Changjiang Securities·2026-01-14 15:16Investment Rating - The investment rating for the industry is "Positive" and maintained [7] Core Insights - Google has established a comprehensive AI ecosystem, including TPU computing infrastructure, the Gemini multimodal model family, AI Studio, and the Vertex AI developer platform, which continuously empowers its AI layout and strengthens its data moat [2][10] - The acceleration of AI applications is moving towards realization, with a positive outlook on the performance of large model companies like Zhiyu and Minimax post-IPO. Key marginal factors include (1) model capability enhancement and release event catalysts; (2) advancement of business models (C-end traffic entry logic & B-end labor replacement logic). A paradigm shift in models by 2026 is expected to bring excess opportunities, with a long-term positive view on AI industry upgrade opportunities [2][10] Summary by Relevant Sections AI Applications - Google is actively expanding its AI strategy across various segments, focusing on providing infrastructure and open-source models in healthcare. Notable developments include the Vertex AI Search for Healthcare tool optimized for medical scenarios and partnerships like the one with Color Health for breast cancer screening assistance [10] AI for Science - Google has a significant advantage in AI for Science (AI4S) due to its extensive experience and capabilities in the field. The company has developed world-class scientific intelligence models and tools, applying AI across multiple scientific domains such as biology, meteorology, and physics [10] Edge Deployment - Google has a well-established edge deployment strategy, focusing on embodied intelligence, AI glasses, AI phones, Google TV, and Robotaxi services. The latest data shows significant growth in Robotaxi services, with a 80% increase in service volume compared to earlier months [10]