https://koreainvestinsights.com/zh/tags/capex/Recent content in CapEx on Korea Invest InsightsHugo -- gohugo.iozhFri, 05 Jun 2026 04:40:17 +0900https://koreainvestinsights.com/zh/post/ai-datacenter-capex-5p3t-korea-power-substrate-storage-bottleneck-2026-06-05/Fri, 05 Jun 2026 10:45:00 +0900https://koreainvestinsights.com/zh/post/ai-datacenter-capex-5p3t-korea-power-substrate-storage-bottleneck-2026-06-05/<h2 id="摘要">摘要 </h2><p>AI 数据中心支出已经不只是科技巨头的资本开支，而是在变成一个基础设施资产类别，涉及电力、土地、私募基础设施资金、债务和股权融资。</p> <p>Reuters 引述 Goldman 报道，Meta、Microsoft、Amazon 和 Alphabet 在 FY2025-2030 的 CapEx 预测从 4.5 万亿美元上调至 5.3 万亿美元。Alphabet 也表示 2026 年 CapEx 为 1800-1900 亿美元，并预计 2027 年将显著高于 2026 年。</p> <p><img alt="AI 数据中心 CapEx 与韩国瓶颈地图" class="gallery-image" data-flex-basis="388px" data-flex-grow="161" height="1587" loading="lazy" sizes="(max-width: 767px) calc(100vw - 30px), (max-width: 1023px) 700px, (max-width: 1279px) 950px, 1232px" src="https://koreainvestinsights.com/post/ai-datacenter-capex-5p3t-korea-power-substrate-storage-bottleneck-2026-06-05/ai-datacenter-capex-korea-bottleneck-map-2026-06-05.png" srcset="https://koreainvestinsights.com/post/ai-datacenter-capex-5p3t-korea-power-substrate-storage-bottleneck-2026-06-05/ai-datacenter-capex-korea-bottleneck-map-2026-06-05_hu_4a6e7843428b62f2.png 800w, https://koreainvestinsights.com/post/ai-datacenter-capex-5p3t-korea-power-substrate-storage-bottleneck-2026-06-05/ai-datacenter-capex-korea-bottleneck-map-2026-06-05_hu_74e1e414cd41aa6a.png 1600w, https://koreainvestinsights.com/post/ai-datacenter-capex-5p3t-korea-power-substrate-storage-bottleneck-2026-06-05/ai-datacenter-capex-korea-bottleneck-map-2026-06-05_hu_3f8478ae3e610190.png 2400w, https://koreainvestinsights.com/post/ai-datacenter-capex-5p3t-korea-power-substrate-storage-bottleneck-2026-06-05/ai-datacenter-capex-korea-bottleneck-map-2026-06-05.png 2566w" width="2566"></p> <p>对韩国股票而言，这不是买入所有 AI 主题股的信号。优先顺序应是：</p> <table> <thead> <tr> <th style="text-align: right">优先级</th> <th>层级</th> <th>韩国公司</th> </tr> </thead> <tbody> <tr> <td style="text-align: right">1</td> <td>电力设备与电网</td> <td>HD Hyundai Electric, Hyosung Heavy, LS ELECTRIC</td> </tr> <tr> <td style="text-align: right">2</td> <td>MLCC / FC-BGA / Si-Cap</td> <td>Samsung Electro-Mechanics</td> </tr> <tr> <td style="text-align: right">3</td> <td>多层 PCB 与网络板</td> <td>Isu Petasys, Daeduck, Korea Circuit</td> </tr> <tr> <td style="text-align: right">4</td> <td>光连接 / CPO</td> <td>OE Solutions, Solid, RFHIC</td> </tr> <tr> <td style="text-align: right">5</td> <td>eSSD / 存储</td> <td>Fadu</td> </tr> </tbody> </table> <p>核心是 P x Q x C：价格、数量和成本。只有能够证明提价、重复订单和现金流的企业，才值得获得高估值。</p> <p>来源：<a class="link" href="https://www.reuters.com/business/finance/private-infra-real-estate-capital-play-larger-financing-role-ai-data-center-boom-2026-06-03/" target="_blank" rel="noopener" >Reuters/Goldman</a>, <a class="link" href="https://blog.google/alphabet/investor-presentation-june-2026/" target="_blank" rel="noopener" >Alphabet</a>, <a class="link" href="https://www.trendforce.com/presscenter/news/20260603-13077.html" target="_blank" rel="noopener" >TrendForce</a>.</p>