华泰证券：关注AI商业化双主线

Core Viewpoint - The AI industry is transitioning from a focus on large model technology to the penetration of application scenarios since 2025, with internet platform companies actively seeking commercialization opportunities based on their resource endowments [1] Group 1: Industry Trends - The AI industry is expected to shift towards application scenarios, moving away from the competition of large model technologies [1] - Internet platform companies are leveraging their advantages to explore commercial opportunities in specific scenarios [1] Group 2: Investment Recommendations - Two main investment lines are suggested: 1. Basic cloud infrastructure service providers, which are expected to benefit from downstream scenario demands and show robust growth potential [1] 2. Advertising and vertical application sectors, where content and e-commerce platforms have natural application scenarios, and AI's efficiency in advertising is becoming increasingly evident [1] - Vertical applications are more focused on ToB services, integrating their scenario advantages to address upstream workflow demands and generate revenue growth [1]