AIGC专题报告十五：AI应用落地，难点到底在哪里？

Industry Investment Rating - The report maintains a Leading Market-A rating for the media industry, indicating a positive outlook for the next 6 months [2] Core Views - The AI application landscape is entering a critical phase of implementation, with large models being the main focus of AI technology [1] - The report emphasizes the importance of "transactional thinking" to navigate the challenges of AI application deployment, suggesting a shift from media-driven anxiety to rational economic and social analysis [6] - The report identifies 2024-2025 as a key window for AI application deployment, with two main implementation lines: AI in mobile internet (smartphones) and AI in spatial computing platforms (MR) [29] Key Challenges in AI Application Deployment - AI application deployment faces significant challenges, including the need for specific "spaces" or computing platforms, such as PCs, smartphones, and glasses [1] - The report highlights that AI, as a productivity tool, requires a "resource discovery" moment similar to the mobile internet era, where breakthroughs like short videos and live streaming emerged [1] - The macro environment is contracting, increasing the risk of "reverse elimination" for companies attempting to deploy AI applications [1] Domestic and International AI Application Progress - Internationally, Microsoft is leading AI application deployment, particularly in the PC space, while domestic deployment in China is more fluid in the education sector [1] - The report notes that domestic AI application deployment in China is driven primarily by state-owned capital, with a focus on "reverse-humanity" applications, such as education and finance [22][23] Future Industry Map and Observation Points - The report introduces the concept of a future 3-5 year industry map, which serves as a guide for decision-making in the current AI application landscape [6] - Key observation points include self-positioning (whether a company is a beneficiary or non-beneficiary of the mobile internet era), mindset (whether a company has an "A-side" or "B-side" mentality), and the driving forces behind AI deployment (state-owned capital in China vs. industrial capital internationally) [8][9][11] Investment Recommendations - The report suggests a shift from trend-based investment to individual stock performance in Q2 2024, highlighting companies such as China Film, Southern Media, and Huamei Holdings as potential investment targets [2][34] Market Performance - The media industry has underperformed compared to the CSI 300 index, with a relative return of -2.8% over the past month and -9.5% over the past 12 months [3]