大行看好！中国科技资产仍存在超预期空间

Core Insights - The capital expenditure demand in the AI investment sector is shifting from US suppliers to Chinese suppliers, indicating significant growth potential for Chinese technology assets, particularly in the domestic substitution direction [1][3][4] - The AI industry has transitioned from a "hundred schools of thought" competition to a commercialization phase, with vertical tracks and B-end commercialization becoming the core development direction [2][5] Investment Opportunities - Chinese technology assets, especially in the domestic substitution sector, still have unexpected growth potential despite recent market volatility [3] - The shift in capital expenditure demand towards domestic suppliers is expected to enhance the development prospects of China's AI industry, as leading companies begin large-scale procurement of domestic servers equipped with local chips [4] - The global positioning of Chinese assets remains relatively "underweight," suggesting significant room for increased allocation [3] Market Dynamics - The global model market has largely completed its consolidation phase, with only a few institutions remaining in the model development space [6] - The model capabilities are moving towards a "commoditization" stage, where differences among models are minimal, making vertical industry-specific data crucial for creating competitive advantages [6] Commercialization Pathways - The B-end commercialization path is clearer and easier to implement compared to the C-end, with examples in e-commerce and programming demonstrating cost-saving efficiencies [8] - The C-end commercialization faces challenges due to unclear monetization strategies and high competition, particularly in the Chinese market where free services provide excellent user experiences [8][9] Future Trends - The focus of AI development has shifted from "models" to "data and applications," with vertical industry data barriers and B-end cost reduction logic being the most evident paths for investment [9]