Tianfeng Securities·2025-04-08 13:55Industry Investment Rating - The report maintains an investment rating of "Outperform" for the industry, consistent with the previous rating [1]. Core Insights - The report emphasizes that the cost of training large models is substantial, and successful application deployment requires not only a large model but also scenario know-how and ecosystem support [2]. - Alibaba Cloud's Tongyi Qianwen system is leading in model capabilities, hardware capabilities, and ecosystem development, having released over 200 full-size models since 2023 [3]. - The AI Agent market is expected to exceed one trillion, with Tongyi Qianwen positioned to become the "chain master" for B-end agents [4]. Summary by Sections Investment Rating - The industry investment rating is "Outperform," indicating a positive outlook for the sector [1]. Model and Ecosystem Development - The report highlights the need for an end-to-end solution that includes upper-layer applications, training data, underlying computing power, intelligent platforms, and engineering implementation for the successful deployment of AI applications [2]. - Alibaba Cloud's Tongyi Qianwen has maintained a leading position in model capabilities, with over 10,000 derivative models, making it the largest open-source model ecosystem globally [3][34]. Market Potential - The AI Agent market is projected to surpass one trillion, with significant implications for B-end enterprises, as agents require a combination of models and tools supported by an ecosystem [4]. - The report estimates the total addressable market (TAM) for AI agents at approximately 3.61 trillion yuan, based on labor costs and potential automation rates [56]. Investment Recommendations - The report suggests focusing on Alibaba Cloud's ecosystem chain, highlighting partnerships in both software and hardware sectors that enhance its market position [5][86].