计算机行业动态报告：春节大厂模型频发云需求有望“通胀”

中信建投证券02-23

核心观点：春节期间大模型迎来密集迭代，Google、Anthropic、xAI、阿里巴巴、字节跳动、智谱、MiniMax、Kimi 均发布下一代模型，多智能体协同与原生多模态驱动能力跨越式发展。近期亚马逊、谷歌、网宿科技、优刻得等国内外云厂商涨价函频发，AI 推理需求拉动行业进入向上拐点，建议关注云涨价逻辑下的核心方向。Agent 爆发+上游缺货带动CPU 与存储量价齐升逻辑持续演绎，底层硬件价值...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2613788931?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-02-23 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2613788931","market":"us","top_or_hot":-1,"title":"计算机行业动态报告：春节大厂模型频发 云需求有望“通胀”","media":"中信建投证券","content":"<div>\n<p>核心观点：春节期间大模型迎来密集迭代，Google、Anthropic、xAI、阿里巴巴、字节跳动、智谱、MiniMax、Kimi 均发布下一代模型，多智能体协同与原生多模态驱动能力跨越式发展。近期亚马逊、谷歌、网宿科技、优刻得等国内外云厂商涨价函频发，AI 推理需求拉动行业进入向上拐点，建议关注云涨价逻辑下的核心方向。Agent 爆发+上游缺货带动CPU 与存储量价齐升逻辑持续演绎，底层硬件价值...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260223170137a4be8e1c&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>计算机行业动态报告：春节大厂模型频发 云需求有望“通胀”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n计算机行业动态报告：春节大厂模型频发 云需求有望“通胀”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-23 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260223170137a4be8e1c&s=b><strong>中信建投证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>核心观点：春节期间大模型迎来密集迭代，Google、Anthropic、xAI、阿里巴巴、字节跳动、智谱、MiniMax、Kimi 均发布下一代模型，多智能体协同与原生多模态驱动能力跨越式发展。近期亚马逊、谷歌、网宿科技、优刻得等国内外云厂商涨价函频发，AI 推理需求拉动行业进入向上拐点，建议关注云涨价逻辑下的核心方向。Agent 爆发+上游缺货带动CPU 与存储量价齐升逻辑持续演绎，底层硬件价值...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260223170137a4be8e1c&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0661504455.SGD","symbol_name":"Blackrock Global Equity Income A5 SGD-H","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260223170137a4be8e1c&s=b","article_id":"2613788931","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260223170137a4be8e1c&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2613788931","pubTimestamp":1771776000,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"近期亚马逊、谷歌、网宿科技、优刻得等国内外云厂商涨价函频发，AI 推理需求拉动行业进入向上拐点，建议关注云涨价逻辑下的核心方向。行情回顾：2 月9 日-2 月13 日，计算机（申万）指数上涨4.35%，跑赢沪深300 指数3.98pp。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300017":"网宿科技","300033":"同花顺","300378":"鼎捷数智","300454":"深信服","301162":"国能日新","600850":"电科数字","688041":"海光信息","688088":"虹软科技","688158":"优刻得","688225":"亚信安全","688777":"中控技术","688787":"海天瑞声","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4581":"高盛持仓","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","BK4543":"AI","BK4531":"中概回港概念","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4534":"瑞士信贷持仓","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","KBAB":"2倍做多BABA ETF-KraneShares","09988":"阿里巴巴-W","BK4535":"淡马锡持仓","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU1688375341.USD":"贝莱德中国灵活股票基金","LU2148611432.USD":"AZ ALLOCATION BALANCED BRAVE \"AAZ\" (USDHDG) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","BK4538":"云计算","BK4548":"巴美列捷福持仓","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","BK4554":"元宇宙及AR概念","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","GOOGL":"谷歌A","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","BK4585":"ETF&股票定投概念","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","BK4614":"Manus概念股","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","BK4587":"ChatGPT概念","BK4558":"双十一","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","BK4588":"碎股","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","BK4565":"NFT概念","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) SGD","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0072462343.USD":"贝莱德亚洲巨龙基金","BABA":"阿里巴巴","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","BABO":"BABA期权收益策略ETF-YieldMax","000001":"平安银行","BABU":"Direxion Daily BABA Bull 2X ETF","BK4503":"景林资产持仓","BK4502":"阿里概念","BABW":"Roundhill BABA WeeklyPay ETF","BABX":"2倍做多BABA ETF-GraniteShares","BK4505":"高瓴资本持仓","BK4504":"桥水持仓","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","BK4607":"DeepSeek概念股","BK4524":"宅经济概念","BK4220":"综合零售","LU0251143458.SGD":"Fidelity Emerging Markets A-SGD","BK4527":"明星科技股","LU1046421795.USD":"富达环球科技A-ACC","BK4526":"热门中概股","BBYY":"GraniteShares YieldBOOST BABA ETF","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","BK4122":"互联网与直销零售","LU0651946864.USD":"贝莱德新兴市场股票收益A2","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","BK4575":"芯片概念","LU1051768304.USD":"贝莱德新兴市场股票收益A6","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","BK4579":"人工智能"},"translate_title":"Computer industry dynamic report: Frequent models of major manufacturers during the Spring Festival, cloud demand is expected to \"inflate\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300017":1.63,"300033":1.61,"300378":1.61,"300454":1.61,"301162":1.61,"600850":1.59,"688041":1.61,"688088":1.61,"688158":1.63,"688225":1.61,"688777":1.61,"688787":1.61,"000001":1.57,"BABU":0.6,"BABX":0.6,"BABO":0.6,"KBAB":0.6,"ALBmain":0.6,"BABA":1.63,"09988":1.63,"BABW":0.6,"BBYY":0.6,"GOOGL":1.63},"content_text":"核心观点：春节期间大模型迎来密集迭代，Google、Anthropic、xAI、阿里巴巴、字节跳动、智谱、MiniMax、Kimi 均发布下一代模型，多智能体协同与原生多模态驱动能力跨越式发展。近期亚马逊、谷歌、网宿科技、优刻得等国内外云厂商涨价函频发，AI 推理需求拉动行业进入向上拐点，建议关注云涨价逻辑下的核心方向。Agent 爆发+上游缺货带动CPU 与存储量价齐升逻辑持续演绎，底层硬件价值分布从重算力全面转向算存并重。行情回顾：2 月9 日-2 月13 日，计算机（申万）指数上涨4.35%，跑赢沪深300 指数3.98pp。投资组合：本期建议：深信服、海光信息、鼎捷数智、同花顺、虹软科技、合合信息、中控技术、海天瑞声、国能日新。上期回顾：上期建议组合为——深信服、海光信息、鼎捷数智、同花顺、虹软科技、合合信息、电科数字、海天瑞声、国能日新，同权重下上期组合涨幅为+2.92%，同期计算机（申万）指数涨幅为+4.35%，组合超额收益为-1.43%。持续关注标的见报告正文部分风险提示宏观经济下行风险、应收账款坏账风险、行业竞争加剧、国际环境变化影响。","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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2613788931","isCrawlerRequest":true}

计算机行业动态报告：春节大厂模型频发 云需求有望“通胀”

精彩评论

计算机行业动态报告：春节大厂模型频发云需求有望“通胀”