The Zhitong Finance App learned that Lyon released a research report saying that China's AI development cycle is shifting from technological breakthroughs to large-scale commercial returns. In terms of infrastructure, supernodes are becoming the preferred architecture for trillion-parameter AI models. Scale-up (scale-up) extends from a single server to a cabinet-level system, and creates a new investment cycle in the field of AI networks, switching, and system integration.
At the application level, leading Internet platforms are showing the market that AI investment and ROIC are no longer mutually exclusive, and that cloud monetization, model upgrades, advertising efficiency, and AI agent deployment are beginning to contribute to profit visibility.
Lyon believes that the market is shifting from valuing AI based solely on innovation potential to evaluating who can deploy, monetize usage, and maintain cash flow generation on a large scale. It is expected that the emerging winners will be companies that control critical AI infrastructure or have a large user ecosystem that can commercialize AI on a large scale. The bank pointed out that AI monetization is becoming more and more obvious through cloud services, agents and advertising optimization, model upgrades continue to narrow the gap with global peers, and profit growth is expected to accelerate in the second half of this year, supporting AI implementation and revaluation driven by improved profitability.
The bank's preferred stock is Tencent Holdings (00700), which gave it a “Highly Confident Outperform” rating, believing that Tencent's AI ToC business path is becoming more and more clear; Alibaba-W (09988) has the most mature AI ToB commercialization model among Chinese internet platforms and received a “Outperform Market” rating.
In addition, Baidu Group-SW (09888), Shell-W (02423), Bilibili-W (09626), JD Group-SW (09618), Kuaishou-W (01024), Meituan-W (03690), NetEase -S (09999), Bubble Mart (09992), Tencent Music-SW (01698), Ctrip Group-S (09961), and Smart Spectrum (02513) also won the “Running Market” ratings.