--- title: "Haitong Securities: AI applications enter the 1-100 acceleration phase, focus on cloud service providers, etc" type: "News" locale: "en" url: "https://longbridge.com/en/news/229810518.md" description: "Haitong Securities released a research report indicating that AI applications have entered the 1-100 acceleration phase, with domestic advantages in the application stage, suggesting attention to cloud service providers and AI applications. Looking back at the mobile internet wave from 2010 to 2015, initial hardware investments were made first, followed by rapid development of content and applications. The emergence of ChatGPT at the end of 2022 marked a breakthrough in AI technology, with computing power construction becoming key, as global tech giants increased investments to build AI computing power infrastructure" datetime: "2025-02-26T23:16:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/229810518.md) - [en](https://longbridge.com/en/news/229810518.md) - [zh-HK](https://longbridge.com/zh-HK/news/229810518.md) generator: "portal-rs" --- # Haitong Securities: AI applications enter the 1-100 acceleration phase, focus on cloud service providers, etc According to the Zhitong Finance APP, Haitong Securities has released a research report stating that looking back at the mobile internet wave in the A-share market from 2010 to 2015, initial investment opportunities in hardware devices led the way, while the acceleration phase saw a flourishing of content and applications. The emergence of ChatGPT at the end of 2022 may mark the beginning of the AI application era, with major domestic and foreign players ramping up computing power construction during the 2023-2024 period, leading to a significant rise in A-share computing power hardware. The DeepSeek craze represents the entry of AI applications into the 1-100 acceleration phase, with domestic players potentially having an advantage in the application stage, focusing on cloud service providers and AI applications, while mid-term computing power remains certain. **Looking back at 2010-2015: After the fruit chain, a broad rise in application scenarios.** During the mobile internet wave from 2010 to 2015, the improvement of communication infrastructure and the emergence of blockbuster products marked the beginning of smartphones replacing feature phones. In the stock market, micro-financial data confirmed industry trends, with the market rallying along the Apple industrial chain, leading to the emergence of investment opportunities themed around various hardware devices, although Chinese companies were positioned at the lower end of the smartphone value chain. During the acceleration phase, the content and application sectors in China flourished. From 2013 to 2015, the mobile internet wave entered an explosive phase, with the commercialization of 4G and the trend of affordable smartphones rapidly increasing smartphone penetration. China's vast user base and diverse application scenarios led to a flourishing pattern in the content and application fields of mobile internet. In the stock market, domestic companies showed more obvious advantages in the content and application sectors, with these sectors exhibiting greater price elasticity compared to hardware sectors between 2010 and 2012. **2023-2024: The AI wave's 0-1 phase has seen a significant rise in computing power.** The birth of the phenomenon product ChatGPT at the end of 2022 marked a breakthrough in artificial intelligence technology from specialized fields to general scenario applications, heralding an important turning point, often referred to as the iPhone moment in the AI field. Computing power is crucial for the dominance of AI development. To build large-scale AI computing power clusters, major global tech giants have significantly increased capital expenditures on AI computing power infrastructure for training and deploying cutting-edge artificial intelligence, with the AI wave unfolding in the US stock market and reflecting in the A-share market. Similar to the early stages of the mobile internet wave from 2010 to 2015, the hardware performance certainty is higher during the 0-1 phase of the AI application wave in 2023-2024, with more noticeable stock price increases. The surge in overseas computing power leaders has driven up A-share segments such as optical modules. Although the capital expenditure expectations of tech giants still support AI computing power performance, the stock price increases in related fields have already been very significant, while AI applications still have a long way to go before expanding into super applications, with stock price fluctuations in the computing power sector represented by NVIDIA further increasing since October 2024. **Outlook: AI applications are a vast ocean from 1 to 100.** At the beginning of 2025, the domestically produced DeepSeek large model has attracted widespread attention both domestically and internationally, with its low cost and high performance accelerating the process of AI equity. Drawing lessons from 2010-2015, Haitong Securities believes that cost reduction after technological breakthroughs is the only way for large-scale commercialization of new technologies and products, and in the application field, China's vast market and user base provide fertile ground for application innovation, presenting significant opportunities for domestic companies. The characteristics of DeepSeek, such as low cost, high performance, and open-source, are expected to promote the accelerated upgrade and iteration of large AI models, hastening the pace of AI commercialization Looking ahead, first, cloud service providers will benefit from the increase in computing power and demand for cloud services brought about by open-source models. Subsequently, fields such as consumer electronics, humanoid robots, AI healthcare, and AI entertainment will benefit from the large-scale commercialization of AI applications. 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