高盛：中国人工智能代理的竞争：腾讯全面DeepSeek，阿里&百度与苹果的合作

Investment Rating - The report maintains a Buy rating on Tencent, Alibaba, Xiaomi, Baidu, GDS, and VNET, while Kingsoft Cloud is rated Neutral [6]. Core Insights - The report highlights the increasing proliferation of AI use cases in the China Internet sector, driven by competitive AI model launches and the potential for revenue growth from cloud hyperscalers due to rising AI adoption [2][5]. - Alibaba's partnership with Apple is seen as a recognition of its AI capabilities, allowing it to tap into B2B2C applications, while Baidu continues to develop AI functionalities for Apple [5][13]. - Tencent's Yuanbao AI assistant app has integrated the DeepSeek-R1 model, enhancing its reasoning capabilities and real-time search functions, showcasing Tencent's open-platform approach in AI [5][27]. Summary by Sections AI Model Launches and Applications - Multiple cost-competitive AI models have been launched in China, leading to increased investor interest in the sector [2]. - The report discusses the potential for AI assistants within super-apps like WeChat and Douyin, and the monetization paths for consumer-facing AI applications [2][6]. Alibaba Cloud Valuation - A sensitivity analysis suggests Alibaba Cloud's valuation could range from US$22 to US$43 per ADS based on different revenue growth assumptions, with a base case of US$19 per ADS [2][18]. - The report estimates a revenue CAGR of 14% for Alibaba Cloud over FY25-27E in the base case [2]. Tencent's AI Strategy - Tencent's integration of the DeepSeek-R1 model into its Yuanbao app is highlighted as a significant development, enhancing user experience through improved reasoning and search capabilities [5][27]. - The report emphasizes Tencent's ability to catch up in technology trends, leveraging its WeChat ecosystem for growth [29]. Market Trends and Future Outlook - The report identifies five overarching themes in the China Internet sector, including the continued growth of super-apps and the potential for global expansion of Chinese AI models [6]. - The commoditization of AI model layers is expected to drive further adoption, particularly in B2B scenarios, supporting multi-year growth in cloud and data center demand [6].