216.5/201.8/183.9 亿美元。建议关注深南电路（002916）(002916.SZ)、生益科技（600183）(600183.SH)、东山精密 （002384）(002384.SZ)、鹏鼎控股（002938）(002938.SZ)、工业富联（601138）(601138.SH)、鸿腾精 密(06088)、蔚蓝锂芯（002245）(002245.SZ)。 中金主要观点如下： 谷歌TPU十年架构演进 自2016年Google正式披露TPU v1以来，已经历了十年的架构演进，TPU由推理专用的脉动阵列，已发展 至近万卡集群的训练芯片，其中引入了OCS光交换架构以及HBM高带宽存储。目前Google已发布 TPUv7芯片进一步突破了双芯粒封装架构，在超大规模集群下的线性加速比显著提升。 Google下一代T ...

Investment Rating - The report indicates a positive outlook for the semiconductor industry, particularly in the silicon wafer and silicon carbide sectors, driven by strong demand from electric vehicles and artificial intelligence applications [1][2]. Core Insights - The price of silicon wafers in China has been declining, with a forecast for stabilization by 2027 due to capacity expansion [1]. - The market for silicon carbide is significantly influenced by the electric vehicle sector, with penetration rates expected to reach 28% in 2025 and 40% in 2026 [1][7]. - The Chinese silicon wafer market is dominated by five companies, holding a 57% global market share, with significant improvements in technology quality [1][5]. - Geopolitical factors are impacting the semiconductor industry, necessitating careful consideration of tariffs and policies [1][14]. Summary by Sections Silicon Wafer Market - In 2024, the price of silicon wafers in China decreased by 17%, with further declines of 8% in 2025 and an expected 5% in 2026 [4]. - The market is expected to stabilize in 2027 as production capacity continues to expand [4]. Silicon Carbide Market - The price of silicon carbide fell by 16% in 2024 and is projected to decrease by 17% in 2025, driven by strong demand from the electric vehicle market [5][6]. - Local manufacturers are significantly increasing their output, contributing to the optimistic market outlook for silicon carbide substrate manufacturers [8]. Key Companies to Watch - Notable companies include Nora (silicon carbide and nitride equipment supplier), Xingyi and Sankexing (leaders in AI server orders), and SICC (local silicon carbide substrate leader) [2][15]. - Infineon is highlighted for its strong performance in silicon carbide strategy, with capabilities in IGBT and silicon wafer production, as well as involvement in AI power chips [1][16]. Geopolitical Considerations - The semiconductor industry faces pressures from geopolitical factors, including tariffs and trade policies, which could affect pricing and market dynamics [1][14]. - Investors are advised to weigh these geopolitical influences carefully when considering investments in the sector [14].