金吾财讯 | 招银国际表示，1H25在大模型和AI应用产业，该机构观察到如下趋势：1)大模型迭代周期进一步缩短，模型能力持续提升，且调用成本持续优化，龙头公司持续拓展多模态模型布局，而中小型厂商专注特定模态的模型进一步突破；2)从AI对主业的拉动而言，短期AI对云计算和广告业务拉动效果较为显著，中长期建议持续关注AI对于无人驾驶、游戏、电商等业务的带动效果；3)在AI应用方面，独立AI应用商业化尽管目前仍处于早期阶段，但B端应用商业化在海外落地已展现积极势头，C端应用在国内及海外市场均有较为亮眼的增长趋势。从具体标的来看，该机构建议关注2Q25云业务增长有望维持强劲、驱动股价增长的微软(MSFT US)，AI拉动广告和云业务持续较快增长的腾讯(00700)，可灵AI应用变现进展积极并带动收入空间和估值提升的快手(01024)。
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