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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>DeepSeek智算一体机 - 深度行业研究报告</title>
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</head>
<body class="min-h-screen">
<div class="container mx-auto p-4 md:p-8">
<!-- Header -->
<header class="text-center py-12">
<h1 class="text-4xl md:text-6xl font-bold glow-title bg-clip-text text-transparent bg-gradient-to-r from-cyan-300 to-indigo-400">
DeepSeek智算一体机
</h1>
<p class="mt-4 text-lg md:text-xl text-gray-300">深度行业研究报告</p>
<div class="mt-6 text-sm text-gray-500">
<p>由 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</p>
<p>本报告为AI合成数据投资需谨慎</p>
</div>
</header>
<main class="space-y-8">
<!-- Concept Event & Core View -->
<section class="grid grid-cols-1 lg:grid-cols-5 gap-8">
<div class="glass-card p-6 lg:col-span-3">
<h2 class="text-2xl font-bold mb-4 text-cyan-300">概念事件:技术平权引爆私有化部署浪潮</h2>
<div class="prose prose-custom max-w-none">
<p>DeepSeek开源其业界领先的AI大模型特别是671B参数模型极大地降低了顶尖AI技术的使用门槛。这一“技术平权”事件迅速引爆了市场尤其是在对数据安全、主权和成本控制有极高要求的政企客户中产生了强烈的私有化部署需求。由于公有云API调用存在网络不稳定、数据安全隐患及长期成本高昂等问题“开箱即用”的本地化解决方案——<strong>智算一体机</strong>——应运而生,成为承接这一历史性机遇的关键载体。</p>
<p>随着“春节后”企业级需求爆发各大厂商迅速响应截至2025年2月底已有超60家企业推出相关产品。从国家队、云巨头到传统ICT厂商和软件解决方案商全产业链快速入局。品高股份3.6亿元订单等商业化落地案例标志着概念已从主题炒作向基本面逻辑过渡。国家《全国一体化算力基础设施高质量发展行动计划2025-2027》将“国产大模型一体机列入优先采购目录”为概念的长期发展提供了强有力的政策背书。</p>
</div>
</div>
<div class="glass-card p-6 lg:col-span-2">
<h2 class="text-2xl font-bold mb-4 text-cyan-300">核心观点摘要</h2>
<div class="prose prose-custom max-w-none">
<p>“DeepSeek智算一体机”概念正处于从<strong>主题爆发期向业绩兑现期过渡</strong>的关键阶段。其核心驱动力源于<strong>DeepSeek技术平权、国家信创与数据安全战略、以及显著的部署成本效益</strong>三重要素的共振。</p>
<p>未来该市场潜力巨大预测2027年超5000亿元但将迅速从“百花齐放”的硬件竞赛演变为一场围绕<strong>生态、渠道和差异化解决方案</strong>的激烈淘汰赛。投资机会将集中在核心生态平台(如华为昇腾)及具备深度行业解决方案能力的集成商。</p>
</div>
</div>
</section>
<!-- Market Analysis & Forecast -->
<section class="grid grid-cols-1 lg:grid-cols-2 gap-8">
<div class="glass-card p-6">
<h2 class="text-2xl font-bold mb-4 text-cyan-300">市场核心逻辑与预期差分析</h2>
<div class="prose prose-custom max-w-none">
<h4>核心驱动力:</h4>
<ul>
<li><strong>技术突破与成本下降:</strong>路演数据显示DeepSeek技术革新使原需多台服务器的部署任务“仅需1到2台”硬件采购成本大幅降低解决了私有化部署的经济可行性问题。</li>
<li><strong>政策驱动 (AI+信创)</strong>党政军、央国企是私有化部署主力军,背后是“支持国产大模型”和“保护敏感数据”的双重战略需求,为一体机采购提供了高度确定性。</li>
<li><strong>商业模式优势:</strong>“开箱即用”的特性解决了企业IT部门部署能力不足的痛点极大降低了AI落地门槛研报称可实现“3小时完成从开机到推理服务上线”。</li>
</ul>
<h4>预期差分析:</h4>
<ul>
<li><strong>负向预期差 (风险)</strong>市场可能高估了进入门槛,低估了竞争的残酷性。路演纪要警示“算力一体机厂商面临同质化竞争风险”,市场快速“红海化”的风险未被充分定价。</li>
<li><strong>正向预期差 (机会)</strong>市场可能低估了“AI+行业”解决方案的价值。当目光聚焦硬件时,提供“硬件+模型+行业应用”深度融合方案的公司(如科大讯飞、天融信)拥有更高的附加值和客户粘性。</li>
</ul>
</div>
</div>
<div class="glass-card p-6 flex flex-col">
<h2 class="text-2xl font-bold mb-4 text-cyan-300">市场空间预测 (2025-2027E)</h2>
<p class="text-gray-400 mb-4">研报指出私有化部署需求激增预计2027年一体机市场空间超5000亿元。</p>
<div id="market-forecast-chart" class="flex-grow w-full h-64 md:h-full"></div>
</div>
</section>
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<h2 class="text-3xl font-bold mb-6 text-center glow-title">产业链核心厂商概览</h2>
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4">
<!-- Column 1 -->
<div class="flex flex-col gap-4">
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">华为昇腾</h3>
<p class="text-sm text-gray-300">生态定义者。提供全栈能力是国产算力生态核心超13家伙伴基于其推出一体机。</p>
</div>
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">中国电信天翼云</h3>
<p class="text-sm text-gray-300">息壤智算一体机-DeepSeek版。定位“安全可控”主攻国央企、高校市场。</p>
</div>
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">浪潮信息</h3>
<p class="text-sm text-gray-300">硬件领导者。推出推理一体机兼容DeepSeek全系模型单机支持百亿级模型推理。</p>
</div>
</div>
<!-- Column 2 -->
<div class="flex flex-col gap-4">
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">科大讯飞</h3>
<p class="text-sm text-gray-300">差异化竞争者。推出“星火+DeepSeek双引擎一体机”融合自有模型优势。</p>
</div>
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">中科曙光</h3>
<p class="text-sm text-gray-300">硬件领导者。全国产超融合一体机液冷技术领先兼容DeepSeek及其他主流模型。</p>
</div>
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">联想 & 沐曦</h3>
<p class="text-sm text-gray-300">国产GPU方案。配备沐曦曦思N260国产GPU上市首月发货量破千台。</p>
</div>
</div>
<!-- Column 3 -->
<div class="flex flex-col gap-4">
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">天融信</h3>
<p class="text-sm text-gray-300">安全赛道切入。推出安全智算一体机,融合“计算、存储、网络、安全、智能”五大能力。</p>
</div>
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">紫光股份 (新华三)</h3>
<p class="text-sm text-gray-300">硬件领导者。灵犀Cube大模型一体机覆盖14B至671B全规模DeepSeek模型。</p>
</div>
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">中国长城</h3>
<p class="text-sm text-gray-300">信创先锋。擎天训推一体机基于飞腾S5000C处理器全面支持DeepSeek私有化部署。</p>
</div>
</div>
<!-- Column 4 -->
<div class="flex flex-col gap-4">
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">百度智能云</h3>
<p class="text-sm text-gray-300">云厂商代表。千帆DeepSeek一体机全系支持DeepSeek模型家族单机8卡可承载满血版。</p>
</div>
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">京东云</h3>
<p class="text-sm text-gray-300">云厂商代表。具备国产算力全适配、AI应用开箱即用、超高性价比等特性。</p>
</div>
<div class="glass-card p-4 bento-item">
<h3 class="font-bold text-white">南威软件</h3>
<p class="text-sm text-gray-300">智能体方案。融合算力+大模型+智能体预置30+智能体场景,已获金融、能源订单。</p>
</div>
</div>
</div>
</section>
<!-- Catalysts & Investment Conclusion -->
<section class="grid grid-cols-1 lg:grid-cols-2 gap-8">
<div class="glass-card p-6">
<h2 class="text-2xl font-bold mb-4 text-cyan-300">关键催化剂与未来路径</h2>
<div class="prose prose-custom max-w-none">
<h4>近期催化剂 (3-6个月):</h4>
<ul>
<li><strong>大规模招标项目落地:</strong>跟踪国家级或省级政务云、大型央企的集中采购公告。</li>
<li><strong>国产AI芯片适配进展</strong>关注华为昇腾、沐曦、海光等与DeepSeek新版本的适配优化成果。</li>
<li><strong>标杆应用案例出炉:</strong>类似深圳福田区“AI数智员工”的成功案例形成示范效应刺激采购需求。</li>
</ul>
<h4>长期发展路径:</h4>
<ol>
<li><strong>硬件普及期 (当前-2026):</strong> 核心是“跑马圈地”,竞争焦点在于供应链、成本和渠道。</li>
<li><strong>解决方案深化期 (2026-2027):</strong> 硬件同质化竞争转向MaaS平台、行业知识库等软件服务能力。</li>
<li><strong>生态成熟期 (2027以后):</strong> 形成少数几个核心技术生态圈,市场份额高度集中。</li>
</ol>
</div>
</div>
<div class="glass-card p-6">
<h2 class="text-2xl font-bold mb-4 text-cyan-300">综合结论与投资启示</h2>
<div class="prose prose-custom max-w-none">
<p>“DeepSeek智算一体机”概念已走过纯粹炒作阶段进入<strong>由订单和业绩驱动的1.0时代</strong>。这是一个由真实需求引爆、具备广阔前景的赛道,但行业的“内卷”程度也远超预期,投资需精挑细选。</p>
<h4>最具投资价值的细分环节:</h4>
<ol>
<li><strong>核心生态平台:</strong><strong>华为昇腾</strong>为代表的国产AI芯片及生态提供商议价能力最强护城河最深。</li>
<li><strong>具备差异化解决方案能力的集成商:</strong>能将一体机与自身<strong>行业Know-how、专有数据或特定功能如安全</strong>深度绑定的公司,有望在价格战中维持较高毛利率。</li>
</ol>
<h4>需重点跟踪的关键指标:</h4>
<ul>
<li>订单公告与合同金额</li>
<li>毛利率变化</li>
<li>国产AI芯片出货量</li>
<li>下游应用渗透率</li>
</ul>
</div>
</div>
</section>
<!-- Stock Table -->
<section class="glass-card p-6">
<h2 class="text-3xl font-bold mb-6 text-center glow-title">相关核心上市公司列表</h2>
<div class="overflow-x-auto">
<table class="table table-custom w-full">
<thead>
<tr>
<th class="text-white">股票名称</th>
<th class="text-white">股票代码</th>
<th class="text-white">核心逻辑 / 产品名称</th>
<th class="text-white">其他标签</th>
</tr>
</thead>
<tbody>
<tr><td>浪潮信息</td><td><a href='https://valuefrontier.cn/company?scode=000977' target='_blank' class='link link-hover text-cyan-400'>000977</a></td><td>浪潮 DeepSeek“推理一体机”</td><td>硬件领导者, 全面兼容DeepSeek V3/R1</td></tr>
<tr><td>中科曙光</td><td><a href='https://valuefrontier.cn/company?scode=603019' target='_blank' class='link link-hover text-cyan-400'>603019</a></td><td>曙光 DeepSeek人工智能一体机</td><td>硬件领导者, 液冷技术领先, SothisAI3.0平台</td></tr>
<tr><td>紫光股份</td><td><a href='https://valuefrontier.cn/company?scode=000938' target='_blank' class='link link-hover text-cyan-400'>000938</a></td><td>新华三 DeepSeek智能一体机</td><td>硬件领导者, UniCube, 支持全系列模型</td></tr>
<tr><td>科大讯飞</td><td><a href='https://valuefrontier.cn/company?scode=002230' target='_blank' class='link link-hover text-cyan-400'>002230</a></td><td>“星火+DeepSeek双引擎一体机”</td><td>差异化竞争, AI软件龙头</td></tr>
<tr><td>天融信</td><td><a href='https://valuefrontier.cn/company?scode=002212' target='_blank' class='link link-hover text-cyan-400'>002212</a></td><td>融信 DeepSeek安全智算一体机</td><td>安全赛道切入, "五位一体"能力</td></tr>
<tr><td>拓维信息</td><td><a href='https://valuefrontier.cn/company?scode=002261' target='_blank' class='link link-hover text-cyan-400'>002261</a></td><td>兆瀚AI算力硬件 (基于昇腾+鲲鹏)</td><td>华为昇腾生态, 适配满血版671B</td></tr>
<tr><td>中国长城</td><td><a href='https://valuefrontier.cn/company?scode=000066' target='_blank' class='link link-hover text-cyan-400'>000066</a></td><td>长城擎天GF7280 V5 AI训推一体机</td><td>信创先锋, 基于飞腾CPU</td></tr>
<tr><td>中国电信</td><td><a href='https://valuefrontier.cn/company?scode=601728' target='_blank' class='link link-hover text-cyan-400'>601728</a></td><td>息壤智算一体机-DeepSeek版</td><td>国家队, 基于"息壤"算力平台</td></tr>
<tr><td>中国联通</td><td><a href='https://valuefrontier.cn/company?scode=600050' target='_blank' class='link link-hover text-cyan-400'>600050</a></td><td>DeepSeek一体机</td><td>国家队, 基于"星罗"算力平台</td></tr>
<tr><td>软通动力</td><td><a href='https://valuefrontier.cn/company?scode=301236' target='_blank' class='link link-hover text-cyan-400'>301236</a></td><td>软通动力 DeepSeek应用方案一体机</td><td>解决方案商, "算力+模型+应用"集成</td></tr>
<tr><td>深信服</td><td><a href='https://valuefrontier.cn/company?scode=300454' target='_blank' class='link link-hover text-cyan-400'>300454</a></td><td>深信服一朵云平台</td><td>为DeepSeek场景提供一键部署、性能优化方案</td></tr>
<tr><td>麒麟信安</td><td><a href='https://valuefrontier.cn/company?scode=688152' target='_blank' class='link link-hover text-cyan-400'>688152</a></td><td>麒麟信安全国产化智算一体机</td><td>全国产化, 鲲鹏+昇腾+麒麟OS</td></tr>
<tr><td>优刻得</td><td><a href='https://valuefrontier.cn/company?scode=688158' target='_blank' class='link link-hover text-cyan-400'>688158</a></td><td>优刻得DeepSeek满血版大模型一体机</td><td>支持多种国产AI芯片, 全栈式解决方案</td></tr>
<tr><td>云从科技</td><td><a href='https://valuefrontier.cn/company?scode=688327' target='_blank' class='link link-hover text-cyan-400'>688327</a></td><td>从容大模型训推一体机</td><td>基于昇腾平台, 支持多模态模型</td></tr>
<tr><td>新致软件</td><td><a href='https://valuefrontier.cn/company?scode=688590' target='_blank' class='link link-hover text-cyan-400'>688590</a></td><td>新致信创一体机</td><td>基于海光DCU服务器, 支持百亿级模型训练</td></tr>
<tr><td>海光信息</td><td><a href='https://valuefrontier.cn/company?scode=688041' target='_blank' class='link link-hover text-cyan-400'>688041</a></td><td>提供核心DCU芯片</td><td>上游核心算力, DeepSeek FP8官方适配</td></tr>
<tr><td>品高股份</td><td><a href='https://valuefrontier.cn/company?scode=688227' target='_blank' class='link link-hover text-cyan-400'>688227</a></td><td>DeepSeek V3.1大模型一体机</td><td>获3.6亿元大单, 订单驱动型</td></tr>
<tr><td>恒为科技</td><td><a href='https://valuefrontier.cn/company?scode=603496' target='_blank' class='link link-hover text-cyan-400'>603496</a></td><td>昇腾/DeepSeek一体机</td><td>训推/推理两类, 主打开箱即用</td></tr>
</tbody>
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