计算机行业AI模型系列(四)：大模型商业化加速落地，来自模型能力、Token与ARR的多重验证

[Table_IndustryAndDate] | | | 2026/06/10 [Table_Title] AI TokenARR [Table_IndustryEn] IT [Table_Author] SAC S0260514030002 SFC CE.no: BNX004 021-38003675 gfliuxuefeng@gf.com.cn [Table_Summary] 12Token 3ARR 4 AI 5 1. Token workload 2. Token /API 2026 3 Token 140 2025 37 tokens Token 2026 3 120 3. ARR OpenAI 2026 2 ARR US$25bnAnthropic 2026 5 ARR US$47bn 4. ChatGPT 9 Gemini App 9 AI App AI App 5. AI ① AI MiniMaxDeepSeek ②AI+③AI+Coding/Agent④AI+⑤AI+ [Table_DocReport] : 2026-05-24 AI 2026:Intel CEOCPU 2026-05-21 :H200 2026-05-17 | [Table_impcom] EPS() PE(x) EV/EBITDA(x) ROE(%) / 2026E 2027E 2026E 2027E 2026E 2027E 2026E 2027E 02513.HK HKD 1136.00 2026/04/02 965.43 -8.49 -8.24 - - - - - - MINIMAX-W 00100.HK HKD 464.40 2026/03/03 985.29 -1.52 -1.56 - - - - -40.10 -70.20 688258.SH CNY 127.90 2026/04/28 156.60 1.57 2.48 81.46 51.57 62.23 42.22 18.40 24.20 688111.SH CNY 225.80 2026/05/05 348.56 7.38 5.62 30.60 40.18 51.01 41.32 22.30 15.10 603171.SH CNY 46.15 2026/04/23 74.50 0.63 1.20 73.25 38.46 53.58 32.56 9.10 14.80 00268.HK HKD 7.54 2026/04/14 17.94 0.10 0.20 65.57 32.78 24.84 16.84 4.10 7.60 300170.SZ CNY 17.99 2026/04/14 28.04 0.30 0.37 59.97 48.62 39.49 32.72 5.10 6.10 300687.SZ CNY 24.36 2026/04/29 27.13 0.30 0.36 81.20 67.67 46.06 35.53 4.40 5.10 -U 688031.SH CNY 140.58 2026/05/25 170.94 -0.85 0.11 - 1278.00 - 347.54 -13.20 1.60 002153.SZ CNY 8.28 2026/03/27 13.47 0.04 0.09 207.00 92.00 60.10 39.71 1.70 3.50 06687.HK HKD 15.97 2026/03/31 29.20 0.86 1.33 16.15 10.44 21.33 12.78 23.50 26.60 06682.HK HKD 28.60 2026/06/04 61.53 0.15 0.46 165.80 54.06 - 55.32 0.90 2.70 02228.HK HKD 6.98 2026/05/28 15.16 0.03 0.05 202.32 121.39 94.30 71.96 1.40 2.10 300624.SZ CNY 56.59 2025/10/29 82.19 0.20 0.45 282.95 125.76 130.25 75.98 3.30 7.10 300378.SZ CNY 38.37 2025/09/01 65.23 0.94 1.19 40.82 32.24 20.43 15.86 9.60 10.80 Wind | ............................................................................................................................................................................................................. 5 Token .............................................................................................................. 7 .......................................................................................................................................... 7 COGS TOKEN ....................................................................................................................................... 10 Token .............................................................................................................................................. 15 OPENROUTER API /API ............................................................................... 15 TOKEN .........................