解构AI应用（1）：AI货币化是确定性趋势，C端关注交互类产品打开新场景

Investment Rating - The report indicates a positive outlook on AI monetization trends, suggesting that the industry is moving towards a more mature phase of product commercialization [4][7]. Core Insights - The report emphasizes that AI is a capital-intensive endeavor, with significant investments from major companies indicating that AI is a critical bet for tech firms facing growth challenges. The key issue remains how to convert technological investments into real product barriers and persuade users to pay for AI products [4][45]. - Recent developments show that overseas AI companies are beginning to demonstrate the necessity of AI technology, alleviating concerns about its value proposition. The report identifies a shift towards a new stage of industrialization for AI technology, with impacts on cost reduction, revenue increase, market share, and operational leverage [4][7]. Summary by Sections Recent Changes and Interpretations - The report notes that overseas AI applications are gradually realizing their earnings per share (EPS) potential, with monetization becoming a central challenge. The report highlights that many overseas AI application companies are integrating AI technology into their business models, leading to efficiency and revenue improvements reflected in their financial reports [52][53]. Application Landing Challenges - The report identifies two main challenges in forming a commercial closed loop for C-end AI applications: production efficiency is limited by model capability, and innovation on the demand side is constrained by user time saturation. The report suggests that the current AI applications primarily serve as efficiency tools and struggle to create new consumption scenarios [5][83]. Typical Application Types - The report highlights that interactive products are seen as having the greatest potential to create new consumption scenarios. These products benefit from high tolerance for error, making them more likely to succeed in the market. The ability of interactive products to leverage large models to provide personalized experiences is also noted as a significant advantage [6][87]. Conclusion - The report concludes that AI monetization is a definite trend that requires gradual development, emphasizing the need for meticulous product refinement. It stresses that successful AI product design cannot rely on a one-size-fits-all approach but must integrate AI technology organically with existing business ecosystems [7][80].