中信建投:AI產業鏈硬件和軟件同頻共振 建議關注AI產業持續變化
中信建投研報認爲,AI產業鏈正面臨從性能拐點到份額拐點、從技術價值到商業化價值雙重變化的轉折點,當前AI產業鏈硬件和軟件同頻共振,均呈現加速趨勢,建議關注AI產業持續變化:1.持續看多大廠資本開支持續下底層算力產業鏈發展。a)AIDC作爲AI產業鏈底層基座需求持續;b)算力芯片自主可控勢在必行;c)模型私有化需求增加,利好一體機、超融合和B端服務外包企業。2.利好行業Know-how及數據積累充分、客戶充足、有具體應用場景的B端和C端軟件企業。a)OA+ERP成爲B端Agent入口的邏輯不變;b)關注B端通用、政府、金融、能源、工業、營銷等垂直場景AI落地;c)利好有用戶和產品積累的2C公司;3.看好AI產業鏈配套基礎設施建設,建議關注數據處理和大模型安全廠商。
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