Summary of Conference Call Notes Industry and Company Involved - The discussion primarily revolves around the **AI application commercialization** in the **advertising** and **e-commerce** sectors, with key players including **OpenAI** and **Google**. - Domestic companies, particularly the **Qianwen APP**, are also highlighted for their innovative approaches in integrating AI with e-commerce functionalities. Core Points and Arguments - **OpenAI's Advertising Strategy**: OpenAI is testing advertisements in ChatGPT, targeting Free and Go users while ensuring that the objectivity of answers remains unaffected. This move aims to monetize its over **800 million monthly active users**, especially given the low subscription user ratio [2][4]. - **Google's Universal Commerce Protocol (UCP)**: Google has introduced the UCP to standardize interactions between AI agents and e-commerce systems, facilitating in-platform payments and shopping cart functionalities. Major retailers like **Walmart** and **Shopify** have already adopted this protocol, which is expected to significantly enhance e-commerce operations [2][4]. - **Shift in Traffic Dynamics**: The commercialization of AI applications is reshaping traffic patterns, moving from traditional search engines to AI-driven searches. This transition opens up new marketing opportunities and development space for service providers in the AI sector [4][6]. - **Investment Opportunities in 2026**: The advertising and marketing sector is projected to present substantial investment opportunities in 2026, driven by new advertising services and the emergence of new traffic sources due to AI [3][7]. - **Domestic Innovations**: The Qianwen APP has integrated features from platforms like **Taobao**, **Feizhu**, and **Gaode**, evolving from a conversational app to a smart agent capable of handling complex tasks such as shopping and itinerary planning [5][6]. Other Important but Potentially Overlooked Content - **Structural Opportunities**: The integration of AI in commercial scenarios is expected to create structural opportunities, with more service providers likely to establish shops on AI platforms [6][9]. - **Future of E-commerce Services**: E-commerce operation agencies and SaaS providers are anticipated to benefit from the evolving landscape, offering more efficient and intelligent solutions [9][10]. - **Broader Market Implications**: The ongoing changes in AI application commercialization not only provide new revenue streams for companies but also create a broader array of investment opportunities in the market [4][8]. Conclusion - The main themes to watch in 2026 include the advertising and marketing sectors, as well as e-commerce-related fields, with significant developments expected from both domestic and international players like OpenAI and Google [10].

Core Insights - Google has introduced a new Agentic e-commerce solution that integrates AI throughout the shopping process, moving from traditional methods to an AI-driven approach [3][30] - The Universal Commerce Protocol (UCP) is a key component designed to facilitate collaboration between AI agents, merchants, and e-commerce platforms, covering the entire process from product discovery to post-purchase support [7][34] Group 1: UCP Protocol - UCP is an open protocol specifically designed for Agentic e-commerce, enabling seamless interaction among AI agents, merchants, and platforms [7][34] - Initial features of UCP include advanced checkout capabilities, identity linking for user permissions, and comprehensive order management [11][38][41] - UCP is compatible with existing industry protocols and has already integrated with major retailers and payment platforms like Walmart, Shopify, and Visa [18][43] Group 2: AI Shopping Experience - The AI agent can autonomously search for products, process orders, and apply discounts without requiring users to navigate multiple websites [9][36] - Users can interact with the AI agent through simple queries, and the agent will handle the entire purchasing process, including payment via Google Pay [9][36] - Future developments include a Business Agent that allows users to engage directly with brands in search results, enhancing customer service [22][47] Group 3: Industry Trends - Other e-commerce platforms, such as Alibaba, are also leveraging AI technologies to enhance user experience and streamline operations, particularly during major sales events like Double Eleven [25][50] - The integration of AI in e-commerce is becoming widespread, with various companies adopting AI tools for customer service, marketing, and operational efficiency [49][52] - The trend indicates a significant shift towards AI-driven solutions in the retail sector, moving beyond traditional e-commerce practices [28][53]

Core Insights - The article discusses the transformation of e-commerce driven by Google's new AI-centric approach, emphasizing the introduction of the Universal Commerce Protocol (UCP) and Gemini CX solutions [2][3][25]. Group 1: Universal Commerce Protocol (UCP) - Google has launched the UCP, an open protocol designed for Agentic e-commerce, facilitating collaboration between AI agents, merchants, and e-commerce platforms throughout the entire shopping process [10][21]. - UCP focuses on three core functionalities: checkout, identity linking, and order management, supporting complex shopping cart logic, dynamic pricing, and tax calculations [16][20]. - The protocol is compatible with existing industry standards and has already integrated with major retailers and payment platforms like Walmart, Shopify, and Visa [21]. Group 2: Gemini CX - Google introduced Gemini CX, which integrates the latest Gemini model and AI technology to assist businesses in deploying AI agents for customer service across the entire shopping lifecycle [25][30]. - The Shopping agent within Gemini CX connects front-end interfaces like chat and voice to back-end tools, streamlining the retail process and reducing the burden on merchants [27][28]. - Companies like McDonald's and The Home Depot are already utilizing Gemini CX to enhance customer service quality [30]. Group 3: Domestic E-commerce Developments - Domestic e-commerce platforms, such as Alibaba, are also advancing in AI integration, with Alibaba applying generative AI for the first time during this year's Double Eleven shopping festival [32]. - JD.com has opened access to over twenty AI tools for merchants, covering various aspects of store management and marketing during the Double Eleven period [34]. - Douyin has redefined its e-commerce entry using its model to match shopping inquiries with products, facilitating a quicker path to purchase [34].

Core Insights - Google has partnered with Walmart to allow users to purchase products directly through the Gemini chatbot, marking a significant step in the commercialization of AI applications in e-commerce [1] - This collaboration signifies a shift from "traffic diversion" to a "transaction closed loop," with AI agents shortening the consumer decision chain and reshaping e-commerce flow distribution and transaction models [1] - Google's strategy involves a combination of the UCP protocol, Gemini Agent, and Wing for delivery, transforming Google into the "operating system" of the retail industry [1] AI Shopping Reshaping E-commerce Value Chain - The core value of AI shopping lies in reconstructing the consumer chain through intelligent agents, creating an irreversible industry trend [2] - Decision chains are significantly shortened, with AI assistants increasing purchase likelihood by 30% compared to traditional channels [2] - The UCP protocol establishes a cross-platform interaction standard, enabling seamless integration of AI agents with e-commerce backends and payment systems, leading to a closed loop of browsing, ordering, payment, and after-sales [2] - The business model is evolving from a mere technical tool to a commercial operating system, optimizing both front-end experiences and back-end supply chain management [2] Key Investment Sectors and Targets AI E-commerce and Marketing Sector - Zhidao (300785.SZ) is positioned as a key data and content provider in the AI shopping ecosystem, with expectations to become a core supplier by 2026 [3] - Focus Technology (301111.SZ) has automated 80% of daily operations for platform sellers, projecting a net profit of approximately 650 million yuan by 2026 [3] AI Operation Service Providers - Yiwan Yichuang (300792.SZ) is transitioning to an "AI technology integrator," with projected revenue from AI applications reaching 280 million yuan by 2025 [4] - Aoki Technology (301110.SZ) is developing vertical application tools and benefiting from the AI e-commerce trend [4] E-commerce SaaS Service Providers - Guangyun Technology (688365.SH) is a core beneficiary of Google's UCP protocol, providing essential AI customer service and data analysis tools [5] Smart Retail Hardware Sector - Hanshuo Technology (301275.SZ) is a key provider of AI smart retail solutions, with significant breakthroughs in smart shopping cart systems [6] - Tailin Micro (688591.SH) supports AI shopping devices with its chip products, being a core hardware support company [6] Marketing/GEO Sector - Yidian Tianxia (301171.SZ) optimizes advertising through AI technology, benefiting from the demand for precise marketing in the AI shopping ecosystem [7] - BlueFocus (300058.SZ) is enhancing its GEO business margins significantly through AI technology investments [7] Market Outlook - Short-term: AI e-commerce and content service providers like Zhidao and Focus Technology will benefit from improved traffic conversion efficiency [8] - Mid-term: AI operation service providers will complete their transition to AI technology integration, enhancing core competitiveness [8] - Long-term: The AI shopping ecosystem will evolve towards a transaction closed loop, with companies possessing full-link AI capabilities gaining sustained competitive advantages [8]