证券研究报告·行业点评报告 2025 年 4 月 18 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6.58 1.3 8.21 绝对收益 -12.42 0.56 15.65 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：智 谱发布 AutoGLM 沉思，集深度研究和操 作能力于一体 – 2025.04.01 2. 江海证券-行业点评报告-传媒行业：智 元启元大模型 GO-1 发布，具身智能再上 新台阶 – 2025.03.11 3. 江海证券-行业点评报告-传媒行业：AI 应用发展迅猛，提示投资机会 – 2025.03.07 包大模型团队提出全新超稀疏架构，推理 成本大幅下降 – 2025.02.13 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 行业评级：增持（维持） 5. 江海证券-行业点评报告-传媒行业：AI agent 产业进展不断，提示相关投资机会 – 2025.02.10 分析师：张婧 AI 应用催化不断，重点提示机会 事件： 2025 年 4 月 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][38]. Core Insights - OpenAI's latest models, o3 and o4-mini, introduce significant advancements in image reasoning and agent capabilities, enhancing the AI programming ecosystem [3][4]. - The competition in the global large model field remains intense, with a strong emphasis on native agent capabilities and multimodal reasoning [34]. - The domestic AI computing power market is expected to see increased acceptance and market share for Chinese AI computing solutions due to ongoing global trade tensions [34]. Summary by Sections OpenAI's New Models - OpenAI released o3 and o4-mini, which are touted as the most intelligent models to date, featuring breakthroughs in image reasoning and agent capabilities [3][4]. - The o3 model has set new state-of-the-art benchmarks in coding, mathematics, and visual perception tasks, outperforming its predecessor o1 by 20% in error rates on complex tasks [5][7]. - The o4-mini model is optimized for fast and cost-effective reasoning, excelling in non-STEM tasks and data science [5]. Doubao 1.5 Model - Doubao 1.5 has reached or is close to the top tier globally in reasoning tasks across mathematics, coding, and science, with enhanced visual understanding capabilities [17][21]. - The Doubao APP, based on the Doubao 1.5 model, can perform "thinking while searching," providing detailed recommendations based on user needs [24][27]. - Doubao's daily token usage has surged to over 12.7 trillion, indicating significant growth and market penetration [18]. Investment Recommendations - The report suggests focusing on AI applications in enterprise services, programming, and office automation, as well as on domestic AI computing power companies [34]. - Recommended stocks in AI applications include companies like Fanwei Network and Kingdee International, while AI computing power recommendations include companies like Haiguang Information and Inspur Information [34].