AI行业深度报告：模型能力向上价格向下，应用繁荣

Industry Investment Rating - The report maintains a positive outlook on the AI industry, particularly focusing on the application layer for 2025, as the industry moves into the value realization and implementation phase [42][117] Core Viewpoints - AI Agents are driving the evolution of human-AI interaction, transitioning from Copilot to Agent models, with LLMs acting as the brain of the system, supported by components like Planning, Memory, Tools, and Action [2] - Both domestic and international companies are accelerating the development of AI Agents, reshaping C-end traffic entry points and accelerating B-end industry scenario implementation [3] - The application layer is flourishing due to declining costs, with AI Agents and AI hardware reshaping traffic entry points and accelerating industry scenario implementation [42][117] Model Layer - The competition in the model layer is converging, with OpenAI's o1 model leading a new paradigm in AI model development, focusing on inference-side Scaling Law [46][36] - Overseas, the top five companies (OpenAI, Anthropic, Google, xAI, and Meta) have narrowed the gap in model capabilities, while domestic competition remains fragmented among internet giants, startups, and traditional tech companies [46][50][68] Application Layer - AI Agents are upgrading interaction methods, with C-end AI Agents combined with AI hardware reshaping traffic entry points, and B-end AI Agents accelerating industry scenario implementation [42][117] - The software application layer is seeing rapid growth, with AI models being deployed in various industries such as finance, government services, and healthcare, through local, public, private, and hybrid cloud deployments [42][117] - C-end software applications are experiencing strong traffic growth, with ChatGPT's weekly active users surpassing 300 million, and web traffic increasing by 138% year-to-date [42][85] Hardware - AI hardware is accelerating, with small models driving the adoption of AI PCs, AI phones, AI glasses, and AI headphones, with AI glasses being a key hardware carrier for AI deployment [112][138] - Ray-Ban Meta has become the first consumer-grade hit product in the AI hardware space, with global sales reaching 1 million units by May 2024 [138] Investment Opportunities - The report highlights investment opportunities in the application layer for 2025, particularly in AI Agents, AI hardware, and software applications in industries like finance, government services, and healthcare [42][117] - Key companies to watch include Kunlun Wanwei, Visual China, Kaiying Network, Shenzhou Taiyue, Giant Network, Zheshu Culture, Perfect World, G-bits, Shanghai Film, Chinese Online, Focus Technology, and Kuaishou [61][143]