жёҜиӮЎиҝҺжқҘдј°еҖјдҝ®еӨҚзӘ—еҸЈ е…¬еӢҹиө„йҮ‘еҠ еӨ§еёғеұҖеҠӣеәҰ
2026-07-13 · 东方资本
гҖҖгҖҖиҜҒеҲёж—¶жҠҘи®°иҖ… е®үд»Іж–Ү гҖҖгҖҖз»ҸеҺҶиҝ‘6дёӘжңҲзҡ„жҢҒз»ӯи°ғж•ҙеҗҺпјҢжёҜиӮЎеёӮеңәж•ҙдҪ“дј°еҖјжҢҒз»ӯеӣһиҗҪпјҢеңЁжӯӨиғҢжҷҜдёӢпјҢе…¬еӢҹејҖе§ӢеҠ еӨ§еҜ№жёҜи
гҖҖгҖҖиҜҒеҲёж—¶жҠҘи®°иҖ… е®үд»Іж–Ү
гҖҖгҖҖз»ҸеҺҶиҝ‘6дёӘжңҲзҡ„жҢҒз»ӯи°ғж•ҙеҗҺпјҢжёҜиӮЎеёӮеңәж•ҙдҪ“дј°еҖјжҢҒз»ӯеӣһиҗҪпјҢеңЁжӯӨиғҢжҷҜдёӢпјҢе…¬еӢҹејҖе§ӢеҠ еӨ§еҜ№жёҜиӮЎеёӮеңәзҡ„еёғеұҖеҠӣеәҰпјҢдёҚе°‘еҹәйҮ‘ејҖе§Ӣе№ҝжіӣеёғеұҖд»ҺжёҜиӮЎз§‘жҠҖгҖҒдә’иҒ”зҪ‘еҲ°ж¶Ҳиҙ№зҡ„еҗ„зұ»иө„дә§гҖӮ
гҖҖгҖҖ7жңҲ8ж—ҘпјҢжёҜиӮЎеёӮеңәиҝҺжқҘеӨ§е№…еҸҚеј№пјҢжҒ’з”ҹжҢҮж•°еҚ•ж—ҘдёҠж¶Ё2.99%пјҢжҒ’з”ҹ科жҠҖжҢҮж•°ж¶Ёе№…й«ҳиҫҫ4.97%гҖӮжӯӨеүҚпјҢеӣ AIжҠҖжңҜжӣҝд»ЈеҸҷдәӢзҡ„SaaSгҖҒ移еҠЁдә’иҒ”зҪ‘гҖҒиҪҜ件дјҒдёҡжҲҗдёәйўҶж¶ЁеҠӣйҮҸпјҢеӨҡеҸӘе…¬еӢҹеҹәйҮ‘йҮҚд»“иӮЎж¶Ёе№…дә®зңјгҖӮ
гҖҖгҖҖе…¶дёӯпјҢдёӯ欧з”өеӯҗдҝЎжҒҜдә§дёҡеҹәйҮ‘йҮҚд»“зҡ„йҮ‘иқ¶еӣҪйҷ…еҪ“ж—ҘеӨ§ж¶Ё14.98%пјӣе№ҝеҸ‘дҝЎжҒҜдә§дёҡеҹәйҮ‘жҢҒд»“зҡ„зҫҺеӣҫе…¬еҸёдёҠж¶ЁзәҰ8%пјӣеҜҢеӣҪж°‘иЈ•жІӘжёҜж·ұеҹәйҮ‘йҮҚд»“зҡ„зҪ‘жҳ“дә‘йҹід№җж¶Ё8.34%пјӣй•ҝзӣӣз ”еҸ‘еӣһжҠҘеҹәйҮ‘йҮҚд»“зҡ„жҳҺжәҗдә‘ж¶Ёиҝ‘9%гҖӮйҷӨжӯӨд№ӢеӨ–пјҢйҳҝйҮҢе·ҙе·ҙгҖҒе•ҶжұӨгҖҒеҝ«жүӢгҖҒе°ҸзұійӣҶеӣўгҖҒжұҮйҮҸ科жҠҖзӯүдёҖдј—еҹәйҮ‘жүҖжҢҒиӮЎзҘЁпјҢеҪ“ж—Ҙж¶Ёе№…еқҮи¶…иҝҮ6%пјҢжёҜиӮЎиө„дә§йӣҶдҪ“еӣһжҡ–гҖӮ
гҖҖгҖҖжёҜиӮЎзҡ„еӨҚиӢҸиҝ№иұЎд№ҹ并дёҚд»…жҳҜ科зҪ‘иӮЎиөӣйҒ“пјҢеҜ№жҜ”AиӮЎеёӮеңәеҒҸеҘҪ科жҠҖжҲҗй•ҝйЈҺж јпјҢеёғеұҖжёҜиӮЎзҡ„е…¬еӢҹеҹәйҮ‘жӣҙеҠ зңӢйҮҚжҢҒз»ӯзЁіе®ҡзҡ„зҺ°йҮ‘жөҒпјҢд№ҹи®©жёҜиӮЎж¶Ҳиҙ№еңЁи°ғж•ҙеҗҺзҡ„еј№жҖ§е№¶дёҚејұдәҺ科жҠҖиө„дә§гҖӮжӯӨеүҚпјҢеҸ—AиӮЎз§‘жҠҖиЎҢжғ…иҷ№еҗёж•Ҳеә”зҡ„еҪұе“ҚпјҢжёҜиӮЎдјҳиҙЁж¶Ҳиҙ№иӮЎиӮЎд»·жҢҒз»ӯдёӢжҺўпјҢеӨҡ家公еӢҹеҹәйҮ‘иҝ‘жңҹејҖе§ӢйҖҶеҗ‘еёғеұҖпјҢеңЁиҝ‘жңҹеёӮеңәеҸҚеј№д№ӢеүҚдҫҝйҖҡиҝҮеҚ—еҗ‘иө„йҮ‘е…ҘеңәпјҢдё»еҠЁеёғеұҖж¶Ҳиҙ№иөӣйҒ“йҫҷеӨҙгҖӮ
гҖҖгҖҖиҜҒеҲёж—¶жҠҘи®°иҖ…жіЁж„ҸеҲ°пјҢеҚҺеӨҸеҹәйҮ‘е°ұеңЁиҝ‘жңҹеҚ—дёӢжёҜиӮЎдёҫзүҢж¶Ҳиҙ№иӮЎгҖӮжёҜдәӨжүҖжҠ«йңІзҡ„жқғзӣҠеҸҳеҠЁж•°жҚ®жҳҫзӨәпјҢеҚҺеӨҸеҹәйҮ‘е…¬еҸёзһ„еҮҶеҘ¶зІүгҖҒдҝқеҒҘе“ҒеҲҡйңҖиөӣйҒ“пјҢдәҺ6жңҲ15ж—Ҙд»Ҙ11.322жёҜе…ғзҡ„еқҮд»·еўһжҢҒH&HеӣҪйҷ…жҺ§иӮЎпјҲеҒҘеҗҲйӣҶеӣўпјүгҖӮH&HеӣҪйҷ…жҺ§иӮЎдё»иҗҘй«ҳз«Ҝе©ҙе№је„ҝеҘ¶зІүдёҺиҗҘе…»дҝқеҒҘе“ҒпјҢжҳҜиҜҘиөӣйҒ“д»Ҫйўқиҫғй«ҳзҡ„еӨҙйғЁе“ҒзүҢпјҢеҗҢж—¶д№ҹеңЁеҮәжө·еёғеұҖеӣҪйҷ…еҢ–дёҡеҠЎдёҠеҸ–еҫ—дә®зңјзӘҒз ҙгҖӮжң¬ж¬ЎеўһжҢҒе®ҢжҲҗеҗҺпјҢеҚҺеӨҸеҹәйҮ‘еҗҲи®ЎжҢҒжңү3243.368дёҮиӮЎпјҢжҢҒиӮЎжҜ”дҫӢз”ұ4.95%жҸҗеҚҮиҮі5.02%пјҢи§ҰеҸҠжёҜиӮЎдёҫзүҢж ҮеҮҶгҖӮ
гҖҖгҖҖеҖјеҫ—жіЁж„Ҹзҡ„жҳҜпјҢ6жңҲ15ж—Ҙе®ҢжҲҗдёҫзүҢеҗҺпјҢд»Һ6жңҲ16ж—ҘеҲ°6жңҲ30ж—ҘпјҢH&HеӣҪйҷ…жҺ§иӮЎзҡ„иӮЎд»·еӣһиҗҪиҮі10.10жёҜе…ғпјҢд»Ҙ11.322жёҜе…ғзҡ„е№іеқҮжҢҒд»“жҲҗжң¬и®Ўз®—пјҢиҝҷ笔йҖҶеҗ‘еёғеұҖдёӨе‘ЁеҶ…иҙҰйқўжө®дәҸиҝ‘10%гҖӮдёҚиҝҮпјҢеёӮеңәжғ…з»Әд№ҹеҫҲеҝ«еҸҚиҪ¬пјҢ7жңҲ2ж—Ҙиө·пјҢH&HеӣҪйҷ…жҺ§иӮЎејҖеҗҜзҢӣзғҲеҸҚеј№пјҢжҲӘиҮі7жңҲ8ж—Ҙ收зӣҳпјҢиӮЎд»·жҠҘ14.66жёҜе…ғгҖӮзҹӯзҹӯдёүе‘Ёж—¶й—ҙпјҢеҚҺеӨҸеҹәйҮ‘зҡ„дёҫзүҢж“ҚдҪңд»Һжө®дәҸ10%иҪ¬дёәжө®зӣҲ35%пјҢиҝҷд№ҹж·ұеҲ»дҪ“зҺ°еӨҙйғЁе…¬еӢҹй•ҝжңҹеқҡжҢҒвҖңи·ҢеҮәжқҘзҡ„жңәдјҡвҖқиҝҷдёҖйҖҶеҗ‘жҠ•иө„жҖқи·ҜгҖӮ
гҖҖгҖҖеҜ№дәҺжңӘжқҘжёҜиӮЎеёӮеңәзҡ„иө°еҠҝеҲӨж–ӯпјҢеӨҡ家公еӢҹи®ӨдёәпјҢ7жңҲдёӯж—¬жёҜиӮЎе°ҶиҝҺжқҘдёҠеҚҠе№ҙдёҡз»©жҠ«йңІзӘ—еҸЈпјҢиҙўжҠҘе…‘зҺ°жғ…еҶөдјҡжҲҗдёәеҗҺз»ӯиө„йҮ‘йҖүиӮЎзҡ„ж ёеҝғж ҮеҮҶпјҢжң¬иҪ®дј°еҖјдҝ®еӨҚиЎҢжғ…еҸҜиғҪйҡҫд»Ҙиө°еҮәеҚ•иҫ№дёҠж¶Ёиө°еҠҝпјҢиө„йҮ‘дјҡйҖҗжӯҘзӯӣйҖүзӣҲеҲ©е…‘зҺ°иғҪеҠӣејәгҖҒеҹәжң¬йқўжүҺе®һзҡ„дёӘиӮЎгҖӮ
гҖҖгҖҖеҚҺе®үеҹәйҮ‘еҲҶжһҗпјҢеёӮеңәйЈҺж јеҲҮжҚўйҳ¶ж®өпјҢжңәжһ„иө„йҮ‘еӯҳеңЁеўһй…ҚжёҜиӮЎзҡ„йңҖжұӮпјҢжёҜиӮЎйҖҡеӨ®дјҒзәўеҲ©иө„дә§зҡ„й…ҚзҪ®д»·еҖјжҢҒз»ӯеҮёжҳҫгҖӮеҪ“еүҚе®Ҹи§Ӯз»ҸжөҺз»ҙжҢҒжё©е’ҢеӨҚиӢҸжҖҒеҠҝпјҢдјҒдёҡзӣҲеҲ©еә•йғЁйҖҗжӯҘдјҒзЁіпјҢй«ҳиӮЎжҒҜиө„дә§ж—ўиғҪжҸҗдҫӣзЁіе®ҡзҺ°йҮ‘еҲҶзәўж”¶зӣҠпјҢеҸҲиғҪеҲҶдә«йЎәе‘ЁжңҹиЎҢдёҡеӨҚиӢҸзәўеҲ©гҖӮзҺ°йҳ¶ж®өе·ІжңүдёҚе°‘иө„йҮ‘йҖҗжӯҘиҪ¬еҗ‘дҪҺдј°еҖјгҖҒй«ҳиӮЎжҒҜзәўеҲ©ж Үзҡ„пјҢеёӮеңәж•ҙдҪ“жҠ•иө„йЈҺж јиҝҺжқҘйҳ¶ж®өжҖ§еҶҚе№іиЎЎгҖӮ
гҖҖгҖҖвҖңйҡҸзқҖжёҜиӮЎдёҠеҚҠе№ҙдёҡз»©жҠ«йңІзӘ—еҸЈйҖҗжӯҘејҖеҗҜпјҢдёҡз»©йӘҢиҜҒе°Ҷдё»еҜјеёӮеңәиЎҢжғ…пјҢжёҜиӮЎйҖҡеӨ®дјҒзәўеҲ©ж Үзҡ„е…је…·дј°еҖје®үе…Ёеһ«дёҺзӣҲеҲ©зЁіе®ҡжҖ§пјҢжҳҜеҪ“еүҚеўһйҮҸиө„йҮ‘еёғеұҖзҡ„дјҳйҖүж–№еҗ‘гҖӮвҖқеҚҺе®үеҹәйҮ‘и®ӨдёәпјҢеңЁеёӮеңәйңҮиҚЎжіўеҠЁзҡ„зҺҜеўғдёӢпјҢзәўеҲ©иө„дә§дҫқйқ зЁіе®ҡз»ҸиҗҘзҺ°йҮ‘жөҒдёҺжҢҒз»ӯеҲҶзәўпјҢиғҪеӨҹж»Ўи¶іиө„йҮ‘еҜ№жҠ•иө„зЎ®е®ҡжҖ§зҡ„йңҖжұӮпјҢеҜ№еҶІеёӮеңәжіўеҠЁеёҰжқҘзҡ„йЈҺйҷ©гҖӮ
гҖҖгҖҖеҚ—ж–№еҹәйҮ‘д№ҹи®ӨдёәпјҢ7жңҲеҲқжҳҜжёҜиӮЎеёӮеңәзҡ„е…ій”®жӢҗзӮ№пјҢжӯӨеүҚеӣ AиӮЎзЎ¬з§‘жҠҖиЎҢжғ…зғӯеәҰеұ…й«ҳдёҚдёӢпјҢеёӮеңәиө„йҮ‘й«ҳеәҰйӣҶдёӯAиӮЎпјҢжҢҒз»ӯеҲҶжөҒеҺҹжң¬жҠ•еҗ‘жёҜиӮЎзҡ„д»“дҪҚгҖӮеҰӮд»ҠпјҢеҹәдәҺжёҜиӮЎдә’иҒ”зҪ‘жқҝеқ—еҜ№жөҒеҠЁжҖ§еҸҳеҢ–ж•Ҹж„ҹеәҰжһҒй«ҳпјҢеҪ“еүҚеёӮеңәйҖ»иҫ‘иҝҺжқҘеӨҡйҮҚеҲ©еҘҪж”Ҝж’‘пјҡ第дёҖпјҢAиӮЎAI硬件жқҝеқ—еҮәзҺ°йӣҶдёӯеӣһи°ғпјҢй«ҳдҪҚиө„йҮ‘иҺ·еҲ©зҰ»еңәпјҢиҪ¬иҖҢеёғеұҖдј°еҖјеӨ„дәҺеә•йғЁзҡ„жёҜиӮЎиө„дә§пјӣ第дәҢпјҢAIдә§дёҡе•ҶдёҡеҢ–иҗҪең°иҠӮеҘҸжҢҒз»ӯеҠ еҝ«пјҢеӣҪеҶ…еӨҙйғЁдјҒдёҡжҺЁеҮәж–°дёҖд»ЈеӨ§жЁЎеһӢпјҢеӨҙйғЁж”Ҝд»ҳе№іеҸ°дёҠзәҝйқўеҗ‘е•Ҷ家зҡ„AIејҖж”ҫжҺҘеҸЈпјҢзҹӯи§Ҷйў‘е№іеҸ°AIеӯҗе…¬еҸёе®ҢжҲҗйҰ–иҪ®иһҚиө„пјҢдә§дёҡдё»зәҝд»Һ硬件еҲ¶йҖ йҖҗжӯҘеҗ‘еә”з”Ёз«Ҝ延伸пјӣ第дёүпјҢжёҜиӮЎдә’иҒ”зҪ‘е№іеҸ°жүӢжҸЎжө·йҮҸз”ЁжҲ·еңәжҷҜгҖҒж•°жҚ®дёҺе®Ңж•ҙе•Ҷдёҡз”ҹжҖҒпјҢжҳҜAIжҠҖжңҜиҗҪең°еҸҳзҺ°зҡ„ж ёеҝғиҪҪдҪ“пјҢиЎҢдёҡдј°еҖјйҖ»иҫ‘жӯЈд»Һдј з»ҹжөҒйҮҸ规模估еҖјеҲҮжҚўиҮіAIе•ҶдёҡеҢ–д»·еҖјйҮҚдј°гҖӮ
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