申萬宏源:騰訊+DeepSeek接續雲主線重估 把握騰訊鏈、算力鏈等顯著機會
申萬宏源表示,從DeepSeek喚醒推理放量需求,到蘋果與阿里合作,再到騰訊火速接入,隱含的均是雲主線的迴歸。左手是ROI和應用落地的確定性,右手是軍備競賽、強強合作的必要性,國內雲和AI價值重估的邏輯將持續演繹。通信視角,幾大行業核心利好:1)IDC產業鏈,明確的順週期放量邏輯、尚未充分定價;2)電信運營商,不可忽視的“中國特色AI”重要玩家;3)國產算力鏈,景氣分化。
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