开源证券：看好大模型支付闭环下商业价值提升 国内厂商商业化潜力值得期待

Core Insights - Google announced that Gemini will integrate with Walmart and Sam's Club, along with the release of the Universal Commercial Protocol (UCP) to enhance smart shopping capabilities for Google Search and Gemini's AI model [1] - The integration signifies a potential transformation in the e-commerce landscape, with domestic AI models expected to unlock significant commercial potential after gaining payment permissions [2] Group 1: Google and Gemini Integration - The integration of Gemini with Walmart and Sam's Club is expected to empower Google in areas such as business model enhancement, data barriers, and AI search optimization [1] - The UCP protocol allows Google to convert search behaviors directly into purchasing actions, potentially shifting the e-commerce business model from "selling traffic" to a "commission-based" model [1] - Google aims to strengthen its "shopping map" moat by gaining insights into users' actual purchasing paths and repurchase frequencies, which will enhance its recommendation algorithms [1] Group 2: Domestic AI Models and E-commerce - Domestic AI models are anticipated to have greater commercial potential due to their integration with e-commerce platforms, as companies like Alibaba and ByteDance are both AI model developers and e-commerce platforms [2] - The enthusiasm for commercializing AI functionalities is notably higher among domestic enterprises compared to their North American counterparts [2] Group 3: Qianwen APP and Alibaba Ecosystem - The Qianwen APP is expected to evolve from a search selection tool to a directive delivery agent, utilizing APIs from Fliggy or Taobao to facilitate selection, confirmation, and payment within a chat interface [3] - Given Alibaba's comprehensive ecosystem encompassing e-commerce, travel, local services, logistics, and payments, Qianwen is well-positioned to achieve a transaction closure [3] - As AI models and algorithms continue to converge, the ability to integrate scenarios and data may become a leading advantage for Qianwen and Alibaba [3]