中国银河证券：AI应用商业化拐点已至国产算力与应用双主线共振

智通财经01-16

智通财经APP获悉，中国银河证券发布研报称，伴随AI应用端密集催化，AI应用关注度显著提升，传统SEO(搜索引擎优化)逐步迈入GEO(生成式引擎优化)驱动AI商业化闭环进程，有望推动应用端从技术验证期到商业价值兑现期。AI应用商业化逻辑有望率先在B端应用中放量，GEO引领AI应用行情在于品牌对于AI时代流量控制权的争夺，进而提升GEO商业价值。同时AI模型在企业内部应用降本增效效果已经逐渐开始显现...

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applications","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"601881":1.94,"ALBmain":0.6,"HBBD.SI":0.6,"CGXYY":1.94,"06881":1.94,"BABA":0.6},"content_text":"智通财经APP获悉，中国银河证券发布研报称，伴随AI应用端密集催化，AI应用关注度显著提升，传统SEO(搜索引擎优化)逐步迈入GEO(生成式引擎优化)驱动AI商业化闭环进程，有望推动应用端从技术验证期到商业价值兑现期。AI应用商业化逻辑有望率先在B端应用中放量，GEO引领AI应用行情在于品牌对于AI时代流量控制权的争夺，进而提升GEO商业价值。同时AI模型在企业内部应用降本增效效果已经逐渐开始显现，建议重点关注AI应用在B端应用的爆发。中国银河证券主要观点如下：AI应用端迎密集催化，GEO重塑AI时代流量逻辑港股头部大模型公司MiniMax与智谱AI上市后表现强势；英伟达与制药巨头礼来公司大成未来五年内高达10亿美元合作，建立实验室旨在推进AI辅助药物发现基础模型的开发；OpenAI推出ChatGPT Health(健康)，并宣布完成对医疗保健初创公司Torch的收购。中国银河证券认为，伴随AI应用端密集催化，AI应用关注度显著提升，传统SEO(搜索引擎优化)逐步迈入GEO(生成式引擎优化)驱动AI商业化闭环进程，有望推动应用端从技术验证期到商业价值兑现期。B端AI应用有望率先爆发，C端AI应用关注长期价值标的中国银河证券认为，AI应用商业化逻辑有望率先在B端应用中放量，GEO引领AI应用行情在于品牌对于AI时代流量控制权的争夺，进而提升GEO商业价值。同时AI模型在企业内部应用降本增效效果已经逐渐开始显现，建议重点关注AI应用在B端应用的爆发，如AI+营销、AI+工业软件、AI+医疗、AI+金融等；此外传统C端优质产品应用公司具备用户基础与品牌印象力，通过AI赋能产品有望进一步巩固壁垒，建议关注C端应用具备长期价值投资标的。数据中心需求释放+密集招标，国产算力有望迎来新周期2025年四季度国内AIDC招标开始回暖并呈现上行趋势，2026年国内互联网大厂将加紧数据中心布局，且节奏或将快于2025年，若伴随H200恢复供应将推动大模型训练效率，进一步加速AI应用端落地与国产算力芯片在推理端需求，国产算力有望进入新一轮周期。建议重点关注以下标的1)大模型及Maas厂商：阿里巴巴-W(09988)、智谱(02513)、MINIMAX-WP(00100)、科大讯飞(002230.SZ)、商汤-W(00200)、拓尔思(300229.SZ)、昆仑万维(300418.SZ)；2)国产算力及数据中心产业链：寒武纪-U(688256.SH)、海光信息(688041.US)、龙芯中科(688047.SH)、润泽科技(300442.SZ)、大位科技(600589.SH)、光环新网(300383.SZ)、宝信软件(600845.SH)、软通动力(301236.SZ)、浪潮信息(000977.SZ)、神州数码(000034.SZ)、英维克(002837.SZ)、科士达(002518.SZ)、中恒电气(002364.SZ)。3)AI+营销：蓝色光标(300058.SZ)、壹网壹创(300792.SZ)、视觉中国(000681.SZ)、汇量科技(01860)。4)AI+工业软件：鼎捷数智(300170.SZ)、能科科技(603859.SH)、中控技术(688777.SH)、华大九天(301269.SZ)、广立微(301095.SZ)、概伦电子(688206.SH)。5)AI+医疗：晶泰控股(02228)、英硅智能(03696)、嘉和美康(688246.SH)、卫宁健康(300253.SZ)。6)AI+办公：合合信息(688615.SH)、金山办公(688111.SH)、万兴科技(300624.SZ)、福昕软件(688095.SH)。7)AI+ERP：金蝶国际(00268)、用友网络(600588.SH)；8)AI+金融：恒生电子(600570.SH)、同花顺(300033.SZ)、指南针(300803.SZ)、财富趋势(688318.SH)。风险提示AI应用迭代不及预期风险；行业竞争加剧风险；法律监管风险；供应链风险；下游需求不及预期风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","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 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中国银河证券：AI应用商业化拐点已至 国产算力与应用双主线共振

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中国银河证券：AI应用商业化拐点已至国产算力与应用双主线共振