国联民生证券：北美云计算龙头开启涨价配套服务厂商有望迎来估值重构

智通财经01-29

智通财经APP获悉，国联民生证券发布研报称，2025Q4，AI产业链开启通胀传导，从存储到CPU后，云计算或为下一通胀方向。AI需求持续提升导致AI产业链自上而下出现不同环节依次涨价趋势，云计算厂商涨价或带来价值重估机遇，据维科网云计算观察微信公众号，AWS本次涨价标志着二十年来云服务价格只降不升的行业惯例被彻底打破。伴随Tokens需求快速提升，涨价趋势从上游逐步传导到CPU及云服务，云计算及...

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reconstruction","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.6,"601456":1.86,"09988":0.9,"ALBmain":0.6,"BABA":0.6,"HBBD.SI":0.6,"01456":1.86},"content_text":"智通财经APP获悉，国联民生证券发布研报称，2025Q4，AI产业链开启通胀传导，从存储到CPU后，云计算或为下一通胀方向。AI需求持续提升导致AI产业链自上而下出现不同环节依次涨价趋势，云计算厂商涨价或带来价值重估机遇，据维科网云计算观察微信公众号，AWS本次涨价标志着二十年来云服务价格只降不升的行业惯例被彻底打破。伴随Tokens需求快速提升，涨价趋势从上游逐步传导到CPU及云服务，云计算及配套服务厂商有望迎来估值重构。从北美几大云厂商看，其云业务相关收入整体呈现积极增长态势国联民生证券指出，伴随AI需求的增长，AI推理等需求整体提升，进而推动云厂商云业务收入持续提升。以亚马逊云为例，2025财年第三季度财报显示，得益于AI基础设施的强劲需求以及客户持续加速上云进程，亚马逊云科技第三季度净销售额达到330亿美元，同比增长20%，创下自2022年以来最高增速。同时，其季度营业利润由2024财年第三季度的104.47亿美元增长至114.34亿美元。英伟达投资20亿美元云服务商Core Weave，云计算重要性有望进一步提升。2026年1月，英伟达与Core Weave公司宣布扩大长期的互补合作关系，英伟达以每股87.20美元的价格投资了20亿美元的Core Weave A类普通股。AI成为云计算发展的重要动力，基础设施有望与上层应用实现共振AI 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国联民生证券：北美云计算龙头开启涨价 配套服务厂商有望迎来估值重构

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国联民生证券：北美云计算龙头开启涨价配套服务厂商有望迎来估值重构