金吾财讯 | 第一上海发研报指，近期，阿里巴巴(09988)正式发布新一代Qwen-3系列大模型，在性能和推理效率上均进行了优化，满足从边缘端到服务器端不同场景下的推理需求。DeepSeek发布DeepSeek-Prover-V2-671B模型，专注于形式化数学推理应用。小米开源其首个为推理而生的大模型Xiaomi MiMo，在数学推理和代码竞赛上取得优秀表现。此外，业界预期DeepSeek R2有望在5月亮相，预计仍将采用MoE模式，但是训练参数量将达到1.2万亿，相比R1有接近翻倍的提升。据传该大模型将由全国产算力训练完成，不依赖英伟达芯片。该行认为，在年初DeepSeek掀起推理应用浪潮下，国产大模型在应用端的能力持续提升，AI应用有望广泛落地，推理算力需求持续强化。同时，在美国限制H20出口的情况下，国产算力成为进口替代的不二之选。该行继续看好国产算力的替代机会。建议关注后续互联网大厂，以及金融、电信等行业的招标情况。
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