Guoxin Securities·2026-02-13 01:11Investment Rating - The report assigns an "Outperform" rating for the industry, indicating expected performance above the market benchmark by more than 10% over the next 6 to 12 months [33]. Core Insights - Major tech companies are significantly increasing their investments in AI for 2026, focusing on talent acquisition, computing power infrastructure, and marketing expenditures. The competition for consumer-facing AI Agent products is expected to intensify during the Spring Festival period in China [2]. - The report emphasizes the transformative potential of AI in changing user interactions with software and the internet, highlighting the value creation from large models. It suggests focusing on companies with the most certainty in computing power and large models, including Alibaba, Baidu, and Tencent [2]. Summary by Sections Company Developments - SpaceX has fully acquired xAI, with a post-merger valuation of $1.25 trillion. The merger will allow xAI to operate as a subsidiary of SpaceX, integrating its Grok model with SpaceX's satellite data [17]. - Meta has launched a series of AI advertising tools, including AI Video Generation 2.0, which simplifies the creative production process for advertisers [20]. - Kunlun Technology has released the Skywork desktop version, a local multi-model AI office agent that prioritizes data security and ease of use [21]. - OpenAI has launched two core products, including an upgraded programming model and an enterprise-level AI platform, enhancing its commercial capabilities [22]. - Meta is testing a standalone AI video application called Vibes, focusing on AI-generated content [23]. - Four major tech giants (Google, Amazon, Meta, Microsoft) plan to invest a total of $610 billion in AI infrastructure, representing over 75% of global investment in this area [24]. Underlying Technologies - Step 3.5 Flash model by Jumpshare has been released, utilizing a sparse MoE architecture to address computing power challenges [25]. - Alibaba's Tongyi Qianwen team has open-sourced the Qwen3-Coder-Next programming model, achieving high performance with low computational costs [26]. - Anthropic has released Claude Opus 4.6, significantly expanding its context window to 1 million tokens, enhancing its capabilities for complex document analysis [26]. - The Chinese Academy of Sciences has introduced the "Feiyu-1.0" model, focusing on dual-direction coupling technology for environmental data analysis [27]. Industry Policies - The Ministry of Industry and Information Technology has issued a notice to enhance AI computing power infrastructure, aiming to establish a national interconnected computing power node system [28]. Investment Recommendations - The report suggests monitoring companies with strong positions in computing power and large models, such as Alibaba, Baidu, and Tencent, as they are expected to lead in the rapidly evolving AI landscape [29].