全球多模态基模抵近GPT3.5时刻，关注多模态产品化机会

Investment Rating - The report suggests focusing on leading domestic generative AI model companies such as iFlytek, and AI hardware companies like Hikvision, Hongsoft Technology, and Hesai, as well as companies like Maifushi that can enhance paid rates and ARPU values [2] Core Insights - The AI industry is experiencing significant advancements, with OpenAI's release of the Sora 2 video model and the Sora App, which allows users to create interactive videos in AI-generated scenes. This model is seen as a major breakthrough in video generation technology [4][9] - The overall performance in the second quarter showed a slight decline, but the industry is on a recovery path, with leading companies demonstrating stronger resilience compared to the overall market. The AI industry chain, military information technology, and intelligent driving sectors are performing particularly well [9] - The report anticipates that the second half of the year will see improved operational strength due to low baselines and accelerated technology deployment, with a focus on AI-related sectors [9] - The report identifies high-growth areas for 2025, including AI computing power and lidar, while also noting stable growth in software outsourcing, financial IT, quantum computing, and data elements [10][11] Summary by Sections Industry Perspective - The AI industry is witnessing rapid advancements, with significant releases from major players like OpenAI and Tencent, indicating a trend towards more sophisticated AI applications [4][9] - The report highlights the importance of AI hardware and software integration, particularly in consumer and enterprise services, as well as the potential for private deployment of large models [9][10] Market Review - From September 29 to October 10, 2025, the computer industry index rose by 1.47%, underperforming compared to the CSI 300 index by 0.88 percentage points [11] - The report notes that the computer sector's performance is expected to improve as the market recovers and as companies adapt to new technologies [11] Upcoming Events - The report highlights key upcoming events, including the 10th China International Artificial Intelligence Conference and the 27th China International High-tech Achievements Fair, which are expected to present opportunities within the industry [24][25]