银河证券：未来具备生态协同能力的AI应用将逐渐成为主流_老虎社区_美港股上老虎

银河证券：未来具备生态协同能力的AI应用将逐渐成为主流

第一财经12-05 08:05

银河证券指出，无论阿里千问App还是AI助手灵光快速增长关键并不在于砸钱投流，而是产品本身精准定位以及对于用户的吸引力，千问APP的核心竞争壁垒在于阿里提供的以电商+云计算+物流+本地生活+数字文娱+产业互联网为核心的生态协同能力，AI应用将更加强调生态协同优势，未来具备生态协同能力的AI应用将逐渐成为主流。全文如下【银河计算机】人工智能月报丨谷歌推出Gemini 3 Pro，国产AI生态加速突围...

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Pro，国产AI生态加速突围核心观点11月板块横盘震荡整理，建议逢低布局具备基本面支撑龙头标的。人工智能板块指数（884201.WI）11月涨跌幅为-1.7%，同期上证综指涨跌幅-1.67%、沪深300涨跌幅-2.46%、创业板指涨跌幅-4.23%，11月人工智能板块成交额为15583.6亿元，同比-22.17%，环比-3.63%。我们认为，11月人工智能板块维持震荡走势，小幅下跌，成交量持续萎缩，我们认为主要受到美股科技股下跌传导及市场整体环境两大因素影响：英伟达公布三季度财报超预期，但股价却表现低迷，源自市场对于AI泡沫以及谷歌TPU冲击的担忧；此外伴随上市公司三季报披露完毕，进入业绩以及政策空窗期，板块缺少催化，部分个股出现短期题材交易机会，但并不可持续。当前节点我们仍然建议关注人工智能板块中有业绩支撑细分领域及龙头公司，并建议逢低布局。谷歌大模型持续升级迭代，构筑AI全产业链生态壁垒。美国当地时间11月18日，谷歌正式推出Gemini 3系列模型，并同步上线Gemini 3 Pro预览版，Gemini 3 Pro采用稀疏混合专家架构，支持高达100万token的上下文窗口，并能输出64K token文本内容。该模型在多模态处理、数学推理和长文本理解等关键领域实现显著突破，根据官方披露的对比测试数据，Gemini 3 Pro在多项基准测试中大幅超越Gemini 2.5 Pro、GPT-5.1和Claude Sonnet 4.5等现有旗舰模型。随后谷歌又推出基于最新Gemini 3 Pro打造的Nano Banana Pro模型，号称最强图像生成模型，支持生成最高4K分辨率的图像，可在多语言环境下精确渲染文本，并允许用户像使用专业相机一样控制拍摄角度、景深、色彩和光照等参数。此外谷歌未来有可能与Meta进行合作，Meta或将计划2027年斥资数十亿采购谷歌TPU第七代产品Ironwood芯片，并通过深度整合自研TPU芯片与OCS技术，突破了传统数据中心的能效与扩展瓶颈，为下一代算力网络确立了新的标准。我们认为，海外大厂谷歌在AI方面全栈布局抢占稀缺资源展现对人工智能产业趋势长期看好，谷歌正构建从芯片到模型再到应用的商业化闭环，并已初现成效，将构建起行业护城河。阿里千问APP成为增长最快AI应用，国产AI生态协同能力展现优势。11月17日，阿里正式宣布千问APP上线，阿里旗下通义APP正式更名为千问APP，基于开源模型Qwen 3，公测版上线一周，下载量已突破1000万次，超宇ChatGPT、Sora、DeepSeek成为史上增长最快AI应用。11月18日，蚂蚁集团发布全模态通用AI助手“灵光”，在移动设备上实现“自然语言30秒生成小应用”，并且可编辑可交互可分享，这也是业内首个全代码生成多模态内容的AI助手，可支持3D、音视频、图表、动画、地图等全模态信息输出，最新数据显示，上线六天灵光的下载量已突破200万，稳居App Store中国区免费榜第六，免费工具榜第一的位置。我们认为，无论阿里千问App还是AI助手灵光快速增长关键并不在于砸钱投流，而是产品本身精准定位以及对于用户的吸引力，千问APP的核心竞争壁垒在于阿里提供的以电商+云计算+物流+本地生活+数字文娱+产业互联网为核心的生态协同能力，AI应用将更加强调生态协同优势，未来具备生态协同能力的AI应用将逐渐成为主流。投资建议关注以下细分赛道及公司：1、国产算力产业链；2、IDC 服务商与算力租赁；3、国产信创厂商；4、AI Agent 及应用；5、云计算厂商；6、一体机及端侧 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