Guohai Securities·2025-05-26 14:03Investment Rating - The report maintains a "Recommended" investment rating for the computer industry, particularly focusing on AI applications [2]. Core Insights - The report emphasizes that AI applications are entering a realization phase, with significant advancements in model performance and increasing enterprise adoption [2][12]. - The report highlights the emergence of multi-modal capabilities, cost-effective models, and enhanced reasoning abilities as key drivers for AI development [7][12]. - The report notes that the AI sector is witnessing a surge in demand, particularly in advertising, programming, search, big data, office applications, and education, indicating a robust growth trajectory [9][28][37]. Summary by Sections Model Performance Progress - Multi-modal capabilities are being enhanced, with major companies supporting text, image, audio, and video inputs, marking 2025 as a pivotal year for native multi-modal development [7][15]. - High-performance models like OpenAI's GPT-4.1 and Alibaba's Qwen3 have emerged, significantly reducing deployment costs while maintaining performance [7][15]. - New models are achieving breakthroughs in reasoning capabilities across mathematics, coding, and image tasks, meeting higher application demands [7][15]. AI Application Developments - Overseas AI applications are exceeding expectations, with major companies like Microsoft and Alibaba rapidly deploying AI agents to transform user interactions and enterprise workflows [8][28]. - The report identifies a trend where AI is creating new demand and significantly enhancing traditional business needs, particularly in advertising and programming sectors [9][28]. - Companies such as Applovin and Meta are experiencing substantial growth in advertising revenue, driven by improved ROI from AI technologies [9][42]. Agent Industry Progress - The report discusses the evolution of AI agents from tools to collaborative "AI colleagues," reshaping enterprise structures and workflows [11][35]. - Major firms are integrating AI agents into their operations, with Salesforce and ServiceNOW leading the way in enhancing business efficiency through automation [11][35]. - The report predicts that the AI agent market will transition to a multi-agent collaboration model, significantly impacting enterprise budgeting and valuation [11][12]. Investment Recommendations - The report expresses optimism about the accelerated development of AI, suggesting that companies strategically investing in AI are likely to see accelerated performance growth [12]. - It highlights the potential for market space to shift from IT budgets to human resource budgets, leading to a revaluation of AI application companies [12].