从技术能力维度来看，不同模态的发展成熟度差异显著。文本与音频生成技术已广泛应用于电商文案创 作、音乐歌单推荐等领域，但视频生成技术仍受限于内容逻辑连贯性和画面质量问题，距离大规模商业 化应用尚需时日。此外，评估体系的不完善成为阻碍技术发展的另一关键因素。当前行业主要依赖人工 评估推荐效果，这种方式不仅效率低下，且难以全面衡量用户体验。而现有的自动化评估指标又存在覆 盖维度不足的问题，亟需建立一套涵盖准确性、多样性、隐私保护等多维度的标准化评估体系。 在生成式推荐系统的技术演进中，多维度的创新成果不断涌现。中国人民大学高瓴人工智能学院准聘副 教授陈旭和团队研发的人类行为模拟平台历经三代迭代，实现了从基础验证到广泛应用的跨越。初代 ReAgent 平台以千级智能体模拟网络行为，揭示了信息茧房的形成机制；第二代 GenSim 平台将智能体 规模扩展至十万级，覆盖电商、社交等多领域模拟；第三代 OneSim 平台引入自然语言处理技术，显著 降低使用门槛，并拓展了 AI 社会研究功能。这一系列突破通过构建用户与系统的双向反馈机制，有效 解决了传统推荐系统的用户理解难题，大幅提升了推荐精准度。 哈尔滨工业大学（深圳）陈科 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report focuses on the commercialization progress of AI applications, highlighting significant advancements in various sectors, including large models, AI video, AI programming, and enterprise-level AI software [4][28] - The report emphasizes the rapid growth in token consumption for AI applications, indicating accelerated commercialization and the emergence of new revenue streams [4][15] - Key companies in the AI space are experiencing substantial valuation increases, with several achieving over $1 billion in annual recurring revenue (ARR) [16][21] Summary by Sections 1. AI Application Overview: Acceleration of Commercialization - AI applications are witnessing a significant increase in token consumption, reflecting faster commercialization progress [4] - Major models like OpenAI have achieved an ARR of $12 billion, while AI video tools are approaching the $100 million ARR milestone [4][15] 2. Internet Giants: Recommendation System Upgrades + Chatbot - Companies like Google, OpenAI, and Meta are enhancing their recommendation systems and developing independent AI applications [4][26] - The integration of AI chatbots into traditional applications is becoming a core area for computational consumption [14] 3. AI Programming: One of the Hottest Application Directions - AI programming tools are gaining traction, with companies like Anysphere achieving an ARR of $500 million [17] - The commercialization of AI programming is accelerating, with several startups reaching significant revenue milestones [17][18] 4. Enterprise-Level AI: Still Awaiting Large-Scale Implementation - The report notes that while enterprise AI has a large potential market, its commercialization has been slower compared to other sectors [4][25] - Companies are expected to see significant acceleration in AI implementation by 2026 [17] 5. AI Creative Tools: Initial Commercialization of AI Video - AI video tools are beginning to show revenue potential, with companies like Synthesia reaching an ARR of $100 million [15][21] - The report highlights the impact of AI on content creation in education and gaming [4][28] 6. Domestic AI Application Progress - By mid-2025, China's public cloud service market for large models is projected to reach 537 trillion tokens, indicating robust growth in AI applications domestically [4] 7. Key Company Valuation Table - The report provides a detailed valuation table for key companies in the AI sector, showcasing significant increases in their market valuations and ARR figures [16][22]

Core Viewpoint - Kuaishou's performance during the 618 shopping festival indicates strong growth in its general merchandise volume (GMV), highlighting the platform's potential for commercial monetization through innovative advertising strategies and enhanced user engagement via new technologies [2][3][4]. Group 1: E-commerce Performance - During the 618 period, Kuaishou's general merchandise card GMV increased by over 53% year-on-year, search GMV surged by over 143%, and short video GMV rose by over 29%, indicating a robust growth trajectory that outpaces the overall market [3]. - The general merchandise sector is becoming a crucial channel for users to browse, discover, and purchase products, with clearer pathways between content consumption and product conversion [3]. Group 2: Advertising Commercialization Potential - Kuaishou's general merchandise sector has significant potential for further advertising commercialization, expected to contribute additional revenue in the second half of 2025 [3]. - The platform is focusing on enhancing advertising efficiency for small and medium-sized merchants through traffic distribution, supply chain support, and intelligent tools, aiming to establish a conversion chain for advertising in the general merchandise context [3]. Group 3: Technological Advancements - The newly launched end-to-end generative recommendation system, OneRec, is anticipated to improve user engagement metrics such as time spent on the platform and user retention [4]. - OneRec utilizes a multi-modal AI model framework to enhance content understanding and recommendation accuracy, achieving a tenfold increase in effective computational capacity and reducing operational costs to 10.6% of traditional solutions [4]. - After its implementation, Kuaishou App and its Lite version saw an increase in user stay duration by 0.54% and 1.24%, respectively, with a significant growth in the 7-day user lifecycle [4]. Group 4: Content Innovation - Kuaishou collaborated with its self-developed AI model, Keling, to produce the AIGC series "New World Loading," which features all scenes generated by AI and includes various styles such as realism, science fiction, and animation [5]. - The first episode, released on June 26, 2025, achieved over 55 million views on Kuaishou Lite by June 30, showcasing the platform's capability in content generation through advanced technology [5]. - The segment "Martin Syndrome" from the series won the "Best Technology Award" at the 15th Beijing International Film Festival, reflecting Keling's technical prowess in AIGC production [5].