UBS has released a research report stating that AI agents are expected to achieve large-scale application by 2026, with AI usage scenarios shifting from dialogue to action. However, application scenarios have diverged between the U.S. and China. The U.S. is focusing more on enterprise applications, while China is increasing investment in consumer-facing services. In terms of enterprise AI monetization, leading global AI labs such as Anthropic and OpenAI are placing greater emphasis on enterprise development and monetization by 2026. Notably, the market share of Chinese AI models, including MiniMax, Kimi, and GLM, has increased significantly within the emerging agent product OpenClaw. UBS is optimistic about the long-term growth in global enterprise API market share for Chinese AI models, citing their improving intelligence levels and cost-effectiveness advantages.

The report noted that major Chinese internet companies launched red envelope campaigns during the Spring Festival to drive traffic to their AI products. These included TENCENT's Yuanbao (10 billion yuan), BABA-W's Tongyi Qianwen (30 billion yuan), and BIDU-SW's Wenxin Yiyan (5 billion yuan). UBS believes this will accelerate AI adoption, particularly among users in lower-tier cities, and promote the use of AI functions such as image and video generation and real-time commerce. The report mentioned a wave of model releases during the holiday period, with the capabilities of related models further narrowing the gap with leading global AI labs.

UBS suggests that the ongoing narrative of AI disruption has boosted investment sentiment for model providers but has made investors cautious towards vertical platform and application companies. Aside from the bank's recent initiation of coverage on MiniMax, among internet giants, UBS favors the full-stack AI capabilities of BABA-W and BIDU-SW, as well as the AI application potential of TENCENT and KUAISHOU-W.