高盛：中国顶级 AI 应用追踪 -视频生成式 AI 稳定盈利；5 月用户参与度趋势良好

Investment Rating - The report maintains a positive outlook on the China Internet sector, particularly focusing on AI applications and their monetization potential. Core Insights - The report highlights the steady engagement trends in AI applications, with significant growth in daily token usage and monetization strategies across various platforms. It emphasizes the competitive pricing of AI models and the increasing adoption of AI functionalities in existing applications. Summary by Sections AI Adoption and Engagement - Key investor focuses include rising use cases for AI across both consumer (to-C) and business (to-B) applications, with notable engagement from platforms like DeepSeek and Bytedance's Doubao, which reported a daily token usage of 16.4 trillion in May 2025, a 29% month-over-month increase [1] - The overall top 400 mobile apps saw an 8% year-over-year increase in total time spent in May 2025, with Douyin's main app engagement up 23% year-over-year [1][6] Monetization Strategies - The report notes steady progress in AI monetization, particularly with Kuaishou's Kling achieving an Annualized Revenue Run Rate (ARR) surpassing US$100 million, and other companies also reporting scalable ARR for their AI products [1][6] - Subscription-based productivity tools and advertising-based AI search engines are highlighted as key monetization avenues, with Alibaba's Quark and Baidu's AI chatbots expected to leverage adtech for improved transaction capabilities [1] Competitive Pricing and Model Developments - The report discusses the competitive pricing landscape, with Kuaishou's Kling 2.1 version offering a significant cost reduction of 60-80% compared to its predecessor, and ByteDance's Seedance 1.0 outperforming Google's video generation model [1][6] - The report also mentions the advancements in multi-modal capabilities and the launch of various AI models by leading companies, indicating a strong competitive environment in the AI sector [1][6] Engagement Trends Across Verticals - Engagement in eCommerce platforms accelerated to 10% year-over-year in May, with JD's time spent increasing by 87% year-over-year, driven by food delivery initiatives [1] - Social engagement remained stable with a 6% year-over-year increase, while gaming engagement picked up to 6% year-over-year in May [1][6] Stock Preferences and Recommendations - The report recommends a dual-pronged approach to stock picking, emphasizing defensive sub-sectors and domestic policy beneficiaries with discounted valuations. Preferred stocks include Tencent in gaming, JD in eCommerce, and Kuaishou for AI application monetization [1][6]