申万宏源研究援引数据显示，春节期间国内头部大模型推理量大幅增长：豆包除夕当天推理吞吐量达633亿tokens，元宝月活跃用户达1.14亿，千 问"春节大免单"活动参与人数超1.2亿。 英伟达整合LPU（语言处理单元）技术、OpenAI多线押注推理芯片，正在将AI算力竞争的主战场从训练切换至推理。申万宏源研究认为，2026年 算力产业的核心关键词将是推理，Token消耗总量与技术范式均将围绕这一主题深度重构。 2月28日，据《华尔街日报》报道，英伟达计划在下月的GTC开发者大会上发布一款整合了Groq"语言处理单元"（LPU）技术的全新推理芯片，英 伟达首席执行官黄仁勋称其为"世界从未见过"的全新系统。OpenAI已同意成为该处理器的最大客户之一，并将向英伟达购买大规模"专用推理产 能"。 与此同时，OpenAI上月还与初创公司Cerebras达成数十亿美元计算合作，后者称其推理芯片速度已超越英伟达GPU（图形处理器）。这一系列动 向表明，AI巨头正在从训练算力的军备竞赛，转向推理算力的多线布局。 申万宏源报告指出，Token经济时代，推理算力正迎来四大趋势：一是纯CPU（中央处理器）部署场景增多，低成本推理需 ...

Investment Rating - The industry rating is "Outperform the Market" [6][20]. Core Insights - The report emphasizes the acceleration of the end-cloud flywheel driven by the iteration of AI models, highlighting that the marketing of domestic AI large models has significantly increased user scale and call frequency since the beginning of the year [2]. - The demand for cloud computing power is driven by user scale, call frequency, and complexity of tasks, leading to a feedback loop that enhances model upgrades and increases cloud computing demand [2]. - The market for end-side AI products, such as AI glasses and intelligent robots, is rapidly evolving, with significant unmet demand for capable AI agents, suggesting new market opportunities [2][3]. - The upcoming release of the Qianwen AI glasses and other AI products is expected to drive growth in the AI glasses industry, with global shipments projected to exceed 23.687 million units by 2026 [3]. - The NVIDIA GTC conference is anticipated to showcase advancements in AI technology, with a focus on inference computing, indicating a growing demand in the computing power supply chain [4]. Summary by Sections Cloud Computing Power - The report outlines that the demand for cloud computing power is a function of user scale, call frequency, and task complexity, which has been positively impacted by the marketing of AI large models [2]. End-Side AI Products - The report notes the emergence of various end-side AI products and the public's expectation for intelligent AI agents, indicating a significant market opportunity that remains largely unmet [2]. AI Glasses Market - The report highlights the upcoming launch of Qianwen AI glasses and predicts a significant growth trajectory for the smart glasses market, with expected shipments in China to surpass 4.915 million units by 2026 [3]. Computing Power Supply Chain - The report mentions the upcoming NVIDIA GTC conference, which is expected to present new developments in AI technology and computing power solutions, reinforcing the positive outlook for the computing power supply chain [4].

Group 1: Precious Metals - International gold prices stabilized above $4500 per ounce and reached a historical high, but experienced a slight decline as some investors took profits [1][6] - Silver prices continued to rise, marking a historical high for the fourth consecutive trading day, closing at $71.685 per ounce with a gain of 0.77% [8] - Analysts noted that the rapid increase in silver prices included a significant amount of speculative positions, warning investors of the potential for a sharp short-term correction [8] Group 2: Stock Market - On October 24, the three major U.S. stock indices collectively rose, with the Dow Jones and S&P 500 reaching record closing highs [2][4] - The VIX, which reflects market expectations of future volatility, fell to a one-year low, indicating reduced investor concern about short-term risk events [4] - The market anticipates at least two interest rate cuts by the Federal Reserve next year, which has positively impacted cyclical stocks in real estate and finance [4] Group 3: Oil Market - Despite a higher-than-expected economic growth rate in the U.S. for Q3, oil prices experienced a slight decline due to cautious investor sentiment regarding U.S. oil consumption demand [10] - Light crude oil futures closed at $58.35 per barrel, down 0.05%, while Brent crude oil futures settled at $62.24 per barrel, down 0.22% [10] Group 4: Company News - Nvidia has reached a non-exclusive licensing agreement with AI chip design startup Groq, rather than acquiring the company for approximately $20 billion [12] - Key founders and executives from Groq, who were previously involved in the development of Google's TPU, will join Nvidia to enhance its AI inference chip business and reduce chip computing costs [12] - Nvidia's stock experienced a slight decline of 0.32% following the announcement [12]