金吾财讯 | 华泰证券表示，3/3，Nvidia股价跌9%，年初以来下跌18%，显著跑输NASDAQ的-5%，该行认为市场开始逐步反映DeepSeek开源带来的负面影响。往后看，市场关注哪些板块能够在DeepSeek的算力平权中受益。
该行指，1）充分的开源策略激发了从个人、企业到各级政府的多层次AI需求；2）极致的性能优化，为大模型服务企业盈利提供了可能性；3）美国如进一步收紧出口管制或倒逼7nm成为中国AI通用平台；4）充分开源能够促进DeepSeek模型能力和生态加速成熟。
该行认为，1）英伟达GPU仍然是目前发展AI重要的硬件，关注美国是否进一步收紧管制；2）DeepSeek的充分开源策略和极致性价比激发从个人、企业到各级政府对AI的需求。相关产业链包括：1）云计算服务提供商，2）服务器硬件厂商，以及 3）国产芯片设计和代工企业。
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