中泰证券：国内AI应用有望加速追赶 与海外形成共振

Core Insights - The AI industry is currently in its early to mid-stage of development, with ongoing "performance improvements + cost reductions" unlocking more application scenarios, leading to increased investment and usage by enterprises [1][4] Group 1: Global AI Landscape - Major North American cloud service providers (CSPs) are accelerating capital expenditures, with each of the four leading firms expected to reach quarterly capital expenditures of $10 billion by CY25Q2 [2] - Leading overseas AI application companies, such as OpenAI, are beginning to achieve commercial viability, with projected revenue growth from $3.7 billion in 2024 to over $12.7 billion in 2025 [2] Group 2: Domestic AI Development - The trend of AI sovereignty and the push for technological self-sufficiency are driving advancements in the domestic computing power industry, with government policies supporting local computing infrastructure [3] - The rapid development of China's semiconductor industry is enhancing the performance of domestic chips, which, along with technologies like "quantity compensating quality," is expected to improve domestic computing capabilities [3] Group 3: Domestic AI Application Acceleration - The current conditions for large-scale AI application deployment are favorable, with domestic AI applications expected to accelerate and catch up with overseas counterparts, creating a resonance effect [4]