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 "Outperform" with expected returns exceeding the CSI 300 index by over 10% in the next six months [1][3]. Core Insights - The announcement by OpenAI to cease API services to unsupported countries, including mainland China and Hong Kong, presents an opportunity for domestic AI model developers such as Zhipu AI, Baidu Smart Cloud, and Alibaba Cloud to gain market share as they respond to customer needs for local alternatives [1]. - The OpenAI ban is expected to accelerate the adoption of domestic AI models, enhancing their capabilities to empower local entrepreneurs and content creators [1]. - Domestic AI models are increasingly aligned with content and data security requirements, which is beneficial for the development of edge AI technologies [1]. Summary by Sections Investment Highlights - OpenAI's ban on API services is likely to benefit domestic AI models, prompting a swift response from local companies to assist users in transitioning to domestic solutions [1]. - Companies like Zhipu AI are launching comprehensive migration training programs to facilitate the switch from OpenAI to their models [1]. Market Performance - The report indicates a projected industry performance of 10% for the media sector, with a current relative return of -4.28% and an absolute return of -7.64% [1]. Analyst Recommendations - The report suggests focusing on companies such as Tencent Holdings, NetEase, Meitu, and others as they are expected to benefit from the shift towards domestic AI models [1].