KAIYUAN SECURITIES·2025-12-21 11:53Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the sustained high demand in the storage sector, with expectations for H200 to be approved for export to China [3] - AI demand continues to validate and enhance computing power requirements, with significant growth in domestic AI chip production [5][8] - The approval of L3 level autonomous driving vehicles marks a critical step towards commercialization in China, with Robotaxi services expected to accelerate [6][30] Summary by Sections Internet - The daily usage of tokens for Doubao has surpassed 50 trillion, indicating deep penetration of large models [17] - The release of the "Internet Platform Pricing Behavior Rules" aims to regulate price competition and protect consumer rights, shifting focus from low prices to ensuring merchant profits and promoting consumption upgrades [20][21] - Recommended stocks include Alibaba-W, Pinduoduo, and Baidu Group-SW, with Tencent Holdings as a beneficiary [58] AI - Google TPU's commercial potential is further confirmed with Anthropic's significant orders, totaling $21 billion, indicating strong demand for AI products [21] - The launch of the Skill paradigm by Anthropic aims to enhance the capabilities of AI agents, facilitating easier development and deployment of complex AI applications [22][26] - The market for Agentic AI is projected to grow significantly, with a potential market size of 1.8 trillion yuan by 2030 [22] Intelligent Driving - The first L3 level autonomous driving models have received approval for trial operation, indicating a shift from testing to commercial application [30] - Robotaxi services are expected to accelerate due to technological advancements, cost reductions, and supportive policies [35] - Key players in the Robotaxi market include Baidu, Xiaopeng Motors, and WeRide, with ongoing trials and commercial operations in various cities [43][44]