2025年中国大模型应用市场洞察白皮书 模型驱动应用创新，撬动市场千亿增量 （精华版） China Large Model Application Industry 中国大型モデル応用産業 概览标签：大模型、消费端应用、企业端应用 1 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。 ，任何人不得以任何方式擅自复制 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 研究目的 深入辨析消费端与企业端两大市场的核心应 用场景、流量格局及用户需求差异；同时， 通过分析不同参与者的竞争优势与发展策略 ， 揭示当前应用落地面临的关键挑战，研判不 同应用赛道的发展成熟度与未来商业价值演 进方向。 研究区域范围：中国及全球 研究对象：大模型应用层 本报告的关键问题： 1）当前大模型在消费端 ...

（文章来源：第一财经） 天风证券指出，2025年上半年，AI应用呈现快速发展态势，形成"四大梯队"格局：第一梯队为AI搜索引 擎和AI综合助手；第二梯队包括AI社交互动和AI专业顾问；第三梯队为AI效率办公和AI图像处理；第 四梯队涵盖AI创作设计、文案写作等。移动端AI应用月活跃用户规模达6.8亿，插件形态用户规模超越 原生App。三类形态AI应用上半年复合增长率直击"场景必须度+用户替代成本"问题。AI搜索赛道及AI 综合助手赛道的超头现象，预示着"搜索+服务"的融合将成为流量入口新范式。 ...

Core Viewpoint - A significant acquisition proposal has emerged where OpenAI is willing to acquire Google's Chrome browser for up to $20 billion, which would set a record for both companies involved [4]. Group 1: Acquisition Details - If the acquisition by OpenAI proceeds, it would double their previous investment record of $6.5 billion for Io Products [4]. - Chrome, with a market share of 67.9% as of July 2025, is a valuable asset compared to Google's previous highest sale of Motorola, which totaled $5.335 billion [4]. - Recently, AI unicorn Perplexity has entered the bidding with a proposal of $34.5 billion, significantly higher than OpenAI's offer [5][10]. Group 2: Perplexity's Position - Perplexity aims to position itself as "the Google of the AI era" and has developed various AI products, processing 780 million user searches by May 2025 [8][10]. - The acquisition proposal from Perplexity is driven by the belief that Chrome's user base is an irreplaceable strategic resource in the AI arms race [10]. - Perplexity has secured backing from several large venture capital funds, although its financial capacity remains uncertain given its recent valuation of $18 billion [11]. Group 3: Market Context and Implications - The ongoing antitrust scrutiny against Google has created pressure for the company to divest Chrome, with the U.S. government actively pursuing this outcome [5][12]. - Analysts express skepticism about Perplexity's ability to successfully acquire Chrome, citing the high valuation and potential risks involved [14][15]. - The potential sale of Chrome is expected to set a new record for annual mergers and acquisitions, regardless of the outcome [17].

Group 1: Company Overview - The company is currently advancing a project to acquire 80% of the Zhizhe brand through a combination of shares and cash, with the project accepted by the Shenzhen Stock Exchange on June 30, 2025 [2] - The company is actively seeking partnerships in various marketing fields, including performance marketing, e-commerce marketing, AI marketing, and overseas marketing [2] Group 2: Strategic Partnerships - The company aims to become a strategic partner for a leading domestic tech giant in the marketing communication sector, providing comprehensive marketing services for its global expansion [3] Group 3: AI Development Plans - The company plans to complete the development of a multi-agent system (MAS) by Q3 2025, integrating various AI capabilities such as text, image, video, and voice [3] - The company’s subsidiary, Yingxing Tianxia, is developing the first cross-platform influencer management application tailored for group enterprises, with a target of launching by Q3 2025 [3] - The company is collaborating with a partner to launch an AI search engine that will enhance brand content visibility on relevant platforms [3] Group 4: Revenue Goals - By the end of 2026, the company aims for the following revenue targets: - InSai AI: Over 50 million yuan in annual commercial revenue [3] - ZhiMou AI: Over 500 million yuan in annual platform turnover with more than 2,000 paying users [3] - AI Search Engine: Over 30 million yuan in annual commercial revenue with a target of 1,000 paying users [3] Group 5: International Expansion Strategy - Starting in 2023, the company plans to provide overseas marketing services for small and medium enterprises, targeting over 1 billion yuan in revenue by 2024 [4] - From 2025, the company will reduce low-margin overseas marketing services while increasing focus on leading industry clients to improve profit margins [4] - By 2030, the company aims for overseas service revenue to account for over 40% of total revenue [4] Group 6: AI Internationalization - By the end of 2025, the company plans to launch multi-language versions of its AI products and systems tailored for overseas markets [4] - The company aims to integrate its applications with international platforms like TikTok, YouTube, and Instagram to cover a broader range of influencers [4]

Core Viewpoint - Apple is considering acquiring Perplexity AI to attract talent and prepare for a future AI search engine [2][3][12] Group 1: Acquisition Considerations - Apple executives, including Adrian Perica and Eddy Cue, have discussed the potential acquisition of Perplexity AI, although no formal negotiations have taken place yet [6][7] - There have been multiple meetings between Apple and Perplexity in recent months, but both parties have not commented on the acquisition discussions as of June 23 [8] - Apple's interest in Perplexity AI aligns with its goal to develop an AI-powered search engine and integrate Perplexity's technology into Siri, especially in light of upcoming regulatory changes in the EU and US [12] Group 2: Alternative Strategies - Apple executives have also considered establishing a partnership with Perplexity AI instead of pursuing a direct acquisition [11] - The potential acquisition is part of a broader strategy, as Apple is looking at multiple AI companies for potential acquisition, including Thinking Machines Lab, Cohere, Sierra Al, and Databricks [14] Group 3: Talent Acquisition Efforts - In addition to potential acquisitions, Apple is actively recruiting talent in the AI field, competing with companies like Meta for key personnel [15][16] - The company has faced challenges in launching new AI features, as evidenced by the delay in the release of the next generation of Siri due to performance issues [18]

Group 1 - Apple executives are internally discussing the potential acquisition of AI startup Perplexity AI to acquire key AI talent and technology for developing its own AI search engine, addressing regulatory risks associated with its long-standing partnership with Google [1][4] - The discussions are in early stages, and no formal acquisition offer has been made yet, with Apple executives not having contacted Perplexity's management [1] - Apple is also considering integrating Perplexity as an AI search engine option within its Safari browser and Siri voice assistant, as its partnership with Google generates approximately $20 billion annually, which is now under threat from U.S. antitrust enforcement [1] Group 2 - Perplexity AI, founded in 2022, has quickly gained recognition for its generative AI tools that summarize search results and optimize user queries, directly challenging Google's dominance [4] - Apple has reportedly met with Perplexity multiple times in recent months, indicating a serious evaluation of the startup's technology [4] Group 3 - A significant obstacle in the acquisition process may be Perplexity's ongoing partnership with Samsung, which is Apple's largest competitor in the smartphone market [5] - Perplexity has stated that it currently has no information regarding any acquisition discussions [5] Group 4 - Apple is not the only tech giant interested in Perplexity; Meta has also previously discussed a potential acquisition but did not reach an agreement [6] - Following the termination of talks with Perplexity, Meta proceeded to invest $14.3 billion in data labeling startup Scale AI [6] Group 5 - The competition for AI talent is intensifying, with both Apple and Meta vying for key personnel in the AI sector [7] - Meta has engaged in recruitment discussions with Daniel Gross, a co-founder of AI company Safe Superintelligence, while Apple is also attempting to recruit him [7]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the trends and performance of major technology companies in the AI commercialization and cloud computing sectors, particularly focusing on both domestic (China) and international players [1][3][4]. Key Companies Mentioned - **Google**: Maintains a capital expenditure guidance of $75 billion for the year, with a quarterly increase from $14.3 billion to $17.2 billion [2]. - **Meta**: Raised its capital expenditure guidance from $60-65 billion to $64-72 billion [2]. - **Microsoft**: Expected to continue increasing capital expenditure in 2026, although at a slower growth rate compared to 2025 [2]. - **Amazon**: No specific capital expenditure guidance provided, but performance slightly below the previous $100 billion target [2]. - **Baidu**: Domestic cloud provider showing accelerated revenue growth [6]. - **Alibaba**: Significant growth in AI-related products and cloud services [3][21]. - **Tencent**: Notable advancements in AI strategy and cloud revenue growth [11]. Core Insights and Arguments - **Capital Expenditure Trends**: Major tech companies are maintaining high capital expenditures, reflecting confidence in long-term investments in AI and cloud computing [1][2]. - **Cloud Computing Demand**: There is a strong demand for direct cloud leasing, although it only represents a portion of overall development expenditure [3]. The speed of data center deployment is critical for revenue recovery, with expectations for improvement in the second half of the year [6]. - **AI Commercialization**: Companies are focusing on enhancing traditional applications and recommendation engines, with significant upgrades noted in advertising algorithms [4][7]. - **Microsoft's Advertising Performance**: Microsoft's advertising revenue is closely tied to its AI search engine, with a nearly 30% quarter-over-quarter increase in user numbers [8]. The partnership with OpenAI is expected to last until at least 2030, ensuring a steady supply of models [8]. - **Baidu's AI Growth**: Baidu's AI-related products have shown triple-digit year-over-year growth for seven consecutive quarters, although specific growth percentages were not disclosed [3][21]. Additional Important Insights - **AI Model Development**: Alibaba's Tongyi Qianwen model series has rapidly developed, surpassing 300 million downloads, with various modified models exceeding Llama in number [18]. - **Advertising Business Dynamics**: Companies are actively upgrading their advertising strategies and exploring new business layouts to enhance investment returns [7]. - **AI Search and Advertising ROI**: Google’s AI search and reviews have approximately 1.5 billion monthly users, showing progress in advertising conversion rates and investment returns [20]. - **Emerging AI Applications**: Amazon is enhancing its AI advertising generation and smart terminal capabilities, with over 500 million devices utilizing the new Alexa version [9]. - **Upcoming Industry Events**: Significant events such as the Microsoft Build conference and Google I/O are expected to showcase new AI terminal products and innovations [12][14]. Conclusion The conference call highlights the robust growth and strategic investments in AI and cloud computing by major technology companies, with a focus on enhancing existing services and exploring new opportunities in the rapidly evolving tech landscape.

Group 1 - The core valuation of AI startup Perplexity has surged to $14 billion during new funding discussions, significantly up from previous rounds but below initial targets [1] - Perplexity, founded in 2022, aims to compete with Google by developing an AI search engine that utilizes natural language processing to transform how users access information [1] - The company's valuation increased from $1 billion to $3 billion last year, and then doubled again within a few months [1] Group 2 - Accel Partners is reportedly negotiating to lead a $500 million investment in Perplexity [1] - The company had initially sought to raise $1 billion at a $18 billion valuation [1]

Core Viewpoint - The Federal Reserve maintained the federal funds rate at 4.25%-4.50% and continued its balance sheet reduction, reflecting a "wait-and-see" approach amid economic uncertainties [2][3]. Economic Performance - The U.S. economy remains robust with a low unemployment rate of 4.2% and inflation showing signs of improvement, although still above the Fed's long-term target of 2% [3][5]. - GDP growth was 2.5% last year but saw a decline in Q1 this year due to increased imports ahead of tariff policies, impacting net imports significantly [4]. - Domestic private final purchases (PDFP) maintained a steady growth of 3% in Q1, consistent with the previous year, despite a decline in consumer sentiment due to trade policy uncertainties [4]. Employment Market - Job creation remains strong, with the unemployment rate at a relatively low level, and wage growth outpacing inflation, indicating a balanced employment market without significant inflationary pressures [5]. Inflation Trends - Inflation has significantly decreased from mid-2022 highs but remains above the 2% target, with the PCE price index rising 2.3% and core PCE rising 2.6% over the past 12 months [6]. - Recent inflation expectations have shown upward trends, with tariffs identified as a driving factor [6]. Federal Reserve's Stance - The Fed is awaiting more economic evidence to determine whether inflation or employment should be prioritized, influencing future interest rate decisions [8]. - Powell highlighted the significant impact of Trump's policies on trade, immigration, fiscal policy, and regulation, with ongoing uncertainties regarding the effects of announced tariffs [7][8]. Market Reactions - Following the Fed's announcement, markets generally expect three rate cuts this year, with the dollar index fluctuating around 99.6 to 99.7 [9]. - The Hong Kong Monetary Authority maintained its benchmark rate at 4.75%, with the Hong Kong stock market showing strong performance amid active new listings [11]. - U.S. stocks experienced volatility post-announcement, with investor focus shifting back to company fundamentals amid trade policy uncertainties [11].

Financial Policies - The central bank announced ten policy measures, including a comprehensive reduction of the reserve requirement ratio by 0.5 percentage points and a decrease in the policy interest rate by 0.1 percentage points [2] - The financial regulatory authority will introduce eight incremental policies to support the real estate sector and accelerate the financing system [2] Public Fund Industry - The China Securities Regulatory Commission (CSRC) released an action plan to promote high-quality development in the public fund industry, focusing on optimizing fee structures and enhancing performance-based assessments [2] U.S. Federal Reserve - The Federal Reserve maintained the federal funds rate target range at 4.25%-4.5%, citing increased uncertainty in economic prospects and rising risks of unemployment and inflation [3] - Fed Chairman Jerome Powell indicated that the Fed can afford to be patient and does not need to rush into rate cuts [4] Semiconductor Trade Regulations - The Trump administration plans to lift AI chip restrictions imposed during the Biden era, which faced significant opposition from major tech companies and foreign governments [4] Domestic Economic Developments - China's logistics industry prosperity index for April was reported at 51.1, indicating growth in fixed asset investment [7] - The first quarter saw significant revenue growth in the light industry, with a reported revenue of 5.4 trillion yuan, a year-on-year increase of 4.8% [6] Stock Market Performance - A-shares opened significantly higher due to interest rate cuts but faced pressure later, with the Shanghai Composite Index closing up 0.8% [9] - Hong Kong's stock indices experienced mixed results, with the Hang Seng Index closing up 0.13% [9] Company News - Apple is exploring the addition of an AI search engine to its Safari browser, potentially ending its long-standing partnership with Google [19] - Disney announced plans to open a theme park in Abu Dhabi, marking its first large-scale new theme park in nearly a decade [19] - OpenAI plans to expand its data center project globally, with initial goals to launch ten projects outside the U.S. [19] Overseas Economic Trends - U.S. Vice President expressed hopes for improved trade relations with the EU, while the EU is preparing countermeasures against U.S. tariffs if negotiations fail [22] - South Korea's central bank hinted at another rate cut in May due to growing economic concerns [22] Commodity Market - Domestic commodity futures closed mostly lower, with energy and chemical products experiencing declines [27] - International oil prices weakened, with U.S. crude oil futures dropping by 1.93% [27]