Zhi Tong Cai Jing·2025-09-18 08:28Group 1 - The competitive landscape of global AI models is primarily dominated by OpenAI, Anthropic, Google, and Tesla, with Chinese companies DeepSeek and Alibaba's Tongyi Qwen entering the top tier [1] - The GPQA test results show that the top 25 models are mainly from OpenAI, Anthropic, Microsoft, Google, and Meta, with a low representation from Chinese companies [1] - DeepSeek-V3/R1 is expected to be released in December 2024/January 2025, potentially disrupting the global AI landscape and representing China's open-source models aligning with SOTA [1] Group 2 - Major tech companies are heavily investing in large model training, which is boosting their internal computing power demand through both training and inference [2] - Cloud providers are offering large model APIs on their platforms, with the MaaS business model driving external computing power growth [2] - Capital expenditure (CapEx) as a percentage of revenue for major companies in Q2 2025 is projected to be 34.8% for Microsoft, 23.3% for Google, 35.8% for Meta, and 18.7% for Amazon [2] Group 3 - Investment recommendations include Meituan, which has potential for valuation recovery, Kingdee International with sustainable ARR growth from cloud business, Lenovo Group benefiting from AI PC product cycles, and Tencent Holdings as a long-term preferred choice [3]