update pay ui
This commit is contained in:
@@ -1,636 +1,326 @@
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<!DOCTYPE html>
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<html lang="zh-CN">
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<html lang="zh-CN" data-theme="night">
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<head>
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<meta charset="utf-8" />
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<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
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<title>小米算力AI互联 - 行业深度分析</title>
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<link href="https://fonts.googleapis.com/css?family=Inter:300,400,500,600,700,800" rel="stylesheet" />
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<!-- Nucleo Icons -->
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<link href="https://demos.creative-tim.com/soft-ui-design-system-pro/assets/css/nucleo-icons.css" rel="stylesheet" />
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<link href="https://demos.creative-tim.com/soft-ui-design-system-pro/assets/css/nucleo-svg.css" rel="stylesheet" />
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<!-- Font Awesome Icons -->
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<script src="https://kit.fontawesome.com/1d2b6c4f81.js" crossorigin="anonymous"></script>
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<!-- CSS Files -->
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<link href="https://demos.creative-tim.com/soft-ui-design-system-pro/assets/css/soft-design-system-pro.css?v=1.2.0" rel="stylesheet" />
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<link href="https://cdn.jsdelivr.net/npm/daisyui@5" rel="stylesheet" type="text/css" />
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<script src="https://cdn.jsdelivr.net/npm/@tailwindcss/browser@4"></script>
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<link href="https://cdn.jsdelivr.net/npm/daisyui@5/themes.css" rel="stylesheet" type="text/css" />
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<script src="https://cdn.jsdelivr.net/npm/@tailwindcss/browser@4"></script>
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<link href="https://cdn.jsdelivr.net/npm/tailwindcss@2.2.19/dist/tailwind.min.css" rel="stylesheet">
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<style>
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@import url('https://fonts.googleapis.com/css2?family=Noto+Sans+SC:wght@300;400;500;700&display=swap');
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body {
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font-family: 'Noto Sans SC', 'Inter', sans-serif;
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background: linear-gradient(135deg, #0f172a 0%, #1e293b 100%);
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color: #e2e8f0;
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min-height: 100vh;
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}
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.gradient-text {
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background: linear-gradient(135deg, #3b82f6 0%, #8b5cf6 100%);
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-webkit-background-clip: text;
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-webkit-text-fill-color: transparent;
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background-clip: text;
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}
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.card-custom {
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background: rgba(30, 41, 59, 0.7);
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backdrop-filter: blur(10px);
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border: 1px solid rgba(148, 163, 184, 0.1);
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transition: all 0.3s ease;
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}
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.card-custom:hover {
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transform: translateY(-5px);
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box-shadow: 0 20px 25px -5px rgba(0, 0, 0, 0.3);
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}
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.timeline-dot {
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width: 16px;
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height: 16px;
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background: #3b82f6;
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border-radius: 50%;
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position: relative;
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}
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.timeline-dot::after {
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content: '';
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position: absolute;
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width: 8px;
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height: 8px;
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background: #fff;
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border-radius: 50%;
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top: 4px;
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left: 4px;
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}
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.timeline-line {
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width: 2px;
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background: linear-gradient(to bottom, #3b82f6, #8b5cf6);
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}
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.table-responsive {
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overflow-x: auto;
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}
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@media (max-width: 768px) {
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.timeline-container {
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padding-left: 20px;
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}
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.timeline-line {
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left: 10px;
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}
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}
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.particle-bg {
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position: fixed;
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top: 0;
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left: 0;
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width: 100%;
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height: 100%;
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z-index: -1;
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}
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</style>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>小米算力AI互联 - 深度行研报告</title>
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<script src="https://cdn.tailwindcss.com"></script>
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<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
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<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.x.x/dist/cdn.min.js"></script>
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<link rel="preconnect" href="https://fonts.googleapis.com">
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<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>
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<link href="https://fonts.googleapis.com/css2?family=Noto+Sans+SC:wght@300;400;500;700&family=Orbitron:wght@400;700&display=swap" rel="stylesheet">
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<style>
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:root {
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--glow-color: rgba(79, 70, 229, 0.4);
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--glow-color-2: rgba(168, 85, 247, 0.3);
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}
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body {
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background-color: #020010;
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font-family: 'Noto Sans SC', sans-serif;
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color: #d1d5db;
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}
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.font-orbitron {
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font-family: 'Orbitron', sans-serif;
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}
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.background-glow {
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position: fixed;
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top: 50%;
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left: 50%;
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width: 800px;
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height: 800px;
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background: radial-gradient(circle, var(--glow-color) 0%, var(--glow-color-2) 40%, transparent 70%);
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transform: translate(-50%, -50%);
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filter: blur(150px);
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opacity: 0.3;
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pointer-events: none;
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z-index: -1;
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}
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.glass-card {
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background: rgba(17, 24, 39, 0.3);
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-webkit-backdrop-filter: blur(20px);
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backdrop-filter: blur(20px);
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border: 1px solid rgba(255, 255, 255, 0.08);
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border-radius: 1.5rem; /* 极致圆角 */
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box-shadow: 0 8px 32px 0 rgba(0, 0, 0, 0.37);
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transition: all 0.3s ease;
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}
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.glass-card:hover {
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transform: translateY(-5px);
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box-shadow: 0 12px 40px 0 rgba(0, 0, 0, 0.5);
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border-color: rgba(255, 255, 255, 0.15);
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}
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.section-title {
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font-family: 'Orbitron', sans-serif;
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font-size: 2rem;
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letter-spacing: 0.1em;
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text-transform: uppercase;
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background: -webkit-linear-gradient(45deg, #a855f7, #6366f1, #38bdf8);
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-webkit-background-clip: text;
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-webkit-text-fill-color: transparent;
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padding-bottom: 0.5rem;
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border-bottom: 1px solid rgba(255, 255, 255, 0.1);
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margin-bottom: 2rem;
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}
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.highlight {
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color: #818cf8;
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font-weight: 500;
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}
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.content-block h4 {
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font-size: 1.125rem;
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font-weight: 600;
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color: #c4b5fd;
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margin-top: 1rem;
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margin-bottom: 0.5rem;
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}
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.content-block p, .content-block li {
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font-size: 0.95rem;
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line-height: 1.7;
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color: #d1d5db;
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}
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.content-block ul {
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list-style-position: inside;
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padding-left: 0.5rem;
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}
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.content-block li::marker {
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color: #818cf8;
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}
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.bento-grid {
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display: grid;
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gap: 1.5rem;
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grid-template-columns: repeat(1, minmax(0, 1fr));
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}
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@media (min-width: 1024px) {
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.bento-grid {
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grid-template-columns: repeat(3, minmax(0, 1fr));
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grid-template-rows: auto auto;
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}
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}
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</style>
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</head>
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<body>
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<div id="particles-js" class="particle-bg"></div>
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<div class="container mx-auto px-4 py-8 max-w-6xl">
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<!-- 标题部分 -->
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<div class="text-center mb-12">
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<h1 class="text-4xl md:text-5xl font-bold mb-4 gradient-text">小米算力AI互联</h1>
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<p class="text-xl text-slate-300">从主题炒作到订单兑现+政策共振的深度分析</p>
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</div>
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<!-- 时间轴部分 -->
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<div class="card-custom rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-blue-400">
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<i class="fas fa-clock mr-2"></i>概念发展时间轴 (2023Q4-2025H2)
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</h2>
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<div class="timeline-container relative">
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<div class="timeline-line absolute left-8 top-0 bottom-0"></div>
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<body class="min-h-screen">
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<div class="background-glow"></div>
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<div class="relative z-10 container mx-auto px-4 py-8 md:py-16">
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<div class="space-y-6">
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<div class="flex items-start">
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<div class="timeline-dot mt-1.5 mr-4"></div>
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<div class="flex-1">
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<div class="bg-slate-800 rounded-lg p-4">
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<span class="text-blue-400 font-semibold">2023-08</span>
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<p class="mt-1">小米开源<strong>13亿参数MiLM端侧大模型</strong>，首次验证端侧推理能力。</p>
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</div>
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</div>
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</div>
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<div class="flex items-start">
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<div class="timeline-dot mt-1.5 mr-4"></div>
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<div class="flex-1">
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<div class="bg-slate-800 rounded-lg p-4">
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<span class="text-blue-400 font-semibold">2024-04</span>
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<p class="mt-1">小米AI团队扩至<strong>3000+人</strong>，雷军宣布"All in AI"。</p>
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</div>
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</div>
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</div>
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<div class="flex items-start">
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<div class="timeline-dot mt-1.5 mr-4"></div>
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<div class="flex-1">
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<div class="bg-slate-800 rounded-lg p-4">
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<span class="text-blue-400 font-semibold">2024-11</span>
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<p class="mt-1">与金山云签订<strong>2025-2027年关联交易上限23/31/40亿元</strong>（年化CAGR≈32%）。</p>
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</div>
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</div>
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</div>
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<div class="flex items-start">
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<div class="timeline-dot mt-1.5 mr-4"></div>
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<div class="flex-1">
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<div class="bg-slate-800 rounded-lg p-4">
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<span class="text-blue-400 font-semibold">2024-12</span>
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<p class="mt-1">市场确认小米正搭建<strong>万卡GPU集群</strong>（预计8.1 EFLOPS，需100-200万张GPU）。</p>
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</div>
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</div>
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</div>
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<div class="flex items-start">
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<div class="timeline-dot mt-1.5 mr-4"></div>
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<div class="flex-1">
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<div class="bg-slate-800 rounded-lg p-4">
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<span class="text-blue-400 font-semibold">2025-03</span>
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<p class="mt-1">工信部《算力互联互通行动计划》明确<strong>2028年全国公共算力标准化互联</strong>。</p>
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</div>
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</div>
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</div>
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<div class="flex items-start">
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<div class="timeline-dot mt-1.5 mr-4"></div>
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<div class="flex-1">
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<div class="bg-slate-800 rounded-lg p-4">
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<span class="text-blue-400 font-semibold">2025-06</span>
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<p class="mt-1">小米AI眼镜发布，搭载高通AR1芯片，实现端-云协同交互。</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 催化事件 -->
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<div class="card-custom rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-purple-400">
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<i class="fas fa-rocket mr-2"></i>催化事件
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</h2>
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<div class="grid md:grid-cols-3 gap-4">
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-blue-500">
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<h3 class="font-bold text-blue-400 mb-2">政策端</h3>
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<p class="text-sm">工信部2025-05-30文件要求2026年初步建成算力互联互通平台，2028年全面标准化。</p>
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</div>
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-purple-500">
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<h3 class="font-bold text-purple-400 mb-2">产业端</h3>
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<p class="text-sm">OpenAI 2025-02宣布开发AI终端，倒逼小米加速端云协同。</p>
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</div>
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-green-500">
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<h3 class="font-bold text-green-400 mb-2">公司端</h3>
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<p class="text-sm">金山云2025-02披露已交付<strong>4144 PFLOPS算力</strong>，小米占其AI收入>50%。</p>
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</div>
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||||
</div>
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</div>
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||||
<!-- 核心观点 -->
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<div class="card-custom rounded-xl p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-green-400">
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<i class="fas fa-lightbulb mr-2"></i>核心观点摘要
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</h2>
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||||
<div class="bg-gradient-to-r from-blue-900/30 to-purple-900/30 rounded-lg p-6 border border-blue-500/30">
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||||
<p class="text-lg leading-relaxed">
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"小米算力AI互联"已从主题炒作进入<strong class="text-blue-400">订单兑现+政策共振</strong>阶段：
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</p>
|
||||
<div class="mt-4 space-y-3">
|
||||
<div class="flex items-start">
|
||||
<i class="fas fa-circle text-blue-400 text-xs mt-2 mr-3"></i>
|
||||
<div>
|
||||
<span class="font-semibold text-blue-400">短期（6-12个月）</span>：
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万卡集群投运+AI眼镜量产将带来<strong>金山云、比亚迪电子</strong>等供应链业绩弹性。
|
||||
</div>
|
||||
</div>
|
||||
<div class="flex items-start">
|
||||
<i class="fas fa-circle text-purple-400 text-xs mt-2 mr-3"></i>
|
||||
<div>
|
||||
<span class="font-semibold text-purple-400">长期（2-3年）</span>：
|
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小米凭"端（1.2亿手机+9亿IoT设备）-云（金山云中立算力）-车（35万辆SU7）"闭环，有望复制特斯拉"硬件引流+软件变现"路径，估值体系从PE向PS切换。
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<!-- 核心驱动力 -->
|
||||
<div class="card-custom rounded-xl p-6 mb-8">
|
||||
<h2 class="text-2xl font-bold mb-6 text-yellow-400">
|
||||
<i class="fas fa-cogs mr-2"></i>核心驱动力与市场认知分析
|
||||
</h2>
|
||||
|
||||
<div class="grid md:grid-cols-2 gap-6 mb-6">
|
||||
<div>
|
||||
<h3 class="text-xl font-bold mb-4 text-blue-400">需求端：三大场景AI算力需求爆发</h3>
|
||||
<div class="space-y-3">
|
||||
<div class="bg-slate-800 rounded-lg p-4">
|
||||
<div class="flex items-center justify-between mb-2">
|
||||
<span class="font-semibold">手机</span>
|
||||
<span class="text-blue-400 text-sm">1.2亿存量设备</span>
|
||||
</div>
|
||||
<p class="text-sm">单机算力需求 <strong class="text-blue-400">>30 TOPS</strong>（骁龙8 Gen3实测）</p>
|
||||
</div>
|
||||
<div class="bg-slate-800 rounded-lg p-4">
|
||||
<div class="flex items-center justify-between mb-2">
|
||||
<span class="font-semibold">汽车</span>
|
||||
<span class="text-purple-400 text-sm">SU7城市NOA</span>
|
||||
</div>
|
||||
<p class="text-sm">需 <strong class="text-purple-400">>500 TOPS</strong>（双Orin-X方案），2025年30万辆车对应<strong>1.5万PFLOPS</strong>年需求</p>
|
||||
</div>
|
||||
<div class="bg-slate-800 rounded-lg p-4">
|
||||
<div class="flex items-center justify-between mb-2">
|
||||
<span class="font-semibold">IoT</span>
|
||||
<span class="text-green-400 text-sm">9亿设备</span>
|
||||
</div>
|
||||
<p class="text-sm">按<strong>0.1 PFLOPS/千设备</strong>估算，年需求<strong>900 PFLOPS</strong></p>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<div>
|
||||
<h3 class="text-xl font-bold mb-4 text-purple-400">供给端：金山云作为"小米系唯一中立云"</h3>
|
||||
<div class="bg-slate-800 rounded-lg p-4 h-full">
|
||||
<div class="space-y-4">
|
||||
<div>
|
||||
<div class="flex justify-between mb-1">
|
||||
<span>2024年AI收入</span>
|
||||
<span class="text-blue-400 font-bold">10.6亿元</span>
|
||||
<header class="text-center mb-16">
|
||||
<h1 class="font-orbitron text-4xl md:text-6xl font-bold tracking-widest uppercase text-white">
|
||||
小米算力AI互联
|
||||
</h1>
|
||||
<h2 class="text-xl md:text-2xl text-indigo-300 mt-2">深度行研报告</h2>
|
||||
<p class="text-xs text-gray-500 mt-4 max-w-2xl mx-auto">
|
||||
北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现。本报告为AI合成数据，不构成任何投资建议，投资需谨慎。
|
||||
</p>
|
||||
</header>
|
||||
|
||||
<main>
|
||||
<div class="bento-grid">
|
||||
|
||||
<!-- Insight Card -->
|
||||
<div class="lg:col-span-2 lg:row-span-2 glass-card p-6 md:p-8 content-block">
|
||||
<h3 class="font-orbitron text-2xl font-bold mb-4 text-purple-300">【概念Insight：小米算力AI互联】</h3>
|
||||
|
||||
<h4>0. 概念事件 & 关键时间轴</h4>
|
||||
<p>“小米算力AI互联”概念并非由单一事件引爆，而是小米在2023-2025年间一系列战略升级、技术布局和产品落地共同催化的综合性市场主题。核心是小米向一个以AI为核心驱动、通过澎湃OS打通“人车家全生态”的科技平台型公司的战略转型。</p>
|
||||
<ul class="list-disc space-y-2 mt-4 text-sm">
|
||||
<li><strong class="text-indigo-300">战略奠基期 (2023年起):</strong> 成立大模型团队，初期投入<span class="highlight">6500万元</span>GPU资源，发布自研模型MM66B。</li>
|
||||
<li><strong class="text-indigo-300">算力建设加速期 (2024年底-2025年初):</strong> 与金山云签订<span class="highlight">超40亿</span>(2027年上限)框架协议，密集确认“搭建万卡级GPU集群”，年度资本开支计划提升至<span class="highlight">数十亿级别</span>，招募顶尖人才标志战略进入推理阶段。</li>
|
||||
<li><strong class="text-indigo-300">生态落地与互联验证期 (2025年):</strong> 被列为“中国AI链主企业”，明确AI研发投入<span class="highlight">75-80亿元</span>，发布AI眼镜，澎湃OS持续打通生态，汽车智驾接入端到端大模型。</li>
|
||||
</ul>
|
||||
|
||||
<h4>1. 核心观点摘要</h4>
|
||||
<p>概念核心是<span class="highlight">生态驱动的价值重估</span>。当前正从宏大叙事迈向基本面驱动初期。其驱动力在于利用庞大存量硬件生态（全球超10亿台连接设备）作为AI应用试验场和数据来源，通过“端云协同”的算力布局，最终实现“硬件销量 × AI服务”的乘数效应，推动公司从硬件制造商向AI生态服务商转型。</p>
|
||||
|
||||
<h4>2. 核心逻辑与市场认知分析</h4>
|
||||
<p><strong class="text-indigo-300">核心驱动力：闭环生态的数据飞轮与商业模式升维</strong><br>
|
||||
基石是独一无二的“硬件生态闭环”。海量终端产生数据，用于优化云端大模型；优化后的AI能力通过澎湃OS赋能终端，提升体验；优异体验促进硬件销量，并为AI增值服务创造入口。小米汽车的推出，成为下决心自建“万卡集群”的直接推手。</p>
|
||||
<p><strong class="text-indigo-300">预期差分析：市场认知与实际路径的潜在偏差</strong><br>
|
||||
市场对“万卡集群”的认知可能过于简化，短期内仍高度依赖金山云和阿里云。此外，市场可能未充分消化行业已从“模型训练”转向“推理阶段”的转变，这对小米的成本控制和AI服务定价提出了更高要求。最大的不确定性在于如何将生态协同转化为实际收入和利润。</p>
|
||||
|
||||
<h4>3. 关键催化剂与未来发展路径</h4>
|
||||
<ul class="list-disc space-y-1 mt-2">
|
||||
<li><strong>近期催化剂 (3-6个月):</strong> 小米汽车智驾重大OTA更新（端到端大模型）、AI眼镜发售与市场反馈、2025年财报披露具体Capex数据。</li>
|
||||
<li><strong>长期发展路径:</strong>
|
||||
<br>1. <span class="highlight">算力基础设施完善期 (2025-2026):</span> 完成“万卡集群”一期，实现核心AI任务自主可控。
|
||||
<br>2. <span class="highlight">AI服务商业化探索期 (2026-2027):</span> 尝试推出付费AI增值服务。
|
||||
<br>3. <span class="highlight">生态智能化成熟期 (2027以后):</span> AI深度融入全生态，软件与服务收入占比显著提升。
|
||||
</li>
|
||||
</ul>
|
||||
|
||||
<h4>4. 产业链与核心公司深度剖析</h4>
|
||||
<p>产业链覆盖上游（云服务、GPU、光模块）、中游（小米集团、金山系）和下游（智能终端）。小米集团是核心领导者，金山云是最绑定的算力伙伴，而中际旭创等上游硬件商是核心受益者。路演中金山云与小米的长期协议强力验证了绑定逻辑，而小米的巨额投入也为上游供应商逻辑提供了支撑。</p>
|
||||
|
||||
<h4>5. 潜在风险与挑战</h4>
|
||||
<p>技术风险在于大模型能力能否持续追赶及“万卡集群”互联瓶颈；商业化风险在于高昂成本与用户付费意愿的不确定性；同时面临苹果、华为等巨头的激烈竞争和全球数据安全法规的挑战。</p>
|
||||
|
||||
<h4>6. 综合结论与投资启示</h4>
|
||||
<p>概念正处于从“主题叙事”向“基本面驱动”过渡的关键阶段。最具投资价值的细分环节包括：<span class="highlight">核心平台（小米集团）</span>，转型成功则估值重构空间最大；<span class="highlight">确定性最高的算力伙伴（金山云）</span>，长期订单锁定增长路径；以及<span class="highlight">算力基础设施“卖铲人”（光模块/连接器龙头）</span>，受益于建设过程本身，风险相对分散。</p>
|
||||
</div>
|
||||
<div class="flex justify-between text-sm text-slate-400">
|
||||
<span>占公有云比例</span>
|
||||
<span>30%</span>
|
||||
|
||||
<!-- Key Data & Chain Map Cards -->
|
||||
<div class="lg:col-span-1 flex flex-col gap-6">
|
||||
<div class="glass-card p-6 flex-grow content-block">
|
||||
<h3 class="font-orbitron text-xl font-bold mb-4 text-purple-300">【关键数据点】</h3>
|
||||
<ul class="space-y-4">
|
||||
<li class="flex items-center">
|
||||
<svg class="w-6 h-6 mr-3 text-indigo-400" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 8c-1.657 0-3 .895-3 2s1.343 2 3 2 3 .895 3 2-1.343 2-3 2m0-8c1.11 0 2.08.402 2.599 1M12 8V7m0 1v.01"></path></svg>
|
||||
<div>
|
||||
<p class="font-semibold text-lg text-white">75-80 亿元</p>
|
||||
<p class="text-sm text-gray-400">2025年AI领域年研发投入</p>
|
||||
</div>
|
||||
</li>
|
||||
<li class="flex items-center">
|
||||
<svg class="w-6 h-6 mr-3 text-indigo-400" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M3 15a4 4 0 004 4h9a5 5 0 10-.1-9.999 5.002 5.002 0 10-9.78 2.096A4.001 4.001 0 003 15z"></path></svg>
|
||||
<div>
|
||||
<p class="font-semibold text-lg text-white">40.35 亿元</p>
|
||||
<p class="text-sm text-gray-400">金山云2027年关联交易上限</p>
|
||||
</div>
|
||||
</li>
|
||||
<li class="flex items-center">
|
||||
<svg class="w-6 h-6 mr-3 text-indigo-400" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M5 12h14M5 12a2 2 0 01-2-2V6a2 2 0 012-2h14a2 2 0 012 2v4a2 2 0 01-2 2M5 12a2 2 0 00-2 2v4a2 2 0 002 2h14a2 2 0 002-2v-4a2 2 0 00-2-2m-2-4h.01M17 16h.01"></path></svg>
|
||||
<div>
|
||||
<p class="font-semibold text-lg text-white">万卡级GPU集群</p>
|
||||
<p class="text-sm text-gray-400">小米正在搭建的算力基础设施</p>
|
||||
</div>
|
||||
</li>
|
||||
<li class="flex items-center">
|
||||
<svg class="w-6 h-6 mr-3 text-indigo-400" fill="none" stroke="currentColor" viewBox="0 0 24 24" xmlns="http://www.w3.org/2000/svg"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M3.055 11H5a2 2 0 012 2v1a2 2 0 002 2h8a2 2 0 002-2v-1a2 2 0 012-2h1.945M7.737 11l-.262-2.839a2 2 0 012.24-2.152l4.57 1.015a2 2 0 011.756 1.933l.23 2.04M16.263 11l.262-2.839a2 2 0 00-2.24-2.152l-4.57 1.015a2 2 0 00-1.756 1.933l-.23 2.04"></path></svg>
|
||||
<div>
|
||||
<p class="font-semibold text-lg text-white">10亿+ 台</p>
|
||||
<p class="text-sm text-gray-400">全球生态连接设备规模</p>
|
||||
</div>
|
||||
</li>
|
||||
</ul>
|
||||
</div>
|
||||
<div class="glass-card p-6 flex-grow content-block">
|
||||
<h3 class="font-orbitron text-xl font-bold mb-4 text-purple-300">【产业链图谱】</h3>
|
||||
<div class="space-y-4">
|
||||
<div>
|
||||
<div class="badge badge-primary badge-outline">上游：AI算力基础设施</div>
|
||||
<p class="text-sm mt-2 text-gray-400">云服务/IDC (金山云), GPU/AI芯片 (英伟达, 高通), 光模块 (中际旭创), 连接器 (瑞可达)</p>
|
||||
</div>
|
||||
<div>
|
||||
<div class="badge badge-secondary badge-outline">中游：生态核心与平台</div>
|
||||
<p class="text-sm mt-2 text-gray-400">平台主导者 (小米集团), 生态软件伙伴 (金山办公, 金山软件)</p>
|
||||
</div>
|
||||
<div>
|
||||
<div class="badge badge-accent badge-outline">下游：终端产品与应用</div>
|
||||
<p class="text-sm mt-2 text-gray-400">核心终端 (手机, 汽车, AIoT, AI眼镜, 机器人), 组件供应商 (移远通信, 华测导航)</p>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
<div>
|
||||
<div class="flex justify-between mb-1">
|
||||
<span>毛利率变化</span>
|
||||
<span class="text-green-400 font-bold">16% → 30%</span>
|
||||
|
||||
<!-- Info Summary Card -->
|
||||
<div class="lg:col-span-3 glass-card p-6 md:p-8 content-block">
|
||||
<h3 class="font-orbitron text-2xl font-bold mb-4 text-purple-300">【核心信息摘要：新闻、路演与研报】</h3>
|
||||
<div class="grid md:grid-cols-2 gap-6">
|
||||
<div>
|
||||
<h4>战略定位与算力投入</h4>
|
||||
<p>小米已形成AI全景图，将“算力层”作为关键布局。为支撑“人车家全生态”战略，小米正进行大规模资本开支（Capex）达<span class="highlight">数十亿级别</span>，核心举措是筹建“<span class="highlight">万卡级GPU集群</span>”。为实现此目标，小米不仅自建算力，还与金山云、阿里云深度合作，其中金山云被定位为“小米系算力主要承接者”和核心枢纽，双方签订的长期框架协议（2025-2027）验证了这一战略绑定。</p>
|
||||
</div>
|
||||
<div>
|
||||
<h4>AI技术与生态互联</h4>
|
||||
<p>小米AI战略覆盖全栈，自研大模型（MiLM）已迭代至二代，并应用于汽车“端到端大模型”智驾方案。其核心优势在于通过自研的<span class="highlight">澎湃OS (HyperOS)</span>作为操作系统底座，利用<span class="highlight">HyperConnect 2.0</span>技术打通手机、汽车、IoT设备，实现“人-车-家”全场景无缝互联。AI的融入旨在极大提升跨设备协同的智能化水平，形成“硬件销量 × 智能服务”的乘数效应。</p>
|
||||
</div>
|
||||
<div>
|
||||
<h4>终端产品与应用落地</h4>
|
||||
<p>AI技术深度融入三大核心业务：智能手机（小爱同学升级）、IoT生态（米家APP）、智能汽车（自动驾驶、智能座舱）。同时积极探索AI眼镜、人形机器人等前沿硬件。小米15系列首发高通骁龙8至尊版，强调端侧NPU算力；小米AI眼镜被定位为“随身AI接口”，无缝接入米家生态，是端侧AI产品落地的重要验证。</p>
|
||||
</div>
|
||||
<div>
|
||||
<h4>产业链协同与市场地位</h4>
|
||||
<p>小米被行业研报列为“中国AI链主企业”之一，显示其市场影响力。其庞大的AI算力需求直接带动了上游产业链，特别是IDC服务商、光模块供应商（如中际旭创）和连接器厂商。小米的投资布局也深入AI生态，通过顺为资本早期投资蔚来、小鹏，并投资了至少47家机器人领域企业，构建了深厚的生态护城河。</p>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
<div class="text-sm text-slate-400">宁夏/甘肃低成本IDC</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<div class="grid md:grid-cols-2 gap-6">
|
||||
<div class="bg-red-900/20 rounded-lg p-4 border border-red-500/30">
|
||||
<h4 class="font-bold text-red-400 mb-2">
|
||||
<i class="fas fa-exclamation-triangle mr-2"></i>市场高估
|
||||
</h4>
|
||||
<p>市场认为万卡集群=训练需求，实际<strong>70%算力用于推理</strong>（路演数据：金山云Q3推理收入占比68%）。</p>
|
||||
</div>
|
||||
<div class="bg-green-900/20 rounded-lg p-4 border border-green-500/30">
|
||||
<h4 class="font-bold text-green-400 mb-2">
|
||||
<i class="fas fa-eye-slash mr-2"></i>市场低估
|
||||
</h4>
|
||||
<p>小米AI眼镜备货仅30万台，但<strong>ASP 1499元+30%净利率</strong>可贡献<strong>1.35亿元利润</strong>（市场未计入）。</p>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<section class="mt-16">
|
||||
<h3 class="section-title text-center">相关概念股梳理</h3>
|
||||
<div class="overflow-x-auto glass-card p-4">
|
||||
<table class="table table-zebra w-full">
|
||||
<thead>
|
||||
<tr class="text-white">
|
||||
<th>股票名称</th>
|
||||
<th>股票代码</th>
|
||||
<th>核心逻辑/关联原因</th>
|
||||
<th>关联标签</th>
|
||||
</tr>
|
||||
</thead>
|
||||
<tbody>
|
||||
<!-- Data injected from JSON -->
|
||||
<tr><td>小米集团</td><td>1810.HK</td><td>雷军的AI互联生态核心，通过澎湃OS打造AI全面赋能的“人车家全生态”操作系统。</td><td><div class="badge badge-primary">生态核心</div></td></tr>
|
||||
<tr><td>金山云</td><td>KC.US</td><td>小米金山生态的战略云平台，小米系算力主要承接者，提供AI基础设施。</td><td><div class="badge badge-secondary">AI基础设施</div></td></tr>
|
||||
<tr><td>金山办公</td><td><a href="https://valuefrontier.cn/company?scode=688111" target="_blank" class="link link-hover text-indigo-400">688111</a></td><td>发布WPS 365平台，其包含WPS AI企业版，融入小米生态。</td><td><div class="badge badge-accent">WPS AI</div></td></tr>
|
||||
<tr><td>金山软件</td><td>3888.HK</td><td>雷军任董事长，金山云和金山办公的母公司，小米金山生态重要组成部分。</td><td><div class="badge">生态关联方</div></td></tr>
|
||||
<tr><td>中际旭创</td><td><a href="https://valuefrontier.cn/company?scode=300308" target="_blank" class="link link-hover text-indigo-400">300308</a></td><td>小米/金山云光模块供应商，受益于“万卡集群”数据中心内部高速互联需求。</td><td><div class="badge badge-secondary">光模块</div></td></tr>
|
||||
<tr><td>瑞可达</td><td><a href="https://valuefrontier.cn/company?scode=688800" target="_blank" class="link link-hover text-indigo-400">688800</a></td><td>小米汽车连接器&线束供应商，受益于算力服务器和汽车业务。</td><td><div class="badge">连接组件</div> <div class="badge">小米汽车</div></td></tr>
|
||||
<tr><td>和而泰</td><td><a href="https://valuefrontier.cn/company?scode=002402" target="_blank" class="link link-hover text-indigo-400">002402</a></td><td>小米汽车热管理、小米智家智能控制器供应商。</td><td><div class="badge">智能控制器</div> <div class="badge">小米汽车</div></td></tr>
|
||||
<tr><td>华测导航</td><td><a href="https://valuefrontier.cn/company?scode=300627" target="_blank" class="link link-hover text-indigo-400">300627</a></td><td>小米SU7系列产品的P-box的独家供应商。</td><td><div class="badge">卫星定位导航</div> <div class="badge">小米汽车</div></td></tr>
|
||||
<tr><td>移远通信</td><td><a href="https://valuefrontier.cn/company?scode=603236" target="_blank" class="link link-hover text-indigo-400">603236</a></td><td>小米汽车第一代/潜在智能通信模组供应商。</td><td><div class="badge">通信模组</div> <div class="badge">小米汽车</div></td></tr>
|
||||
<tr><td>美格智能</td><td><a href="https://valuefrontier.cn/company?scode=002881" target="_blank" class="link link-hover text-indigo-400">002881</a></td><td>小米汽车第一代/潜在智能通信模组供应商。</td><td><div class="badge">通信模组</div> <div class="badge">小米汽车</div></td></tr>
|
||||
<tr><td>奕东电子</td><td><a href="https://valuefrontier.cn/company?scode=301123" target="_blank" class="link link-hover text-indigo-400">301123</a></td><td>小米手机FPC业务占比高，小米基金持股。</td><td><div class="badge">连接组件</div> <div class="badge">小米手机</div></td></tr>
|
||||
<tr><td>亚康股份</td><td><a href="https://valuefrontier.cn/company?scode=301085" target="_blank" class="link link-hover text-indigo-400">301085</a></td><td>为腾讯、阿里、金山云等客户提供数据中心综合服务。</td><td><div class="badge badge-outline">金山云伙伴</div></td></tr>
|
||||
<tr><td>宁波建工</td><td><a href="https://valuefrontier.cn/company?scode=601789" target="_blank" class="link link-hover text-indigo-400">601789</a></td><td>旗下中经云为金山云等提供数据中心出租业务。</td><td><div class="badge badge-outline">金山云伙伴</div></td></tr>
|
||||
<tr><td>美利云</td><td><a href="https://valuefrontier.cn/company?scode=000815" target="_blank" class="link link-hover text-indigo-400">000815</a></td><td>与金山云等在中卫西部大数据中心有战略合作。</td><td><div class="badge badge-outline">金山云伙伴</div></td></tr>
|
||||
<tr><td>利通电子</td><td><a href="https://valuefrontier.cn/company?scode=603629" target="_blank" class="link link-hover text-indigo-400">603629</a></td><td>算力业务采用搭载先进GPU的服务器，同时具备小米概念。</td><td><div class="badge badge-outline">小米GPU</div> <div class="badge badge-outline">IDC</div></td></tr>
|
||||
</tbody>
|
||||
</table>
|
||||
</div>
|
||||
</section>
|
||||
|
||||
<section x-data="{ activeIndex: null }" class="mt-16">
|
||||
<h3 class="section-title text-center">市场异动深度解析</h3>
|
||||
<div class="space-y-4">
|
||||
<!-- Rise Analysis Data Injected -->
|
||||
<div class="glass-card collapse collapse-arrow" x-data="{ open: false }">
|
||||
<div class="collapse-title text-xl font-medium flex justify-between items-center" @click="open = !open">
|
||||
<span>泰凌微 (688591) <span class="text-success ml-2">+20.01%</span></span>
|
||||
<span class="text-sm text-gray-400">2025-06-25</span>
|
||||
</div>
|
||||
<div class="collapse-content content-block" x-show="open" x-collapse>
|
||||
<p class="font-semibold text-indigo-300">核心结论: 涨停主要受业绩高增长和小米AR眼镜发布预期双重驱动，叠加端侧AI芯片放量带来的想象空间。</p>
|
||||
<p><strong>驱动概念:</strong> 小米概念 + 消费电子 + AI芯片</p>
|
||||
<ul class="list-disc mt-2">
|
||||
<li><strong>小米概念:</strong> 公司音频芯片已进入小米供应链，市场预期可能为小米AR眼镜提供解决方案。</li>
|
||||
<li><strong>业绩突出:</strong> 预计2025H1净利润同比增长267%，超出市场预期。</li>
|
||||
<li><strong>AI芯片:</strong> 端侧AI芯片TL7系列在无线音频领域实现千万级销售，22nm制程、1mA超低功耗建立技术壁垒。</li>
|
||||
<li><strong>客户拓展:</strong> 谷歌、亚马逊等国际巨头订单增加，带来稳定收入预期。</li>
|
||||
</ul>
|
||||
</div>
|
||||
</div>
|
||||
<div class="glass-card collapse collapse-arrow" x-data="{ open: false }">
|
||||
<div class="collapse-title text-xl font-medium flex justify-between items-center" @click="open = !open">
|
||||
<span>长飞光纤 (601869) <span class="text-success ml-2">+10.0%</span></span>
|
||||
<span class="text-sm text-gray-400">2025-09-03</span>
|
||||
</div>
|
||||
<div class="collapse-content content-block" x-show="open" x-collapse>
|
||||
<p class="font-semibold text-indigo-300">核心结论: 英伟达Scale-Across技术路线首次将空芯光纤列为AI数据中心跨区域互联“刚需”，长飞作为唯一量产级供应商迎来0→1估值重估。</p>
|
||||
<p><strong>驱动概念:</strong> 空芯光纤 + AI算力基础设施 + 英伟达生态</p>
|
||||
<ul class="list-disc mt-2">
|
||||
<li><strong>技术路线确认:</strong> 英伟达白皮书明确Scale-Across架构需空芯光纤，为长距离唯一可行介质。</li>
|
||||
<li><strong>商业化拐点:</strong> 独家供货中国移动深港跨境商用线路，创全球纪录，具备批量交付能力。</li>
|
||||
<li><strong>基本面预期:</strong> 空芯光纤毛利率>50%，若2026年渗透率5%可新增毛利18亿元，相当于2024全年毛利1.5倍。</li>
|
||||
</ul>
|
||||
</div>
|
||||
</div>
|
||||
<div class="glass-card collapse collapse-arrow" x-data="{ open: false }">
|
||||
<div class="collapse-title text-xl font-medium flex justify-between items-center" @click="open = !open">
|
||||
<span>利扬芯片 (688135) <span class="text-success ml-2">+20.0%</span></span>
|
||||
<span class="text-sm text-gray-400">2025-09-01</span>
|
||||
</div>
|
||||
<div class="collapse-content content-block" x-show="open" x-collapse>
|
||||
<p class="font-semibold text-indigo-300">核心结论: 阿里宣布三年3000亿元AI投资计划，利扬芯片作为其AI芯片测试核心供应商，订单弹性被资金瞬间重估。</p>
|
||||
<p><strong>驱动概念:</strong> 阿里AI投资计划 + 国产算力芯片测试 + 3nm先进制程</p>
|
||||
<ul class="list-disc mt-2">
|
||||
<li><strong>订单弹性:</strong> 公司来自阿里系收入占比约8%，若按阿里测试环节15%份额测算，潜在新增订单45-60亿元，是2024年营收的2.5-3.3倍。</li>
|
||||
<li><strong>技术稀缺性:</strong> 国内唯一专注高端第三方测试的上市公司，已具备3nm先进制程测试能力，可覆盖阿里下一代AI芯片需求。</li>
|
||||
<li><strong>基本面强劲:</strong> 2024H1营收同比+38%，净利润同比+52%，毛利率46%，产能利用率高。</li>
|
||||
</ul>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</section>
|
||||
</main>
|
||||
</div>
|
||||
|
||||
<!-- 关键催化剂 -->
|
||||
<div class="card-custom rounded-xl p-6 mb-8">
|
||||
<h2 class="text-2xl font-bold mb-6 text-indigo-400">
|
||||
<i class="fas fa-chart-line mr-2"></i>关键催化剂与未来发展路径
|
||||
</h2>
|
||||
|
||||
<div class="overflow-x-auto">
|
||||
<table class="w-full text-sm">
|
||||
<thead>
|
||||
<tr class="border-b border-slate-700">
|
||||
<th class="text-left py-3 px-4 text-indigo-400">时间</th>
|
||||
<th class="text-left py-3 px-4 text-indigo-400">催化剂</th>
|
||||
<th class="text-left py-3 px-4 text-indigo-400">影响标的</th>
|
||||
<th class="text-left py-3 px-4 text-indigo-400">验证指标</th>
|
||||
</tr>
|
||||
</thead>
|
||||
<tbody>
|
||||
<tr class="border-b border-slate-800">
|
||||
<td class="py-3 px-4">2025Q3</td>
|
||||
<td class="py-3 px-4">小米AI眼镜首销</td>
|
||||
<td class="py-3 px-4">歌尔股份（组装）、舜宇光学（摄像头）</td>
|
||||
<td class="py-3 px-4">首月销量>10万台</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800">
|
||||
<td class="py-3 px-4">2025Q4</td>
|
||||
<td class="py-3 px-4">万卡集群点亮</td>
|
||||
<td class="py-3 px-4">金山云、比亚迪电子（服务器ODM）</td>
|
||||
<td class="py-3 px-4">金山云AI收入环比+50%</td>
|
||||
</tr>
|
||||
<tr>
|
||||
<td class="py-3 px-4">2026H1</td>
|
||||
<td class="py-3 px-4">工信部算力互联标准落地</td>
|
||||
<td class="py-3 px-4">光模块（中际旭创）、AEC（兆龙互联）</td>
|
||||
<td class="py-3 px-4">800G光模块招标份额>30%</td>
|
||||
</tr>
|
||||
</tbody>
|
||||
</table>
|
||||
</div>
|
||||
|
||||
<div class="mt-6 bg-gradient-to-r from-indigo-900/30 to-purple-900/30 rounded-lg p-4 border border-indigo-500/30">
|
||||
<h4 class="font-bold text-indigo-400 mb-2">长期路径</h4>
|
||||
<p>"端侧轻量模型→云端万卡训练→车/家场景推理"三级跳，2027年小米AI收入占比有望超<strong class="text-indigo-400">20%</strong>（当前<5%）。</p>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<!-- 产业链分析 -->
|
||||
<div class="card-custom rounded-xl p-6 mb-8">
|
||||
<h2 class="text-2xl font-bold mb-6 text-cyan-400">
|
||||
<i class="fas fa-network-wired mr-2"></i>产业链与核心公司深度剖析
|
||||
</h2>
|
||||
|
||||
<div class="mb-6">
|
||||
<h3 class="text-xl font-bold mb-4 text-cyan-400">产业链图谱</h3>
|
||||
<div class="grid md:grid-cols-3 gap-4">
|
||||
<div class="bg-slate-800 rounded-lg p-4 text-center">
|
||||
<div class="text-cyan-400 font-bold mb-2">上游</div>
|
||||
<div class="text-sm space-y-1">
|
||||
<div>GPU（英伟达H200→GB300）</div>
|
||||
<div>光芯片（源杰科技）</div>
|
||||
<div>液冷（英维克）</div>
|
||||
</div>
|
||||
</div>
|
||||
<div class="bg-slate-800 rounded-lg p-4 text-center">
|
||||
<div class="text-blue-400 font-bold mb-2">中游</div>
|
||||
<div class="text-sm space-y-1">
|
||||
<div>IDC（金山云）</div>
|
||||
<div>服务器ODM（比亚迪电子）</div>
|
||||
<div>光模块（中际旭创）</div>
|
||||
</div>
|
||||
</div>
|
||||
<div class="bg-slate-800 rounded-lg p-4 text-center">
|
||||
<div class="text-purple-400 font-bold mb-2">下游</div>
|
||||
<div class="text-sm space-y-1">
|
||||
<div>终端品牌（小米）</div>
|
||||
<div>应用（AI眼镜、SU7智驾）</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<div>
|
||||
<h3 class="text-xl font-bold mb-4 text-cyan-400">核心玩家对比</h3>
|
||||
<div class="overflow-x-auto">
|
||||
<table class="w-full text-sm">
|
||||
<thead>
|
||||
<tr class="border-b border-slate-700">
|
||||
<th class="text-left py-3 px-4 text-cyan-400">公司</th>
|
||||
<th class="text-left py-3 px-4 text-cyan-400">角色</th>
|
||||
<th class="text-left py-3 px-4 text-cyan-400">2025E收入弹性</th>
|
||||
<th class="text-left py-3 px-4 text-cyan-400">风险点</th>
|
||||
</tr>
|
||||
</thead>
|
||||
<tbody>
|
||||
<tr class="border-b border-slate-800">
|
||||
<td class="py-3 px-4 font-bold text-blue-400">金山云</td>
|
||||
<td class="py-3 px-4">小米算力总包</td>
|
||||
<td class="py-3 px-4">AI收入<strong>15亿元</strong>（+50% YoY）</td>
|
||||
<td class="py-3 px-4">关联交易占比过高（70%）</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800">
|
||||
<td class="py-3 px-4 font-bold text-purple-400">比亚迪电子</td>
|
||||
<td class="py-3 px-4">服务器ODM</td>
|
||||
<td class="py-3 px-4">小米订单<strong>30-50亿元</strong>（2025E）</td>
|
||||
<td class="py-3 px-4">苹果中框业务拖累毛利率</td>
|
||||
</tr>
|
||||
<tr>
|
||||
<td class="py-3 px-4 font-bold text-green-400">歌尔股份</td>
|
||||
<td class="py-3 px-4">AI眼镜组装</td>
|
||||
<td class="py-3 px-4">单机净利<strong>150元</strong>×30万台=4500万</td>
|
||||
<td class="py-3 px-4">Meta竞争导致产能分流</td>
|
||||
</tr>
|
||||
</tbody>
|
||||
</table>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<!-- 风险分析 -->
|
||||
<div class="card-custom rounded-xl p-6 mb-8">
|
||||
<h2 class="text-2xl font-bold mb-6 text-red-400">
|
||||
<i class="fas fa-exclamation-circle mr-2"></i>潜在风险与挑战
|
||||
</h2>
|
||||
|
||||
<div class="grid md:grid-cols-2 gap-4">
|
||||
<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-red-500">
|
||||
<h3 class="font-bold text-red-400 mb-2">技术风险</h3>
|
||||
<p class="text-sm">GB300功耗<strong>1.2kW/卡</strong>（+20%），液冷渗透率不足可能导致集群PUE>1.3。</p>
|
||||
</div>
|
||||
|
||||
<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-orange-500">
|
||||
<h3 class="font-bold text-orange-400 mb-2">商业化风险</h3>
|
||||
<p class="text-sm">AI眼镜<strong>1499元定价</strong>高于Ray-Ban Meta（299美元），需验证消费者支付意愿。</p>
|
||||
</div>
|
||||
|
||||
<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-yellow-500">
|
||||
<h3 class="font-bold text-yellow-400 mb-2">政策风险</h3>
|
||||
<p class="text-sm">美国对华GPU出口管制若升级，万卡集群或面临<strong>H20替代H200</strong>的性能损失（算力下降50%）。</p>
|
||||
</div>
|
||||
|
||||
<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-pink-500">
|
||||
<h3 class="font-bold text-pink-400 mb-2">信息矛盾</h3>
|
||||
<p class="text-sm">路演称小米万卡需<strong>200万张GPU</strong>，但英伟达2025年对华出货指引仅<strong>50万张</strong>，存在<strong>4倍缺口</strong>。</p>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<!-- 综合结论 -->
|
||||
<div class="card-custom rounded-xl p-6 mb-8">
|
||||
<h2 class="text-2xl font-bold mb-6 text-emerald-400">
|
||||
<i class="fas fa-check-circle mr-2"></i>综合结论与投资启示
|
||||
</h2>
|
||||
|
||||
<div class="bg-gradient-to-r from-emerald-900/30 to-teal-900/30 rounded-lg p-6 border border-emerald-500/30 mb-6">
|
||||
<div class="flex items-center mb-4">
|
||||
<i class="fas fa-flag-checkered text-emerald-400 text-2xl mr-3"></i>
|
||||
<h3 class="text-xl font-bold text-emerald-400">阶段判断</h3>
|
||||
</div>
|
||||
<p class="text-lg">处于"政策+订单"双轮驱动的<strong class="text-emerald-400">基本面拐点</strong>，非纯主题炒作。</p>
|
||||
</div>
|
||||
|
||||
<div class="grid md:grid-cols-2 gap-6">
|
||||
<div>
|
||||
<h3 class="text-xl font-bold mb-4 text-emerald-400">投资方向</h3>
|
||||
<div class="space-y-3">
|
||||
<div class="bg-slate-800 rounded-lg p-4">
|
||||
<div class="flex items-center mb-2">
|
||||
<i class="fas fa-server text-blue-400 mr-2"></i>
|
||||
<span class="font-bold text-blue-400">算力基建</span>
|
||||
</div>
|
||||
<p class="text-sm">金山云（关联交易高确定性）、比亚迪电子（服务器ODM弹性）</p>
|
||||
</div>
|
||||
<div class="bg-slate-800 rounded-lg p-4">
|
||||
<div class="flex items-center mb-2">
|
||||
<i class="fas fa-mobile-alt text-purple-400 mr-2"></i>
|
||||
<span class="font-bold text-purple-400">端侧硬件</span>
|
||||
</div>
|
||||
<p class="text-sm">歌尔股份（AI眼镜）、舜宇光学（摄像头模组）</p>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<div>
|
||||
<h3 class="text-xl font-bold mb-4 text-emerald-400">跟踪指标</h3>
|
||||
<div class="space-y-3">
|
||||
<div class="bg-slate-800 rounded-lg p-4">
|
||||
<div class="flex items-center justify-between mb-2">
|
||||
<span class="font-semibold">金山云2025Q2 AI收入</span>
|
||||
<span class="text-blue-400 font-bold">>5亿元</span>
|
||||
</div>
|
||||
<p class="text-sm text-slate-400">验证万卡集群投运</p>
|
||||
</div>
|
||||
<div class="bg-slate-800 rounded-lg p-4">
|
||||
<div class="flex items-center justify-between mb-2">
|
||||
<span class="font-semibold">小米AI眼镜2025Q3激活量</span>
|
||||
<span class="text-purple-400 font-bold">>20万台</span>
|
||||
</div>
|
||||
<p class="text-sm text-slate-400">验证C端需求</p>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<!-- 关联股票表格 -->
|
||||
<div class="card-custom rounded-xl p-6">
|
||||
<h2 class="text-2xl font-bold mb-6 text-amber-400">
|
||||
<i class="fas fa-chart-bar mr-2"></i>关联股票分析
|
||||
</h2>
|
||||
|
||||
<div class="table-responsive">
|
||||
<table class="table w-full text-sm">
|
||||
<thead>
|
||||
<tr class="border-b border-slate-700">
|
||||
<th class="text-left py-3 px-4 text-amber-400">股票名称</th>
|
||||
<th class="text-left py-3 px-4 text-amber-400">所属领域</th>
|
||||
<th class="text-left py-3 px-4 text-amber-400">关联原因</th>
|
||||
</tr>
|
||||
</thead>
|
||||
<tbody>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">利通电子</td>
|
||||
<td class="py-3 px-4">IDC</td>
|
||||
<td class="py-3 px-4">利通电子属于IDC行业，与科华数据一同被提及为相关企业</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">科华数据</td>
|
||||
<td class="py-3 px-4">IDC</td>
|
||||
<td class="py-3 px-4">科华数据属于IDC行业，与利通电子一同被提及为相关企业</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">中际旭创</td>
|
||||
<td class="py-3 px-4">光模块</td>
|
||||
<td class="py-3 px-4">中际旭创是小米和金山云的光模块供应商</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">汇绿生态</td>
|
||||
<td class="py-3 px-4">光模块</td>
|
||||
<td class="py-3 px-4">汇绿生态拟收购的钧恒科技为金山云提供光模块相关服务</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">移远通信</td>
|
||||
<td class="py-3 px-4">通信模组</td>
|
||||
<td class="py-3 px-4">移远通信是小米汽车第一代及潜在智能通信模组的供应商</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">美格智能</td>
|
||||
<td class="py-3 px-4">通信模组</td>
|
||||
<td class="py-3 px-4">美格智能是小米汽车第一代及潜在智能通信模组的供应商</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">华测导航</td>
|
||||
<td class="py-3 px-4">卫星定位导航</td>
|
||||
<td class="py-3 px-4">华测导航为小米SU7系列提供P-box卫星定位导航产品的独家供应</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">瑞可达</td>
|
||||
<td class="py-3 px-4">连接组件</td>
|
||||
<td class="py-3 px-4">瑞可为小米汽车提供连接器及线束组件</td>
|
||||
</tr>
|
||||
<tr class="border-b border-slate-800 hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">奕东电子</td>
|
||||
<td class="py-3 px-4">连接组件</td>
|
||||
<td class="py-3 px-4">奕东电子在小米手机FPC业务中占比较高，且小米基金持有其股份</td>
|
||||
</tr>
|
||||
<tr class="hover:bg-slate-800/50 transition-colors">
|
||||
<td class="py-3 px-4 font-medium">和而泰</td>
|
||||
<td class="py-3 px-4">智能控制器</td>
|
||||
<td class="py-3 px-4">和而泰为小米汽车提供热管理控制器及小米智家智能控制器</td>
|
||||
</tr>
|
||||
</tbody>
|
||||
</table>
|
||||
</div>
|
||||
</div>
|
||||
</div>
|
||||
|
||||
<script src="https://cdn.jsdelivr.net/npm/tsparticles@3/tsparticles.bundle.min.js"></script>
|
||||
<script>
|
||||
tsParticles.load({
|
||||
id: "particles-js",
|
||||
options: {
|
||||
background: {
|
||||
color: {
|
||||
value: "transparent",
|
||||
},
|
||||
},
|
||||
fpsLimit: 60,
|
||||
particles: {
|
||||
color: {
|
||||
value: ["#3b82f6", "#8b5cf6", "#06b6d4"],
|
||||
},
|
||||
links: {
|
||||
color: "#3b82f6",
|
||||
distance: 150,
|
||||
enable: true,
|
||||
opacity: 0.2,
|
||||
width: 1,
|
||||
},
|
||||
move: {
|
||||
direction: "none",
|
||||
enable: true,
|
||||
outModes: {
|
||||
default: "bounce",
|
||||
},
|
||||
random: false,
|
||||
speed: 1,
|
||||
straight: false,
|
||||
},
|
||||
number: {
|
||||
density: {
|
||||
enable: true,
|
||||
area: 800,
|
||||
},
|
||||
value: 60,
|
||||
},
|
||||
opacity: {
|
||||
value: 0.3,
|
||||
},
|
||||
shape: {
|
||||
type: "circle",
|
||||
},
|
||||
size: {
|
||||
value: { min: 1, max: 3 },
|
||||
},
|
||||
},
|
||||
detectRetina: true,
|
||||
},
|
||||
});
|
||||
</script>
|
||||
</body>
|
||||
</html>
|
||||
```
|
||||
</html>
|
||||
Reference in New Issue
Block a user