The global large model market has humungous potential, CMBI said in its report. On the ride of the iteration of large models and the increased penetration of AI applications, strong revenue growth is envisioned in the future. The broker believed that manufacturers with advantages in model capability, product capability, and financial resources are likely to lead in their respective segments.
In specific segments, the broker was bullish on AI general assistants such as ByteDance, TENCENT (00700.HK), and BABA-W (09988.HK); for AI entertainment companions, it favored MINIMAX-WP (00100.HK); and for visual generation, it favored KUAISHOU-W (01024.HK).
CMBI stated that in the AI general assistant segment, OpenAI, Anthropic, Google, and xAI have already formed the first tier in overseas markets, leading in various aspects such as model capability and user volume. In the Chinese market, the competitive landscape is still in its early stage and is dynamically evolving. The broker was upbeat that ByteDance, Tencent, Alibaba, and DeepSeek will form the first tier in the future.
Other manufacturers like Kimi and Minimax, despite having an advantage in model capability, may face certain disadvantages in infrastructure and traffic acquisition as competition in the AI general assistant segment escalates.
CMBI, optimistic about the mid-to-long-term global AI visual generation application market, estimated that the global AI visual generation application market size could reach USD16.6 billion by 2027, maintaining an Outperform rating.
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AASTOCKS Financial News
Website: www.aastocks.com
| SG Top Picks |
| Stock & Type |
Code |
Strike(Call Level) |
Last |
Effective Gearing |
| TENCT (C) |
22876 |
810 (-) |
0.064 |
11.0 X |
| TENCT (C) |
23065 |
759.38 (-) |
0.094 |
10.9 X |
| TENCT (C) |
23672 |
729.38 (-) |
0.133 |
10.3 X |
| TENCT (C) |
14958 |
622.72 (-) |
0.098 |
6.7 X |
| TENCT (P) |
21410 |
570.27 (-) |
0.089 |
14.8 X |
| TENCT (P) |
21910 |
499.8 (-) |
0.086 |
8.8 X |
| TENCT (P) |
14136 |
481.61 (-) |
0.031 |
5.8 X |
| TENCT (Bull) |
65704 |
592.5 (595.5) |
0.055 |
22.5 X |
| TENCT (Bull) |
66993 |
572 (575) |
0.097 |
12.7 X |
| TENCT (Bear) |
54881 |
658 (655) |
0.069 |
17.9 X |
| TENCT (Bear) |
55685 |
648 (645) |
0.053 |
23.3 X |
| KUASO (C) |
19329 |
98.93 (-) |
0.059 |
6.8 X |
| KUASO (C) |
17589 |
88.93 (-) |
0.167 |
4.3 X |
| KUASO (P) |
24512 |
69.95 (-) |
0.127 |
3.7 X |
| KUASO (P) |
18456 |
49.83 (-) |
0.065 |
2.9 X |
| KUASO (Bull) |
55185 |
72.3 (74.8) |
0.067 |
11.7 X |
| KUASO (Bull) |
66862 |
66.3 (68.8) |
0.127 |
6.2 X |
| KUASO (Bear) |
62924 |
95.5 (93) |
0.158 |
5.0 X |
| KUASO (Bear) |
65908 |
90.5 (88) |
0.110 |
7.1 X |
| ALIBA (C) |
28846 |
200.2 (-) |
0.036 |
9.7 X |
| ALIBA (C) |
15286 |
190.1 (-) |
0.112 |
5.8 X |
| ALIBA (C) |
13009 |
182.09 (-) |
0.067 |
8.8 X |
| ALIBA (C) |
15287 |
170.1 (-) |
0.106 |
7.8 X |
| ALIBA (P) |
21411 |
158.78 (-) |
0.086 |
7.0 X |
| ALIBA (P) |
21288 |
149.78 (-) |
0.050 |
8.3 X |
| ALIBA (P) |
21859 |
144.9 (-) |
0.088 |
4.8 X |
| ALIBA (P) |
20801 |
134.9 (-) |
0.031 |
7.7 X |
| ALIBA (Bull) |
55802 |
157 (158.5) |
0.094 |
17.7 X |
| ALIBA (Bull) |
55803 |
154 (155.5) |
0.127 |
13.1 X |
| ALIBA (Bear) |
61344 |
181.5 (180) |
0.028 |
11.9 X |
| ALIBA (Bear) |
64176 |
176.5 (175) |
0.020 |
16.6 X |
| ALPBE (C) |
10080 |
360 (-) |
0.480 |
5.3 X |
| ALPBE (P) |
10012 |
230 (-) |
0.079 |
5.7 X |
