C端：国内公司推出的AI产品，已经展现出全球竞争力 根据AI产品榜发布的7月AI网站全球总榜：TOP100 AI产品web月访问量总计126.89亿，其中国产AI产品访 问量总计13.34亿，约占10%；按上榜产品数量统计，国产AI产品数量为25个，占全球前100 AI产品的 1/4。在持续吸引访问流量的同时，AI应用开发者也在不断推升变现能力。7月有三款国产出海的AI产品 ARR超千万美元：美图的AirBrush-AI智能修图 ARR 3765 万美元；作业帮旗下角色扮演应用 PolyBuzz ARR 2027 万美元；YouCam-美妆相机 ARR 1594 万美元。可灵海外版 KLING AI ARR 也近千万，为918 万美元。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 ...

Investment Rating - The report maintains a "Buy" rating for the AI industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - GPT-5 is expected to fully unleash OpenAI's commercialization potential, emphasizing practicality and productivity rather than solely pursuing technological breakthroughs. The model's enhanced capabilities, better cost-effectiveness, and lower hallucination rates are anticipated to improve user retention and revenue generation [1][20]. - Domestic AI products have demonstrated global competitiveness, with Chinese AI products accounting for approximately 10% of the total web traffic among the top 100 AI products globally [2][21]. - The share of application projects in domestic large model bidding continues to rise, with application projects making up about 59% of the total [3][31]. Summary by Sections GPT-5 Commercialization Potential - GPT-5's competitive pricing is set at $1.25 per million input tokens and $10 per million output tokens, significantly lower than competitors [8][10]. - The hallucination rate of GPT-5 has decreased significantly, making it more reliable for generating accurate long-form content [11][20]. - Efficiency in reasoning has improved, with GPT-5 achieving better performance in various tasks while reducing output token usage by 50-80% [13][14]. C-end Market Insights - In July, the total web traffic for the top 100 AI products reached 12.689 billion, with Chinese products generating 1.334 billion visits [2][21]. - Three Chinese AI products achieved an annual recurring revenue (ARR) exceeding $10 million, including Meitu's AirBrush-AI with $37.65 million [2][30]. B-end Market Insights - In July, 574 large model-related bidding projects were disclosed, amounting to 1.335 billion yuan, with application projects accounting for 59% of the total [3][31]. - The education sector led in the number of large model projects, followed by government, telecommunications, energy, and finance [37][38]. Investment Recommendations - Focus on companies that control C-end interaction entry points, such as Kingsoft Office and iFLYTEK, and B-end companies with rich customer bases and know-how, such as Hikvision and Yonyou Network [4][40]. - Emphasize the demand for independent third-party big data platforms, recommending companies like Puyuan Information and Star Ring Technology [4][40].

Core Insights - The article discusses the latest AI product rankings and highlights the growth and performance of various AI applications in June 2025, emphasizing the importance of both software and hardware in maximizing AI capabilities [4][10][15]. Global Rankings - ChatGPT remains the top AI application globally with a monthly active user (MAU) count of 655.03 million, showing a growth rate of 5.59% [15][16]. - The top five AI applications by MAU include: 1. ChatGPT: 655.03M MAU, 5.59% growth 2. Quark (Alibaba): 156.18M MAU, 2.51% growth 3. Baidu Cloud: 154.99M MAU, 1.21% growth 4. Douyin's Smart Assistant: 125.94M MAU, 6.50% growth 5. DeepSeek: 94.1M MAU, -6.06% decline [15][16][19]. Subscription Revenue Rankings - The top five AI applications by annualized subscription revenue are: 1. ChatGPT: $1.377 billion, 10.08% growth 2. Suno: $19.76 million, 8.06% growth 3. PLAUD (hardware): $16.96 million, 7.57% growth 4. Claude: $19.10 million, 7.41% growth 5. PolyBuzz: $19.64 million, 4.20% growth [10][12][13]. Domestic Rankings - The domestic AI product rankings show intense competition among the top three applications: Quark, Baidu Cloud, and Douyin's Smart Assistant, all of which are striving for growth [18][19]. - DeepSeek experienced its first negative growth, dropping to 94.1 million MAU, indicating potential challenges in user engagement [18][19]. International Expansion - The top three AI applications in the international market by growth rate are: 1. Cici (ByteDance): 24.01 million MAU, 17.56% growth 2. DreamFace (Tonghuashun): 3.90 million MAU, 7.89% growth 3. Linky (Kunlun Wanwei): 3.75 million MAU, 6.19% growth [21][23]. Event Announcement - The AI Product List will host its 2nd Anniversary Conference on July 17, 2025, in Shenzhen, focusing on the integration of software and hardware in AI development [4][6].

Investment Rating - The report maintains a "Buy" rating for key companies in the media sector, including 吉比特 (G-bits), 恺英网络 (Kying Network), and 姚记科技 (Yaoji Technology) [8][19][31]. Core Insights - The media industry has shown a weekly increase of 2.59%, ranking 7th among various sectors, outperforming the Shanghai Composite Index and the CSI 300 Index [2][11]. - The AI sector continues to thrive, with significant growth in subscription revenues for products like ChatGPT, which reached an annualized revenue of $1.25 billion, reflecting a 20% month-over-month increase [3][23]. - 吉比特's new game, 《杖剑传说》, has entered the iOS bestseller list, ranking 11th, indicating strong market performance [4][31]. - The film industry saw a total box office of 460 million yuan during the Dragon Boat Festival, a year-on-year increase of 20.1%, with the top film, 《碟中谍 8：最终清算》, grossing 191 million yuan [39][41]. Summary by Sections Market Performance - The media sector's weekly performance from May 31 to June 7 shows a 2.59% increase, with the gaming sector leading at 4.12% [11][19]. - Key stocks such as ST 联合 and 湖北广电 saw significant gains, with increases of 21.36% and 20.41% respectively [19][20]. AI Sector - In May 2025, ChatGPT's annualized subscription revenue reached $1.25 billion, with a 14.38% year-over-year growth [23][24]. - Chinese AI applications like 百度网盘 and 夸克 ranked among the top ten globally in monthly active users, with 百度网盘 reaching 153.14 million users [25][28]. Gaming Sector - 吉比特's new game, 《杖剑传说》, has achieved notable success, ranking 11th on the iOS bestseller list as of June 5 [31][32]. - The gaming market continues to show robust performance, with major titles like 《王者荣耀》 and 《和平精英》 leading the sales charts [31][32]. Film Sector - The total box office for the Dragon Boat Festival reached 460 million yuan, with a significant contribution from the top film, which accounted for 41.5% of the total box office [39][41]. - Over 60 films have been scheduled for the upcoming summer season, indicating a strong pipeline for the film industry [39][41].