计算机行业研究：国内算力斜率陡峭到什么程度？

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a significant increase in demand for computing power driven by advancements in AI models, particularly in video generation and multi-modal applications, indicating a structural shift in the industry towards higher quality and more complex models [6][11][17] - The introduction of GLM-5 and its "Interleaved Thinking" mechanism represents a new paradigm where computing power is exchanged for intelligence, leading to increased computational demands for inference tasks [13][27] - The supply side is expected to transition from a state of scarcity to structural balance by 2026, with improvements in domestic chip performance and the approval of NVIDIA's H200 chips for the Chinese market [42][43] Summary by Sections Section 1: Supply and Demand Dynamics - Seedance 2.0 has shown a strong user demand with long wait times for video generation, indicating a critical need for computing resources [11][12] - The demand for computing power is expected to escalate as major internet companies continue to develop large-scale AI models, with a notable focus on multi-modal capabilities [17][18] Section 2: Rapid Release of Computing Demand - The competition among leading internet firms is intensifying, with significant investments in AI infrastructure and model development, leading to a sharp increase in inference computing demand [32][34] - The report predicts that by 2026, the AI application landscape will expand significantly, driving real-time inference computing consumption [6][33] Section 3: Supply Side Improvements - The approval of NVIDIA's H200 chips is expected to alleviate computing power shortages for major internet companies, enhancing model iteration speeds [42] - Domestic chip manufacturers are making strides in performance and ecosystem development, with several companies achieving significant advancements in their products [43][44] Section 4: Full-Chain Inflation in Domestic Computing Power - The report anticipates a "full-chain inflation" cycle in the computing power industry by 2026, with growth expected across various segments including AI data centers and cloud services [49] - Major tech companies are projected to increase their capital expenditures significantly, further driving demand for computing resources [51] Section 5: Related Companies - The report identifies several companies as relevant to the industry, including Dongyangguang, Cambrian, Haiguang Information, Wangsu Technology, and others [4][55]