信息技术产业行业10M2025AI落地观察：大厂AI密集催化关注高壁垒应用

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投资逻辑计算机行业观点：11 月17 日，阿里正式官宣公测千问APP，对标ChatGPT 5.1 版本，接入阿里通义实验室最新的Qwen 3-Max 模型，阿里加入C 端入口争夺战。1）整合阿里系C 端应用生态：据晚点采访报道，千问团队正在与高德、淘宝、支付宝、闪购等在做一些联合开发的工作。我们测试发现千问APP 目前已能够自然引出淘宝商品信息。2）从“用户发起需求”的超级框到“产品引导需求”的...

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的得分，SOTA 地位无疑。其中，多模态理解、屏幕交互等维度提升更为明显。我们认为：1）“入口”的定位愈发明确。10 月中旬Salesforce 旗下Agentforce 相继集成ChatGPT、Claude、Gemini/11 初金蝶发布AI 产品小K，B 端仍以SaaS 或软件厂商掌握入口及数据，AI 基模作为被集成的一方提供智能。Ope n A I、字节、阿里等相继布局C 端入口之后，C 端或渐渐被AI 基模厂商（大厂AI）掌握入口主导权，C 端软件存在被吞噬与被调用/分发两种结果。2）B 端作为生产力工具的TAM 更高。短期IT 预算问题或对业绩存在扰动，但我们长期仍看好企业服务Agent 化后的价值分成逻辑要强于按席位收费的SaaS 逻辑。3）距离AI 基模能力越远、越看重过程体验而非简单的结果、越难以单纯依靠自然语言交互达成结果的场景，C 端软件被吞噬的风险越低，换言之，也越具备被AI 基模旗下入口级应用调用与分发的价值。推荐海康威视、大华股份、合合信息、万兴科技、索辰科技等。电子行业观点：AI 硬件公司长期指引乐观，算力有望迎来加速。英伟达举行GTC 大会，对26 年出货、订单指引积极。英伟达Rubin 本季度也开始投产。AMD 举行投资者日活动，对3~5 年的长期增速表述乐观。AI 芯片的高速增长，带动存储数据中心需求提速。建议关注博通12 月业绩会，有望上修2026 年ASIC 收入，Token 数量的爆发式增长，带动了ASIC 强劲需求，我们研判谷歌、亚马逊、Meta、Open AI 及微软的ASIC 数量，202 6 -2027 年将迎来爆发式增长，继续看好ASIC 受益产业链。我们认为，AI 需求持续强劲，英伟达AI 服务器四季度出货量提速，ASIC 迎来爆发式增长。通信行业观点：1）海外链看，北美AI 数据中心建设仍在加速推进：A）Anthropic 宣布将在美国投资500 亿美元建设新的人工智能数据中心；B）微软计划向葡萄牙锡尼什数据中心投入100 亿美元；C）谷歌在德国投资55亿欧元扩建数据中心。同时资金层面看，以Berkshire Hathaway 为代表的美国基金公司大举增持Alphabet 等科技巨头股权，有望提振市场情绪。2）AMD 在分析师日活动上宣布未来3-5 年内目标年均营收增长超35%，其中AI 业务收入年均增速预计达80%，并明确MI400 系列GPU 产品路线图，MI450 系列预计2026 年Q3 推出。AMD 作为AI 芯片重要供应商，其强劲的业绩指引和清晰的产品规划也印证了AI 需求的持续。3）中际旭创计划启动H 股上市筹备工作，旨在拓展海外融资渠道，为后续产能扩张和技术研发储备资金。我们认为此举将增强公司在全球光模块市场的竞争力，抓住北美数据中心建设加速的机遇。4）腾讯控股第三季度业绩超预期， 营收1928.7 亿元、同比增长15%，净利润631.3 亿元、同比增长19%，但资本开支同比大幅下降约24%、我们认为主要系缺卡导致。阿里巴巴对\"通义千问\"进行重大战略调整，全面转向消费者市场对标ChatGPT，体现国内国产大模型持续迭代升级，有望带动全产业链发展提速。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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信息技术产业行业10M2025AI落地观察：大厂AI密集催化 关注高壁垒应用

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信息技术产业行业10M2025AI落地观察：大厂AI密集催化关注高壁垒应用