AI应用板块狂飙！七牛智能AI用户破18万，解码AI应用重塑市场深层逻辑

Group 1: Core Insights - The recent surge in the Hong Kong stock market's AI sector is driven by the collective leap of AI application companies, highlighted by Qiniu Intelligent's (02567) user base surpassing 180,000 for its MaaS offerings, marking a significant milestone in the transition from "model training era" to "inference dividend era" in the global tech industry [1] Group 2: Catalysts for Growth - The rapid rise of the AI sector in Hong Kong is supported by two main expectations: an efficiency revolution and the leading edge of AI applications [2] Group 3: Efficiency Revolution - The anticipated release of DeepSeek V4 is reshaping developers' perceptions of inference costs, significantly lowering the cost per token, which will activate previously dormant enterprise application scenarios as the barriers to accessing high-quality models decrease [3] Group 4: Application Leadership - Chinese AI applications are leading in specific sectors, such as healthcare, where Ant Group's health assistant "Afu" outperforms ChatGPT's similar offerings due to its deep industry data and integrated payment solutions, showcasing China's advanced mobile internet ecosystem and digitalization [4] Group 5: Qiniu Intelligent's User Growth - The milestone of Qiniu Intelligent's MaaS user base exceeding 180,000 should be viewed through the lenses of cloud computing, Agent AI, and edge AI, indicating a strong foundational value [5] Group 6: Non-linear Growth in Inference Demand - The integration of AI Agents into "operating system-level" applications in 2026 will lead to a non-linear increase in inference demand, where a single user request can trigger multiple task breakdowns and sub-model calls, positioning MaaS providers like Qiniu Intelligent as critical entry points for traffic [6] Group 7: Revenue Structure Optimization - Qiniu Intelligent is transitioning its revenue model from "bandwidth + storage" to "high-value inference API calls" by integrating various open-source and closed-source models, with the surge in MaaS users indicating high customer loyalty and scale effects, reflecting the market's recognition of "inference-driven growth" [7]