从Sierra看AI落地，AI应用的价值在于为结果付费

Industry Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The report emphasizes the transition from traditional subscription models to performance-based payment structures in AI applications, particularly through the example of Sierra, which focuses on enhancing customer experience and operational efficiency [5][7] - The breakthrough of general large models in AI is highlighted, showcasing their ability to significantly improve performance in specialized sectors such as healthcare and finance through tailored adjustments [6] - The report suggests that AI will not replace enterprise software but will enhance its value by improving customer experience solutions [7] Summary by Sections Industry Overview - The closing index level is 5752.42, with a 52-week high of 5841.52 and a low of 3911.64 [1] AI Application Insights - Sierra's business model focuses on capturing market share and reducing costs by automating customer service processes, which can lead to significant improvements in customer retention and lifetime value [5] - The report discusses the importance of dynamic model selection in AI systems, which allows for better performance in specific tasks [6] Investment Recommendations - The report recommends several stocks for investment, including: - US stocks: PLTR, TEM, SHOP, SPOT, SNOW [8] - Hong Kong stocks: Alibaba, Tencent Holdings, China Software International, and others [9] - A-share stocks: Dingjie Zhizhi, Shiyuan Co., and various others [9]