Investment Rating - Industry Rating: Recommended [5] Core Views - The AI industry is expected to enter a "technology + policy" resonance upward cycle [4][40] - Major overseas companies are continuously advancing their AI businesses, with Google reporting a cloud revenue of $13.624 billion in Q2 2025, a year-on-year growth of 31.67% [12][17] - The World Artificial Intelligence Conference was successfully held, indicating China's leading position in the global AI revolution and the likelihood of supportive policies being introduced [2][25] - Global large model technology is expected to accelerate iteration, with OpenAI's GPT-5 anticipated to be released soon, integrating multiple internal technologies [3][40] Summary by Sections 1. Overseas Major Companies' AI Business Progress - Google reported Q2 2025 earnings with cloud revenue reaching $13.624 billion, maintaining a growth rate of approximately 30% since 2024 [12][17] - The search engine business also showed resilience, with revenue of $54.190 billion in Q2 2025, a year-on-year increase of 11.71% [20] - The Gemini application has over 450 million monthly active users, with a significant increase in daily requests [21][23] 2. Successful Hosting of the World Artificial Intelligence Conference - The conference featured over 800 companies and 3,000 cutting-edge exhibits, highlighting China's commitment to AI development [2][25] - Premier Li Qiang emphasized the importance of inclusive AI development and international cooperation during his speech [26][40] 3. Acceleration of Global Large Model Technology Iteration - OpenAI's GPT-5 is expected to be released soon, integrating various technologies to handle text, code, images, and tool calls [3][40] - The successful launch of GPT-5 could enhance confidence in the commercial application of AI technologies [3][40] 4. Investment Recommendations - Beneficial stocks include: - Large Models: iFlytek, Kunlun Wanwei [4] - AI Programming Applications: Zhuoyi Information, Dingjie Software, Hand Information [4] - AI Office Applications: Kingsoft Office, Foxit Software, Hehe Information [4] - AI Multi-modal: Wanjing Technology, Hongsoft Technology, Meitu Company [4] - AI Education Applications: Jiafa Education, Jingyeda [4] - AI Medical Applications: Weining Health, Jiahe Meikang, Rundata Medical [4]