[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcioe9383e9b":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"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,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcioe9383e9b","这轮美股存储股为何大跌？","\u002Fdoc\u002Fdcioe9383e9b","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>\u003Cspan>美股投资网获悉，美股存储股这轮连跌，表面上的直接导火索是长鑫存储的\u003C\u002Fspan>4F\u003Cspan>²架构突破，但真正让资本市场连续两天用脚投票的，是一套多重利空在同一时间窗口的叠加共振。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>________________________________________\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>1. \u003C\u002Fspan>\u003Cspan>导火索：长鑫存储的\u003C\u002Fspan>4F\u003Cspan>²架构突破\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>10\u003Cspan>月\u003C\u002Fspan>9\u003Cspan>日至\u003C\u002Fspan>10\u003Cspan>日，长鑫存储总裁曹堪宇在行业大会上宣布，公司在下一代\u003C\u002Fspan>4F\u003Cspan>²\u003C\u002Fspan> DRAM\u003Cspan>存储单元架构上取得关键进展，计划\u003C\u002Fspan>2026\u003Cspan>年底前推出基于该架构的\u003C\u002Fspan>DDR5\u003Cspan>服务器内存产品。该架构采用垂直环绕栅极晶体管来抑制漏电，理论上单位面积可容纳比主流\u003C\u002Fspan>6F\u003Cspan>²架构多约三分之一的比特数，直接瞄准\u003C\u002Fspan>AI\u003Cspan>服务器所需的大容量内存条。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>市场担忧的逻辑非常直接：如果中国厂商能以更低成本、更大规模切入此前由美韩企业主导的高端存储市场，美光、三星、\u003C\u002Fspan>SK\u003Cspan>海力士的利润空间将面临实质性压缩。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>但请注意，这更像是一个催化剂，而非全部原因。有分析人士指出，长鑫这次仅公布了一款采用相关架构的试产产品，并未说明细节，业界普遍预期\u003C\u002Fspan>4F\u003Cspan>²架构要到\u003C\u002Fspan>2028\u003Cspan>至\u003C\u002Fspan>2029\u003Cspan>年才会正式投产，此消息对市场的影响\u003C\u002Fspan>\"\u003Cspan>仍是情绪主导\u003C\u002Fspan>\"\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>________________________________________\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>2. KR\u003C\u002Fspan> \u003Cspan>韩国市场补跌\u003C\u002Fspan> + \u003Cspan>回购托底消失\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这是连续第二天大跌的结构性推手。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>韩国股市在韩文日假期休市后，周一恢复交易时需要补消化美国芯片股此前两个交易日的跌幅。\u003C\u002Fspan>KOSPI\u003Cspan>指数当天大跌\u003C\u002Fspan>3.65%\u003Cspan>，\u003C\u002Fspan>KOSDAQ\u003Cspan>跌幅达\u003C\u002Fspan>4.8%\u003Cspan>，半导体指数\u003C\u002Fspan>KRXSEMI\u003Cspan>下挫\u003C\u002Fspan>5.2%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>更关键的是回购托底的消失。三星与\u003C\u002Fspan>SK\u003Cspan>海力士合计约\u003C\u002Fspan>55\u003Cspan>万亿韩元（约\u003C\u002Fspan>400\u003Cspan>亿美元）的回购计划——韩国史上规模最大——已提前数周结束，三星回购于\u003C\u002Fspan>10\u003Cspan>月\u003C\u002Fspan>6\u003Cspan>日实际终止。三星回购结束后的三个交易日，\u003C\u002Fspan>KOSPI\u003Cspan>累计下跌约\u003C\u002Fspan>8%\u003Cspan>；\u003C\u002Fspan>SK\u003Cspan>海力士自\u003C\u002Fspan>6\u003Cspan>月高点跌幅已达约\u003C\u002Fspan>45%\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>韩国市场在存储上行周期中率先领涨，在下行周期中也率先破位，它的大跌又反过来拖累美股存储板块的情绪。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>________________________________________\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>3.\u003C\u002Fspan> \u003Cspan>更深层逻辑：\u003C\u002Fspan>AI\u003Cspan>投资回报质疑\u003C\u002Fspan> + \u003Cspan>供给端竞争格局突变\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>这轮抛售的核心驱动力，是市场对\u003C\u002Fspan>AI\u003Cspan>投资回报的深层质疑。随着美国财报季即将拉开序幕，高借贷成本环境下科技企业的巨额\u003C\u002Fspan>AI\u003Cspan>支出能否转化为足够回报，投资者的信心已明显动摇。\u003C\u002Fspan>Pepperstone\u003Cspan>研究主管\u003C\u002Fspan>Chris Weston\u003Cspan>直言：\u003C\u002Fspan>\"\u003Cspan>市场情绪之悲观，是近期罕见的。买方退场观望，卖方几乎未遭抵抗便顺利压低价格。\u003C\u002Fspan>AI\u003Cspan>交易的空方目前占据主导。\u003C\u002Fspan>\"\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>博通\u003C\u002Fspan>CEO\u003Cspan>陈福阳与英特尔\u003C\u002Fspan>CEO\u003Cspan>陈立武同日发出警告，\u003C\u002Fspan>AI\u003Cspan>行业最主要的瓶颈正从\u003C\u002Fspan>\"\u003Cspan>造不出芯片\u003C\u002Fspan>\"\u003Cspan>变成\u003C\u002Fspan>\"\u003Cspan>借不到钱\u003C\u002Fspan>\"\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>与此同时，供给端的竞争格局正在被重新定价。投资者已开始提前定价\u003C\u002Fspan>2027\u003Cspan>—\u003C\u002Fspan>2028\u003Cspan>年产能扩张引发的供需逆转风险——届时中国存储产能持续扩张与韩国新晶圆厂同步投产，供需格局可能逆转。摩根士丹利指出，\u003C\u002Fspan>AI\u003Cspan>热潮带动存储进入需求更强的超级周期，但供給扩张、价格波动及获利循环仍难避免。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>________________________________________\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>4. \u003Cspan>获利了结与估值压力\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>存储股在过去一年涨幅巨大，美光一度逼近历史高点。当\u003C\u002Fspan>\"\u003Cspan>基本面创历史新高却遭抛售\u003C\u002Fspan>\"\u003Cspan>时，说明投资者已经在为周期见顶做准备。高盛\u003C\u002Fspan>EMEA\u003Cspan>交易主管\u003C\u002Fspan>Rich Privorotsky\u003Cspan>将这一局面概括为\u003C\u002Fspan>\"\u003Cspan>存储仍是震中\u003C\u002Fspan>\"\u003Cspan>，直指市场核心忧虑：尽管近期基本面极为亮眼，但峰值盈利的担忧正在压制估值。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>美光距\u003C\u002Fspan>6\u003Cspan>月高点跌幅已接近\u003C\u002Fspan>20%\u003Cspan>，濒临技术性熊市；闪迪连续七个交易日中六个交易日下跌。\u003C\u002Fspan>Pictet\u003Cspan>的\u003C\u002Fspan>Jon Withaar\u003Cspan>指出，存储股\u003C\u002Fspan>\"\u003Cspan>已成为价值股，以当前盈利衡量估值便宜\u003C\u002Fspan>\"\u003Cspan>，但\u003C\u002Fspan>\"\u003Cspan>散户和快钱对冲基金追逐的是成长，而非价值\u003C\u002Fspan>\"\u003Cspan>。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>\u003Cspan>美股\u003C\u002Fspan>AI\u003Cspan>量化分析工具，美股大数据\u003C\u002Fspan>\u003Cspan>网站\u003C\u002Fspan> \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> \u003Cspan>实时查看当天投资者情绪指标，期权看涨看跌\u003C\u002Fspan>Call\u002FPut\u003Cspan>比例，\u003C\u002Fspan>AI\u003Cspan>智能选股，监测主力资金流向、机构持仓变化、华尔街市场突发新闻，美股交易信号第一时间发到您手机\u003C\u002Fspan>APP\u003Cspan>！\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FM\u002FMU\u002FMU.jpg","2026-10-13T14:57:10","2026.10.13","2026\u002F10\u002F13",44890,[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,"useContentVideo":5,"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\" rel=\"noopener noreferrer\">\u003Cimg src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca 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":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"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},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimages\u002Ffooter\u002Ffooter-1-wechat.gif?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-2-telegram.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-3-whatsapp.png?v=20260930c","\u002Fimages\u002Ffooter\u002Ffooter-4-line.png?v=20260930c","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 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，每天处理海量股票数据：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，美股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":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"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","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"]