Core Insights - The end of the visual dividend has led to a simultaneous downward shift in both the supply and payment curves, resulting in a decline in cloud computing SaaS valuations. The narrative around AI has transitioned from "model innovation" in the Internet+ era to "factor monetization," creating space for a "value reassessment" in the 14th Five-Year Plan [1][2] Group 1: AI Industry Transformations - During the 14th Five-Year Plan, the AI industry has undergone five significant qualitative changes, establishing a foundation for "factorization." These changes include a shift from "technology" to "factors," driven by global and domestic transformations alongside the fourth industrial revolution [2] - Key qualitative changes in the AI industry include: 1) Technological transformation with the end of visual dividends and the emergence of the Transformer architecture as a unified engine for AIGC, establishing a foundation for general intelligence [2] 2) Computational transformation with domestic AI chips gradually closing the efficiency gap with foreign counterparts, and a shift in data center forms from IDC to AIDC [2] 3) Data transformation with public data becoming a tradable fiscal element, filling the gap left by land revenue [2] 4) Policy transformation with AI being integrated into social governance, elevating its role from an "industrial tool" to a "transformation engine" [2] 5) Market transformation with a decline in cloud computing SaaS valuations and a shift in AI narratives towards "factor monetization" [2] Group 2: Future Outlook and Investment Opportunities - The 15th Five-Year Plan is expected to see AI factorization manifest through "price discovery, scale trading, and cross-border output," with Agents as the core vehicle [3] - Key aspects of this outlook include: 1) Product dimension changes where interaction paradigms shift to CUI, and Agents evolve from "passive execution" to "autonomous collaboration," marking the first market-based price discovery for factors [3] 2) Supply dimension with a complete domestic closed-loop system for Agents, enabling the definition of "Agent instruction sets" and achieving factor pricing power [3] 3) Demand-side expansion into global southern markets, with a significant population and a projected 9.2% annual growth rate in the digital economy [3] 4) Expansion of five key scenarios over the next five years, with a shift from "project-based" to "subscription-based" consumption frequency [3] Group 3: Investment Recommendations - Investment in the AI industry can follow four main lines: 1) Computational infrastructure, including domestic AI chips, AI servers, intelligent computing centers, and green computing facilities [4] 2) AI Agents and MaaS services, covering vertical industry software, low-code platforms, and system integrators [4] 3) Intelligent terminals and embodied intelligent robots, including smart connected vehicles, AI smartphones/PCs, AR/VR, and the associated industry chain [4] 4) AI and green low-carbon initiatives, involving smart grids, industrial energy conservation, carbon management software, and system integration [4]