Group 1 - The AI sector in A-shares is experiencing significant growth, driven by government support and increased demand for AI applications across various industries [1][5] - The term "national team intervention" refers to policy-level backing rather than direct stock purchases, indicating a shift towards AI as a new infrastructure akin to electricity [5] - Companies in the AI sector are essentially providing the "electricity" of the AI era, with a surge in orders reflecting increased adoption of AI technologies by businesses [5] Group 2 - Three leading companies in the core multimodal AI space are Wanjing Technology, Kunlun Wanwei, and iFlytek, which have transitioned from conceptual products to generating real revenue [6] - Wanjing Technology has upgraded its video editing software with AIGC features, significantly reducing costs for small businesses and projecting a 60% increase in net profit for H1 2025 [6][7] - Kunlun Wanwei's Opera browser, with 300 million monthly active users, has integrated an AI assistant, enhancing user experience and monetization potential [7] Group 3 - iFlytek focuses on embedding AI into hardware, such as AI learning machines that enhance educational outcomes, leading to a doubling of revenue in the education sector [8] - The rise of vertical industry AI solutions aims to automate repetitive tasks, freeing up human resources for more analytical roles [9] - Companies like Yonyou Network and Hand Information are developing financial and supply chain AI solutions that improve efficiency and reduce labor costs [10] Group 4 - Hengsheng Electronics is a leader in financial IT, providing AI solutions that automate trading and risk management, significantly reducing the need for human traders [11] - RunDa Medical's AI diagnostic systems have received FDA approval, demonstrating their effectiveness in improving diagnostic accuracy in hospitals [12] - AI infrastructure companies like Tuwei Information and Inspur Information are benefiting from the growing demand for AI computing power, essential for running AI applications [12] Group 5 - To assess the legitimacy of the AI boom, three indicators are suggested: the source of revenue, R&D investment, and the necessity of the product [13][14] - Companies with substantial overseas revenue and high R&D investment are more likely to be genuine players in the AI space, while those with low investment may be opportunistic [14] - The current AI market is viewed as an investment in the foundational technologies of the future, rather than a speculative trading opportunity [15]

Core Insights - Keda Xunfei reported a data resource of 61.74 million yuan in its 2024 annual report, making it the highest listed company in the software and information technology services sector in terms of reported amounts [2] - The company has been focusing on the intelligent voice and artificial intelligence sectors while also expanding into the smart healthcare sector, with R&D investment showing a consistent upward trend over the past three years [2][11] - In 2024, Keda Xunfei's R&D investment reached 1.996 billion yuan, a year-on-year increase of 24.62% from 1.602 billion yuan in 2023 [2] Smart Healthcare Development - Keda Xunfei's AI diagnostic assistant is expected to experience rapid growth, with significant room for penetration in the 2,843 counties across mainland China [7] - As of December 31, 2024, the AI diagnostic assistant has covered over 670 counties in more than 30 provinces, with applications in over 70,000 grassroots medical institutions, providing approximately 910 million AI-assisted diagnostic suggestions [7] - The accuracy of assisted diagnoses has improved from about 90% in 2021 to approximately 95% currently, while prescription review accuracy has also increased from about 93% to 95% [7] Competitive Landscape - Keda Xunfei has previously challenged the market share claims of its competitor, Yunzhisheng, which is attempting to go public after multiple unsuccessful attempts [8][10] - In 2023, Keda Xunfei's medical AI revenue was the largest in China's medical AI industry, with a market share of 61.5% in the CDSS market for grassroots medical institutions [11] - Other companies in the software services sector, such as Donghua Software and Shenzhou Digital, are also actively entering the smart healthcare field, with various AI-based products and solutions being developed [12][13] R&D Investment Comparison - Among the listed companies, Daily Interactive has the highest R&D investment as a percentage of revenue at 36.13%, followed by Keda Xunfei at 19.62%, while Shenzhou Digital has the lowest at only 0.32% [15]