国信证券《人工智能行业专题（13）：OpenAI的软硬件生态布局与进展》报告，从硬件算力、软件生态、用户商业化及模型性能四维度，剖析OpenAI发展 现状与战略野心，为行业提供参考。 硬件与算力生态上，OpenAI以"星际之门"项目为核心推进基建，联合软银、Oracle等计划四年投5000亿美元建10GW AI基础设施，首期1000亿美元已落地。 硬件合作深度绑定头部厂商，英伟达投1000亿锁定未来10GW芯片供应；AMD以1.6亿股认股权证（行权价0.01美元）换OpenAI 6GW GPU部署；还与博通达 成100亿美元3nm ASIC订单，2026年量产。算力需求爆发，训练端大模型计算量每代增10倍，GPT-5需35万张H100卡，训练成本超5亿美元；推理端ChatGPT 2025年Tokens消耗预计6425万亿（同比增16倍）。财务方面，2025年营收预计130亿美元（2024年37亿），2030年目标2000亿美元，但2029年前累计现金消 耗或达1150亿美元，需靠股权合作降成本。 软件生态上，ChatGPT从"工具型应用"向"Agent平台"转型，2025年9月推出三大功能：Pulse（个人助 ...

刘正山认为，Sora2等AI对中国电影的冲击体现在两方面：其一，AI技术的普及将加剧内容竞争，对依 赖传统制作模式、缺乏核心创意的公司构成生存压力；其二，AI也为中国电影提供了"赶超"的机遇，中 国拥有丰富的文化IP和庞大的市场，若能将AI作为强大的创作工具，快速、低成本地将优质IP转化为影 视内容，有望在全球市场形成差异化竞争力。 这也意味着，影视公司应当跳出传统的思路，改变策略，积极应对。"不应将AI视为威胁，而应积极拥 抱，将其作为降本增效的工具。"刘正山表示，例如，利用AI进行前期剧本评估、概念设计、分镜绘 制、特效预演等，大幅缩短制作周期。 而另一边，生成式AI正向影视行业发起挑战。日前，OpenAI推出的视频生成模型Sora2席卷全球。与前 一版本相比，Sora2在物理上更准确、更逼真、更可控，并实现了同步生成音频和对话的能力。 2024年2月份，初代Sora发布后，不少传统影视工作者曾向《证券日报》记者表示，AI对于影视行业远 远谈不上"颠覆"，想要实现院线级别的商业化变现还需要时间。 一年多时间过去，影视行业对于Sora2的态度早已转变。据悉，Sora2首次实现了原生的音视频同步生 成，并引入 ...

Core Insights - The article discusses the emergence of Sora2 as a significant player in the AI application landscape, marking a shift from productivity tools to entertainment consumption [2][3][5] - Sora2 is compared to TikTok, but it is fundamentally different as it generates content internally without allowing external uploads, creating a unique virtual content environment [3][5] - The growth potential of Sora2 is highlighted, with the possibility of it becoming a major player in the AI application market, potentially surpassing ChatGPT in user scale [5][8] Application Rankings - The AI Product List for September 2025 ranks ChatGPT as the top application with 758.63 million monthly active users (MAU), followed by Quark and Doubao with 151.04 million and 150 million MAU respectively [9][10] - The domestic ranking shows Quark, Doubao, and Baidu Netdisk leading the list, with Quark experiencing a slight decline of 2.21% in MAU [12][21] - The global growth ranking highlights Jiemeng AI as the fastest-growing application with a 31.98% increase in MAU, reaching 42.89 million [17][22] Market Trends - The article notes a significant trend towards AI applications that focus on content consumption rather than just production, indicating a shift in user engagement strategies [3][5] - Sora2's approach to lowering barriers for content creation is expected to expand its user base significantly, potentially increasing user engagement tenfold [3][5] - The overall AI application market is seeing a rise in user engagement, with ChatGPT leading the global rankings and various other applications showing substantial growth [8][19]

Core Viewpoint - The article discusses the latest AI product rankings, highlighting the emergence of Sora2 as a significant player in the entertainment consumption sector, marking a shift from productivity tools to entertainment-focused applications [6][12]. Global Rankings - The global total MAU (Monthly Active Users) for the top AI applications in September 2025 includes ChatGPT at 758.63 million, Quark at 151.04 million, and Doubao at 150 million, with a notable presence of domestic applications [18][19]. - ChatGPT leads the global rankings, showing a 4.24% increase in MAU, while Quark and Baidu Netdisk experienced declines of 2.21% and 3.60%, respectively [18][19]. Domestic Rankings - In the domestic rankings, Quark, Doubao, and Baidu Netdisk occupy the top three positions, with MAUs of 151.04 million, 150 million, and 148.03 million, respectively [23][24]. - The application "即梦AI" (Dream AI) has shown remarkable growth, ranking first in the domestic growth chart with a 31.98% increase, reaching 42.89 million MAU [14][24]. Growth and Decline - The article notes that Sora2 has significantly lowered the barrier for content creation, potentially increasing user engagement and scaling [9][10]. - The global growth rankings highlight "Al Picasso" and "Chat Al" with increases of 245.31% and 191.88%, respectively, indicating a trend of new applications gaining traction [29][30]. Subscription Revenue - ChatGPT leads the subscription revenue rankings with an annualized revenue of $183.28 million, followed by Suno and Claude with $26.06 million and $24.36 million, respectively [40][41]. - The subscription revenue for AI applications reflects a growing market, with several applications showing positive growth trends [40][41]. Emerging Trends - Sora2 is positioned as a revolutionary product in the AI entertainment space, with the potential to redefine user experiences and engagement in virtual content creation [12][15]. - The article suggests that the AI landscape is evolving, with applications like Sora2 and Dream AI paving the way for future giants in the industry [13][15].

以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： OpenAI全栈发力，AI生态不断完善；报告日期：2025.10.08 报告作者： 刘欣琦（分析师），登记编号：S0880515050001 孙坤（分析师），登记编号：S0880523030001 报告导读： OpenAI 与英伟达、 AMD 达成 10 吉瓦、 6 吉瓦算力合作， AI 全栈发展， 生态趋完善； Sora2AI 生成，强化现实世界反馈。 投资建议： AI 在证券投研及投顾、银行信贷和营销渠道、保险代理人赋能、小微商户点餐及营销、消费金融风控及客服等场景逐步落地，未来空间广阔。 1 ）看好券商行业智能投研、智能投顾的发展前景，推荐推出垂类模型及相关产品的头部公司。 2 ）看好消费金融行业中智能客服、智能营销、智能风控场景 的快速落地。 3 ）看好银行和保险行业中依托大模型实现研发的提质增效及各业务场景的应用。 4 ）看好大模型在支付行业中商户点餐、营销等场景的应 用，建议布局相关业务的支付公司。 人工智能领域在多方面呈现活跃动态，千亿投资大量涌现，算力竞争呈加剧态势， Sora2 进一步促进 AI 向实体场景渗透。 OpenAI 推 ...

| 代码 | 名称 | 涨跌幅 * | | --- | --- | --- | | 517400 | 黄金股票ETF | 9.47% | | 561330 | ANVETF | 8.58% | | 159881 | 有色60ETF | 8.44% | 资料来源：wind 黄金方面，美元信用走弱仍是长期支撑逻辑。当地时间9月17日，美国联邦储备委员会结束为期两天的 货币政策会议，宣布将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。从美国9月FOMC会 议纪要看，美联储官员在降息幅度问题上存在分歧。9月会议的投票结果为11比1。唯一反对的成员是由 美国总统特朗普任命、并在9月会议首日上午宣誓就职的新上任的美联储理事斯蒂芬·米兰（Stephen Miran），他主张降息0.5个百分点。而关于2025年是否会进一步降息，在参加会议的19位官员中，略多 于一半的人预计今年还将至少再降息两次，但有少数人预计2025年剩余时间内只会降息一次或不再降 息。 节后首个交易日迎开门红，沪指高开高走突破3900点整数大关，刷新2015年8月以来新高。沪深两市成 交额2.65万亿，较上一个交易日放量4718亿。截至 ...

Group 1: Gold Market Insights - Macquarie analysts suggest that if the Federal Reserve makes a significant policy error under political pressure, gold prices could surge further, potentially achieving the best annual performance since the 1970s, with prices possibly reaching $4,000 [1] - TD Securities forecasts that gold prices may exceed $4,400 per ounce by mid-2026, driven by the Fed's easing policies and ongoing purchases by central banks and private funds, despite warnings of potential short-term corrections due to overbought conditions [2] - Citigroup indicates that the overall sentiment in the oil market remains bearish, with differing opinions on the extent of price declines, while geopolitical risks complicate large-scale short positions [3] Group 2: Currency and Economic Outlook - Rabobank maintains that despite challenges to the dollar's status as a safe-haven asset, it remains a primary choice for investors, supported by the depth of U.S. capital markets [4] - Deutsche Bank analysts believe that the upcoming Federal Reserve meeting minutes are unlikely to significantly impact the dollar's trajectory, as future economic data will play a more decisive role [5] - Danske Bank raises concerns about potential intervention in the foreign exchange market by the Bank of Japan due to the significant depreciation of the yen [6] Group 3: Commodity Market Trends - ANZ analysts report that recent supply disruptions have eroded market confidence, leading to a slight increase in copper prices, with Teck Resources lowering its production forecast [7] - Man Group warns that a weak dollar and high U.S. Treasury yields may deepen the trend of underperformance in the U.S. stock market, suggesting a rebalancing of asset allocations towards Europe and emerging markets [8] Group 4: Domestic Market Developments - Dongfang Jincheng anticipates that the central bank will conduct another six-month reverse repurchase operation in October, indicating a supportive monetary policy stance [9] - CITIC Securities highlights that the A-share market is likely to maintain an upward trend, driven by stable economic fundamentals and continued inflows of capital [10] - CITIC Securities also notes the acceleration of domestic AI computing capabilities, recommending attention to leading firms in this sector [11]

国庆收假首日开市，A股如期强势上涨。 截至收盘，沪指收涨1.32%，报3933.97点，突破8月前高并创2015年7月以来新高。深成指、创业板指也分别上涨1.47%和0.73%，也均创阶段新高。 板块表现中，除了在假期中被显著抢跑的贵金属和有色板块强势大涨外，可控核聚变、超导、金属新材料等新赛道也表现较为出色，盘中涨幅都超过了 5%。 | | | 10月9日A股热门概念涨幅TOP10 | | | | --- | --- | --- | --- | --- | | 0 | 名称 | 张唱961 | 涨停家数 | 年初版 | | 1 | 農金属 | +8.34% | র্ব | +107.77% | | 2 | 可控核聚变 | +6.97% | 19 | +74.68% | | 3 | 我遭捉 | +6.14% | 6 | +70.52% | | 4 | 超导概念 | +5.85% | ട | +54.76% | | ਦੇ | #道# | +5.72% | ഥ | +70.68% | | 6 | 金融站 | +5.50% F 气 简图 | 7 | +61.50% | | 7 | 小金属 | www.gogudat ...

Core Insights - OpenAI has launched a significant upgrade to its video generation model, Sora2, along with a social application, Sora App, which offers more accurate, realistic, and controllable video and audio generation capabilities [1][2] Download Performance - Sora App achieved approximately 627,000 downloads in its first week on iOS, surpassing ChatGPT's initial week downloads of 606,000, despite being an invite-only application [2] Market Ambitions - OpenAI's ambitions extend beyond being a technology explorer to becoming a major player in commercial applications, aiming to be the Facebook and TikTok of the AI era [3] Video Creation Revolution - Sora App simplifies video creation by allowing users to generate professional-level videos through simple text prompts, breaking down technical barriers and democratizing content creation [4][5] Emergence of AIGC - The introduction of Sora App is expected to create a new force in content generation, combining the visual quality of professional content (PGC) with the efficiency and creativity of user-generated content (UGC) [5] AI Integration in Daily Life - AI technologies are increasingly integrated into various aspects of daily life, transforming behaviors and perceptions, similar to the impact of social media and mobile payments [6][7] Ethical Considerations - The widespread use of AI-generated content raises questions about the definition of "reality" and the societal implications of technology that can blur the lines between real and artificial [7][8]

港股互联网板块今日震荡，截至14:40，中证港股通互联网指数下跌0.7%。Wind数据显示，相关ETF 中，港股通互联网ETF（513040）已连续37个交易日获资金净流入，合计超33亿元，规模再创历史新 高。 中国银河证券研报表示，随着底层大模型能力的不断迭代，当前AI应用已经初步具备发展基础；AI在 各个行业不断展开试水，AI应用落地将对多数行业产生变革性的影响。 中证港股通互联网指数聚焦AI应用，由港股通范围内30家涉及互联网相关业务的股票组成，前四大成 分股为腾讯控股、阿里巴巴、小米集团、美团，合计占比超50%。指数当前滚动市盈率为26.7倍，处于 2021年发布以来34.1%分位处，配置价值值得关注。投资者可借道港股通互联网ETF（513040）便捷布 局AI应用发展机遇。 近日，OpenAI发布Sora2，实现音视频同步生成、物理一致性与可控性显著提升，AI应用预期随之提 升。国产模型也加速迭代，腾讯"混元图像3.0"在LMArena文生图榜单"盲测"登顶、智谱发布并开源 GLM-4.6、阿里通义千问开源Qwen3-VL-30B-A3B并推出FP8版本，显示国内开源与国产化协同强化。 ...