403 lines
26 KiB
HTML
403 lines
26 KiB
HTML
<!DOCTYPE html>
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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=1.0">
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<title>DeepSeek智算一体机 - 深度行业研究报告</title>
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<body class="min-h-screen">
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<div class="container mx-auto p-4 md:p-8">
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<!-- Header -->
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<header class="text-center py-12">
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<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">
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DeepSeek智算一体机
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</h1>
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<p class="mt-4 text-lg md:text-xl text-gray-300">深度行业研究报告</p>
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<div class="mt-6 text-sm text-gray-500">
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<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>
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<p>本报告为AI合成数据,投资需谨慎</p>
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</div>
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</header>
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<main class="space-y-8">
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<!-- Concept Event & Core View -->
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<section class="grid grid-cols-1 lg:grid-cols-5 gap-8">
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<div class="glass-card p-6 lg:col-span-3">
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<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>
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<div class="prose prose-custom max-w-none">
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<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>
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<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>
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</div>
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</div>
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<div class="glass-card p-6 lg:col-span-2">
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<h2 class="text-2xl font-bold mb-4 text-cyan-300">核心观点摘要</h2>
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<div class="prose prose-custom max-w-none">
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<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>
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<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>
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</div>
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</div>
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</section>
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<!-- Market Analysis & Forecast -->
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<section class="grid grid-cols-1 lg:grid-cols-2 gap-8">
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<div class="glass-card p-6">
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<h2 class="text-2xl font-bold mb-4 text-cyan-300">市场核心逻辑与预期差分析</h2>
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<div class="prose prose-custom max-w-none">
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<h4>核心驱动力:</h4>
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<ul>
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<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>
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<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>
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<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>
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</ul>
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<h4>预期差分析:</h4>
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<ul>
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<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>
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<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>
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</ul>
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</div>
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</div>
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<div class="glass-card p-6 flex flex-col">
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<h2 class="text-2xl font-bold mb-4 text-cyan-300">市场空间预测 (2025-2027E)</h2>
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<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>
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<div id="market-forecast-chart" class="flex-grow w-full h-64 md:h-full"></div>
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</div>
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</section>
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<!-- Key Players Bento Grid -->
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<section class="glass-card p-6" x-data="{}" @mousemove="
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const items = document.querySelectorAll('.bento-item');
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items.forEach(item => {
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">
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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>
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<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-4 gap-4">
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<!-- Column 1 -->
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<div class="flex flex-col gap-4">
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">华为昇腾</h3>
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<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>
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</div>
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">中国电信天翼云</h3>
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<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>
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</div>
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">浪潮信息</h3>
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<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>
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</div>
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</div>
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<!-- Column 2 -->
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<div class="flex flex-col gap-4">
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">科大讯飞</h3>
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<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>
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</div>
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">中科曙光</h3>
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<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>
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</div>
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">联想 & 沐曦</h3>
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<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>
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</div>
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</div>
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<!-- Column 3 -->
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<div class="flex flex-col gap-4">
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">天融信</h3>
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<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>
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</div>
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">紫光股份 (新华三)</h3>
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<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>
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</div>
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">中国长城</h3>
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<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>
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</div>
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</div>
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<!-- Column 4 -->
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<div class="flex flex-col gap-4">
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">百度智能云</h3>
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<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>
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</div>
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">京东云</h3>
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<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>
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</div>
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<div class="glass-card p-4 bento-item">
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<h3 class="font-bold text-white">南威软件</h3>
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<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>
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</div>
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</div>
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</div>
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</section>
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<!-- Catalysts & Investment Conclusion -->
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<section class="grid grid-cols-1 lg:grid-cols-2 gap-8">
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<div class="glass-card p-6">
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<h2 class="text-2xl font-bold mb-4 text-cyan-300">关键催化剂与未来路径</h2>
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<div class="prose prose-custom max-w-none">
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<h4>近期催化剂 (3-6个月):</h4>
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<ul>
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<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>
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<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>
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<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>
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</ul>
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<h4>长期发展路径:</h4>
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<ol>
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<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>
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<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>
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<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>
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</ol>
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</div>
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</div>
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<div class="glass-card p-6">
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<h2 class="text-2xl font-bold mb-4 text-cyan-300">综合结论与投资启示</h2>
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<div class="prose prose-custom max-w-none">
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<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>
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<h4>最具投资价值的细分环节:</h4>
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<ol>
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<li><strong>核心生态平台:</strong>以<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>
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<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>
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</ol>
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<h4>需重点跟踪的关键指标:</h4>
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<ul>
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<li>订单公告与合同金额</li>
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<li>毛利率变化</li>
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<li>国产AI芯片出货量</li>
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<li>下游应用渗透率</li>
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</ul>
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</div>
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</div>
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</section>
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<!-- Stock Table -->
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<section class="glass-card p-6">
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<h2 class="text-3xl font-bold mb-6 text-center glow-title">相关核心上市公司列表</h2>
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<div class="overflow-x-auto">
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<table class="table table-custom w-full">
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<thead>
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<tr>
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<th class="text-white">股票名称</th>
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<th class="text-white">股票代码</th>
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<th class="text-white">核心逻辑 / 产品名称</th>
|
||
<th class="text-white">其他标签</th>
|
||
</tr>
|
||
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<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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