传媒：AI应用与端侧迭代协同发展拓宽生态场景

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry, indicating an expected investment return exceeding 10% compared to the CSI 300 index over the next six months [1]. Core Insights - The report highlights that large models are being implemented on the edge side through two dimensions: computing power coordination and scenario optimization. This transition aims to improve the efficiency of edge computing and reduce time losses associated with cloud computing [1]. - Currently, over 90% of AI applications are in software form, with hardware integration beginning to emerge. AI hardware is categorized into two types: AI + Everything, which integrates AI functions into traditional products, and new AI products that leverage large models to innovate consumer electronics [1]. - The AI assistant market in China is rapidly expanding, with significant increases in app downloads and user engagement. For instance, the total downloads of Doubao AI increased from 53 million to nearly 80 million, indicating a stable leading position in the market [1]. Summary by Sections Investment Highlights - Large models are replacing smaller models on the edge for various tasks, enhancing scenario generalization and effectiveness. Initial applications have been seen in mobile phones and automotive cockpits [1]. - The report suggests focusing on companies such as Kuaishou, Tom Cat, Kunlun Wanwei, and others, as AI applications and wearable devices continue to evolve and expand their application scenarios [1]. Market Performance - The report notes that the overall market for AI smart assistants is experiencing rapid growth, with increases in total visits, downloads, and user activity levels [1]. - The leading AI applications have shown strong retention rates, with Doubao AI achieving approximately 30% and 20% for three-day and seven-day retention, respectively [1].