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基于国产 56.70 GPU的一体机百花齐放，2025年将是国 产AI一体机应用元年；算力大跌后这两个方向值 得关注——0302脱水研报 2025/03/02 18:25 【本文来自持牌证券机构，不代表平台观点，请独立判断和决策】 今日研报内容： 【本文来自持牌证券机构，不代表平台观点，请独立判断和决策】 摘要： 1、一体机：2月28日，中国移动拿下海外DeepSeek一体机私有化部署第一单。民生证券指 出，2025年将是国产AI一体机应用元年，目前多家公司已开发DeepSeek一体机，同时基于国 产GPU的一体机市场也在百花齐放，产业链有望持续放量。 2、算力：国盛证券认为，本次算力回落主要受全球宏观经济对高风险资产的冲击，叠加 GPT4.5不及预期，多方面因素形成共振导致短期跌幅较大。但算力需求释放的逻辑仍未发生 动摇，海外需要突破性创新撬动算力需求，国内AI产业起步较晚，基数较低，主要应关注算 力产业链边际变化。 相关个股 3、化肥：国信证券研报指出，磷化工以磷矿石为起点，当前下游以农化制品为主，具有刚需 属性，近几年含磷新能源材料等新应用领域不断扩展，但国内磷矿石因多年无序开采面临品 位下降问题，新增 ...

证 券 研 究 报 告 计算机行业重大事项点评 Token 推理大爆发，国产算力再迎海量需求 事项： 2026 年 2 月 9 日至 15 日，OpenRouter 数据显示，中国模型以 4.12 万亿 Token 的调用量，首次超过同期美国模型的 2.94 万亿 Token。2 月 16 日至 22 日，平 台调用量排名前五的模型中，有四款来自中国厂商，分别为 MiniMax 的 M2.5、 月之暗面的 Kimi K2.5、智谱的 GLM-5 以及 DeepSeek 的 V3.2。这四款模型合 计贡献了 Top5 总调用量的 85.7%。 评论： 行业研究 计算机 2026 年 03 月 02 日 推荐（维持） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周楚薇 邮箱：zhouchuwei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 337 | 0.04 | | 总市值(亿元) | 62,840.76 | 4.84 | | 流通市值(亿元) | ...

Summary of Conference Call Notes Industry Focus - The conference call primarily discusses the **AI and computing power industry**, with a specific emphasis on **domestic models and their adaptation to local computing power** [1][2][3]. Core Insights and Arguments - **OpenClaw and DeepSeek**: There is a growing interest in OpenClaw, and the new DeepSeek model is expected to be released, indicating that the demand for computing power in the Agent era will continue to grow exponentially [1][2]. - **Domestic Computing Power**: The adaptation of various domestic models to local computing power is anticipated to lead to a significant increase in domestic computing power shipments. Enhanced capabilities of large models will further accelerate the implementation of AI applications [2][3]. Key Companies to Watch 1. **Computing Power & Infrastructure**: - **Haiguang Information**: The company has achieved Day0 adaptation with recently released domestic models and leads in domestic shipment market share [4]. - **Inspur Information**: With the MoE model becoming a standard, the future super-node solutions are expected to enhance market share and profits for leading server companies [4]. - **Sangfor Technologies**: The company’s leading position in cloud computing aligns with DeepSeek's demand for private deployment by government and enterprise clients, having developed mature solutions in cluster construction, model management, and application setup [4]. - **Zhiwei Intelligent**: The AI intelligent computing business is expected to expand rapidly, particularly among new users represented by the internet, with significant growth in revenue orders anticipated. The company is also actively expanding its embodied intelligence business, expecting explosive growth in product shipments by 2026 [4]. 2. **Beneficiary Applications**: - **TaxFriend Co.**: The company is implementing an AI-based financial and tax strategy, integrating AI capabilities into various aspects of financial practice, compliance, and operational empowerment, which is expected to accelerate B2B business growth [4]. - **Wondershare Technology**: As a rare core player in the multi-modal AI sector, the company has recently invested in Shenshu Technology (Vidu) to enhance its model capability matrix and is expanding its market reach through collaboration with Hangzhou Lingman in content generation [5]. - **Zhuoyi Information**: The AI + programming sector has emerged as a primary application scenario for AI. The launch of the low-code IDE product SnapDevelop for .NET developers is expected to drive the company’s return to rapid growth, with potential catalysts from the expansion of the Harmony ecosystem [5]. Additional Important Points - The overall trend indicates a robust growth trajectory for companies involved in AI and computing power, particularly those adapting to domestic needs and enhancing their technological capabilities [1][2][3][4][5].

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 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 2 月，中国模型调用量首超美国站至第一；模型应用层面，Grok 与谷歌多模态模型 加速迭代，Claude Cowork 插件体系扩容，企业级 Agent 向职能场景纵深落地，软 件吞噬情绪缓和。 投资要点： 请务必阅读正文之后的免责条款部分 风险提示：技术发展不及预期，公司业务拓展不及预期。 [Table_Report] 相关报告 计算机《计算机周观点第 ...

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 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 吕浦源(分析师) | 021-23183822 | lvpuyuan@gtht.com | S0880525050002 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 2 月，中国模型调用量首超美国站至第一；模型应用层面，Grok 与谷歌多模态模型 加速迭代，Claude Cowork 插件体系扩容，企业级 Agent 向职能场景纵深落地，软 件吞噬情绪缓和。 投资要点： 请务必阅读正文之后的免责条款部分 风险提示：技术发展不及预期，公司业务拓展不及预期。 [Table_Report] 相关报告 计算机《计算机周观点第 ...

Investment Rating - The industry investment rating is "Buy" [4] Core Insights - The report highlights a significant increase in the weekly token usage of Chinese AI large models, surpassing that of the US for the first time, indicating a shift from "technology catch-up" to "application landing" [16][17] - The performance of domestic AI large models has improved significantly, with models like GLM-5 and MiniMax M2.5 closing the gap with international leaders, showcasing strong cost-performance advantages [30][35] - The rapid adoption of AI-assisted programming tools is driving token consumption, with companies like Anthropic experiencing substantial revenue growth due to high demand in software development scenarios [45][50] Summary by Sections Section 1: Token Usage Growth - From February 16 to February 22, 2026, the weekly token usage of Chinese AI large models reached 5.16 trillion, a 127% increase over three weeks, while US models dropped to 2.7 trillion [16][17] - The market for enterprise-level large models in China is showing a clear trend towards concentration, with the top three models accounting for 71.8% of daily usage by the second half of 2025 [17] Section 2: Performance and Cost-Effectiveness of Domestic Models - Domestic models like GLM-5, Qwen-3.5, and MiniMax M2.5 have entered the global top tier, with GLM-5 recognized as a benchmark in the open-source category [30][34] - The cost of API calls for domestic models is significantly lower than that of international counterparts, enhancing their attractiveness to developers and enterprises [24][35] Section 3: Coding and Agent Development - The report emphasizes that AI models like Claude from Anthropic dominate the coding space, with a 54% market share in AI coding tools, leading to a surge in revenue from $1 billion at the beginning of 2025 to $14 billion by February 2026 [45][49] - Domestic AI coding tools are rapidly evolving, with companies like ByteDance and Alibaba developing products that automate the entire software development process [50][52] Section 4: Investment Opportunities - The report suggests focusing on three investment dimensions: computing power (e.g., Cambrian, Inspur), tool software (e.g., Eazy Information, Star Ring Technology), and model and vertical applications (e.g., Zhiyuan, MiniMax, and others) [8][9]

证券研究报告 | 2026年2月29日 AI周报： AI快速发展，AI HALO资产价值彰显 行业研究 · 行业专题 计算机&通信 投资评级：优于大市（维持评级） 证券分析师：熊莉 021-61761067 xiongli1@guosen.com.cn S0980519030002 证券分析师：艾宪 0755-22941051 aixian@guosen.com.cn S0980524090001 请务必阅读正文之后的免责声明及其项下所有内容 AI HALO：AI领域的重资产、低淘汰率 图1：美国基建股指数价格波动（25年1月-26年2月） 资料来源：Wind，国信证券经济研究所整理 n AI HALO：AI领域的重资产、低淘汰率。 Ø 定义：HALO = Heavy Assets（重资产）+ Low Obsolescence（低淘汰率）。其中，重资产是指其商业模式建立在庞大的实物资本基础之上，具有很高 复制壁垒（例如成本、监管、建设时间、工程复杂性、网络整合难度等）的资产；低淘汰率是指资产的经济相关性能够穿越技术周期而持久存在（即 商业模式、资产是刚需，不会因AI革命而被取代）。 Ø 代表资产：HALO代表 ...

证券研究报告 | 2026年2月29日 AI周报： AI快速发展，AI HALO资产价值彰显 行业研究 · 行业专题 计算机&通信 投资评级：优于大市（维持评级） 证券分析师：熊莉 021-61761067 xiongli1@guosen.com.cn S0980519030002 证券分析师：艾宪 0755-22941051 aixian@guosen.com.cn S0980524090001 请务必阅读正文之后的免责声明及其项下所有内容 AI HALO：AI领域的重资产、低淘汰率 图1：美国基建股指数价格波动（25年1月-26年2月） 资料来源：Wind，国信证券经济研究所整理 资料来源：Wind，国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 图2：美国SaaS指数价格波动（25年1月-26年2月） n AI HALO：AI领域的重资产、低淘汰率。 Ø 定义：HALO = Heavy Assets（重资产）+ Low Obsolescence（低淘汰率）。其中，重资产是指其商业模式建立在庞大的实物资本基础之上，具有很高 复制壁垒（例如成本、监管、建设时间、工程复杂性、网络整合难度 ...

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]