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中信建投:AI产业链硬件和软件同频共振 建议关注AI产业持续变化
中信建投研报认为,AI产业链正面临从性能拐点到份额拐点、从技术价值到商业化价值双重变化的转折点,当前AI产业链硬件和软件同频共振,均呈现加速趋势,建议关注AI产业持续变化:1.持续看多大厂资本开支持续下底层算力产业链发展。a)AIDC作为AI产业链底层基座需求持续;b)算力芯片自主可控势在必行;c)模型私有化需求增加,利好一体机、超融合和B端服务外包企业。2.利好行业Know-how及数据积累充分、客户充足、有具体应用场景的B端和C端软件企业。a)OA+ERP成为B端Agent入口的逻辑不变;b)关注B端通用、政府、金融、能源、工业、营销等垂直场景AI落地;c)利好有用户和产品积累的2C公司;3.看好AI产业链配套基础设施建设,建议关注数据处理和大模型安全厂商。
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