[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio038ce3ca":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio038ce3ca","《摩根士丹利：中国AI基础模型- Kimi 分析报告》","\u002Fdoc\u002Fdcio038ce3ca","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>1\u002F \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">核心增量信息是什么？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">Moonshot \u003Cspan style=\"font-family: DengXian;\">在\u003C\u002Fspan> 7 \u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan> 17 \u003Cspan style=\"font-family: DengXian;\">日发布了\u003C\u002Fspan> K3 = \u003Cstrong>2.8 \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">万亿（\u003C\u002Fspan>2.8T\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">）参数\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">的开源权重（\u003C\u002Fspan>open-weight\u003Cspan style=\"font-family: DengXian;\">）大模型。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">主攻方向\u003C\u002Fspan> = \u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">长周期任务\u003C\u002Fspan> + \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">知识工作\u003C\u002Fspan> + \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">复杂推理\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">技术亮点\u003C\u002Fspan> = \u003Cspan style=\"font-family: DengXian;\">采用了原创算法创新（\u003C\u002Fspan>\u003Cstrong>Kimi Delta Attention + Attention Residual\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">）\u003C\u002Fspan>→ \u003Cspan style=\"font-family: DengXian;\">显著提升了计算效率。\u003C\u002Fspan> \u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>2\u002F \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">为什么\u003C\u002Fspan> K3 \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">的高定价值得特别关注？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">K3 \u003Cspan style=\"font-family: DengXian;\">的\u003C\u002Fspan> API \u003Cspan style=\"font-family: DengXian;\">定价是中国头部\u003C\u002Fspan> LLM \u003Cspan style=\"font-family: DengXian;\">中最高的（未缓存输入\u003C\u002Fspan>\u003Cstrong>20 \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">元\u003C\u002Fspan>\u002F\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">百万\u003C\u002Fspan> token\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">，输出\u003C\u002Fspan>\u003Cstrong>100 \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">元\u003C\u002Fspan>\u002F\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">百万\u003C\u002Fspan> token\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这意味着\u003C\u002Fspan> = \u003Cspan style=\"font-family: DengXian;\">中国大模型厂商开始摆脱底层价格战内卷\u003C\u002Fspan> → \u003Cspan style=\"font-family: DengXian;\">正在缩小与美国头部模型的定价差距。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">用大白话总结就是\u003C\u002Fspan> → \u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">只要模型能力足够硬，市场就愿意为高性能买单\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">，这对整个\u003C\u002Fspan> LLM \u003Cspan style=\"font-family: DengXian;\">市场的商业化健康度是绝对利好。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>3\u002F 2.8T \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">的参数规模与跑分成绩代表什么？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">K3 \u003Cspan style=\"font-family: DengXian;\">是目前为止中国最大的开源权重\u003C\u002Fspan> LLM\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">基本上就代表\u003C\u002Fspan> = \u003Cstrong>Scaling Law\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">（缩放定律）依然有效\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">，参数规模依然是性能的基础。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">成绩单\u003C\u002Fspan> = \u003Cstrong>Arena.ai \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">代码榜单全球第一\u003C\u002Fspan>\u003C\u002Fstrong> + \u003Cstrong>Artificial Analysis \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">综合排名全球第三\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">（仅次于两款美国顶级\u003C\u002Fspan> LLM\u003Cspan style=\"font-family: DengXian;\">）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">带来的影响是\u003C\u002Fspan> → \u003Cspan style=\"font-family: DengXian;\">标志着中国\u003C\u002Fspan> LLM \u003Cspan style=\"font-family: DengXian;\">在\u003Cstrong>模型规模\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cstrong> + \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">性能表现\u003C\u002Fspan> + \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">定价策略\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-family: DengXian;\">上，正在对美国头部梯队形成全方位的追赶。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cdiv align=\"center\" style=\"text-align: center;\">\u003Chr size=\"2\" width=\"100%\" align=\"center\" \u002F>\u003C\u002Fdiv>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>4\u002F \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">这是偶然的技术爆发吗？对未来有什么启示？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cul style=\"margin-top: 0in;\">\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">并不是一夜之间的奇迹\u003C\u002Fspan> = \u003Cspan style=\"font-family: DengXian;\">而是中国\u003C\u002Fspan> AI \u003Cspan style=\"font-family: DengXian;\">模型产业技术持续积累的必然结果（例如\u003C\u002Fspan>\u003Cstrong>6 \u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">月发布的\u003C\u002Fspan> GLM-5.2\u003C\u002Fstrong> \u003Cspan style=\"font-family: DengXian;\">就已经非常出色）。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">核心预判\u003C\u002Fspan> → \u003Cspan style=\"font-family: DengXian;\">未来将看到更多中国\u003C\u002Fspan> LLM \u003Cspan style=\"font-family: DengXian;\">走向\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">更大规模\u003C\u002Fspan> + \u003Cspan style=\"font-family: DengXian;\">更高定价\u003C\u002Fspan> + \u003Cspan style=\"font-family: DengXian;\">更好性能\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">的良性循环。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003Cli>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">最终结果\u003C\u002Fspan> = \u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">中国大模型将具备极强的全球竞争力。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fli>\r\n\u003C\u002Ful>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cstrong>\u003Cspan style=\"font-family: DengXian;\">对投资者最大的启示\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网认为，如果把这份报告放在\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">产业的大背景下来看，我认为真正值得关注的不是\u003C\u002Fspan>\"K3\u003Cspan style=\"font-family: DengXian;\">很强\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">，而是它释放出的三个信号。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第一，中国\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">公司已经从追赶进入创新阶段，不再只是复现国外模型，而是在\u003C\u002Fspan>Attention\u003Cspan style=\"font-family: DengXian;\">架构、训练方法和推理效率上开始贡献原创技术。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第二，模型竞争的核心正在从\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">谁拥有更多\u003C\u002Fspan>GPU\"\u003Cspan style=\"font-family: DengXian;\">转向\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">谁能用更低成本提供更强能力\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">。架构创新、合成数据、强化学习和推理优化的重要性正在快速提升。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">第三，中国头部模型厂商正在尝试提升商业化能力，而不是单纯依赖低价竞争。不过，高定价最终能否持续，仍需要企业客户采用率、\u003C\u002Fspan>API\u003Cspan style=\"font-family: DengXian;\">调用规模和收入增长来验证。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Kimi \u003Cspan style=\"font-family: DengXian;\">对美股市场短期利空，长期利好，和去年\u003C\u002Fspan>deekseek\u003Cspan style=\"font-family: DengXian;\">一样的剧本，大大降低企业用\u003C\u002Fspan>Ai\u003Cspan style=\"font-family: DengXian;\">的门槛并提高使用频率。\u003C\u002Fspan>\u003Cspan style=\"font-family: DengXian;\">这份摘要对产业趋势的把握较好，尤其是技术创新和中国模型竞争力提升的判断具有参考价值；但在\u003C\u002Fspan>“\u003Cspan style=\"font-family: DengXian;\">高定价意味着行业摆脱价格战\u003C\u002Fspan>”“Scaling Law\u003Cspan style=\"font-family: DengXian;\">依然是性能基础\u003C\u002Fspan>”\u003Cspan style=\"font-family: DengXian;\">等论断上表达得过于绝对，缺乏对行业竞争、推理成本和商业化验证等因素的讨论。如果作为投资研究的参考材料，它值得阅读；如果作为投资结论，则还需要结合模型实际采用情况、开发者生态、\u003C\u002Fspan>API\u003Cspan style=\"font-family: DengXian;\">收入和企业客户增长等数据综合判断。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FA\u002FAI\u002FAI.jpg","2026-07-19T17:21:41","2026.07.19","2026\u002F07\u002F19",38645,[22],"AI","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]