---
title: "《大行》里昂升商汤目标价至 3 元  维持「跑赢大市」评级"
description: "里昂将商汤目标价上调至 3 元，维持「跑赢大市」评级。预计商汤 2025 财年经调整净亏损将收窄 53% 至 25 亿元人民币，受益于生成式 AI 收入增长及业务重组。商汤与寒武纪建立战略合作，助力扩展人工智能运算能力，并在人工智能眼镜与影片生成工具领域取得进展。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/262804937.md"
published_at: "2025-10-27T02:10:33.000Z"
---

# 《大行》里昂升商汤目标价至 3 元  维持「跑赢大市」评级

> 里昂将商汤目标价上调至 3 元，维持「跑赢大市」评级。预计商汤 2025 财年经调整净亏损将收窄 53% 至 25 亿元人民币，受益于生成式 AI 收入增长及业务重组。商汤与寒武纪建立战略合作，助力扩展人工智能运算能力，并在人工智能眼镜与影片生成工具领域取得进展。

里昂发表报告，预期商汤－W (00020.HK) 经调整净亏损将於 2025 财年按年收窄 53% 至 25 亿元人民币，主要受惠於生成式 AI 收入增长及业务重组带动的营运开支下降。

报告指，商汤与寒武纪 (688256.SH) 建立战略合作夥伴关系，认为此举将有助於其透过国产晶片扩展人工智能运算能力。商汤的人工智能模型商业化亦在人工智能眼镜与人工智能影片生成工具领域取得进展。

该行将商汤目标价由 1.85 元上调至 3 元，维持「跑赢大市」评级。

### Related Stocks

- [00020.HK - 商汤-W](https://longbridge.com/zh-CN/quote/00020.HK.md)

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