AI热潮下存储芯片供应紧张推高成本,中国完整产业链优势凸显
惠普、华硕、宏碁等PC厂商正将部分产能从东南亚转回中国大陆。AI热潮导致存储芯片供应紧张,物料成本大幅上升,中国完整的电子产业链、高效生产能力和制造业人才优势凸显。商务部数据显示,今年前三季度6300多家外资企业追加对华投资,高技术产业引资增长33.8%。
AI-generated summary
近两年受关税政策扰动,不少跨国企业曾尝试把订单和产能转移出中国。但转了一圈,发现还是得回到中国。AI热潮导致存储芯片供应紧张,推高PC制造物料成本,使中国完整产业链优势更加凸显。
几年前喊着把产能搬出中国的PC巨头们,如今正在把产线往回搬。
据《日经亚洲》报道,惠普、华硕、宏碁等国际PC厂商,正将部分产能从东南亚转回中国大陆。
这背后,是AI热潮之下存储芯片供应紧张,导致PC厂商的成本水涨船高。
PC制造涉及处理器、存储、显示屏、电池等众多环节。零部件供应、生产协同和交付效率,都会影响最终成本。压力之下,中国完整的电子产业链、高效的生产能力和制造业人才优势凸显。
研究机构Omdia数据显示,2025年初,一台售价699美元的主流笔记本电脑,零部件成本约为435美元。如今,生产同类电脑的物料成本已升至699美元,核心零部件在成本中的占比从45%升至68%。
事实上,近两年受关税政策扰动,不少跨国企业曾尝试把订单和产能转移出中国。但转了一圈,发现还是得回到中国。
2024年,美国鞋履品牌Steve Madden曾计划大幅降低中国订单占比,后来又将部分生产放回中国;一家美国农业机械企业将部分订单转向印度后碰壁,又重新找到原来的中国供应商下单。
商务部国际贸易经济合作研究院研究员周密接受三里河采访时表示,外企转回中国,是企业面临的“阻力”与中国市场的“引力”共同作用的结果。
“从供应链、原料稳定性到贸易政策,中国的生产制造能力比其他国家更系统、更全面,也更稳定。与此同时,中国市场规模不断扩大,不仅最终消费品市场有吸引力,中间品需求也在增长。”周密说。
订单回流之外,跨国企业还在不断扩大在华布局。
商务部数据显示,今年前三季度,6300多家外资企业追加对华投资。其中高技术产业引资增长33.8%,占比超过四成。
在周密看来,外资持续增加在华投入,是从供需两端综合考量的结果。
在供给端,中国供应链成本相对较低,可靠性、韧性和创新能力较强,能够帮助企业提升全球交付和创新的效率;在需求端,中国超大规模市场为这些企业的发展提供稳定支撑,丰富的应用场景和中间品需求,也为跨国企业开展研发、更新产品提供了机会。
以芬兰电梯和自动扶梯制造商通力(KONE)为例,中国是通力最大的单一市场,也是其在芬兰以外规模最大的研发中心。
通力执行副总裁、大中华区总裁包嘉峰认为,中国的价值从来不只是成本,企业能够在中国快速测试、规模化应用数字服务模式,再将其带给本地客户乃至全球客户。
从生产制造到技术研发,再到将中国研发的解决方案推向海外,中国在跨国企业全球布局中的角色正在延伸。
11月2日至5日,2026年世界互联网大会乌镇峰会举行,人工智能开源生态、智能体、具身智能等成为对话焦点。AI与制造业的融合,为中外产业合作带来新的可能。
周密表示,中国从政策上推动科技链与产业链对接,实现技术转化,使企业能快速获取市场反馈,不断提升科技创新能力。
订单可以转移,产线可以调整,但企业最想知道的,是在哪里能更高效地生产、更快地推出新产品、找到下一轮增长的方向。跨国企业兜兜转转又回到中国,这本身就是答案。
|总策划:俞岚
|策划:周锐
|统筹:王庆凯 程春雨
|执笔:张乃月
|责编:查志远
|校对:黄蕾
|“三里河”工作室出品
AI outlook — possibilities, not facts
更多跨国企业将效仿PC厂商,将部分产能从东南亚转回中国
Likely · Within months
中国在跨国企业全球布局中的角色将从生产制造延伸至技术研发和解决方案输出
Likely · Within months

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The World Gold Council reported that global central banks purchased 321 metric tons of gold in the third quarter, an increase of 42% from the same period last year and much higher than the average of 227 metric tons per quarter over the past five years. Among the published data, the People's Bank of China purchased 63 metric tons, the highest since the third quarter of 2022. In the first nine months, global gold consumption reached a record high of US$566 billion.
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