BABA(US:BABA) Tianfeng Securities·2025-05-17 08:03Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Insights - The AI industry is transitioning from large models and computing power to the practical application of Agents, with the underlying large model capabilities still determining the potential of Agents. The need for AI software to evolve from basic models and simple AI Chatbot applications to Agent products that solve real problems and enhance industrial efficiency is urgent. The ultimate goal for various foundational model manufacturers remains AGI [2][3]. - The domestic foundational model landscape has become clear, with six leading companies in China: Alibaba, DeepSeek, ByteDance, Tencent, Jiyue Xingchen, and Zhipu AI, representing the highest comprehensive strength in foundational models. The U.S. market is similarly dominated by five major players: OpenAI, Google, Anthropic, X.ai, and Meta [2][3]. Summary by Sections AI Agent Development - The third quarter of 2025 is expected to enter a period of intensive Agent deployment. Key players in the C-end market include Alibaba, Tencent, and ByteDance, leveraging their traffic advantages. The focus will be on forming super entry points on mobile platforms through collaborations with phone manufacturers to create lifestyle assistants. Alibaba is viewed as having significant potential [3][4]. - For C-end vertical scenarios, companies like Kingsoft Office, Hehe Information, iFlytek, and Tonghuashun are expected to perform well due to their sticky and high-frequency applications. B-end Agents are categorized into two levels: 1. Head clients requiring high fine-tuning, typically choosing foundational models with cloud capabilities (e.g., Alibaba, ByteDance, Tencent), with delivery often handled by recommended core partners [3]. 2. Small and medium clients adopting standard products from companies like Kingdee International, Beisen Holdings, Dingjie Zhizhi, and others due to cost considerations [3]. Recommended Focus Areas - Foundational Model Leaders: Alibaba, DeepSeek, ByteDance, Tencent, Jiyue Xingchen, Zhipu AI [4]. - C-end Agents: Kingsoft Office, Hehe Information, Tonghuashun, iFlytek [4]. - Agent Fine-tuning Delivery: Aisino Technology, Hand Information, Softcom Power, Xinyada, and others [4]. - Standard Products for Agents: Kingdee International, Beisen Holdings, Dingjie Zhizhi, Tax Friend, Top Point Software, Fanwei Network, Yonyou Network, Zhiyuan Interconnection [4].