According to the Zheshang Research Reports, the emerging economy, as one of the new engines for economic growth, is expected to drive the development of the Industry Chain. The computer industry is likely to benefit from the Consumption Upgrade and the implementation of new technologies, with related opportunities primarily concentrated in two main lines: 1) As technology enablers, manufacturers with a business layout in product release, promotion, and sales are expected to benefit from the rise of new business formats in the emerging economy. 2) AI + terminals are becoming a new consumer trend, and manufacturers that lay out AI toys and AI glasses are likely to benefit.

Emerging Economy: Encouraging the cultivation of new consumer formats to foster new economic momentum.

The emerging economy refers to the totality of economic activities where enterprises release new products, introduce new business formats, models, services, or technologies, and open their first stores. It encompasses the entire chain of development from the first release or exhibition of a product or service to the first opening of a physical store, first establishment of a research and development center, and the first establishment of a corporate headquarters. It is characterized by a first appearance, chain development, leadership, and trendiness, serving as an important measure for innovation in consumption supply and driving industrial upgrades. As one of the new economic growth drivers, the emerging economy contains immense industrial opportunities.

The capabilities of large models continue to enhance, with accelerated landing of applications in the B-end and C-end.

From the model progress announced by large model manufacturers like OpenAI and Byte, some common characteristics are emerging in the current large model industry. 1) The capabilities of large models are rapidly evolving, particularly with continuous upgrades in multimodal capabilities, strengthening AI's ability to understand the world, reason, and generate content. 2) While the capabilities of large models are improving, the cost of inference is showing a downward trend. 3) The application of large models in specific fields and scenarios is increasingly becoming feasible. Enhanced fine-tuning functions can improve large model capabilities in specific fields, and the Agent building platform allows enterprise users to generate personalized intelligent agents more conveniently. 4) The integration of large models and Hardware is a new trend, and a series of new consumer forms are forming. From the perspective of technology landing, the feasibility of applying large models to B-end enterprises and C-end consumers is increasing.

It is recommended to pay attention to the symbols.

AI + Marketing: XGD INC. (300130.SZ) (offline store payment Saas service), Silkroad Visual Technology (300556.SZ) (digital marketing design), Shanghai Newtouch Software (688590.SH) (AI sales training), Richinfo Technology (300634.SZ) (combination of graphic generation music and B-end sales scenarios), Huitian Technology (688500.SH) (Consumer behavior data analysis service), Hangzhou Shunwang Technology (300113.SZ) (exhibition), Taxfriend Co., Ltd. (603171.SH) (first franchise store).

C-end AI products: Iflytek Co.,ltd. (002230.SZ), Beijing Kingsoft Office Software, Inc (688111.SH), Hehe 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

The implementation of policies falls short of expectations, the development of AI technology is below expectations, and the promotion of AI terminals is not meeting expectations.