Investment Rating - Investment recommendation: Outperform the market (maintained) [8] Core Insights - The AI is transitioning from the "human data era" to the "experience era," as highlighted by Richard Sutton, the 2024 ACM Turing Award winner. Current AI large model training relies on human-generated data, but the depletion of high-quality data necessitates a shift towards interaction with the world [5][9] - The evolution of large models is predicted to progress from large language models to native models and eventually to world models, with a distinction between digital and physical worlds in AGI development [10] - The capabilities of large models are continuously improving, with major companies like OpenAI and Google regularly updating their models. However, practical applications in real-world scenarios remain limited, indicating a focus on enhancing AI's problem-solving abilities through interaction with the physical world [11] Summary by Sections AI Technology Progress - AI technology advancements are expected to create investment opportunities across four areas: 1. Infrastructure for computing power, with a focus on domestic GPU ecosystems [12] 2. Software development for edge AI applications, emphasizing the importance of end-user devices [12] 3. Innovations in productivity tools, which could lower professional barriers and reduce repetitive tasks [12] 4. Information technology innovations in industries like finance, law, education, healthcare, and automotive, with key players connecting foundational model providers and industry clients [12]

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