【券商聚焦】中信建投：AI应用板块模型迭代、商业化仍处于快车道

金吾财讯

Jun 10

金吾财讯 | 中信建投证券研究指，本周美股软件股及A股港股大模型、AI应用标的均有所回调，但从产业变化看，模型迭代、商业化仍处于快车道，关注回调后的机会。1)模型预计将进入新一轮密集迭代期。本周MiniMax M3、Qwen3.7-Plus发布，Mythos内测范围从早期的50家扩展至约150家，此次内测扩大会提前对网络基础设施的重大安全漏洞进行扫描和修复，后续：Mythos预计开放范围进一步扩大；MiniMax M3大参数版本、Kimi K3以及海螺3有望Q3发布；字节火山引擎FORC原动力大会定档6月23日，预计也将发布新模型。2)商业化：模型收入快速增长，融资密集推进、多家模型厂商与上游算力产业链公司绑定。①虽然目前应用B端落地确定性高，但多家模型公司/大厂同时发力B、C端变现。字节火山引擎MaaS业务2026年收入目标上修至150亿元，其中Seedance单月收入超10亿元，豆包付费服务预计6月下旬上线；OpenAI Codex的周活跃用户5月底突破500万，3月不到300万；Meta推出B端Agent；千问向第三方Skill和Agent开放。②Infra投入继续加大，融资/IPO密集推进，为后续增长储备。本周谷歌宣布计划融资800亿美金，继续投资AI基础设施；SpaceX上市在即，达成与谷歌的新算力采购协议。③AI产业的新市场也在出现：“模型-应用”中间层的独角兽估值在快速提升。

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