Guotai Haitong: Maintain a "buy" rating on the computer sector. The capitalization process of AI big models is accelerating.

Guotai Haitong issued a research report stating that it maintains a "buy" rating for the computer sector. Recent developments in the technology field show that Volcano Engine has achieved a technological breakthrough with the release of Dou Bao Big Model 1.8, Zhifu AI and MiniMax pushing for a Hong Kong IPO to capitalize on big models, autonomous driving obtaining L3 conditional commercialization access, and domestic GPU companies such as Kneron actively listing for fundraising. AI technology is accelerating its penetration into industries, with supply chain autonomy and the commercialization of cutting-edge scenarios forming core value anchors. Guotai Haitong's main points are as follows: The domestic AI big model industry is currently going through a key stage of accelerated technological productization and capitalization synchronously. At the technological forefront, Volcano Engine released Dou Bao Big Model 1.8 and video generation model Seedance 1.5 Pro on December 18, 2025. Its multimodal and intelligent capabilities have entered the global top tier, and it has significantly reduced enterprise usage costs through business model innovations such as the "AI Savings Plan", with daily tokens processed exceeding 500 trillion. At the same time, there has been significant progress in the industrial capitalization, with Zhifu AI and MiniMax both passing the listing hearings at the Hong Kong Stock Exchange on December 17, and are expected to debut on the Hong Kong stock market in early 2026. Zhifu AI's core competitiveness lies in its base model and open-source ecosystem, with its GLM series models having established significant influence overseas; while MiniMax focuses on multimodal models, with deep applications in content creation fields such as film and television. The listing of these two representative companies will provide a quantifiable secondary market valuation benchmark for the big model industry, which has long relied on primary market financing. The Ministry of Industry and Information Technology recently issued the first L3 level autonomous driving vehicle access permits, marking the official entry of China's autonomous driving into a new phase of "conditionally commercialized application" from testing. Two specific vehicle models from Chang'an and Beiqi Geely have been granted permission to operate on restricted road sections (such as certain highways and expressways in Chongqing and Beijing), with maximum speeds restricted to 50 km/h and 80 km/h respectively. This permit also clarifies that the responsible party for the vehicle during normal operation is the automobile manufacturing company, not the driver. The permitting process involved rigorous safety assessments and reviews, reflecting a cautious regulatory approach of "safety first, steady progress". Initially, the vehicles will not be sold to individuals and will be operated by designated operators for pilot testing. This move will provide crucial practical basis for the subsequent improvement of technical standards, laws and regulations, as well as insurance systems, and promote the solid advancement of the autonomous driving industry towards comprehensive commercialization. Recently, domestic GPU companies have actively entered the capital market to support their intensive technological research and market expansion through IPO fundraising. Among them, Tianshu Zhi Xin (Tianshu AI) has passed the listing hearing at the Hong Kong Stock Exchange, planning to raise $300 to $400 million; Bitfirms Technology has also chosen Hong Kong stocks, and AI chip company Kunlun Xinke Technology has recently completed a shareholding restructuring and significantly increased its registered capital, accelerating its independent listing process. These companies aim to raise long-term funds through public capital markets for the research and development of more advanced process chips, capacity expansion, and ecosystem development, and also signify that China's semiconductor industry's process of independence in critical design areas has entered a new stage of accelerated development with the help of capital market forces. Risk warning: Technological development may not meet expectations, and company business expansion may not meet expectations.