China Securities·2025-03-18 05:41Investment Rating - The report maintains a rating of "Outperform the Market" for the artificial intelligence sector [3]. Core Insights - Baidu officially launched the Wenxin large model 4.5 and Wenxin model X1 on March 16, 2025, which are now available for free on the Wenxin Yiyan website. The Wenxin model 4.5 is a native multimodal large model with superior multimodal understanding and generation capabilities, outperforming GPT-4.5 in tests, and its API call price is only 1% of GPT-4.5's [5][10]. - Google's Gemini 2.0 integrates native image generation technology, allowing users to generate images through natural language commands, creating a competitive edge against OpenAI. Its features include text-image integration, conversational image editing, and enhanced reasoning capabilities [23][41]. - The upcoming NVIDIA GTC 2025 conference is highlighted as an event to watch for new information and investment opportunities, including next-generation AI chips and cooling technologies [5]. Industry Changes - Baidu's Wenxin model 4.5 and X1 were launched on March 15, 2025, and are now available on the Wenxin Yiyan website for free. The models will be integrated into various Baidu products, enhancing user experience [8][41]. - The report emphasizes the advancements in AI models, particularly the capabilities of Wenxin model 4.5 in multimodal understanding and the innovative features of Gemini 2.0 [10][23]. Continuous Focus Targets - Key companies to watch include NVIDIA, AMD, and Haiguang Information in the GPU sector; Anlu Technology in FPGA; Qualcomm and Allwinner Technology in SoC; iFlytek in natural language processing; and companies like Desay SV and Zhongke Chuangda in autonomous driving [26]. Market Review - The AI index (CSI) decreased by 1.98% in the last period but has increased by 9.39% since the beginning of the year. The Shanghai Composite Index rose by 1.39%, and the CSI 300 Index increased by 1.59% [27].