国联民生证券：Token“通胀”谁受益？三条主线核心资产值得关注

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智通财经APP获悉，国联民生证券发布研报称，建议围绕“Agent渗透率提升—Token通胀—云与模型重定价”的主线布局。短期优先关注云平台，因其商业模式清晰、落地快、盈利改善也有望更快速兑现；中期重点关注模型厂商，有望凭借更低成本承接更高频调用，实现放大流水和订阅收入的增长;长期看好国产算力芯片，在推理需求扩张和自主可控趋势下，预计国产芯片厂商具备更强业绩弹性。总体上，建议重点关注一“芯”、二“模...

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