瑞银称中国不存在美国式AI泡沫瑞银称今年中国AI将收割全球份额

Core Viewpoint - The Chinese AI industry does not exhibit a U.S.-style bubble and is expected to seize global market share through three main avenues: model export, application explosion, and computing power substitution [1][2] Group 1: Model Layer - Chinese AI models are characterized by high cost-performance advantages, making them competitive in international markets [1] - The average intelligence per dollar spent on Chinese models surpasses that of U.S. models, which tend to be more expensive despite their absolute intelligence superiority [1] - This cost-performance advantage is anticipated to drive the export of Chinese large models in the form of API services to cost-sensitive emerging markets by 2026 [1] Group 2: Application Layer - The advancement in model technology is expected to create richer application scenarios, with a focus on rapid user transaction completion as a key competitive factor [1] - The explosion of applications will further accelerate commercialization in the Chinese AI sector [1] Group 3: Market Outlook - The year 2026 is projected to be pivotal for converting China's cost-performance advantage into global market share, with keywords such as no bubble, high iteration, and rapid monetization becoming central themes [2]