Group 1: AI Industry Overview - OpenAI's ChatGPT has over 500 million users weekly and is the fifth largest website globally, significantly enhancing productivity by two to three times for scientists [1] - The AI sector is viewed as potentially more important than the internet, with infrastructure investment being crucial for maintaining leadership in AI and energy [2] - CoreWeave has experienced a 12,000% revenue increase, reaching $1.9 billion in 2024, highlighting the surging demand for advanced AI infrastructure [9] Group 2: Competitive Landscape - The AI race is described as a global competition that will determine national security and economic prosperity for decades [6] - The need for the U.S. to maintain its technological leadership is emphasized, requiring excellence across all layers of the technology stack [6] - The importance of a strong domestic semiconductor supply chain has gained attention due to the critical role of chips in AI [7] Group 3: Infrastructure and Investment - AI infrastructure requires significant capital investment and a stable, predictable policy framework to encourage innovation and long-term growth [10] - The development of energy infrastructure is essential for the rapid deployment of AI capabilities, necessitating reforms in permitting and regulatory processes [11] - Public-private partnerships are vital for workforce development and ensuring that the U.S. is the best place for AI education and innovation [7][11] Group 4: Future Directions - The need for faster adoption of AI across various sectors is highlighted as a key factor for economic growth and productivity [13] - Export controls and trade agreements must be adjusted to ensure U.S. technology can access global markets while addressing national security risks [11][14] - Investment in education and skills development is crucial for empowering individuals to leverage AI technology effectively [15]

证券研究报告|专题研究 25年05月05日 华福证券 AI浪潮中，谁将盈利突围？ 证券分析师： 研究助理： 周浦寒 S0210524040007 杨逸帆 S0210124110046 请务必阅读报告末页的重要声明 华福证券 投资要点 风险提示：历史经验不代表未来;行业不确定性风险;国内经济复苏速度不及预期;海外降息节奏不及预 期;地缘政治风险。 2 华福证券 华福证券 "宏观叙事→股价驱动→财务筛选"方法论：我们认为，技术革命中主要受益的是三类"风口"公司 。对应股价，第一波行情驱动是估值，走出第二波行情多需要盈利验证。财务视角下，我们寻找到3 个领先盈利的信号。最终，希望筛选出：AI浪潮中，或将率先盈利、走出第二波行情的核心标的。 宏观叙事中，技术革命中3类"风口"上的公司或受益腾飞：1）上游"卖铲子"，2）技术新需求， 3）赋能全行业。而且，我们可以通过普及率、渗透率，观察产业的整体进展。 公司股价中，行情驱动或从估值转向盈利。第一波行情的股价多由估值驱动，而股价走出第二波行情 ，就需要得到公司业绩的验证。2次技术革命、3类"风口"公司，都验证了这一股价驱动因素的转变 。映射当下，多数AI公司或已上涨"估 ...