计算机行业周报20260309-20260313：Token 出海凸显国内 AI 性价比！AI Native 终端初现！-20260314

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [36]. Core Insights - The report highlights the increasing cost-effectiveness of domestic AI models, with a significant rise in token usage, showcasing a competitive edge over international counterparts [4][6]. - The emergence of AI Native terminals is noted, indicating a shift towards distributed entry points in technology, with agents evolving into foundational operating systems [19][27]. - The report emphasizes the importance of vertical industry customization in AI hardware, which is seen as a key path to overcoming the "toy-like" perception of AI devices [22][27]. Summary by Sections Token Outbound and Cost-Effectiveness - Domestic AI models have demonstrated a substantial increase in token usage, reaching 41.9 trillion tokens from March 2 to March 8, a 34.9% increase, surpassing U.S. models [4][6]. - The cost of domestic models is reported to be approximately 1/6 to 1/10 of their international counterparts, with significant improvements in inference costs due to advancements in model architecture [5][9][19]. - The DeepSeek model's MLA architecture has reduced inference costs to about one-third of previous levels, contributing to the competitive pricing of domestic models [10][12]. AI Native Terminals and Distributed Entry - The report discusses the rise of AI Native terminals, which are becoming essential touchpoints for users, transitioning from traditional hardware to subscription-based models [19][27]. - The concept of agents as the foundation of future operating systems is introduced, with a multi-layered collaboration structure involving basic models, tools, and skills [19][27]. - The report notes that the interaction logic of AI terminals is shifting from touch navigation to direct intent recognition through natural language and gestures [26][27]. Key Investment Themes - The report identifies several key investment themes, including leadership in the digital economy, AIGC applications, and the importance of data elements and new industrialization [28][29]. - Specific companies are highlighted as potential investment opportunities within these themes, indicating a diverse range of sectors benefiting from advancements in AI technology [28][29].