今日视点：AI投资逻辑转向释放三重积极信号

Core Viewpoint - The domestic large model industry is experiencing significant positive developments, with companies like Beijing Zhiyuan Huazhang Technology Co., Ltd. and MiniMax achieving notable market valuations, indicating a shift in AI investment focus towards application value [1][7]. Group 1: Transition of Investment Logic - The investment logic in the AI industry is shifting from large-scale investments in computing power and model construction to a focus on the realization of application scenarios and commercial value [1][7]. - This transition marks a critical phase of "technology monetization," as evidenced by companies like SANY Heavy Energy reducing product defect rates by 20% and delivery times by over 30% through AI technology [2][8]. - The formation of a commercial closed loop is creating sustainable development opportunities, with domestic companies proving the multi-scenario monetization potential of AI applications [2][8]. Group 2: Empowerment of the Real Economy - AI investment is increasingly benefiting the real economy, with a broader emphasis on "Artificial Intelligence +" enabling intelligent transformation across various industries [3][9]. - The "Artificial Intelligence + Manufacturing" initiative aims to launch 1,000 high-level industrial intelligent entities and promote 500 typical application scenarios by 2027 [3][9]. - New marketing paradigms like Generative Engine Optimization (GEO) are emerging, providing more efficient exposure paths compared to traditional search engine optimization (SEO) [3][9]. Group 3: Changes in Market Ecology - The investment logic is evolving from a single technology assessment to a comprehensive evaluation of "technology + scenario + business model," favoring projects that can bridge data silos and reconstruct business processes [4][10]. - The market is moving towards a "multi-dimensional symbiosis" ecosystem, breaking the previous notion of "winner takes all" and recognizing the independent value of vertical AI applications [5][11]. - The emergence of companies like Beijing Zhiyuan Huazhang Technology and MiniMax on the Hong Kong Stock Exchange reflects a market preference for composite players that combine model capabilities, scenario understanding, and commercial viability [5][11]. Group 4: Future Outlook - The shift in AI investment logic signifies a transition from "barbaric growth" to "rational maturity," with the realization of technological value providing a more stable foundation for the AI industry [6][12]. - Continuous policy support and deepening technology applications are expected to position AI applications as the core engine for industrial growth in 2026 and beyond [6][12]. - Companies that excel in vertical fields and deliver practical value are likely to emerge as the true winners in the AI investment wave, facilitating a critical leap from "quantitative accumulation" to "qualitative breakthroughs" in the AI industry [6][12].