https://reports.zhihai.me/tags/%E6%AE%8B%E5%80%BC%E5%AE%9A%E4%BB%B7/Recent content in 残值定价 on 脱水研报HugoenSun, 20 Sep 2026 00:00:00 +0800https://reports.zhihai.me/posts/2026-09-20-gpu-financing-residual-pricing/Sun, 20 Sep 2026 00:00:00 +0800https://reports.zhihai.me/posts/2026-09-20-gpu-financing-residual-pricing/Silicon Data 9 月 17 日发布行业分析，指出 AI 基建最大卡点已从单纯「拿卡」转向 GPU 融资难题——根源在资本市场沿用 3 年直线折旧假设，把 GPU 视为快速贬值资产，直接限制算力服务商融资能力、倒逼长约与高预付。