Grok-4引领AI进阶，掘金算力与垂直领域赛道

Investment Rating - The report assigns an "Outperform" rating for the industry, indicating a positive outlook for the next 12-18 months [3]. Core Insights - On July 10, xAI launched Grok 4, which signifies a leap into next-generation AI with superior benchmark performance, benefiting cloud service providers and data center operators due to increasing demand for computing power [7][8]. - AI solution providers with vertical advantages and data barriers are expected to stand out in the competitive landscape [7]. - Recommended stocks include Dingjie Digital, Foxit Software, Digital China, and Iflytek, with beneficiaries being UCloud and Beijing Haitian Ruisheng Science Technology Ltd. [7]. Summary by Sections Grok-4 Performance - Grok-4 has achieved a tenfold increase in pre-training and reasoning capabilities compared to its predecessor, with a training scale 100 times that of Grok-2 [8]. - It scored 45% in the Human-Level Evaluation, doubling the previous best performance of AI Gemini 2.5pro, and surpassed human graduate academic abilities [8]. Real-World Problem Solving - Grok-4 demonstrated revolutionary advancements in real-world problem-solving, achieving double the response speed and halving latency in voice functions, significantly enhancing user experience [9]. - In the Vending-Bench test, Grok-4 generated net assets of 4694.15, more than double that of Claude Opus 4, showcasing its long-term strategy execution capabilities [9]. Future Developments - The next generation of Grok-4 will focus on breakthroughs in video generation technology, aiming to launch a 3D resource auto-generation system to empower the gaming and film industries [10]. - Short-term goals include enhancing programming models and image recognition, ultimately striving to create a superintelligent agent capable of deep thinking and real-time responses [10].