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传媒行业:海外AI年度复盘及财报综述,狂欢将尽还是新周期开启?【附下载】

  • 2026-02-06 17:43:37
传媒行业:海外AI年度复盘及财报综述,狂欢将尽还是新周期开启?【附下载】
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文章摘要

我们复盘了过去一年海外 AI 产业链的发展，并展望 2026 年。总体判断是：AI 产业正从 2024-2025 年的狂热扩张期，逐步转向需求兑现与效率竞争并重的新周期。2025Q3 以来泡沫论集中发酵，多数 AI 相关美股财报后股价回调，市场对利好消息反应相对有限、对利空消息更为敏感。

但我们认为，AI 领域仅存在局部泡沫，而非系统性崩盘。AI 基础设施的实际使用生命周期远超市场担忧，推理需求爆发、Agent 模式普及以及多模态应用落地，将为巨额 CapEx 提供更长回报周期支撑。市场的焦虑点集中在 CapEx 规模、折旧争议、循环订单与债务融资，我们逐一做了分析，并认为主要是阶段性情绪波动，而非基本面实质恶化

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回复暗号：传媒行业深度报告：海外AI年度复盘及财报综述，狂欢将尽还是新周期开启？-260121-东吴证券-96页

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  1. CONNECT:[ UseTime:0.000754s ] mysql:host=127.0.0.1;port=3306;dbname=no_mfffb;charset=utf8mb4
  2. SHOW FULL COLUMNS FROM `fenlei` [ RunTime:0.001302s ]
  3. SELECT * FROM `fenlei` WHERE `fid` = 0 [ RunTime:0.000670s ]
  4. SELECT * FROM `fenlei` WHERE `fid` = 63 [ RunTime:0.000536s ]
  5. SHOW FULL COLUMNS FROM `set` [ RunTime:0.001221s ]
  6. SELECT * FROM `set` [ RunTime:0.000505s ]
  7. SHOW FULL COLUMNS FROM `article` [ RunTime:0.001276s ]
  8. SELECT * FROM `article` WHERE `id` = 468738 LIMIT 1 [ RunTime:0.005470s ]
  9. UPDATE `article` SET `lasttime` = 1771223115 WHERE `id` = 468738 [ RunTime:0.005240s ]
  10. SELECT * FROM `fenlei` WHERE `id` = 64 LIMIT 1 [ RunTime:0.002444s ]
  11. SELECT * FROM `article` WHERE `id` < 468738 ORDER BY `id` DESC LIMIT 1 [ RunTime:0.002946s ]
  12. SELECT * FROM `article` WHERE `id` > 468738 ORDER BY `id` ASC LIMIT 1 [ RunTime:0.012845s ]
  13. SELECT * FROM `article` WHERE `id` < 468738 ORDER BY `id` DESC LIMIT 10 [ RunTime:0.027918s ]
  14. SELECT * FROM `article` WHERE `id` < 468738 ORDER BY `id` DESC LIMIT 10,10 [ RunTime:0.025367s ]
  15. SELECT * FROM `article` WHERE `id` < 468738 ORDER BY `id` DESC LIMIT 20,10 [ RunTime:0.015234s ]
0.250997s