Zheshang: AI empowers the first economic release, focusing on digital service providers and AI terminals.

Zheshang released a research report stating that as one of the new engines for economic growth, the first-launch economy is expected to drive the development of industry chain related links. The computer industry is expected to benefit from consumer upgrades and the implementation of new technologies. The related opportunities mainly focus on two main lines: 1) Companies that have business layouts in product release, promotion, sales, etc., as technology enablers are expected to benefit from the rise of new business formats in the first-launch economy. 2) AI+ terminals are becoming a new consumer trend, and companies that are positioning themselves in AI toys and AI glasses are expected to benefit. First-launch economy: Promoting the cultivation of new consumption formats and economic growth engines The first-launch economy refers to the overall economic activities of companies launching new products, introducing new formats, new services, new technologies, opening the first store, etc. It covers the entire process of companies from the first release or display of products or services, to the first opening of stores, the establishment of research centers, and the establishment of company headquarters. It has characteristics of first appearance, chain development, leadership, and trendiness, and is an important measure for innovative consumption supply and promoting industrial upgrading. As one of the new engines for economic growth, the first-launch economy contains significant industry opportunities. The continuous improvement of large model capabilities and the accelerated landing of applications in B and C Based on the progress of large model manufacturers such as OpenAI and Byte in model development, the current large model industry exhibits some common characteristics: 1) Large model capabilities are evolving rapidly, especially in the continuous improvement of multimodal capabilities, strengthening AI understanding of the world, reasoning, and content generation. 2) While large model capabilities are improving, the cost of inference is decreasing. 3) The application of large models in specific fields and scenarios is becoming increasingly feasible. Strengthening fine-tuning functions can enhance the capabilities of large models in specific fields, and the platform for building agents allows enterprise users to generate personalized intelligent entities more conveniently. 4) The integration of large models and hardware is a new trend, leading to a series of new forms of consumption. From the perspective of technological implementation, the feasibility of applying large models to B enterprises and C consumers is increasing. Recommended targets to focus on AI+ Marketing: XGD INC. (300130.SZ) (offline store payment SAAS services), Silkroad Visual Technology (300556.SZ) (digital marketing design), Shanghai Newtouch Software (688590.SH) (AI sales training), Richinfo Technology (300634.SZ) (music graphics and B sales scenario integration), Hui Chen Technology (688500.SH) (consumer behavior data analysis services), Hangzhou Shunwang Technology (300113.SZ) (exhibitions), Servyou Software Group (603171.SH) (first-launch franchise stores). C AI products: Iflytek Co., Ltd. (002230.SZ), Beijing Kingsoft Office Software, Inc. (688111.SH), Intsig Information (688539.SH), Hanwang Technology (002362.SZ). AI terminals: Espressif Systems (688018.SH) (Byte AI toy partner), Shanghai Fortune Techgroup (300493.SZ) (Byte partner, AI glasses module supplier). Risk Warning Policies are not implemented as expected, AI technology development falls short of expectations, and the promotion of AI terminals falls short of expectations.