The Zhitong Finance App learned that Galaxy Securities released a research report stating that based on the underlying digital logic of T (large model capability technology) -C (computing power resources) -E (industry accumulation, data accumulation), the bank recommended focusing on leading companies in the service industry with technological genes. 1) Cultural tourism: OTA leaders represented by Ctrip and Tongcheng will be the biggest beneficiaries of AI technology development. The core is that OTA leaders have complete consumer data and industry expertise, which can be better integrated with AI technology and implemented on the application side; 2) Education: Compared with technology industry companies, education industry leaders with advantages in content and student data have differentiated competitive advantages. It is recommended to focus on the future and the new East.

The main views of Galaxy Securities are as follows:

Digitalization and intelligent iterative innovation. The digitalization of service consumption is entering the 2.0 stage. The bank is defined from the birth of the PC Internet to the 1.0 stage of digitization of service consumption in China's mobile internet dividend. Its characteristic is that offline consumption is made online through the Internet, thereby solving the information asymmetry between upstream and downstream, increasing the service radius, and thereby driving demand growth. Digitalization of service consumption 2.0, represented by AI and VR/AR technology, mainly creates new business formats, models, and requirements through the three dimensions of breaking time and space limitations, meeting individual needs, and improving operational efficiency. Among them, the bank anticipates that there will be considerable room for growth in the two major industries of cultural tourism and education.

Cultural tourism: Digitalization and intelligence drive the increase in penetration rate and customer unit price. With the improvement of basic data and intelligent infrastructure, digital technology can cover more fragmented scenarios, increase residents' travel rates and customer unit prices, and create new consumption scenarios. From the channel side, OTA giants mainly use AI technology to optimize iterative search, supply chain management, and after-sales service functions to improve order conversion rates and optimize labor costs; on the scene side, emerging technologies such as AR/VR and drones are integrated with cultural tourism consumption to create new consumption scenarios by breaking the boundaries of time, space and creativity. The bank expects domestic tourism market revenue to increase from 4.9 trillion yuan to 7.4 trillion yuan in 2027, benefiting from digital and intelligent technology. Among them, the share of the online travel market will increase from 33% to 39%. In addition, scenario-side digital transformation will also drive incremental investment of 85-85 billion yuan/year.

Education: Starting from the implementation scenario, look at the AI education market space in China. Education is an important industry facing the future. Especially as AI usheres in technological breakthroughs and rapid development, future changes in social human resources requirements and even the shape of education itself will undergo major changes. Starting from the three major scenarios and four major business models of AI education implementation, the bank estimates that the domestic AI+ education market space exceeds 600 billion yuan. Among them, the bank expects that the new round of digital education reform guided by AI technology will drive an annual G-side investment of 480 billion dollars; in the To-C market, along with the further maturity of large-scale model technology, application-side content and products, the total market size of intelligent education service equipment and general artificial intelligence training is expected to contribute about 150 billion dollars to the market.

Risk warning: Risk of fluctuations in AI regulatory policies; risk that the implementation of popular apps is progressing less than expected.