Haitong Securities International·2025-06-17 11:46Investment Rating - The report rates the industry as "Outperform" [1][7]. Core Insights - The development of AI foundation models is progressing positively, with decreasing costs, which is expected to accelerate the adoption of AI applications [2][7]. - The report highlights specific companies to watch, including Empyrean Technology, Dameng Database, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao Intelligent Transportation Technology Co., Ltd., Guangzhou Sie Consulting, and Hehe Information, with Wuxi Unicomp Technology Co., Ltd. as a related target [2][7]. Summary by Sections - AI Model Developments: OpenAI's o3-pro model was launched, outperforming Google's Gemini 2.5 Pro and Anthropic's Claude 4 Opus in key benchmarks, with an 80% price reduction for the o3 model, enhancing its cost-effectiveness [8]. - Doubao Model Launch: The Doubao 1.6 model introduced innovative pricing based on input length, significantly reducing costs by 63% compared to previous models, which is expected to facilitate AI adoption across various industries [9]. - Ant International's Stablecoin Plans: Ant International plans to apply for a stablecoin license in Hong Kong, indicating a positive outlook on stablecoin development and potential market growth [10].