Minsheng Securities·2025-07-29 06:41Investment Rating - The report maintains a "Hold" rating for the industry [4] Core Insights - The upcoming release of GPT5 is expected to challenge the new heights of multimodal AI, with the potential to integrate various functionalities such as reasoning, multimodal capabilities, and programming, aiming for L5 level multimodal AI [1][9] - Global tech giants are aggressively investing in multimodal AI, which is seen as a pioneer in AI monetization, with companies like Tencent, Alibaba, and ByteDance making significant advancements in this area [1][18][21] Summary by Sections 1. GPT5 and Multimodal AI - GPT5 is anticipated to elevate multimodal AI to a new standard, with most current models still at L3 level, indicating a significant gap to L4 and L5 levels [1][12] - The General-Level framework has been established to evaluate multimodal models, categorizing them into five levels based on their capabilities [9][12] 2. Key Companies in Multimodal AI - Meitu: Launched RoboNeo, an AI agent that integrates image editing, video generation, and web design, showcasing strong aesthetic capabilities [2][29] - Kuaishou: The Keling 2.0 model has achieved an impressive annual recurring revenue (ARR) of $100 million by Q1 2025, indicating strong monetization potential [2][34] - Wondershare: The Tianmu 2.0 model, supported by Huawei Cloud, enhances audio and video creation capabilities, aiming to democratize content creation [2][37] - Hehe Information: Expanded its capabilities in AI authentication and introduced a cross-platform cloud resource management terminal [2][42] - Foxit Software: Developed an intelligent document solution that transforms unstructured documents into structured data, enhancing efficiency in legal applications [2][48] 3. Investment Recommendations - The report suggests focusing on companies related to multimodal AI, such as Meitu, Kuaishou, Wondershare, Hehe Information, and Foxit Software, as they demonstrate strong monetization capabilities [3][59]