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Grok: xAI引领Agent加速落地：计算机行业深度研究报告
Huachuang Securities·2025-09-23 03:41

Investment Rating - The report maintains a "Buy" recommendation for the computer industry [3] Core Insights - The report details the development and technological advancements of the Grok series, particularly Grok-4, and analyzes the commercial progress of major domestic and international AI model manufacturers, highlighting the transformative impact of large models on the AI industry [7][8] Industry Overview - The computer industry consists of 337 listed companies with a total market capitalization of approximately 494.5 billion yuan, representing 4.53% of the overall market [3] - The circulating market value stands at around 428.3 billion yuan, accounting for 4.98% [3] Performance Metrics - Absolute performance over 1 month, 6 months, and 12 months is 6.7%, 17.4%, and 71.5% respectively, while relative performance is 1.3%, 9.1%, and 50.2% [4] Grok Series Development - The Grok series, developed by xAI, has undergone rapid iterations, with Grok-1 to Grok-4 showcasing significant advancements in model capabilities, including multi-modal functionalities and enhanced reasoning abilities [11][13][29] - Grok-4, released in July 2025, features a context window of 256,000 tokens and demonstrates superior performance in academic-level tests, achieving a 44.4% accuracy rate in the Human-Level Examination [30][29] Competitive Landscape - The report highlights the competitive dynamics in the AI model market, noting that the landscape has shifted from a single-dominant player (OpenAI) to a multi-polar competition involving several key players, including xAI, Anthropic, and Google [8][55] - Domestic models are making significant strides in performance and cost efficiency, with models like Kimi K2 and DeepSeek R1 showing competitive capabilities against international counterparts [8][55] Investment Recommendations - The report suggests focusing on AI application sectors, including enterprise services, financial technology, education, healthcare, and security, with specific companies identified for potential investment [8]