金吾财讯 | 中信证券认为，底层基础设施的通用性就是为了前瞻性地应对未来的模型发展。当前AI产业发展迅速，Scaling law在后训练、在线推理等阶段快速发展。训练端，模型架构持续创新迭代，有望进一步强化训练侧scaling law的延续，如阿里巴巴Qwen团队与浙江大学团队提出的Parallel Scaling、腾讯混元团队采用Transformer、Mamba混合架构训练的TurboS都取得了优秀的性能表现。推理端，在MoE专家网络架构成为主流后，如何通过硬件部署实现更高的吞吐量和更低的延时成为焦点。该机构认为，采用类似推理集群的形式未来有望成为主流，计算节点有望通过提升计算密度满足推理需求。系统级算力料将成为下一代AI算力基础设施。
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