Bank of China Securities·2025-12-15 05:54Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [34]. Core Insights - Alibaba has established the "Qianwen C-end Business Group" to develop an AI super app, aiming to enhance its AI to consumer (AI to C) strategy and create a comprehensive AI assistant for users [10][12]. - OpenAI has released the GPT-5.2 model, which is optimized for professional applications, marking a shift towards specialized capabilities in the AI model competition [13][14]. - The U.S. government has allowed NVIDIA to sell its H200 AI chips to China, signaling a shift in export policy towards conditional release rather than outright restrictions [17][18]. Summary by Sections Investment Recommendations - It is advised to focus on companies related to the Qianwen and domestic computing power supply chain, including Data Port, Qianfang Technology, Guangyun Technology, Boyan Technology, Shiji Information, Zhongke Shuguang, Haiguang Information, Inspur Information, Horizon Robotics, and Black Sesame Intelligence [3]. Industry News - Alibaba's Qianwen C-end Business Group aims to integrate various consumer-facing services into a single AI super app, enhancing user engagement and accessibility [10][12]. - OpenAI's GPT-5.2 model has set new benchmarks in various professional tasks, indicating a competitive landscape in AI development [14][16]. - The U.S. has permitted NVIDIA to export H200 chips to China, which are crucial for AI model training, reflecting a strategic adjustment in technology export policies [17][18]. Company Dynamics - The establishment of the Qianwen C-end Business Group by Alibaba represents a significant organizational shift aimed at enhancing its AI capabilities and market presence [12]. - OpenAI's rapid iteration of its models, including the recent release of GPT-5.2, highlights the intense competition in the AI sector and the need for continuous innovation [14][16]. - The policy change regarding the export of H200 chips is expected to alleviate some high-end computing power shortages in China, while also emphasizing the importance of domestic advancements in chip technology [18].