艾媒咨询 | 2026年上半年中国人工智能行业投融资市场监测与分析报告

　　当前中国人工智能行业投融资市场资金更多流向成熟期项目，早期融资相对收缩，波动主要受宏观流动性、退出渠道预期及赛道估值调整影响，市场整体趋于理性，行业呈现从规模扩张向质量深耕转型的趋势。资本向算力与大模型头部集中，行业应用事件多而金额小，反映落地分散、单项目融资有限。当前基础层受产业周期与政策算力基建驱动热度高，AIGC商业化验证期临近或现轮动，行业应用随场景成熟有望承接资本外溢，技术层与通用应用则待生态完善后补涨。

　　全球领先的新经济产业第三方数据挖掘和分析机构iiMedia Research（艾媒咨询）最新发布的《2026年上半年中国人工智能行业投融资市场监测与分析报告》数据显示，人工智能主题融资金额TOP10企业中，前三名分别为DeepSeek（325.00亿人民币）、月之暗面Kimi（137.00亿人民币）、智平方（60.00亿人民币），合计占TOP10总融资金额的51.70%。头部集中度极高，DeepSeek单家占比超四成，呈“一超多强”格局，大模型与算力芯片双主线并行。高融资企业多处于成长期至扩张期，资本加速向已验证技术壁垒和商业化路径的标的聚拢。投资风向从广撒网转向重仓头部，反映资本偏好确定性，大额融资背后是算力军备竞赛与垂直场景落地提速的产业逻辑。

　　综合来看，人工智能行业的投融资已进入“头部通吃、硬核称王”的结构性分化阶段。通过对头部企业的深度研究，可以更直观地剖析各细分赛道的差异化布局与发展路径：大模型凭借技术代差与算力储备虹吸巨额资金，行业应用则在碎片化场景中寻求商业闭环。未来，随着底层算力基建的完善与大模型商业化拐点的临近，资金有望从拥挤的基座层向具备真实造血能力的应用层与生态层轮动外溢，真正能跑通PMF的企业或将迎来价值重估。

　　Currently, in China’s artificial intelligence industry investment and financing market, capital is flowing more toward mature-stage projects, while early-stage financing has contracted somewhat. Market fluctuations are primarily driven by macro liquidity, expectations regarding exit channels, and valuation adjustments across different sectors. The market as a whole is becoming more rational, and the industry is shifting from scale expansion toward a focus on quality. Capital is concentrating on leading players in computing power and large language models, while industry application deals are numerous but involve small amounts, reflecting fragmented implementation and limited funding per project. Currently, the infrastructure layer is experiencing high momentum driven by industry cycles and policy-backed computing power infrastructure; as the commercialization validation phase for AIGC approaches, a rotation in investment may occur. Industry applications are expected to absorb capital spillover as use cases mature, while the technology layer and general-purpose applications will see a catch-up rally once their ecosystems are fully developed.

　　Data from the latest “Monitoring and Analysis Report on China’s Artificial Intelligence Investment and Financing Market for the First Half of 2026,” released by iiMedia Research—a globally leading third-party data mining and analysis firm specializing in the new economy—shows that among the top 10 companies by AI-themed funding, the top three are DeepSeek (32.50 billion RMB), Dark Side of the Moon Kimi (13.70 billion RMB), Zhifang (6.00 billion RMB), which together accounted for 51.70% of the total funding raised by the top 10 companies. Concentration among the top players is extremely high, with DeepSeek alone accounting for over 40% of the total, forming a “one dominant player, multiple strong contenders” landscape, where large language models and computing power chips serve as the two parallel main drivers. Companies securing large rounds of funding are mostly in the growth to expansion stages, with capital accelerating its concentration on targets that have demonstrated proven technological barriers and commercialization pathways. Investment trends have shifted from casting a wide net to heavily investing in top-tier companies, reflecting capital’s preference for certainty; behind these large funding rounds lies the industry logic of a computing power arms race and the accelerated implementation of vertical applications.

　　Overall, investment and financing in the AI industry have entered a phase of structural differentiation characterized by “the top players dominating the market and core technologies reigning supreme.” Through in-depth research on leading companies, we can more intuitively analyze the differentiated strategies and development paths across various sub-sectors: large language models are siphoning off massive amounts of capital thanks to their technological lead and computing power reserves, while industry applications are seeking commercial closure within fragmented scenarios. In the future, as underlying computing infrastructure matures and the commercialization inflection point for large language models approaches, capital is expected to shift from the crowded foundational layer to the application and ecosystem layers—which possess genuine self-sustaining capabilities. Companies that can truly achieve Product-Market Fit (PMF) may see their value reassessed.

　　2026年上半年人工智能投融资趋势

　　数据显示，2026年上半年人工智能主题投融资事件404起、金额1618.51亿人民币，事件数量与金额呈现结构性分化，单笔均值约4.01亿人民币，反映资本向头部集中。艾媒咨询分析师认为，结合当年硬科技、人工智能及先进制造等热点，资金更多流向成熟期项目，早期融资相对收缩，波动主要受宏观流动性、退出渠道预期及赛道估值调整影响，市场整体趋于理性，行业呈现从规模扩张向质量深耕转型的趋势。

　　人工智能主题各赛道投融金额及数量

　　数据显示，AI基础层以82起事件吸金686.86亿人民币，单笔均值8.38亿，集中度最高，头部效应显著；AIGC以62起获527.85亿人民币，单笔8.51亿，资本密集度居首；AI行业应用133起仅257.92亿人民币，单笔1.94亿，最为分散；AI技术层与通用应用分别为75起81.86亿、52起64.02亿，活跃但金额偏低。艾媒咨询分析师认为，基础层与AIGC合计占总额超七成，资本向算力与大模型头部集中，行业应用事件多而金额小，反映落地分散、单项目融资有限。当前基础层受产业周期与政策算力基建驱动热度高，AIGC商业化验证期临近或现轮动，行业应用随场景成熟有望承接资本外溢，技术层与通用应用则待生态完善后补涨。

　　人工智能主题融资金额最高企业TOP10

　　数据显示，人工智能主题融资金额TOP10企业中，前三名分别为DeepSeek（325.00亿人民币）、月之暗面Kimi（137.00亿人民币）、智平方（60.00亿人民币），合计占TOP10总融资金额的51.70%。艾媒咨询分析师认为，头部集中度极高，DeepSeek单家占比超四成，呈“一超多强”格局，大模型与算力芯片双主线并行。高融资企业多处于成长期至扩张期，资本加速向已验证技术壁垒和商业化路径的标的聚拢。投资风向从广撒网转向重仓头部，反映资本偏好确定性，大额融资背后是算力军备竞赛与垂直场景落地提速的产业逻辑。

　　人工智能主题独立投资金额最高投资机构

　　数据显示，国家集成电路产业投资基金在人工智能主题中仅参与1笔投资，单笔金额却达325.00亿人民币，位列独立投资机构榜首。艾媒咨询分析师认为，这一“单笔即巅峰”的配置，更像是以巨额资本直插产业链最上游的卡位动作，而非多点试探。325.00亿人民币集中于单一标的，大概率指向晶圆制造或算力芯片等重资产环节的里程碑式轮次，折射出以资本换产业纵深的策略取向，而非追逐应用层风口。