Shanghai Aijian Securities·2025-08-18 11:01Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The WAIC 2025 showcased advancements in AI models, computing chips, and server technologies, indicating a robust growth trajectory for the domestic AI industry [2][5]. - Domestic AI models and intelligent agents are rapidly evolving, with significant improvements in performance and cost efficiency [10][19]. - The report emphasizes the importance of long-term investment opportunities in the domestic AI supply chain, despite external challenges [2][8]. Summary by Sections WAIC 2025 Highlights - WAIC 2025 focused on AI models, computing chips, and servers, featuring top tech companies and innovations [5][6]. - Key products included the Step-3 model by Jieyue Star, SenseNova V6.5 by SenseTime, and Tencent's Hunyuan 3D World Model, showcasing advancements in multi-modal capabilities [10][19][25]. Domestic AI Model Developments - Jieyue Star's Step-3 model achieved state-of-the-art results in various benchmarks, with a total parameter count of 321 billion and activation parameters of 38 billion [11][12]. - SenseTime's SenseNova V6.5 model demonstrated a threefold improvement in cost-performance ratio compared to its predecessor [21][23]. - Tencent's Hunyuan 3D World Model 1.0 gained over 2.3 million downloads, highlighting its popularity and effectiveness in generating editable virtual worlds [25][28]. GPU Innovations - Muxi's flagship GPU, Xiyun C600, represents a significant breakthrough in domestic high-performance GPUs, featuring a complete supply chain and advanced capabilities [7][42]. - Huawei's Cloud Matrix 384, equipped with Ascend 910C chips, offers 300 PFLOPs of computing power, suitable for large model inference and training [46][50]. Investment Opportunities - The report suggests that the domestic AI industry is progressing in multiple areas, including model capabilities and hardware specifications, making it a worthwhile investment focus [2][8].