策略周评20250908：风格切换期，关注应用端产业变化

Core Insights - The report highlights a market style shift with AI entering a speculative phase, emphasizing the need to focus on changes in the application sector [2] - Significant fluctuations in the AI sector were noted, particularly in the overseas computing power chain, driven by market sentiment and profit-taking behavior [2] - The report indicates that while the AI market is not over, the industrial-level trends are facing challenges, suggesting a potential style rotation in the market [2] Industry Developments - Major tech companies are shifting their focus from model development to application, with Tencent releasing a lightweight model that improves inference speed by 30%, marking progress in low-resource language translation [3] - Meituan has launched and open-sourced its LongCat-Flash-Chat model, which excels in various tasks and demonstrates significant advancements in AI applications [3] - The current market focus remains on upstream segments like GPUs and computing centers, but the report suggests that downstream applications are likely to see mid-term growth due to policy support and corporate initiatives [3] Investment Recommendations - The report suggests that funds may rotate towards lower-tier application sectors, recommending a proactive approach to invest in AI-related innovations in pharmaceuticals, military, AIGC, edge AI, humanoid robots, and intelligent driving as a form of "call option" [5] - Specific companies are highlighted for their potential in the AI space, including 麦格米特 (Maguemite), 伟仕佳杰 (Weishi Jiajie), 艾为电子 (Aiwai Electronics), 南芯科技 (Nanxin Technology), and 固生堂 (Gushengtang) [14]