SINOLINK SECURITIES·2025-12-28 11:08Investment Rating - The report indicates a positive outlook for the industry, suggesting a "Buy" rating based on expected growth exceeding the market by over 15% in the next 3-6 months [40]. Core Insights - The competition in large models is intensifying, with significant advancements in capabilities, particularly with Google's Gemini 3 and OpenAI's GPT-5.2, which highlight the potential economic value of large models [1][14]. - The demand for AI applications is accelerating, particularly in inference, as evidenced by the rapid increase in token usage for ByteDance's Doubao AI assistant [2][30]. - The "14th Five-Year Plan" emphasizes the development of strategic emerging industries and future industries, indicating a clear direction for investment in AI and computing infrastructure [3][35]. Summary by Sections Large Model Competition - Major models are continuously iterating, with Gemini 3 showing significant improvements in reasoning and multimodal capabilities, achieving scores of 37.5% and 45.8% in key benchmarks [11][12]. - The transition to the Blackwell architecture is expected to enhance model training capabilities significantly by 2026, indicating that the progress in model capabilities is not yet at a bottleneck [24][26]. Acceleration of AI Application - ByteDance's Doubao AI assistant has transformed mobile interaction, with daily token usage skyrocketing from 16.4 trillion to over 50 trillion in less than a year, reflecting a robust growth in inference demand [2][30]. - NVIDIA's collaboration with Groq, a startup specializing in inference technology, signifies a strategic move towards enhancing inference capabilities, with Groq's LPU architecture designed for high efficiency and low latency [31][34]. Strategic Planning and Industry Layout - The "14th Five-Year Plan" outlines support for strategic emerging industries, including aerospace, quantum technology, and AI, while promoting the construction of new infrastructure for computing power [3][35]. - The report highlights the importance of building a robust ecosystem for emerging industries, focusing on innovation and the application of new technologies [35]. Related Investment Targets - Key investment targets in computing power include companies like Cambricon, Hygon, and Semiconductor Manufacturing International Corporation, while AI agents include major players like Google, Alibaba, and Tencent [4][36]. - The report also identifies potential investments in autonomous driving and military AI sectors, with companies such as Xpeng Motors and Tsinghua Tongfang listed as notable players [5][38].