银河证券：AI应用商业化拐点已至 国产算力与应用双主线共振

Group 1 - The core viewpoint is that by 2026, AI applications are expected to transition from being usable to being highly usable, creating a resonance with the domestic computing power industry chain, with a focus on dual investment opportunities in AI applications and domestic computing power [1] - The computer industry has shown a strong start, with an 18.04% increase in the computer industry index year-to-date, ranking third among SW primary industries, compared to a 3.96% increase in the Shanghai Composite Index and a 2.42% increase in the CSI 300 [1] - AI applications have become the main driving force behind the current upward trend in the computer sector, with the Wind AI application index rising by 19.25%, indicating a gradual formation of a closed loop in the commercialization logic of AI applications [1] Group 2 - The AI application sector is experiencing intensive catalysts, with significant performances from leading model companies like MiniMax and Zhiyun AI post-listing, and collaborations such as the $1 billion partnership between NVIDIA and Eli Lilly to advance AI-assisted drug discovery [2] - The commercialization logic of AI applications is expected to first explode in B-end applications, with a focus on sectors like AI+marketing, AI+industrial software, AI+healthcare, and AI+finance, while C-end applications are seen as long-term value investments [2] - The demand for data centers is expected to increase, with a recovery in domestic AIDC bidding starting in Q4 2025, and major internet companies accelerating their data center layouts in 2026, potentially leading to a new cycle for domestic computing power [3]