人工智能行业专题：探究模型能力与应用的进展和边界

Investment Rating - The report maintains an "Outperform" rating for the artificial intelligence industry [2] Core Insights - The report focuses on the progress and boundaries of model capabilities and applications, highlighting the differentiated development of overseas models and the cost-effectiveness considerations of enterprises [4][5] - Interest recommendation has emerged as the most significant application scenario for AI empowerment, particularly in advertising and gaming industries [4][6] - The competitive relationship between models and application enterprises is explored through five typical scenarios, indicating a shift in market dynamics [4][6] Summary by Sections Model Development and Market Share - Overseas models, particularly those from Google and Anthropic, dominate the market with significant shares due to their competitive pricing and advanced capabilities [9][10] - Domestic models are making steady progress, with no significant technological gaps observed among various players [9][10] Application Scenarios - Interest recommendation in advertising has shown substantial growth, with companies like Meta, Reddit, Tencent, and Kuaishou leveraging AI technologies to enhance ad performance [4][6] - The gaming sector, exemplified by platforms like Roblox, has also benefited from AI-driven recommendation algorithms, leading to increased exposure for new games [4][6] Competitive Dynamics - The report identifies five scenarios illustrating the competition between large models and traditional products, emphasizing the transformative impact of AI on existing business models [4][6] - The analysis suggests that AI products may replace traditional revenue streams, while also enhancing operational efficiency in areas like programming and customer service [4][6] Investment Recommendations - The report recommends investing in Tencent Holdings (0700.HK), Kuaishou (1024.HK), Alibaba (9988.HK), and Meitu (1357.HK) due to their potential for performance release driven by enhanced model capabilities [4]