计算机 2026 年 3 月研究观点：中国模型领跑全球调用量，软件吞噬情绪缓和-20260301

Investment Rating - The report maintains an "Overweight" rating for the computer industry [1] Core Insights - In February, China's model invocation volume surpassed that of the United States for the first time, indicating a significant shift in the AI landscape [3] - Major companies are competing fiercely for consumer-facing entry points, with Alibaba and ByteDance validating the "dialogue to action" loop [6] - The report highlights the rapid advancement of domestic models such as Kimi, GLM-5, and MiniMax M2.5, which are overcoming engineering bottlenecks [6] - The collaboration between domestic models and local computing power is forming a synergistic leading edge in the market [6] Summary by Sections Industry Overview - The report notes that during the week of February 9-15, China's model token invocation reached 41.2 trillion, exceeding the U.S. model's 29.4 trillion for the first time [6] - The following week, the invocation further increased to 51.6 trillion, marking a 127% rise over three weeks, while U.S. models declined to 27 trillion [6] Competitive Landscape - Grok's video model topped the Arena, while Google's Nano Banana 2 was released, showcasing accelerated evolution in multi-modal generation capabilities [6] - Grok Imagine 1.0 supports the generation of 10-second 720p HD videos, achieving the highest score in blind tests [6] - Google's Nano Banana 2, priced at $0.0672 per image, offers real-time internet search and multi-language text rendering, enhancing its competitive edge [6] Software Industry Transformation - The expansion of the Claude Cowork plugin system represents both risks and new opportunities in the software industry [6] - Anthropic's updates to Cowork include new plugin templates and support for private plugin markets, enhancing integration with major enterprise applications [6] - The report emphasizes a collaborative rather than a substitutive approach, indicating a clearer path for the commercialization of enterprise-level agents [6] Recommended Stocks - The report recommends stocks such as Rilian Technology, Kingsoft Office, Haiguang Information, Inspur Information, and Hehe Information, all rated "Overweight" [7]