中信证券：算力高景气获Capex与Token需求双轮驱动，AI应用迎价值重估拐点

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智通财经APP获悉，中信证券预计算力板块2025年业绩将在CSP大厂Capex持续兑现、Token需求不断释放、产品能力不断提升等背景下持续景气增长;AI应用显现结构性亮点，如AI金融科技、AI医疗、AI数据等领域表现突出，通用Agent应用亦韧性增长;板块整体盈利有望明显改善。展望2026年，算力景气有望持续、AI应用迎拐点机遇。▍收入端：算力高景气，应用显亮点。中信证券预计算力板块在CSP大厂...

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href=http://www.zhitongcaijing.com/content/detail/1396975.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，中信证券预计算力板块2025年业绩将在CSP大厂Capex持续兑现、Token需求不断释放、产品能力不断提升等背景下持续景气增长;AI应用显现结构性亮点，如AI金融科技、AI医疗、AI数据等领域表现突出，通用Agent应用亦韧性增长;板块整体盈利有望明显改善。展望2026年，算力景气有望持续、AI应用迎拐点机遇。▍收入端：算力高景气，应用显亮点。中信证券预计算力板块在CSP大厂...</p>\n\n<a 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revaluation","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600030":1.5,"06030":1.5},"content_text":"智通财经APP获悉，中信证券预计算力板块2025年业绩将在CSP大厂Capex持续兑现、Token需求不断释放、产品能力不断提升等背景下持续景气增长;AI应用显现结构性亮点，如AI金融科技、AI医疗、AI数据等领域表现突出，通用Agent应用亦韧性增长;板块整体盈利有望明显改善。展望2026年，算力景气有望持续、AI应用迎拐点机遇。▍收入端：算力高景气，应用显亮点。中信证券预计算力板块在CSP大厂Capex持续兑现、Token需求不断释放等背景下，2025年业绩增长保持高景气。中信证券预计AI应用显现结构性亮点，如AI金融科技、AI医疗、AI数据等领域表现突出，通用Agent应用亦韧性增长，信创、卫星互联网等亦有结构亮眼表现。▍利润端：板块盈利整体显著改善。预计算力板块2025年利润增速与收入同步高增，部分AI应用公司显示出利润的高弹性，多数亏损公司亦普遍亏损收窄或转盈，板块整体盈利能力显著改善。▍2026年投资展望：把握国产AI拐点，预计国产算力持续景气高增，AI应用在模型创新、出海拓展、内需支持等背景下迎来拐点机遇。展望2026年，国产算力的竞争正逐步由单卡算力比拼过渡到超节点等系统级别竞争，超节点系统级能力将成为算力厂商下一阶段竞争的重要要素;同时在各大CSP厂商持续加速Capex投入、tokens需求持续释放的背景下，算力发展具备高确定性。AI应用层面，模型能力提升叠加出海新机遇，AI应用拐点已至、价值有望重估;AI应用正逐步从Chatbot、Coding、搜索、客服等场景走向广泛的多模态、Agent、具身智能等场景;国内AI应用公司加速布局海外市场，抢占全球AI应用市场份额，海外业务带来全新商业价值。内需来看，政策有望继续加大对于卫星、医疗、消费等内需科技的支持。中信证券认为，国产AI拐点已至。▍风险因素：业绩前瞻预测偏离实际公司披露数值的风险;宏观经济发展不及预期;人工智能技术发展和进程不及预期;国内政府与企业IT支出不达预期;国际贸易摩擦加剧;相关产业政策不达预期;海外市场拓展不及预期。▍投资策略。中信证券预计2025年算力板块业绩将在CSP大厂Capex持续兑现、Token需求不断释放、产品能力不断提升等背景下持续景气增长;AI应用预计显现结构性亮点，如AI金融科技、AI医疗、AI数据等领域表现突出，通用Agent应用亦韧性增长;板块整体盈利亦有望明显改善。展望2026年，算力景气有望持续、AI应用迎拐点机遇。建议关注：1)AI基础设施;2)AI应用;3)AI医疗;4)卫星互联网。本文转载自中信证券研究，智通财经编辑：李均柃。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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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