智通财经APP获悉，交银国际发布研报称，本轮生成式人工智能所带来的技术进步浪潮范围大，影响深远且牵涉产业链环节较多。该行认为，AI基础建设至少在2026年或持续强劲增长。该行认为美股芯片设计和晶圆代工企业，包括英伟达(NVDA.US)，博通(AVGO.US)和台积电(TSM.US)或持续受惠于人工智能基础设施建设。同时看好国产人工智能及国产替代产业链机会，包括北方华创(002371.SZ)，豪威集团(603501.SH)，中微公司(688012.SH)和华虹半导体(01347)。
该行预计，主要云厂商资本开支于2026年或持续增长30%以上。同时发现主要云厂商云业务收入在今年第二季之后加速，达到近年来高点。虽其开支相对于经营性现金流的占比处相对高位，但认为整体过度投资的风险可控。另外，该行指，继续看好国产替代在关键产业链的投资机会，并认为“十五五”期间的政策支持或使国产替代进程加速。同时看到内地云服务商资本开支2025年或年增49%，并认为或在2026-2027年保持高位。
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