中信建投:北美云厂商资本开支继续高增长 关注算力超跌与高股息标的

智通财经
Aug 04
【中信建投:北美云厂商资本开支继续高增长 关注算力超跌与高股息标的】中信建投指出,2026年二季度,北美头部云厂商资本开支继续高增长。2026年四家北美云厂商资本开支指引合计约为7200亿—7450亿美元,反映北美云厂商仍在围绕AI基础设施持续扩张。目前来看,AI算力产业链的景气度依旧,但市场近期出现明显调整,中信建投认为存在超跌情况。未来建议持续关注:一是大模型ARR,尤其是Coding场景ARR的增长情况,毕竟北美大模型近期在降价促销,如果ARR增长短期遇到瓶颈,可能影响市场对于未来算力需求的预期;二是Coding之外,大模型在其它应用场景的落地及发展情况;三是算力通胀链未来一段时间的价格走势;四是AI产业链各环节的融资情况及市场风偏。此外,鉴于二季度AI产业链持仓较重,市场近期调整,出现高低切迹象,建议关注低估值、高股息标的。

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