证券研究报告 | 2025年05月14日 国内互联网云厂商业绩与大模型进展跟踪 预计 Deepseek 带动云收入加速、利润率提升，大模型追赶海外先进水平 |  | 行业研究·行业快评 | |  | 互联网·互联网Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 张伦可 | 0755-81982651 | | zhanglunke@guosen.com.cn | 执证编码：S0980521120004 | | 联系人： | 刘子谭 | | | liuzitan@guosen.com.cn | | 事项： 图1：国内云厂商云收入与同比变化预测(百万元/%) 请务必阅读正文之后的免责声明及其项下所有内容 1 优于大市 国内互联网厂商即将发布业绩，一季度 Deepseek 深度推理开源模型加速传统客户的 AI 渗透、拓展应用场 景，带动云业务加速与大模型迭代。 国信互联网观点：1）云厂商业绩：预计收入环比增速加速，稳态利润率提升。受 Deepseek 热度带动，一 季度 AI 云相关业务增长迅速，推动多家云厂商收入环比增 ...

Investment Rating - The report rates the industry as "Outperform" [1] Core Viewpoints - The development of AI Agents by major companies indicates that AI Agents are a key theme for this year, with expectations for accelerated commercialization of AI applications [2][3] - Current AI technology is sufficient to support the deployment of excellent segment-specific agents, marking the beginning of a large-scale commercialization era for the AI industry [2][3] - Baidu's recent product releases demonstrate steady progress in foundational AI technology, continuously raising the industry's potential ceiling [2][3] Summary by Relevant Sections - **Recent Developments**: ByteDance has released several intelligent tools, while Alibaba's Fliggy launched a travel AI named "Ask Me," which provides customized services. The Doubao foundation model is widely used across various industries, covering 400 million devices and 80% of major automobile companies [8][9] - **Product Performance**: Baidu's Wenxin 4.5 Turbo and X1 Turbo models show improved performance at reduced prices, with significant enhancements in multimodal capabilities and a price reduction of 80% for Wenxin 4.5 Turbo [9] - **Government Initiatives**: The National Development and Reform Commission is promoting low-altitude economic development, indicating a strategic push for this emerging industry, which is expected to become more standardized and rapidly deployed nationwide [10]

Core Insights - The emergence of the Model Context Protocol (MCP) is reshaping the AI landscape, providing a standardized interface for large models and clients to efficiently access external data sources and tools, thus enhancing the capabilities of AI agents [1][16] - Major tech companies like Baidu, Alibaba, Tencent, and ByteDance are actively developing the MCP ecosystem, which is transforming the development paradigm of AI applications and the competitive dynamics of the tech industry [1][16] Group 1: MCP Overview - MCP is likened to a universal connector for AI applications, enabling seamless integration with external tools and data sources, significantly improving development efficiency and operational costs [2] - The protocol allows for a modular approach to AI development, where developers can easily assemble complex functionalities by utilizing various external services [2] Group 2: Company Strategies - Baidu is rapidly advancing in the MCP space, launching multiple MCP servers for e-commerce and search functionalities, thereby enhancing developer capabilities and application intelligence [3][5] - Alibaba is building a comprehensive MCP ecosystem through its Baidian MCP platform, offering over 50 pre-configured services and integrating core applications like Alipay and Gaode Map to create a robust collaborative environment [5] - Tencent focuses on integrating MCP within its WeChat ecosystem, facilitating the incorporation of AI capabilities into social and payment applications, thus enhancing user experience [7] - ByteDance's Coze Space is emerging as a strong player by leveraging MCP to create a powerful AI agent platform capable of automating complex tasks through external tool integration [9] Group 3: Future of MCP - The MCP ecosystem is still in its early stages, with competition among companies centered on ecosystem development, but differences in implementation may lead to fragmentation [16] - As the standardization of MCP progresses and the demand for interoperability increases, there is potential for collaboration and integration among different MCP ecosystems [16] - The evolution of MCP will likely incorporate new technologies such as quantum computing and blockchain, expanding its capabilities and applications [16]

[Table_Rating] 增持（维持） able_Summary] [Table_Summary ◼ 市场回顾 ] [行业Table_Industry] : 计算机 日期: shzqdatemark [Table_Author] 分析师: 章锋 E-mail: zhangfeng@shzq.com SAC 编号: S0870525030002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 [Table_ReportInfo] 相关报告： 《巨头积极拥抱 MCP，大模型仍在持续迭 代》 ——2025 年 04 月 20 日 《重视科技内需方向，看好自主可控主 线》 ——2025 年 04 月 13 日 《智谱发布"AutoGLM 沉思"，端侧 AI 催 化密集》 ——2025 年 04 月 06 日 -19% -10% 0% 10% 19% 29% 38% 48% 57% 04/24 07/24 09/24 11/24 02/25 04/25 计算机 沪深300 2025年04月27日 《AI 大模型持续更新，算力需求维持高景 气》 ——2025 年 03 月 31 日 《洲际量子 ...