KAIYUAN SECURITIES·2025-06-11 14:42Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the continuous growth of AI application tools, with a significant increase in the usage of tokens for AI models, particularly the Doubao model, which saw a daily average usage exceeding 16.4 trillion tokens by the end of May 2025, marking a 137-fold increase since its launch in May 2024 [4][5] - The report identifies the AIDC computing power industry chain as a core focus area, recommending attention to seven key sectors including AIDC data center construction, IT equipment, network devices, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [6] Summary by Sections Industry Overview - The Doubao model has been upgraded to version 1.6, enhancing its reasoning, mathematics, and instruction-following capabilities, with a significant cost reduction of 63% compared to the previous version [5] - The report highlights the rapid adoption of AI tools, with AI tool usage increasing from 14.9% to 30.3% of total token calls, and notable growth in AI search and programming applications [4] Market Trends - The report notes that 9 out of the top 10 global smartphone manufacturers are collaborating with the Doubao model, and it is being utilized by 70% of systemically important banks and numerous securities and fund companies [5] - The education sector is also seeing growth, with K12 online education increasing by 12 times in token usage [4] Investment Recommendations - Recommended stocks include Zhongji Xuchuang, Xinyi Sheng, Xinyi Network Group, Yingweike, and Guanghetong, focusing on the AIDC computing power industry chain [6]