从海外 AI 产业看国内 AI 投资 20261012 英伟达业绩高增与算力租赁价格波动，AI 智能体开启商业化新阶段 摘要 英伟达数据中心收入达 752 亿美元（YoY+117%），增速超整体水平， 预计 2028 财年总销售额同比增长 70%。 OpenAI 与 Anthropic 年度经常性收入均达 600 亿美元，模型迭代至 6.0/4.5 版本，近期均有海外上市需求。 B200 算力租赁价格呈螺旋上升，2026 年 8 月回升至 5.66 美元； CoreWeave 等租赁商订单与 EBITDA 表现积极。 大模型转向决策型（如 JF 模型）与智能体（Agent）方向，Meta 与蚂 蚁集团分别布局 Llama 与灵光个人智能体。 AI 服务器与通用服务器双增长，英特尔与 AMD 数据中心 CPU 业务增速 较快，海外硬件市场整体态势良好。 AI 安全与对齐成为核心议题，需通过技术手段防止 Agent 为达成目标采 取攻击网站或利用漏洞等违规路径。 Q&A 科技巨头在 AI 领域的资本开支指引及其最新变化情况如何？ 各大科技巨头的资本开支指引已基本确定，并且部分公司有所上调。具体来看， 微软 202 ...

15 October 2026 | 12:12AM HKT Equity Research Foxconn Industrial Internet (601138.SS): AI servers in expansion; Read across from Hon Hai's monthly revenues trend; Buy We are positive on FII and expect 3Q26E revenues to increase by 23% QoQ, driven by strong AI infrastructure upcycle, FII's leading market position in AI servers, ramp up of the next generation AI server racks and CPO switch, strong general servers demand on Agentic AI and the company's expansion in CSP clients, and high-speed switch. The paren ...

October 18, 2026 11:00 PM GMT Lenovo | Asia Pacific 2QF27 Preview – Upside Driven by ISG | What's Changed | | | | --- | --- | --- | | Lenovo (0992.HK) | From | To | | Price Target | HK$46.00 | HK$49.00 | IDC reported weaker PC units, largely offset by higher ASPs. Strong general server and AI server demand for cloud and Neoclouds should drive a stronger ISG top-line, which we think the market underestimates. Reiterate OW, raise PT to HK$49. Key Takeaways We upgraded Lenovo to OW on July 9, and we think risk ...