【3 月 6 日,招商证券国际发布报告】DeepSeek-R1 自 1 月底发布后,中国龙头互联网公司股价平均上涨 14%,未来 12 个月市盈率从 11.6 倍升至 13 倍。该行认为,未来关键关注点在于财务收益验证,如阿里业绩会称新增调用需求中 60-70%为推理需求,且未来 95%大模型 token 会在云端传输,应关注云需求爆发带来的收入和利润潜在上行机遇。行业应用深化方面,依托强大社交...
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