国产卡持续突破，2026年爆发之时 智算中心持续扩容，国产替代加速：2020-2028年中国智能算力规模预计保持57%复合增长率。 智通财经APP获悉，国金证券发布研报称，AI入口之争的背后是流量之争，直接指向大型互联网企业广 告及电商业务的基本盘，2026年各家在模型、AI应用产品上的算力投入将进入白热化阶段。智算中心 持续扩容，国产替代有望加速，2020-2028年中国智能算力规模预计保持57%复合增长率。供需上看， 下游推理需求伴随AI手机等终端AI进入落地放量临界点确定性增强；大模型Scaling Law仍然有效，模 型迭代持续加速提升训练需求的确定性。 国金证券主要观点如下： AI入口之争，大厂投资力度再增强 大模型迭代不断，中国模型已有效改变了北美单极主导的竞争格局。在全球Top10阵营中，GLM-4.7、 DeepSeek V3.2、Kimi K2 Thinking已占据3席。推理需求激增：o1类推理模型的出现，使推理阶段的计 算量相对传统模型解锁了约10倍的潜力，算力需求已从单一的"训练驱动"转向"训练+推理双轮驱动"。 流量入口重塑：1月15日千问App宣布全面接入淘宝、支付宝、淘宝闪购、飞 ...

Market Overview - US stock markets experienced slight declines last Friday, with the Dow Jones down 0.17%, Nasdaq down 0.06%, and S&P 500 down 0.06% [1] - Semiconductor stocks saw gains, with Micron Technology rising over 8%, reaching a market value of over $400 billion for the first time [1] Company Developments - AST SpaceMobile, a US satellite communication company, surged over 14%, reaching a historical high [2] - OpenAI plans to test targeted advertising in ChatGPT as part of its revenue growth strategy, responding to significant commercial pressures [5][15] - Neuralink's first trial subject revealed that brain-machine interface upgrades can be done without surgery, similar to Tesla's OTA updates [6] Regulatory and Policy Updates - US Commerce Secretary threatened that companies must either build storage chip capacity in the US or face a 100% tariff [4] - The Chinese government emphasizes a stable approach to the stock market, focusing on preventing large fluctuations and ensuring steady growth [10] Industry Insights - The International Energy Agency (IEA) predicts that global data center electricity consumption will grow from approximately 4,150 billion kWh in 2024 to about 9,450 billion kWh by 2030, with a compound annual growth rate of around 15% [18] - The Chinese aviation engine group successfully passed evaluations for its heavy gas turbine innovation projects, marking a significant advancement in the gas turbine industry [16] Financial Performance Forecasts - Companies like Jianzhong Technology and Lishang Guochao expect significant profit increases in 2025, with projected net profits growing by 51.19% to 66.79% and 92.96% to 134.31%, respectively [23] - Chengqi Technology anticipates a net profit of 3.2 billion to 3.7 billion yuan in 2025, reflecting a growth of 344.01% to 413.39% due to rising demand in cloud computing and AI [24]

思美传媒：公司正在积极开发AIGC在广告传媒和文化旅游行业的应用场景，自主研发AI广告生成和智 能投放系统。 首都在线：公司服务的典型客户有工具类广告行业，随着AI对各行业的渗透，游戏客户、广告客户都 会是最先启动成为AI游戏和AI广告应用的群体。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据界面报道，OpenAI周五在美国市场推出ChatGPTGo，美国订阅费用为每月8美元，并将开始在 ChatGPT应用中向部分美国用户测试广告。此举被视为该公司提升营收的重要一步。 OpenAI测试广告背后是巨大的商业化压力。据国泰海通证券披露，ChatGPT月活用户已逼近10亿大关， 但仅5%支付订阅费用，2025年上半年亏损高达80亿美元，未来5年基础建设投入超1万亿美元，单纯依 赖订阅与投资人支持难以支撑发展，广告成为转化95%免费用户价值的现实选择。 与传统广告相比，AI广告亮点显著。OpenAI强调广告不会干扰回答客观性，且具备交互性，以"对话即 应用"逻辑让广告从静态展示转变为有生命力的对话节点，同时广告会被标注并与自然答案区分。 国泰海通证券认为，OpenAI引入广告是 ...