【券商聚焦】中国银河证券:全球巨头密集加码AI 产业进入价值兑现期

金吾财讯
Oct 10, 2025

金吾财讯 | 中国银河证券表示,人工智能板块指数(884201.W1)9月涨跌幅12.04%,9月人工智能板块成交额为26655.8亿元,同比+526.74%,环比+5.22%。该机构认为,9月市场以及人工智能板块开启区间震荡行情,伴随9月美联储宣布降息25个基点,基准利率区间由此前的4.25%-4.5%下调至4%-4.25%,美联储如期重启降息对全球市场利好,全球流动性改善有望推动资本流向新兴市场,虽然中国基准利率维持较低水平,但仍有一定宽松空间。此外海外及国内巨头算力军备竞赛进入白热化,算力基础设施等高景气度赛道打开盈利空间,有望迎来戴维斯双击。该机构指,全球 AI基建与算力提速,英伟达、OpenAI、阿里押注算力底座。该机构认为,英伟达、OpenAI、阿里等全球AI巨头同频加速投入算力底座及生态建设,一方面验证了当前市场需求旺盛,AI商业化正在加速落地逐渐形成商业闭环;另一方面也对全球AI基础设施投资注入了信心,未来AI将有望在医疗、教育、科研、产业等更多场景全面落地。另外,摩尔线程IPO成功过会,该机构认为,摩尔线程创下了科创板审核最快记录,体现了政策对于硬科技及国产AI芯片的大力支持,国产GP正加速追赶以缩小与海外领先水平差距,同时该项目也成为A股年内最大规模的半导体IPO项目,成为“国产GPU第一股”,是国产GPU的重要里程碑时刻。

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