互联网传媒行业深度报告：AI时代新起点，寻新投资方向（一）：海外应用映射之生产力篇

Equity Research·Industry Research·Media Media Industry Research 1 / 8 东吴证券（香港） 请务必阅读正文之后的免责声明部分 [Table_Main] Investment Opportunities in the Beginning of New AI Era: Mapping Overseas Applications of Productivity Outperform (Maintain) Investment Thesis ◼ Rapid iteration of generative pre-training large models promotes the prosperity of productivity applications. 1) The development of large models promotes the launch of productivity applications. Continuous optimization of model capabilities can make AI's practical effect on productivity more significant and improve user experience. Examples include Jasper and Notion.AI based on GPT-3 as well as ChatGPT, ChatGPT Plus, and New Bing based on GPT-3.5. 2) Application-side development promotes model iteration. Excellent applications can attract a large number of users to participate, obtain real user feedback, and in turn accelerate model optimization. ◼ Representative companies/products in the overseas AI productivity application market have already appeared, and their growth experience is worth learning from for domestic companies. The development of overseas AI productivity application market is ahead of China. In various application scenarios such as document & office software, e-commerce marketing, enterprise management, code writing, and data analysis, companies or products that combine AI capabilities already exist overseas. The development path, business model, and market feedback of these companies/products are worth learning from when making investment. Currently, there are three main types of modes: ✓ 1) Top-tier Internet companies such as Microsoft and Google use their large-scale model technology reserves, office suite ecosystems, and wide user bases to integrate existing productivity tool ecosystems with AI. ✓ 2) Emerging AI unicorn companies, such as Jasper and Midjourney, whose core products are born AIGC applications. Their advantages lie in specialization and precision, deep exploration in the combination of AI technology and applications, and rapid iteration based on user feedback. ✓ 3) Vertical industry leaders mostly use external AI large-scale model interfaces. These companies can update and upgrade traditional products using AI technology based on a deep understanding of vertical sub-sectors, user bases, and data assets. Head companies in workflow segments such as search, online documents, and CRM can improve office intelligence levels by combining with advanced AI technologies such as ChatGPT. E-commerce, finance, and social media leaders in vertical industries can also achieve higher operational efficiency and better user experience by launching intelligent assistants. ◼ Mapping investment opportunities in China: we recommend companies with deep know-how and customer resources in vertical fields, while also having forward-looking layouts in AI technology. ✓ 1) Office and creative fields: Kunlun Tech, Wondershare Tech, Beijing Kingsoft Office Software, Fuj