民生證券：海外AI逐步閉環繼續看好AI基建帶來高增長

智通財經

2025/09/24

智通財經APP獲悉，民生證券發布研報稱，近日，根據智東西報道，英偉達與OpenAI宣佈雙方達成一項戰略合作伙伴關係，OpenAI將部署至少10GW的英偉達系統。最新的10GW數據中心建設項目投資規模大約為5000-6000億美元—與此前公布的星際之門Stargate(投資約5000億美元)項目規模基本一致，而英偉達在其中能收穫大約3500億美元收入。當前AI基建海外關注點已從雲廠商開支側向AIDC...

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15:25","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2569866776","market":"us","top_or_hot":-1,"title":"民生證券：海外AI逐步閉環 繼續看好AI基建帶來高增長","media":"智通財經","content":"<div>\n<p>智通財經APP獲悉，民生證券發布研報稱，近日，根據智東西報道，英偉達與OpenAI宣佈雙方達成一項戰略合作伙伴關係，OpenAI將部署至少10GW的英偉達系統。最新的10GW數據中心建設項目投資規模大約為5000-6000億美元—與此前公布的星際之門Stargate(投資約5000億美元)項目規模基本一致，而英偉達在其中能收穫大約3500億美元收入。當前AI基建海外關注點已從雲廠商開支側向AIDC...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250924154119a44080c7&s=b\">網頁鏈接</a>\n\n</div>\n","source":"tencent","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>民生證券：海外AI逐步閉環 繼續看好AI基建帶來高增長</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250924154119a44080c7&s=b\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250924154119a44080c7&s=b\">智通財經</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SNVD.UK","symbol_name":"LS -1X NVIDIA","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250924154119a44080c7&s=b","article_id":"2569866776","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250924154119a44080c7&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, 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Rubin平台的GW級別數據中心。「賣鏟子的人」向「遞鏟子的人」角色轉變根據英偉達此前披露，建設1GW算力的成本大約為500-600億美元，而英偉達的芯片與系統佔其中約350億美元。民生證券認為，最新的10GW數據中心建設項目投資規模大約為5000-6000億美元—與此前公布的星際之門Stargate(投資約5000億美元)項目規模基本一致，而英偉達在其中能收穫大約3500億美元收入。10吉瓦算力相當於400-500萬塊GPU，與英偉達今年預計的出貨量一致，並且是英偉達去年出貨量的兩倍。而OpenAI的Sam Altman認為，建設這套基礎設施對OpenAI的所有目標都至關重要。沒有它，OpenAI無法向用户交付他們想要的服務，也無法持續打造更好的模型。這些基礎設施就是推動OpenAI改進模型、增加營收的「燃料」。AI的下半場，已經從模型的比拼，進入到基礎設施的全面擴張為什麼是投資1000億美元?為什麼又選擇了OpenAI?根據科技最前線統計，過去一年，ChatGPT每周有7億人使用，已經是全球最受歡迎的AI產品。但這只是開始。Altman反覆強調，OpenAI的使命不是做一款應用，而是要推動「超級智能」的到來。而要實現這一點，最大的瓶頸就是算力。在OpenAI快速增長的背後，是與甲骨文簽訂3000億美元的五年合同；從雲服務商租用備用服務器，未來五年1000億美元；再疊加英偉達1000億美元投資。民生證券認為，這背後也反映了一個「冰冷的事實」：誰先訓練出超級智能，誰就有機會定義下一個科技時代。2026年，OpenAI的首個1吉瓦數據中心即將上線。那可能是一個新的里程碑：上游的基礎設施軍備階段性完成，下游的應用大規模佈局正式開始。投資建議民生證券認為，當前AI基建海外關注點已從雲廠商開支側向AIDC雲計算中心側擴散，具備GPU卡先發優勢廠商如Oracle(ORCL.US)、Coreweave(CRWV.US)、Nebius(NBIS.US)、AppliedGigital(APLD.US)、Iris Energy(IREN.US)等。回顧國內，當下AI敍事邏輯仍不變，重點聚焦AI基建側，建議關注AIDC鏈：潤澤科技(300442.SZ)、奧飛數據(300738.SZ)、潤建股份(002929.SZ)；關注海內外同頻共振光模塊：德科立(688205.SH)、仕佳光子(688313.SH)、中際旭創(300308.SZ)、新易盛(300502.SZ)、天孚通信(300394.SZ)。風險提示AI發展不及預期；大廠資本開支不及預期；行業競爭加劇。","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,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}

民生證券：海外AI逐步閉環 繼續看好AI基建帶來高增長

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民生證券：海外AI逐步閉環繼續看好AI基建帶來高增長