【方正计算机】模型能力、算力成本与Agent成熟度共振，迎接AI应用投资元年

方正证券研究01-04

本文来自方正证券研究所于2025年12月18日发布的报告《模型能力、算力成本与Agent成熟度共振，迎接AI应用投资元年》，欲了解具体内容，请阅读报告原文。刘雄 S1220525060002核心观点科技产业的投资周期遵循“硬三年、软三年、商业模式又三年”的范式。2022-2025年，大模型持续进步迭代，驱动算力侧波澜壮阔的行情，光模块、PCB涨幅大幅领先。展望2026年，我们认为，AI应用...

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