【兴证计算机】从火山Force原动力大会看大厂AI生态

Core Viewpoint - The focus is on core leaders and marginal changes in the computer industry, emphasizing the importance of certainty in investment strategies as market risk appetite fluctuates towards the end of the half-year [2][4]. Summary by Sections Investment Strategy - The current position and holding levels in the computer sector are low, suggesting a focus on two areas for certainty: 1) Core leaders at the bottom, especially in AI and domestic sectors; 2) Individual stocks and segments with significant marginal changes [2]. AI Application Development - AI applications are accelerating in development due to continuous iterations of large models and algorithmic equality. Key competitive factors for agent manufacturers include data, scenarios, and industry know-how. The recent launch of models like Doubao 1.6 and Seedance 1.0 pro at the Volcano Engine Force conference is expected to accelerate multimodal development [2]. Financial IT Industry Policies - In the context of global economic changes and the high-quality development of domestic financial markets, there is potential for further liquidity easing. Additionally, there is room for mergers, restructuring, and innovative business opportunities. The upcoming Lujiazui Forum on June 18, 2025, is anticipated to further release policy dividends for the industry [2].