金吾财讯 | 万国数据(09698)股价震荡走高，截至发稿，涨7.04%，报34.95港元，成交额1.78亿港元。大和发报告指，相信DeepSeek的推出对万国数据是个拐点，因为定价现已稳定下来，相信万国数据的月度服务收入可能会在一至两年内触底反弹。该行指出，根据估算，其过去六个月的总成交额达到60亿港元，倘万国数据将主要上市地点更改为香港后，有资格被纳入港股通计划。这将为股票带来更多资金流入。该行将公司评级由“持有”升至“买入”，H股目标价由20港元升至39港元。高盛表示，“DeepSeek”模型的出现，挑战传统人工智能训练成本的假设，推动人工智能推理需求能更快速增长。该行相信，人工智能的最新发展表明其关键组成部分之间或会重新平衡。人工智能投资增加、推出新的大型语言模型以降低培训和推理成本、投资者对人工智能相关股票的情绪上升。该行看好公司价值增值机会，相信其能很好捕捉来自人工智能推理的需求。另外，该行正等待美国人工智能传播规定相关更新，认为这可能会影响万国数据长期增长前景。高盛将万国数据H股目标价定于38.3港元；美股目标价定于39.2美元，均给予“买入”评级。
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