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华泰证券认为，多模态大模型和应用发展的奇点将至。判断依据包括：1）技术进步方面：原生多模态模型架构得到业界认可，OpenAI和Google的原生多模态模型已经在性能、延时、部署上展现出优势。2）商业化进展方面：全球维度看，除了最头部的OpenAI和Anthropic依靠模型“智能”实现商业化，相当一部分AI应用公司的商业化产品依赖多模态能力。国内维度看，国内公司在视频生成赛道已经实现了较成熟的全球化和商业化之路。与市场不同的观点在于，1）更早认识到原生多模态架构将成为主流；2）AI商业化不能仅聚焦在二级公司，更要关注全球维度一级公司的进展。
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