金吾财讯 | 中信建投证券表示，大模型产业迈入应用深化期，Agent和商业化驱动新发展。回顾2026年，海外前沿模型持续高频迭代，国产模型依托架构创新和推理效率优化不断提升竞争力，全球Token调用规模快速扩大，Coding Agent率先形成较为清晰的商业模式，企业级模型厂商收入实现高速增长。2027年全球大模型产业有望从模型能力快速突破、Token调用量爆发，逐步迈入Agent规模化应用、商业化效率改善及新场景加速拓展的重要阶段。
算力需求持续强劲，持续看好算力产业链，大模型板块投资机会从模型端进一步向应用端、算力端和生态端扩散；国产GPU公司进一步兑现业绩，未来份额仍有较大提升空间，光互连在整体投资中的占比预计持续提升，2027年800G、1.6T光模块需求维持高增，Scale-up带来的光互连需求成为重要增量，NPO/CPO/XPO等新品迎来规模上量，OCS、DCI、MicroLED加速发展，光纤行业受AI需求拉动价格维持高位，2027年供需仍不平衡，大陆液冷企业进入关键业绩兑现期，金刚石相关应用加速落地。
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