传媒：OpenAI禁令发布，国产大模型或迎发展机遇

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry, indicating an expected investment return exceeding 10% over the next six months compared to the CSI 300 Index [1]. Core Viewpoints - The recent OpenAI ban on API services for unsupported countries, including mainland China and Hong Kong, is seen as a potential opportunity for domestic AI model developers, allowing them to better serve local entrepreneurs and content creators [1]. - Domestic AI model companies, such as Zhipu AI, Baidu Smart Cloud, and Alibaba Cloud, are responding swiftly to assist users in transitioning to local models, which may enhance the demand for domestic AI technology and accelerate its development [1]. - The report suggests that the OpenAI ban could lead to increased competition among domestic AI model providers, resulting in improved services and resources for users, thereby fostering the growth of AI technology in China [1]. Summary by Sections Investment Highlights - The OpenAI ban is expected to benefit domestic AI models, prompting companies to offer competitive services to facilitate user migration [1]. - Major domestic AI firms are launching initiatives to provide free tokens and migration support to attract users from OpenAI [1]. Market Performance - The report notes a significant drop in relative returns, with a decrease of -4.28% for 1M, -18.32% for 3M, and -23.76% for 12M periods [1]. - Absolute returns also reflect a decline, with -7.64% for 1M, -20.11% for 3M, and -32.41% for 12M periods [1]. Analyst Recommendations - The report recommends focusing on companies such as Tencent Holdings, NetEase, Meitu, Tom Cat, Kunlun Wanwei, and others, as they are well-positioned to benefit from the shift towards domestic AI models [1].