HTSC·2025-07-30 09:24Investment Rating - The report maintains a "Buy" rating for several companies including Lenovo Group, SMIC, Xiaomi Group, Hua Hong Semiconductor, and Industrial Fulian [5]. Core Insights - The WAIC 2025 indicates that AI has entered a new phase of application, with a focus on commercial viability and integration into traditional sectors such as finance, law, programming, and healthcare [1][2]. - AI agents are becoming a "killer application" across various industries, enhancing efficiency and altering business logic and organizational structures [2]. - The demand for computing power is shifting towards post-training and inference needs, moving away from pre-training server architectures [3]. - The report highlights a competitive yet cooperative state emerging in the AI industry between China and the US, driven by advancements in AI applications and infrastructure [3]. Summary by Sections AI Application and Market Trends - The WAIC 2025 showcased a record attendance of over 305,000 people and online views exceeding 2.36 billion, marking a 21.6% increase from the previous year [1]. - Major companies are focusing on AI agents for practical applications in daily office tasks, finance, education, entertainment, and healthcare [2]. Computing Power and Infrastructure - Server manufacturers are emphasizing the need for AI-integrated systems that support post-training and inference, with companies like Huawei and Lenovo leading the charge [3]. - The report suggests that most companies are shifting their focus to the requirements of post-training and inference, utilizing foundational models combined with enterprise data [3]. Robotics and AI Devices - Robotics and AI glasses are gaining attention, but their market performance and technological maturity remain to be validated [3]. - Companies like Rokid and Xreal are actively promoting AI glasses, although improvements in weight, battery life, and functionality are still needed [3]. Investment Opportunities - The report identifies key investment opportunities in companies with strong competitive advantages in the AI application phase, including Xiaomi's IoT ecosystem, Lenovo's AI solutions, and SMIC's semiconductor manufacturing [5][49].