Group 1 - UBS report indicates that Meitu's recent AI model has not impacted user growth, emphasizing aesthetic understanding as a key differentiator for building a competitive moat [1] - Meitu's "model container" strategy allows integration of the latest model technologies, enabling the development of features that meet user needs through subsequent training [1] - The dynamic nature of user aesthetic preferences and cultural differences complicates user acquisition solely through traffic, making aesthetic insight a critical differentiator [1] Group 2 - Goldman Sachs reports that Meitu has integrated RoboNeo's Agent capabilities into several of its products, viewing the integration of large model capabilities as beneficial for both consumer and business users [1] - Morgan Stanley reiterates that applications remain the preferred choice for AI investments, maintaining an overweight rating on Tencent, Alibaba, and Meitu [2]
瑞士银行报告：应对大厂竞争 美图具备差异化优势