大摩：AI吞噬软件又一案例？谷歌Nano Banana走红，美图股价重挫

Core Viewpoint - Morgan Stanley believes that Meitu's growth trajectory has not been affected by the AI model Nano Banana, as its true value lies in providing "last mile" solutions that basic AI models cannot achieve [3][4][12] Group 1: Market Concerns and Reactions - The release of Google's new AI model Nano Banana has sparked widespread concern in the market about whether AI will encroach on application software like Meitu [4][6] - Following the announcement, Meitu's stock price plummeted by 14%, while the Hang Seng Index rose by 2% during the same period [7] - This incident reflects a broader anxiety in the market regarding the survival model of application-layer software in the AI era [12] Group 2: Last Mile Value Proposition - Morgan Stanley emphasizes that the value of application software in the AI era lies in providing "last mile" services to optimize outcomes, which general AI models cannot fully achieve [13] - The complexity of the visual industry’s "last mile" is attributed to two main factors: the fragmentation of scenes and the diversity of user needs [14][20] - As a result, applications focused on specific scenarios and optimizing user experience have become increasingly valuable rather than diminished [17] Group 3: Meitu's Competitive Advantages - Meitu has established significant advantages in maximizing "last mile" value through long-term accumulation [18] - The company focuses on non-professional leisure and productivity scenarios, allowing it to deeply understand user pain points and develop highly optimized workflows [19] - Meitu has accumulated vast amounts of high-quality vertical data, particularly in portrait beautification and e-commerce design, creating a barrier to entry [21] - The company has a clear business model where users pay for "core functions," which are essential for driving subscription revenue [21] - Meitu adopts a neutral strategy towards AI models, integrating various AI capabilities into its products quickly [22]