华西证券：当前AI仍是重点投资主线持续关注AI两大逻辑及相关板块

智通财经04-13

智通财经APP获悉，华西证券发布研报称，当前时点，外部地缘政治风险仍在持续，市场风险偏好可能影响短期市场波动，AI仍是近段时间重点投资主线，关注供需失衡推动的国产算力和算力租赁&业绩确定性强的光模块和光纤光缆板块。华西证券主要观点如下：tokens消耗量上升推动AI算力持续涨价，关注国产算力与算力租赁云服务市场重大价格调整，供需失衡推动成本传导算力涨价，包括阿里云、腾讯云、百度智能云等陆续调价。...

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/2627100928?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-04-13 09:17","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2627100928","market":"us","top_or_hot":-1,"title":"华西证券：当前AI仍是重点投资主线 持续关注AI两大逻辑及相关板块","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，华西证券发布研报称，当前时点，外部地缘政治风险仍在持续，市场风险偏好可能影响短期市场波动，AI仍是近段时间重点投资主线，关注供需失衡推动的国产算力和算力租赁&业绩确定性强的光模块和光纤光缆板块。华西证券主要观点如下：tokens消耗量上升推动AI算力持续涨价，关注国产算力与算力租赁云服务市场重大价格调整，供需失衡推动成本传导算力涨价，包括阿里云、腾讯云、百度智能云等陆续调价。...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1427535.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","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>华西证券：当前AI仍是重点投资主线 持续关注AI两大逻辑及相关板块</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华西证券：当前AI仍是重点投资主线 持续关注AI两大逻辑及相关板块\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-13 09:17 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1427535.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，华西证券发布研报称，当前时点，外部地缘政治风险仍在持续，市场风险偏好可能影响短期市场波动，AI仍是近段时间重点投资主线，关注供需失衡推动的国产算力和算力租赁&业绩确定性强的光模块和光纤光缆板块。华西证券主要观点如下：tokens消耗量上升推动AI算力持续涨价，关注国产算力与算力租赁云服务市场重大价格调整，供需失衡推动成本传导算力涨价，包括阿里云、腾讯云、百度智能云等陆续调价。...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1427535.html\">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":"ARTY","symbol_name":"ISHARES FUTURE AI & TECH ETF","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1427535.html","article_id":"2627100928","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2627100928","pubTimestamp":1776043042,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，华西证券发布研报称，当前时点，外部地缘政治风险仍在持续，市场风险偏好可能影响短期市场波动，AI仍是近段时间重点投资主线，关注供需失衡推动的国产算力和算力租赁&业绩确定性强的光模块和光纤光缆板块。风险提示地缘政治冲突不确定性影响；技术路线竞争；AI算力涨价可持续性不及预期；相关技术及应用进展不及预期；相关政策推进不及预期；系统性风险。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"ARTY":"ISHARES FUTURE AI & TECH ETF","002926":"华西证券","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","AIPO":"Defiance AI and Power Infrastructure ETF","BK0276":"资本市场","AGIX":"通用人工智能 ETF-AGIX"},"translate_title":"Huaxi Securities: At present, AI is still the main investment line. Continue to pay attention to the two logics of AI and related sectors","themeId":"d0103ee4ff117d0621721ccf503f9c3c","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"002926":1.5,"ARTY":1.5,"AIPO":1.5,"CHAT":1.5,"AGIX":1.5},"content_text":"智通财经APP获悉，华西证券发布研报称，当前时点，外部地缘政治风险仍在持续，市场风险偏好可能影响短期市场波动，AI仍是近段时间重点投资主线，关注供需失衡推动的国产算力和算力租赁&业绩确定性强的光模块和光纤光缆板块。华西证券主要观点如下：tokens消耗量上升推动AI算力持续涨价，关注国产算力与算力租赁云服务市场重大价格调整，供需失衡推动成本传导算力涨价，包括阿里云、腾讯云、百度智能云等陆续调价。该行认为，三大云厂商集体涨价，体现算力供需失衡，算力消耗急剧扩大。一方面，当前供需失衡局面体现上游芯片和算力租赁行业相关需求景气度向好，相关议价能力提升推动价格上涨，利好国产AI芯片和算力租赁相关厂商，相关受益标的包括寒武纪、海光信息、润泽科技、奥飞数据、东阳光、神州数码、软通动力等；另一方面，AI服务成本上升将传导至下游应用开发，可能加速下游行业整合，加速对于算力使用效率的提升。一季报验证临近，关注业绩确定性高的光模块、光纤光缆伴随算力需求井喷，GPU间数据互联速率不断提升，AI算力上游光模块、存储、光纤等方向陆续演绎供需格局牵引的量价双升逻辑。本周相关板块情绪火热，包括中际旭创、新易盛、长飞光纤、亨通光电等相关企业股价创新高。该行认为，当前时点处于一季报发布期间，相关板块，在当前市场震荡过程中，相关板块业绩确定性强，仍处于业绩兑现期内，仍具备配置价值。相关企业包括中际旭创、新易盛、天孚通信、长飞光纤、亨通光电等。风险提示地缘政治冲突不确定性影响；技术路线竞争；AI算力涨价可持续性不及预期；相关技术及应用进展不及预期；相关政策推进不及预期；系统性风险。","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,"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 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":"4.42.0","shortVersion":"4.42.0","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/2627100928","isCrawlerRequest":true}

华西证券：当前AI仍是重点投资主线 持续关注AI两大逻辑及相关板块

精彩评论

华西证券：当前AI仍是重点投资主线持续关注AI两大逻辑及相关板块