---
title: "科技 “縮圈”"
description: "國投林榮雄團隊指出，A 股科技板塊自二季度以來逐步聚焦於產業趨勢明確的方向。AI 應用和機器人在二季度表現不佳，而 AI 硬件如存儲、PCB、光模塊繼續領漲。三季度光模塊優勢明顯，11 月谷歌 Gemini3 崛起使谷歌產業鏈優於英偉達。這種科技內部縮圈反映出資金湧入高確定性方向，體現風險偏好下降和預期回擺。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/269639355.md"
published_at: "2025-12-14T23:41:02.000Z"
---

# 科技 “縮圈”

> 國投林榮雄團隊指出，A 股科技板塊自二季度以來逐步聚焦於產業趨勢明確的方向。AI 應用和機器人在二季度表現不佳，而 AI 硬件如存儲、PCB、光模塊繼續領漲。三季度光模塊優勢明顯，11 月谷歌 Gemini3 崛起使谷歌產業鏈優於英偉達。這種科技內部縮圈反映出資金湧入高確定性方向，體現風險偏好下降和預期回擺。

國投林榮雄團隊：

A 股科技板塊內部自二季度以來經歷了逐步向產業趨勢明確的方向聚焦的過程。首先是業績確定性和產業趨勢尚待明確的 AI 應用和機器人，在二季度出現了 “掉隊”，存儲、PCB、光模塊等 AI 硬件繼續在科技中領漲；而進入三季度開始，光模塊相對於其他硬件鏈條的優勢更為明顯。11 月以來，谷歌 Gemini3 的崛起和圍繞 TPU 路線的火熱討論，又導致谷歌產業鏈相對英偉達產業鏈更佔優。

這種科技內部的縮圈，配合市場逐步的縮量，體現出資金湧入高確定性方向的特徵，本質也是一種風險偏好的下降和預期的回擺。

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