中信证券表示，近期OpenAI发布GPT-5，引发资本市场关注。该模型推理能力进步明显，不仅在通用场 景测试中得分较前代旗舰模型o3提升明显，而且在幻觉测试中错误率最低降低至0.7%；定价与Gemini 2.5 Pro等主流模型持平，性价比显著提升。而在垂类场景如编程和医疗上，GPT-5亦有不错的测评表 现，展现出良好的场景拓展潜力。我们认为OpenAI等模型厂商近期的快速更新迭代的影响包括：科技 巨头在前沿模型领域的军备竞赛、推理&scaling law&多模态等带来的算力持续爆炸式增长、推理能力 提升带来复杂应用场景解锁可能等。美股科技领域，建议继续围绕基础设施、AI应用等环节，重点布 局AI计算芯片、HBM、AI网络设备、IDC、基础&应用软件、互联网服务等领域。 ...

1）幻觉显著降低，根据OpenAI官网，GPT-5在多个测评中的错误率仅为o3的20%，对无法完成的任务 的欺骗率也大幅下降，例如在概念理解测试LongFact-Concepts和对象理解测试LongFact-Objects中GPT-5 的错误率分别为0.7%和0.8%，而o3的错误率分别为4.5%和5.1%； 2）推理效率显著提升，GPT-5可以用更少的思考时间输出更好的结果，比 o3 的输出token减少50-80% 的情况下表现更好； 3）推理成本大幅降低，根据OpenAI官网，GPT-5 main定价为输入1.25美元/百万token，输出10美元/百 万token，较o3（输入2美元/百万token，输出8美元/百万token）小幅降低，与Gemini 2.5 Pro齐平；Mini 和Nano则分别是GPT-5 main的20%和4%。我们认为GPT-5的性价比大幅提升的重要原因在于其路由器设 计。根据OpenAI官网，GPT-5内嵌了一个实时路由器，该路由器不仅可根据对话复杂度、工具需求等因 素选择合适的模型，而且还能持续学习用户的切换行为、反馈偏好和答案准确性，不断优化分配策略。 其指出，Ope ...

Core Insights - OpenAI's recent release of GPT-5 has garnered significant attention in the capital markets due to its notable advancements in reasoning capabilities and competitive pricing compared to other leading models like Gemini2.5Pro [1] - GPT-5 has demonstrated strong performance in specialized applications such as programming and healthcare, indicating substantial potential for market expansion [1] - The rapid updates and iterations from model developers like OpenAI are influencing a competitive landscape among tech giants in the frontier model sector, leading to explosive growth in computing power and the unlocking of complex application scenarios [1] Industry Recommendations - The technology sector in the U.S. stock market is advised to focus on infrastructure and AI applications, particularly in areas such as AI computing chips, HBM, AI networking equipment, IDC, foundational and application software, and internet services [1]