中国AI产业链利润分化：芯片企业暴利，大模型和应用商业化承压

中国上市公司2026年半年报显示，AI产业链呈现明显的利润分化格局。1上游芯片企业表现最为抢眼，长鑫科技上半年营收达1503.1亿元，同比增长873.64%，净利润为776.05亿元。1中科寒武纪营收59.96亿元，同比增长108.13%，净利润23.11亿元，同比增长122.61%；海光资讯净利润17.98亿元，同比增长49.69%。1

科技巨头对算力的持续投资进一步推高了芯片价格。1百度集团第二季度资本支出113.9亿元，同比增长接近200%；腾讯控股同期资本支出527.8亿元，同比增长176%；阿里巴巴则完成港币800亿元配售，将所得净额全部投入AI基础建设。1腾讯总裁刘熾平透露，几个月前下单的部分算力订单，如今售价已较采购时高出30%以上。1

中游大模型企业尚在获利爬坡阶段，下游应用领域刚看到商业化的初步曙光。1截至8月31日，中国境内股票市场共有5557家上市公司公布了2026年半年度报告。1

Chinese listed companies' mid-year reports for 2026 demonstrate stark differences in profitability across the artificial intelligence industry supply chain, with upstream chipmakers capturing the largest gains while mid-stream large language model developers remain in the early stages of monetization and downstream applications are just beginning to show commercial viability 1.

Upstream semiconductor companies have posted particularly strong results. Changxin Memory reported first-half revenue of 150.31 billion yuan with year-over-year growth of 873.64% and net profit of 77.605 billion yuan 1. Cambricon Technologies achieved first-half revenue of 5.996 billion yuan, representing 108.13% year-over-year growth, and net profit of 2.311 billion yuan, up 122.61% from the same period last year 1. Hygon Information also recorded strong performance with first-half net profit of 1.798 billion yuan, an increase of 49.69% 1.

Meanwhile, major technology companies continue to substantially increase capital expenditures to drive up computing capacity and chip demand. Baidu's second-quarter capital expenditure reached 11.39 billion yuan, representing nearly 200% year-over-year growth 1. Tencent's capital expenditure during the same period totaled 52.78 billion yuan, up 176% 1. Alibaba completed a capital raise of 8 billion Hong Kong dollars with all proceeds directed toward AI infrastructure investment 1. Tencent President Liu Chi-ping revealed that computing capacity orders placed a few months earlier are now being resold at prices 30% or higher above the original procurement cost 1. As of August 31, a total of 5,557 listed companies within China's stock market had published their 2026 mid-year financial reports 1.