计算机行业周报：特斯拉“万亿薪酬”计划公布多项目标！INFRA预期差再讨论！

上海申银万国证...2025-09-13

本期投资提示：本周周报要点：1）特斯拉 “万亿薪酬”计划，AI+机器人愿景与落地；2）AI Infra 的预期差探讨；3）重要公司更新：浪潮信息（AI 服务器核心，芯片适配多元化）、道通科技（新一代智能充电网络，AI+能源里程碑）、德赛西威（AI 无人物流新品牌，开辟第二曲线）、均胜电子（阿里云AI 全面合作，机器人业务重大进展）、出门问问（端侧AI 原生硬件黑马，TicNote 破圈）。特斯拉...

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波澜不惊123
2025-09-15
波澜不惊123
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INFRA is expected to be poor to discuss again!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KGDEY":0.9,"TSLL":1,"TSYW.SI":0.6,"TSLA":1},"content_text":"本期投资提示：本周周报要点：1）特斯拉 “万亿薪酬”计划，AI+机器人愿景与落地；2）AI Infra 的预期差探讨；3）重要公司更新：浪潮信息（AI 服务器核心，芯片适配多元化）、道通科技（新一代智能充电网络，AI+能源里程碑）、德赛西威（AI 无人物流新品牌，开辟第二曲线）、均胜电子（阿里云AI 全面合作，机器人业务重大进展）、出门问问（端侧AI 原生硬件黑马，TicNote 破圈）。特斯拉发布“万亿薪酬计划”，结合此前宏图4.0 押注AI 与机器人，Optimus 与Robotaxi 商业化提速。特斯拉宏图4.0 将80%价值锚定Optimus 机器人，战略重心转向AI 与机器人。Robotaxi 从奥斯汀扩张，2025 年底计划覆盖美国半数人口，2026 年量产Cybertruck 专用车型，目标部署数十万辆。Optimus3 原型曝光，手部自由度22 个，采用PEEK 材料减重，集成FSD 技术，2025 年工厂部署5000 台，2026 年推出3 万美元内消费机型，四年目标年量产100 万台，加速从硬件迭代向智能化量产转型。AI Infra 预期差1：市场可能尚未充分消化AI Infra 的定义复杂性。1）简单理解为，弥合算力与应用的断层，降低模型“悬浮”风险，承担“桥梁”角色；2）通常类比云时代的PaaS 层，抽象底层硬件复杂性，上层开发者专注业务逻辑创新，但AI Infra 含义更广，复合技术栈不等同agent 调度与交互平台；3）算力管理、模型管理、应用管理三层能力，数据准备、模型训练、模型推理与部署、AI 应用支撑四项流程，预计增长机会层出不穷。AI Infra 预期差2：市场可能认为AI Infra 工具链价值有限。1）市场偏好通过算力季度间变化验证AI 产业趋势，或者直接关注有无爆款应用出现，但不同于云时代IaaSPaaS-SaaS 的类线性发展，AI2.0 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16:45","market":"us","language":"zh","title":"计算机行业周报：特斯拉“万亿薪酬”计划公布多项目标！INFRA预期差再讨论！","url":"https://stock-news.laohu8.com/highlight/detail?id=2567181493","media":"上海申银万国证...","summary":"本期投资提示：本周周报要点：1）特斯拉 “万亿薪酬”计划，AI+机器人愿景与落地；2）AI Infra 的预期差探讨；3）重要公司更新：浪潮信息、道通科技、德赛西威、均胜电子、出门问问。特斯拉发布“万亿薪酬计划”，结合此前宏图4.0 押注AI 与机器人，Optimus 与Robotaxi 商业化提速。Robotaxi 从奥斯汀扩张，2025 年底计划覆盖美国半数人口，2026 年量产Cybertruck 专用车型，目标部署数十万辆。AI Infra 预期差1：市场可能尚未充分消化AI Infra 的定义复杂性。","content":"<html><body><article><p>本期投资提示：</p><p>本周周报要点：1）<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a> “万亿薪酬”计划，AI+机器人愿景与落地；2）AI Infra 的预期差探讨；3）重要公司更新：<a href=\"https://laohu8.com/S/000977\">浪潮信息</a>（AI 服务器核心，芯片适配多元化）、<a href=\"https://laohu8.com/S/688208\">道通科技</a>（新一代智能充电网络，AI+能源里程碑）、<a href=\"https://laohu8.com/S/002920\">德赛西威</a>（AI 无人物流新品牌，开辟第二曲线）、<a href=\"https://laohu8.com/S/600699\">均胜电子</a>（阿里云AI 全面合作，机器人业务重大进展）、<a href=\"https://laohu8.com/S/02438\">出门问问</a>（端侧AI 原生硬件黑马，TicNote 破圈）。</p><p>特斯拉发布“万亿薪酬计划”，结合此前<a href=\"https://laohu8.com/S/600122\">宏图</a>4.0 押注AI 与机器人，Optimus 与Robotaxi 商业化提速。特斯拉宏图4.0 将80%价值锚定Optimus 机器人，战略重心转向AI 与机器人。Robotaxi 从奥斯汀扩张，2025 年底计划覆盖美国半数人口，2026 年量产Cybertruck 专用车型，目标部署数十万辆。Optimus3 原型曝光，手部自由度22 个，采用PEEK 材料减重，集成FSD 技术，2025 年工厂部署5000 台，2026 年推出3 万美元内消费机型，四年目标年量产100 万台，加速从硬件迭代向智能化量产转型。</p><p>AI Infra 预期差1：市场可能尚未充分消化AI Infra 的定义复杂性。1）简单理解为，弥合算力与应用的断层，降低模型“悬浮”风险，承担“桥梁”角色；2）通常类比云时代的PaaS 层，抽象底层硬件复杂性，上层开发者专注业务逻辑创新，但AI Infra 含义更广，复合技术栈不等同agent 调度与交互平台；3）算力管理、模型管理、应用管理三层能力，数据准备、模型训练、模型推理与部署、AI 应用支撑四项流程，预计增长机会层出不穷。</p><p>AI Infra 预期差2：市场可能认为AI Infra 工具链价值有限。1）市场偏好通过算力季度间变化验证AI 产业趋势，或者直接关注有无爆款应用出现，但不同于云时代IaaSPaaS-SaaS 的类线性发展，AI2.0 通过泛化能力提供规模复制能力，AI Infra 层有较大可能呈现和算力、应用层交叉引领趋势。2）大厂不必一切亲历亲为。类似汽车行业Tier1，通过专业分工，大模型企业不必重复造轮子，只需整合AI Infra 供应商资源，就能快速搭建自己模型构架，降低成本。3）海外AI Infra 正在爆发，产品商业化进展顺利。</p><p>4）国内“人工智能+”2027 年新一代智能终端、智能体等应用普及率目标超70%，基本锚定下游AI 应用的高增长，AI Infra 增长具有高确定性。</p><p>重要公司更新：<a href=\"https://laohu8.com/S/300454\">深信服</a>（Q2 单季度扭亏，经营拐点信号）。</p><p>标的1）AIGC：<a href=\"https://laohu8.com/S/688111\">金山办公</a>、<a href=\"https://laohu8.com/S/300378\">鼎捷数智</a>、<a href=\"https://laohu8.com/S/603171\">税友股份</a>、<a href=\"https://laohu8.com/S/688088\">虹软科技</a>、<a href=\"https://laohu8.com/S/688590\">新致软件</a>、<a href=\"https://laohu8.com/S/603108\">润达医疗</a>（医药+计算机）、<a href=\"https://laohu8.com/S/688095\">福昕软件</a>、<a href=\"https://laohu8.com/S/688475\">萤石网络</a>、<a href=\"https://laohu8.com/S/300170\">汉得信息</a>、<a href=\"https://laohu8.com/S/300624\">万兴科技</a>、道通科技。</p><p>标的2）数字经济领军：<a href=\"https://laohu8.com/S/002415\">海康威视</a>、金山办公、<a href=\"https://laohu8.com/S/600570\">恒生电子</a>、<a href=\"https://laohu8.com/S/688777\">中控技术</a>、德赛西威、<a href=\"https://laohu8.com/S/002439\">启明星辰</a>、<a href=\"https://laohu8.com/S/002230\">科大讯飞</a>、<a href=\"https://laohu8.com/S/301269\">华大九天</a>、<a href=\"https://laohu8.com/S/300033\">同花顺</a>、<a href=\"https://laohu8.com/S/00268\">金蝶国际</a>、<a href=\"https://laohu8.com/S/002236\">大华股份</a>、<a href=\"https://laohu8.com/S/000997\">新大陆</a>。</p><p>标的3）信创&amp;数据：<a href=\"https://laohu8.com/S/688041\">海光信息</a>、<a href=\"https://laohu8.com/S/301236\">软通动力</a>、<a href=\"https://laohu8.com/S/688692\">达梦数据</a>、<a href=\"https://laohu8.com/S/688507\">索辰科技</a>、<a href=\"https://laohu8.com/S/300525\">博思软件</a>、<a href=\"https://laohu8.com/S/603859\">能科科技</a>、<a href=\"https://laohu8.com/S/002180\">纳思达</a>、<a href=\"https://laohu8.com/S/002368\">太极股份</a>、<a href=\"https://laohu8.com/S/00354\">中国软件国际</a>。</p><p>标的4）AIGC 算力：浪潮信息、海光信息、<a href=\"https://laohu8.com/S/000034\">神州数码</a>、<a href=\"https://laohu8.com/S/603019\">中科曙光</a>等。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" 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服务器核心，芯片适配多元化）、道通科技（新一代智能充电网络，AI+能源里程碑）、德赛西威（AI 无人物流新品牌，开辟第二曲线）、均胜电子（阿里云AI 全面合作，机器人业务重大进展）、出门问问（端侧AI 原生硬件黑马，TicNote 破圈）。特斯拉...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164511952ab1cb&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","BK4548":"巴美列捷福持仓","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","BK4527":"明星科技股","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4588":"碎股","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164511952ab1cb&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2567181493","content_text":"本期投资提示：本周周报要点：1）特斯拉 “万亿薪酬”计划，AI+机器人愿景与落地；2）AI Infra 的预期差探讨；3）重要公司更新：浪潮信息（AI 服务器核心，芯片适配多元化）、道通科技（新一代智能充电网络，AI+能源里程碑）、德赛西威（AI 无人物流新品牌，开辟第二曲线）、均胜电子（阿里云AI 全面合作，机器人业务重大进展）、出门问问（端侧AI 原生硬件黑马，TicNote 破圈）。特斯拉发布“万亿薪酬计划”，结合此前宏图4.0 押注AI 与机器人，Optimus 与Robotaxi 商业化提速。特斯拉宏图4.0 将80%价值锚定Optimus 机器人，战略重心转向AI 与机器人。Robotaxi 从奥斯汀扩张，2025 年底计划覆盖美国半数人口，2026 年量产Cybertruck 专用车型，目标部署数十万辆。Optimus3 原型曝光，手部自由度22 个，采用PEEK 材料减重，集成FSD 技术，2025 年工厂部署5000 台，2026 年推出3 万美元内消费机型，四年目标年量产100 万台，加速从硬件迭代向智能化量产转型。AI Infra 预期差1：市场可能尚未充分消化AI Infra 的定义复杂性。1）简单理解为，弥合算力与应用的断层，降低模型“悬浮”风险，承担“桥梁”角色；2）通常类比云时代的PaaS 层，抽象底层硬件复杂性，上层开发者专注业务逻辑创新，但AI Infra 含义更广，复合技术栈不等同agent 调度与交互平台；3）算力管理、模型管理、应用管理三层能力，数据准备、模型训练、模型推理与部署、AI 应用支撑四项流程，预计增长机会层出不穷。AI Infra 预期差2：市场可能认为AI Infra 工具链价值有限。1）市场偏好通过算力季度间变化验证AI 产业趋势，或者直接关注有无爆款应用出现，但不同于云时代IaaSPaaS-SaaS 的类线性发展，AI2.0 通过泛化能力提供规模复制能力，AI Infra 层有较大可能呈现和算力、应用层交叉引领趋势。2）大厂不必一切亲历亲为。类似汽车行业Tier1，通过专业分工，大模型企业不必重复造轮子，只需整合AI Infra 供应商资源，就能快速搭建自己模型构架，降低成本。3）海外AI Infra 正在爆发，产品商业化进展顺利。4）国内“人工智能+”2027 年新一代智能终端、智能体等应用普及率目标超70%，基本锚定下游AI 应用的高增长，AI Infra 增长具有高确定性。重要公司更新：深信服（Q2 单季度扭亏，经营拐点信号）。标的1）AIGC：金山办公、鼎捷数智、税友股份、虹软科技、新致软件、润达医疗（医药+计算机）、福昕软件、萤石网络、汉得信息、万兴科技、道通科技。标的2）数字经济领军：海康威视、金山办公、恒生电子、中控技术、德赛西威、启明星辰、科大讯飞、华大九天、同花顺、金蝶国际、大华股份、新大陆。标的3）信创&数据：海光信息、软通动力、达梦数据、索辰科技、博思软件、能科科技、纳思达、太极股份、中国软件国际。标的4）AIGC 算力：浪潮信息、海光信息、神州数码、中科曙光等。","news_type":1,"symbols_score_info":{"KGDEY":0.9,"TSLL":1,"TSYW.SI":0.6,"TSLA":1}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; 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