证券研究报告 | 行业定期报告 2025 年 10 月 19 日 海外持续 AI 创新，国产 AI 算力进入放量阶段 计算机周观察 20251019 TMT 及中小盘/计算机 Oracle 在资本市场日就人工智能基础设施项目的毛利率及最新订单情况、公司 长期财务目标给出了更为清晰的指引更新，进一步加深市场信心，目前公司 RPO 超过 5000 亿美元。海光信息、寒武纪发布 25 年三季报，国产 AI 算力进 入放量阶段。建议持续关注 AI 板块。 ❑ 投资建议：国产算力稀缺优势凸显，建议关注寒武纪、海光信息、中科曙光。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 285 | 5.5 | | 总市值（十亿元） | 4132.9 | 4.1 | | 流通市值（十亿元） | 3705.1 | 4.0 | 行业指数 % 1m 6m 12m 绝对表现 -6.4 21.1 32.1 相对表现 -5.6 1.5 12.9 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 40 Oct/24 Feb/25 Jun/25 Sep/25 (%) ...

1.【智元发布新一代工业级交互式具身作业机器人精灵G2】10月16日，智元机器人举行线上直播发 布会，正式发布新一代工业级交互式具身作业机器人智元精灵G2。G2搭载高性能运动关节、高精度 力矩传感器，支持快速学习部署，拥有多模态语音交互能力，具备工业、物流、导览等多场景通用能 力。界面新闻了解到，目前G2已实现量产，开启首批商用交付。（腾讯网） 2.【甲骨文推出面向AI的新一代 OCI Zettascale10 Cluster】10月16日，据甲骨文消息，在甲骨文 全球 AI 大会上，甲骨文宣布推出大型云端 AI 超级计算机 Oracle Cloud Infrastructure (OCI) Zettascale10。OCI Zettascale10 将跨多个数据中心的数十万 NVIDIA GPU 连接起来，形成多千 兆瓦级集群，峰值性能可达 16 zettaFLOPS。（财联社） 3.【通义千问QwenChatMemory上线，AI能精准记住你的对话偏好】 10月16日，通义千问Qwen通 过官方公众号宣布，Qwen Chat Memory功能正式上线，这意味着其AI系统具备了长期记忆能力， 可留存用户关键 ...

Market Overview - The three major U.S. stock indices opened higher, with the Dow Jones up 0.29%, the Nasdaq up 0.38%, and the S&P 500 up 0.31% [1] - Critical Metals, a rare earth concept stock, surged over 14%, while the semiconductor sector saw gains, with ASE Technology rising over 5% and Nanya Technology up over 2% [1] - NIO's stock fell more than 7% [1] Company News - A NIO executive responded to allegations of securities fraud from Singapore's GIC, stating that the claims are a continuation of past short-selling activities and expressing confusion over the recent attention to the matter [2] - Oracle announced the launch of its new AI supercomputer, OCI Zettascale10, which connects tens of thousands of NVIDIA GPUs across multiple data centers, achieving peak performance of 16 zettaFLOPS [2] Long-term Goals - Salesforce set a long-term revenue target of over $60 billion by the fiscal year 2030, aiming for a compound annual growth rate (CAGR) of over 10% from fiscal years 2026 to 2030 [3] Innovation Recognition - The U.S. Mint announced that Steve Jobs, co-founder of Apple, will be featured on a commemorative $1 coin as part of the "American Innovation" series, which honors significant contributions to innovation [4] Operational Changes - JD.com announced a pilot program in 25 cities to eliminate penalties for delivery riders exceeding time limits, replacing it with a "service score" management system to encourage positive performance [5] Future Plans - Xiaopeng Motors' CEO He Xiaopeng stated that the company plans to mass-produce flying cars next year, predicting that the growth rate and market share of flying cars will surpass that of traditional automobiles in the coming years [6] Restructuring Efforts - Nestlé plans to cut 16,000 jobs as part of a restructuring effort led by new CEO Philipp Navratil, aiming to increase cost-saving targets from 2.5 billion Swiss francs to 3 billion Swiss francs (approximately $3.7 billion) by the end of 2027 [7] Analyst Upgrades - Morgan Stanley upgraded Micron's rating from "Equal-weight" to "Overweight" and raised its price target from $160 to $220, citing stronger-than-expected price momentum in core DRAM products [8]

Market Overview - US stock index futures rose collectively before the market opened, with Dow Jones futures up 0.34%, S&P 500 futures up 0.51%, and Nasdaq 100 futures up 0.71% [1] - TSMC reported record net profits for Q3, driving a surge in the AI chip sector, with stocks like TSMC and ASML rising over 2%, Micron Technology and Nuvia Semiconductor up over 3%, and Nvidia and Broadcom up over 1% [2] Company News - Salesforce set a long-term goal to achieve over $60 billion in revenue by the fiscal year 2030, indicating a compound annual growth rate (CAGR) of over 10% from 2026 to 2030 [6] - Nestlé plans to lay off 16,000 employees, representing about 6% of its workforce, as new CEO Philipp Navratil seeks to accelerate company transformation, raising cost-saving targets from 2.5 billion Swiss francs to 3 billion Swiss francs (approximately $3.7 billion) by the end of 2027 [8] - Micron's target price was raised significantly by Morgan Stanley from $160 to $220, with the rating upgraded from "hold" to "overweight" due to sustained price increases in core DRAM products [10] Economic Indicators - The US government shutdown has continued for three weeks, delaying the release of key economic data, including initial jobless claims [3] - The Federal Reserve's Beige Book indicated that while more companies reported layoffs, overall economic activity in the US remains stable [3]

Core Insights - Oracle announced the launch of its large-scale cloud AI supercomputer, Oracle Cloud Infrastructure (OCI) Zettascale10, during the global AI conference [1] - OCI Zettascale10 connects tens of thousands of NVIDIA GPUs across multiple data centers, forming a multi-gigawatt cluster [1] - The peak performance of OCI Zettascale10 can reach 16 zettaFLOPS [1]