摩根士丹利:上调智谱目标价近72% 算力获取和新融资等支持强劲增长

环球市场播报
Aug 10

  摩根士丹利称,不断提高的算力获取能力以及新的融资正支持智谱更强劲的增长,将智谱目标价上调近72%至1700港元。

  分析师Gary Yu等在报告中指出,中国大模型行业正建立起更健康的商业化环境,这与市场普遍认为中国的开放式重量模型将导致产品同质化和价格战的看法不同。

  行业正在以更积极的方式推动商业化进程,从价格竞争转向依靠模型智能实现变现。

  继续对MiniMax持建设性观点,即将发布的M3升级版本以及M3 Pro将成为重要催化剂;不过认为其增长更多将在后期释放,将目标价下调至900港元。

  看好阿里巴巴,因其覆盖全产业链的AI能力、算力方面的优势,以及多年的云增长和完整的利润扩张。

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