<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">以ä¸æ¯æåè¯å¸çç¥ä¸é¢æ¥åãä»æµ·å¤çå½å ï¼åºäºäº§ä¸é¾è§è§çAIä¼°å¼ä½ç³»åé»è¾ãçæ ¸å¿å 容æ»ç»ï¼ææ¥åç»æåå±æç¼å ³é®ç¹ï¼</span></span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="1ubcLiAfWC" data-dir-key="1ubcLiAfWC"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸ãAI浪潮ä¸é¶æ®µæ¼è¿é»è¾</span></span></strong></span></span></h3><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¼°å¼é©±å¨æï¼2022Q4-2023Q2ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç¹å¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ææ¯çªç ´âèµæ¬æ¶å ¥âä¼°å¼éä¼°ï¼ä¾èµåäºä¸ç¨ç¼ºæ§èµåâä¼°å¼çé±ï¼Betaï¼âã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ³é®äºä»¶</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ChatGPTå¼çç¨æ·å¢é¿ï¼2个æç ´äº¿ï¼ï¼OpenAIèèµä¼°å¼è¾¾290亿ç¾å ï¼å¾®è½¯è¿½å æèµæ¨å¨âè½åâç°éæµâé»è¾å½¢æ</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¼°å¼éç¹</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ç¨æ·å¢é¿ãèèµäºä»¶ã巨头ç»å®ï¼å¦å¾®è½¯+OpenAIï¼ï¼å¸åºä¸ºâæ½å¨é«é»æ§ç°éæµâæåå®ä»·ã</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">产åéªè¯æï¼2023Q3-2024Q2ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç¹å¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ææ¯è¿ä»£âåä¸åKPIéªè¯ï¼ä¾é ç¨æ·è½¬åçä¸åä¸æ¨¡å¼èµåâæé¿çé±âã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ææ¯ç¦ç¹</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">模å家æåï¼å¦Google Geminiç³»ååå±å®ä»·ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å¤æ¨¡æ/é¿ä¸ä¸æè½åæå±</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ¨çææ¬ä¼åï¼$/1k tokenï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ³é®ææ </span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼APIè°ç¨éãä¼ä¸ååè§æ¨¡ãä»è´¹è½¬åçï¼å¦ChatGPT Plus订é ï¼ã</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çå©å ç°é¶æ®µï¼2024Q3è³ä»ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç¹å¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ä»ç§é±è®ç»è½¬åçå©å ç°ï¼èªç±ç°éæµä¸æ¯å©çæ¹å驱å¨PEéä¼°ã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿çç¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¶å ¥ç«¯</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼åå±å®ä»·ï¼é«ç«¯æ¨¡å溢价 vs. è½»éç份é¢æ¢å ï¼ã订é /ä¼ä¸åååç°ã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ææ¬ç«¯</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è®ç»ä¸æ¨çææ¬é«ä¼ï¼ç®åå 60%+ï¼ï¼ä¸ç¾ååçç¥ååï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç¾å½ï¼OpenAI/Googleï¼ï¼é«æ¯å©SaaS模å¼ï¼è¾åºtokenå®ä»·æ¯è¾å ¥é«30%-80%ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸å½ï¼ç¾åº¦/é¿éï¼ï¼ä½ä»·æ¢è§æ¨¡ï¼ä¾èµå½äº§ç®åéæ¬ã </span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="HYA0Bfuc4e" data-dir-key="HYA0Bfuc4e"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">äºãAI产ä¸é¾ä¼°å¼é»è¾ä¸åä¸åè·¯å¾</span></span></strong></span></span></h3><h4 data-slate-node="element" data-block-id="XnvJDTt93m" data-dir-key="XnvJDTt93m"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">1. ä¸æ¸¸ï¼ç®ååºç¡è®¾æ½ï¼âåé²äººâï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿æ ç</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è¯çï¼NVIDIA H100/AMD MI300ï¼ãåå¨ï¼HBMï¼ãå äºèï¼Broadcomï¼ã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¼°å¼é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ææ¯å£åï¼è½æFLOPS/Wï¼ã产è½ä¾ç»ï¼é¿æååï¼ãå½äº§æ¿ä»£è¿å±ï¼ä¸å½å¯æ¦çºª/æµ·å ä¿¡æ¯ï¼ã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ç¾è¡é¾å¤´PEæ®é50-100åï¼å¦NVIDIA PE 51xï¼ï¼ä¸å½ååä¾èµæ¿ç补贴ä¸ç®å缺å£é¢æã</span></span></span></span></li></ul><h4 data-slate-node="element" data-block-id="jNpi4w2Cng" data-dir-key="jNpi4w2Cng"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2. ä¸æ¸¸ï¼äº/æ°æ®ä¸å¿ï¼âå水人âï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿æ ç</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å¾®è½¯AzureãGoogle Cloudãé¿éäºãå为äºã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¼°å¼é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¿æååéå®è½å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å¦Oracleé«å¯åº¦GPUé群ååï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åä½ç»æµä¼å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼çµå/å·å´ææ¬æ§å¶ãæ°æ®ä¸å¿å©ç¨çï¼ç¨¼å¨çï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¼°å¼æ´æ¥è¿âåºç¡è®¾æ½+æå¡âå¤åä½ï¼å¦Equinix PB 7xï¼ã </span></span></span></span></li></ul><h4 data-slate-node="element" data-block-id="nvXLnsr8z7" data-dir-key="nvXLnsr8z7"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3. ä¸æ¸¸ï¼AIåºç¨ï¼â订é +广åâï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åä¸åè·¯å¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">订é å¶</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ChatGPT PlusãGemini Advancedï¼</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">APIæé计费</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è¾å ¥/è¾åºtokenåå±å®ä»·ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">广åå¢æ¶</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼Googleæ索广åAIä¼åï¼</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¼°å¼éç¹</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç¨æ·è§æ¨¡ÃARPUÃå¢é¿ç</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å¦OpenAI 120亿ç¾å é¢ææ¶å ¥æ¯æ1570亿估å¼ï¼ã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ææ¯è¿ä»£æº¢ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼Geminiæ¯ä»£äº§ååå¸æå¨è°·æå¸å¼å¢é¿500-900亿ç¾å ã </span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="U-Iz4YHcht" data-dir-key="U-Iz4YHcht"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸ãä¸ç¾AI产ä¸å¯¹æ¯ä¸ä¸å½è·¯å¾</span></span></strong></span></span></h3><h4 data-slate-node="element" data-block-id="PqhHoFhsIW" data-dir-key="PqhHoFhsIW"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸å½AI产ä¸ç¹ç¹</span></span></strong></span></span></h4><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åå±ææ¾ä½åå±ä¸åè¡¡</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸æ¸¸ç®åå½äº§æ¿ä»£å éï¼å为æè ¾910Bè¯çï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸æ¸¸äºåååæ¥æ¤åæ²³ï¼é¿éäºãè ¾è®¯äºèµæ¬å¼æ¯è¶ 300亿å ï¼ã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸æ¸¸åç´åºç¨è§æ¨¡åè½å°ï¼éèãå»çãæè²ï¼ã </span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¼°å¼é»è¾å·®å¼å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸æ¸¸ï¼æ¿ç补贴Ã产è½æ©å¼ Ãä¾ç»ç¼ºå£ï¼å¦ä¸ç§æå PS 7.2xï¼ã </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸æ¸¸ï¼ç¨æ·æ°Ã订é åä»·Ãå¢é¿çï¼ç§å¤§è®¯é£PE 172xï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸æ¸¸ï¼è¡ä¸æ¸éçÃå客价å¼Ãå¯å¤å¶æ§ï¼å¦å»çAIååROE 5%-15%ï¼ã 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data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼è®¢é çï¼éå±±åå ¬WPS AIï¼ãAPIè°ç¨éï¼ç¾åº¦æå¿ï¼ãè¡ä¸ååï¼éèITååæççµåï¼ã</span></span></span></span></li></ol><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ¿çå好æ§</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å½äº§åéè´ï¼æ¿å¡AIï¼ãæ°æ®å®å ¨åè§ï¼æ·±ä¿¡æï¼ã</span></span></span></span></li></ol><ol class="list-paddingleft-1" start="4"><li><span data-marker="4."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è´¢å¡ææ </span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é«ROEï¼>15%ï¼ãèµæ¬å¼æ¯å¢é¿å¹é æ¶å ¥ï¼é¿å 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