金吾财讯 | 中信证券表示，近期Anthropic、OpenAI等模型厂商提出放缓前沿能力提升的倡议，引发市场剧烈波动、广泛讨论。该机构分析该事件和两位创始人道德洁癖无关，更多反映其精明的商业算计，以及当下头部模型厂商经营层面困境，监管成本上升更有利于头部模型厂商，蒸馏技术存在，以及模型进展、应用落地之间脱节使得头部模型厂商在市场定位、货币化等层面面临持续压力。中信证券预计后续行业监管有望缓慢完善，头部模型公司将更多聚焦应用落地以平衡财务压力，AI产业重心逐步转向推理、货币化，机构持续看好CSP、平台软件厂商，以及硬件半导体中的结构性机会。
该机构判断，头部大模型公司放缓倡议标志着AI产业的竞争重心由前沿能力竞赛转向应用落地，AI货币化表现将成为市场核心关注指标。建议关注AI收入与积压订单高增的CSP，掌握客户、数据与工作流入口且AI货币化初见成效的应用软件龙头及信息安全厂商，以及硬件半导体中与CSP推理需求和自研芯片绑定的环节，如自研ASIC供应链、数据中心网络与电力设备。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.