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09-15
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计算机行业周报:特斯拉“万亿薪酬”计划公布多项目标!INFRA预期差再讨论!
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href=\"https://laohu8.com/S/000977\">浪潮信息</a>(AI 服务器核心,芯片适配多元化)、<a href=\"https://laohu8.com/S/688208\">道通科技</a>(新一代智能充电网络,AI+能源里程碑)、<a href=\"https://laohu8.com/S/002920\">德赛西威</a>(AI 无人物流新品牌,开辟第二曲线)、<a href=\"https://laohu8.com/S/600699\">均胜电子</a>(阿里云AI 全面合作,机器人业务重大进展)、<a href=\"https://laohu8.com/S/02438\">出门问问</a>(端侧AI 原生硬件黑马,TicNote 破圈)。</p><p>特斯拉发布“万亿薪酬计划”,结合此前<a href=\"https://laohu8.com/S/600122\">宏图</a>4.0 押注AI 与机器人,Optimus 与Robotaxi 商业化提速。特斯拉宏图4.0 将80%价值锚定Optimus 机器人,战略重心转向AI 与机器人。Robotaxi 从奥斯汀扩张,2025 年底计划覆盖美国半数人口,2026 年量产Cybertruck 专用车型,目标部署数十万辆。Optimus3 原型曝光,手部自由度22 个,采用PEEK 材料减重,集成FSD 技术,2025 年工厂部署5000 台,2026 年推出3 万美元内消费机型,四年目标年量产100 万台,加速从硬件迭代向智能化量产转型。</p><p>AI Infra 预期差1:市场可能尚未充分消化AI Infra 的定义复杂性。1)简单理解为,弥合算力与应用的断层,降低模型“悬浮”风险,承担“桥梁”角色;2)通常类比云时代的PaaS 层,抽象底层硬件复杂性,上层开发者专注业务逻辑创新,但AI Infra 含义更广,复合技术栈不等同agent 调度与交互平台;3)算力管理、模型管理、应用管理三层能力,数据准备、模型训练、模型推理与部署、AI 应用支撑四项流程,预计增长机会层出不穷。</p><p>AI Infra 预期差2:市场可能认为AI Infra 工具链价值有限。1)市场偏好通过算力季度间变化验证AI 产业趋势,或者直接关注有无爆款应用出现,但不同于云时代IaaSPaaS-SaaS 的类线性发展,AI2.0 通过泛化能力提供规模复制能力,AI Infra 层有较大可能呈现和算力、应用层交叉引领趋势。2)大厂不必一切亲历亲为。类似汽车行业Tier1,通过专业分工,大模型企业不必重复造轮子,只需整合AI Infra 供应商资源,就能快速搭建自己模型构架,降低成本。3)海外AI Infra 正在爆发,产品商业化进展顺利。</p><p>4)国内“人工智能+”2027 年新一代智能终端、智能体等应用普及率目标超70%,基本锚定下游AI 应用的高增长,AI Infra 增长具有高确定性。</p><p>重要公司更新:<a href=\"https://laohu8.com/S/300454\">深信服</a>(Q2 单季度扭亏,经营拐点信号)。</p><p>标的1)AIGC:<a href=\"https://laohu8.com/S/688111\">金山办公</a>、<a href=\"https://laohu8.com/S/300378\">鼎捷数智</a>、<a href=\"https://laohu8.com/S/603171\">税友股份</a>、<a href=\"https://laohu8.com/S/688088\">虹软科技</a>、<a href=\"https://laohu8.com/S/688590\">新致软件</a>、<a href=\"https://laohu8.com/S/603108\">润达医疗</a>(医药+计算机)、<a href=\"https://laohu8.com/S/688095\">福昕软件</a>、<a href=\"https://laohu8.com/S/688475\">萤石网络</a>、<a href=\"https://laohu8.com/S/300170\">汉得信息</a>、<a href=\"https://laohu8.com/S/300624\">万兴科技</a>、道通科技。</p><p>标的2)数字经济领军:<a href=\"https://laohu8.com/S/002415\">海康威视</a>、金山办公、<a 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href=\"https://laohu8.com/S/603019\">中科曙光</a>等。</p></article></body></html>","source":"tencent","collect":0,"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>计算机行业周报:特斯拉“万亿薪酬”计划公布多项目标!INFRA预期差再讨论!</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 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class=\"title\">\n计算机行业周报:特斯拉“万亿薪酬”计划公布多项目标!INFRA预期差再讨论!\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-13 16:45 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164511952ab1cb&s=b><strong>上海申银万国证...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>本期投资提示:本周周报要点:1)特斯拉 “万亿薪酬”计划,AI+机器人愿景与落地;2)AI Infra 的预期差探讨;3)重要公司更新:浪潮信息(AI 服务器核心,芯片适配多元化)、道通科技(新一代智能充电网络,AI+能源里程碑)、德赛西威(AI 无人物流新品牌,开辟第二曲线)、均胜电子(阿里云AI 全面合作,机器人业务重大进展)、出门问问(端侧AI 原生硬件黑马,TicNote 破圈)。特斯拉...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250913164511952ab1cb&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","TSYW.SI":"TESLA 3xLongSG261006","LU0082616367.USD":"摩根大通美国科技A(dist)","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) 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原型曝光,手部自由度22 个,采用PEEK 材料减重,集成FSD 技术,2025 年工厂部署5000 台,2026 年推出3 万美元内消费机型,四年目标年量产100 万台,加速从硬件迭代向智能化量产转型。AI Infra 预期差1:市场可能尚未充分消化AI Infra 的定义复杂性。1)简单理解为,弥合算力与应用的断层,降低模型“悬浮”风险,承担“桥梁”角色;2)通常类比云时代的PaaS 层,抽象底层硬件复杂性,上层开发者专注业务逻辑创新,但AI Infra 含义更广,复合技术栈不等同agent 调度与交互平台;3)算力管理、模型管理、应用管理三层能力,数据准备、模型训练、模型推理与部署、AI 应用支撑四项流程,预计增长机会层出不穷。AI Infra 预期差2:市场可能认为AI Infra 工具链价值有限。1)市场偏好通过算力季度间变化验证AI 产业趋势,或者直接关注有无爆款应用出现,但不同于云时代IaaSPaaS-SaaS 的类线性发展,AI2.0 通过泛化能力提供规模复制能力,AI Infra 层有较大可能呈现和算力、应用层交叉引领趋势。2)大厂不必一切亲历亲为。类似汽车行业Tier1,通过专业分工,大模型企业不必重复造轮子,只需整合AI Infra 供应商资源,就能快速搭建自己模型构架,降低成本。3)海外AI Infra 正在爆发,产品商业化进展顺利。4)国内“人工智能+”2027 年新一代智能终端、智能体等应用普及率目标超70%,基本锚定下游AI 应用的高增长,AI Infra 增长具有高确定性。重要公司更新:深信服(Q2 单季度扭亏,经营拐点信号)。标的1)AIGC:金山办公、鼎捷数智、税友股份、虹软科技、新致软件、润达医疗(医药+计算机)、福昕软件、萤石网络、汉得信息、万兴科技、道通科技。标的2)数字经济领军:海康威视、金山办公、恒生电子、中控技术、德赛西威、启明星辰、科大讯飞、华大九天、同花顺、金蝶国际、大华股份、新大陆。标的3)信创&数据:海光信息、软通动力、达梦数据、索辰科技、博思软件、能科科技、纳思达、太极股份、中国软件国际。标的4)AIGC 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