|2024 05 05 AI 1 AIGC GPT3.5 ChatGPT 2022 Kimi AI 2023 2024Q1 AI 2 Scaling-law 2024 2024Q1 A AI 3 2024-2027 2027 2024Q1 4 2024Q1 AI AI 2024Q1 2023 4 2024Q1 2024Q1 IT 2023 0 1 2024Q1 IT 2024Q1 Q1 2023 2024Q1 24Q1 24H2 24Q1 2024 24H2 IT IT 1 2 3 IT IT AI AI+IT 2024Q1 IT 2024 2023 AI 2024 IT AI 1 AI IT 2 1 2 3 AI 4 5 6 AI S0680518090001 S0680518050002 1 2024-04-28 2 MiniMax 2024-04-23 3 Meta Llama3 2024-04-20-48%-32%-16%0%16%32%2023-05 2023-08 2023-12 2024-04 300 2024 05 05 P.2 AI.4 AIGC ChatGPT kimi.4.6.9+2024Q1.13 IT.15 Q1.18 24H2.20 IT.21 POS.21.23 IT AI+.24 IT.27.29 IT AI.31.35.35 1 AI.4 2 OpenAI.4 3 Kimi 200.5 4 AI 2024Q1.5 5 2023 H100 GPU.6 6 2019-2023.7 7 2024.7 8 2024Q1.8 9 2024Q1.9 10 2024Q1.9 11 MiniMax abab6.5.10 12 MiniMax.10 13.11 14 WPS AI.11 15 2024Q1 AI.12 16.13 17 2024Q1.14 18.15 19 2011-2021.15 20 2024Q1.16 21 2024Q1.17 22.18 ZXCXwPmRtQoPpRnOqNrOoP6MaO6MsQrRoMrNeRqQrMeRrRsM6MrRyQNZqMrPuOoOnP 2024 05 05 P.3 23.18 24 2020 DCS.19 25 2024.19 26 2024Q1.20 27.22 28.22 29 POS.22 30 2014-2020.23 31.24 32.25 33 2021.25 34 2021.25 35 it.26 36.27 37 IT 2024Q1.28 38 2024Q1.29 39 AI.31 40.31 41 WiNGPT.32 42.32 43.33 44.34 45 Yan.34 46 it.35 2024 05 05 P.4 AI AIGC ChatGPT kimi ChatGPT GPT3.5 ChatGPT pre-training Foundation Model fine-tuning OpenAI 1 AI 2 OpenAI OpenAI 2024 3 14 Kimi 200 200 Kimi API vh0tY6b+E7jUXqE0SfMeh5KvZxvDHl7CnYBIQwX/6MPqCFtcZrHLt1CLwYfSuR41 2024 05 05 P.5 1 token 1.5-2 2024 2 Gemini 1.5 pro 100 token Kimi AI Agent 3 Kimi 200 NLP New Bing NPC 1-5 Office AI 5-10 2023 kimi AI 2024Q1 GPT3.5 ChatGPT 2022 kimi AI 2023 2024Q1 AI 4 AI 2024Q1 2024Q1 2024Q1 002236.SZ 2.7%25.9%002415.SZ 10.0%13.3%002230.SZ 26.3%-30.3%300229.SZ-15.4%10.2%688327.SH-UW 20.0%-12.5%Wind 2024 05 05 P.6 Scaling-law 1 Scaling-law GPT4 120 1.8 GPT3 1750 10 GPT4 13 token 6300 2 Meta AI OpenAI Meta 2024 35 H100GPU 60 5 2023 H100 GPU Omdia Research 1 GPT AI FY2024Q4 40%AI 2 Context-length AIGC 2019-2023 IDC AI 40%67%AI 2024 05 05 P.7 6 2019-2023 IDC AI 2024 2024 Meta 2024 AI 7 2024 2024/4/18 AI 2024 5 AI 50%2028 20%Meta 2024/4/24 2024 350 400 300 370 AI 2024/4/25 AI 2024/4/25 CapEx 2024/4/30 AWS gen AI 2024 AWS/Meta/2024Q1 A AI 0.00%10.00%20.00%30.00%40.00%50.00%60.00%70.00%80.00%2019 2021 2023/2024 05 05 P.8 8 2024Q1%000977.SZ 176.07 85.32 3.06 64.39 601138.SH 1,186.88 12.09 41.85 33.77 600602.SH 14.25 28.66 0.60 44.04 603629.SH 4.28-0.41 0.33 127.12 Wind 2024 4 2024 2027 2025 45EFLOPS 2025-2027 2027 100%2024 3 2024-2025 2025 30EFlops 50%1 50%2025 50%50%10 2024 3 2024 2024 4 1 1000 5 1 2024 4 2024 2025 8054 AI 7994 1 60 2 2023 2024 1-12 1-11 1204 12 1250 2454 12 247372 247372/1250=198 2024 2025 AI 150 2 2023 2024 2024 2025 2024Q1 2024 1 2024 05 05 P.9 9 2024Q1 2024Q1 yoy 2024Q1 yoy 2024Q1 2023Q1 yoy pct 688041.SH 15.9 37%2.9 21%63%64%-1%688256.SH-U 0.3-66%-2.3 11%58%77%-19%688047.SH 1.2 2%-0.7-4%31%37%-6%300474.SZ 1.1 66%-0.1 84%63%58%5%603019.SH 24.8 8%1.4 9%27%24%3%000034.SZ 292.7 8%2.3 12%5%4%1%301236.SZ 54.5 30%-2.8-558%11%18%-8%600498.SH 50.6 1%0.4 11%25%24%1%Wind 10 2024Q1 2024Q1 2023Q1 2024Q1 2023Q1 688041.SH 26.1 14.5 17.1 11.1 688256.SH-U 2.0 0.1 1.3 2.6 688047.SH 2.1 2.5 9.3 8.6 300474.SZ 1.1 0.5 6.9 6.3 603019.SH 2.4 6.0 31.6 51.9 000034.SZ 29.9 27.6 134.6 127.4 301236.SZ 4.3 0.6 37.1 7.5 600498.SH 11.1 2.6 108.2 151.0 Wind AI Context-Length AI Minimax 2024 4 MoE 200k tokens GPT-4-turbo 1/4 2024 05 05 P.10 11 MiniMax abab6.5 MiniMax AI AI 2024 2018 4 MetaLLM AI MetaLaw MiniMax 2021 MoE MiniMax AI AI AI API AI WPS PPT 12 MiniMax Apple APP Store AI AI 2024 2 AI 1.3 2024 05 05 P.11 13 WPS AI 1 4 WPS AI WPS AI WPS AI WPS AI 2 WPS AI C 4 AI 14 WPS AI IT AI 1 AI PDF 1 2024Q1 PDF AI&2 2024 1 PC AI Foxit PDF Editor PDF PC AI 2024 AI SelifeAI 2024 05 05 P.12 AI AI Filmora/10 AI 100%AI 2024 1 Mobile ALOHA Mobile ALOHA Mobile ALOHA Mobile ALOHA ALOHA 50 90%2024 3 Figure X OpenAI Figure 01 Figure 01 2024Q1 AI AI IT 15 2024Q1 AI%688111.SH 12.25 16.54 3.67 37.31 688095.SH 1.69 16.87-0.11 6.47 300624.SZ 3.58 0.90 0.26 22.99 002315.SZ 3.84 11.03 0.77 57.92 002351.SZ 6.79 25.08 1.09 43.44 600588.SH 17.49 18.61-4.53-14.17 688369.SH 1.83 11.78-0.31 23.75 002153.SZ 6.31 12.56 0.11 10.96 Wind 2024 05 05 P.13+2024Q1 2023 2024 2023 2600 2023 4 2024 2024 3 11%16 Wind 2014 2022 9 2023 12 31 2023 6 19 o 2024 1 1 2025 12 31 3 o 2026 1 1 2027 12 31 1.5 o 2024/4/26 7 2024 12 31 2018 4 30 1 2.0 7000-40%-20%0%20%40%60%80%100%0500000100000015000002000000250000030000002022-01 2022-04 2022-07 2022-10 2023-01 2023-04 2023-07 2023-10 2024-01:2024 05 05 P.14 2024Q1 17 2024Q1 2024Q1 300496.SZ 1.0%-46.2%002920.SZ 41.8%27.2%601127.SH 421.8%112.4%Wind 2024 05 05 P.15 IT 1 2022 12 19 2 2023 22 4 30 27 18 1 2 7 19 2011-2021 0.00%5.00%10.00%15.00%20.00%25.00%30.00%2024 05 05 P.16 2024Q1 IT 20 2024Q1%301153.SZ 1.32 19.36-0.14-211.54 300212.SZ 1.94-47.41-1.86-259.35 002368.SZ 16.62-9.95 0.16-40.48 000032.SZ A 153.76 18.95 0.17 130.15 002908.SZ 1.52-11.87 0.07-55.83 002777.SZ 1.96 4.18 0.13-19.80 300226.SZ 175.42 0.18 0.49-10.04 301299.SZ 0.75 3.33 0.25 46.20 002401.SZ 4.29 2.02 0.55 3.18 688228.SH 0.88 88.84 0.00 104.98 688066.SH 2.21-19.49-1.51-69.22 300766.SZ 1.00-6.57-0.04-329.07 Wind 2024Q1 2024 05 05 P.17 21 2024Q1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 0 1 2024 2024 2024 05 05 P.18 Q1 2015 305 92 37.6%3 16.1%1.25 21.2%30.8%25.6%22 CATIA IBM Know-how 23/CADAM CALMA CV UG CATIA SURF PDGS EUCLID ANSYS 37.60%16.10%-21.20%-30.80%-25.65%-40%-30%-20%-10%0%10%20%30%40%50%2024 05 05 P.19 Know-how 24 2020 DCS MIR 2024Q1 2023 2024Q1 25 2024 2024Q1 2024Q1 688777.SH 20.3%57.4%600845.SH 34.4%18.2%300687.SZ 4.5%216.5%688083.SH 3.8%-44.9%Wind,28.5%,16.5%,15.9%,8.8%,6.9%ABB,6.0%,4.9%,3.3%,2.5%,6.8%2024 05 05 P.20 24H2 2024 2 29 01 2024 2 23 2024 2 3 01 5G 5G 6G 6G 5G 6G 24Q1 24H2 24Q1 2024 24H2 26 2024Q1 2024Q1 yoy 2024Q1 yoy 2024Q1 2023Q1 yoy pct 2024Q1 yoy 300366.SZ 0.95-73%-0.62-463%12%23%-11%0.06-106%002544.SZ 10.83-11%0.16-26%17%21%-4%-2.85-47%002465.SZ 11.44 11%0.43 1%32%32%0%-5.23 12%300762.SZ 0.68-12%-0.10 21%65%62%3%-0.80-30%688066.SH 2.21-19%-1.51 69%38%50%-12%-3.92-41%Wind 2024 05 05 P.21 IT POS 2023 2023 47.15 7.2%41.86 5.8%5.29 20.4%2022 12 2022-2035 2035 1 2 2023 2023 2023 6 25 2023 2024 5 100%3%2016 0.6%0.38%0.2%2024 05 05 P.22 27 POS FIS 2018 2021 2022 11.6/7.8/7.7 27%16%2026 6 10%FIS 2026/POS 2021 63%2026 32%28 29 POS FIS FIS POS 8.3%2022 POS 2022 POS 1.483 4.5 8.3 10 2022 POS POS 8.3 10 2024 05 05 P.23 2023 243 745 45 12 1153 2023 13 2022 12 31 14 30 2014-2020 1 2002 2 2019 3 2022 4 2024 05 05 P.24 31 2022 2021 2020 5-6 2020 2020 V1.0 2019 2017 2017138 2016 20167 2-3 2015 2015121 AIGC AI IT AI+IT 1 2019-2021 2019 205.01 2021 338.2 2 2021 2024 5800 2024 05 05 P.25 32 IT 2021 35%2022 2021 36.74%/36.27%/26.99%38.24%/41%38%/33%/34%IT 33 2021 34 2021 2022 IT 1 IT IT 2 IT IT IT 205.1262.87338.228%28%28%28%28%28%29%29%29%0501001502002503003504002019 2020 2021 0.0%2.0%4.0%6.0%8.0%10.0%12.0%0510152025信息技术 投入（亿元）-左轴 同比增速-右轴0%5%10%15%20%25%30%35%40%0%5%10%15%20%25%30%35%40%45%资本性支 出占比-左轴 同比增速-右轴 2024 05 05 P.26 AI ALPHA AI+35 it 2023Q1 2024Q1 yoy 2023Q1 2024Q1 yoy 000997.SZ 175.35 18.99 17.41-8.34%2.99 2.49-16.93%300130.SZ 121.77 10.13 7.83-22.74%1.33 2.21 66.40%600446.SH 110.11 12.64 10.89-13.84%-0.58-0.80 36.04%301153.SZ 114.48 1.10 1.32 19.36%0.12-0.14-211.54%600570.SH 390.38 11.30 11.88 5.13%2.22-0.36-116.28%300033.SZ 650.01 6.10 6.19 1.47%1.22 1.04-15.03%300525.SZ 97.39 2.25 2.60 15.73%-0.58-0.56-3.64%Wind 2024 4 30 2024 05 05 P.27 IT 3 2022 2024 2024 3 1 3500 6700 2 36 10%-2024 3 2024Q1 IT 2024 01000200030004000500060002015 2016 2017 2018 2019 2020 2021 2022 2024 05 05 P.28 37 IT 2024Q1 2024Q1 yoy 2024Q1 yoy 2024Q1 2023Q1 yoy pct 2024Q1 yoy 300682.SZ 6.7 2%-0.19-196%45%43%2%-0.7 82%600131.SH 10.2-23%0.12-83%18%18%0%-2.3 13%688191.SH 1.1 20%-0.03 47%33%34%-1%-0.1 95%002380.SZ 3.7 30%0.43 322%38%38%1%-0.9-3%301162.SZ 1.0 26%0.12 19%65%65%0%-4.9-119%Wind 2024 05 05 P.29 2024 2023 38 2024Q1%/%31.78 79.62-14.60-37.85 21.89-12.53 41.15 1.92 10.00-11.41 8.99 24.52 8.78-13.58-113.05 8.48 17.28-2.03-11.25 53.79-U-23.82 9.97 4.14 4.89-3.59 36.67 8.61 0.67-22.77 26.58-9.93 2.12 13.07 9.29-28.56-16.47-5.75-6.51-4.10-3.08-14.66-18.64-3.93 10.52-73.12 10.66-21.24-4.63-1.04-23.83 17.13-72.18-0.27-11.28 36.15 36.35-163.42 8.51 20.97-61.15-68.94-423.69-0.12 190.41-323.60 3.68-645.51-24.50-11.41 30.49 Wind 2024 2024 1 30 2024 3 22 2024 05 05 P.30:2024 3 22 AI 1 AI ChatGPT AI AI 2 3 AI AI AI AI 2024 2024 05 05 P.31 IT AI AI BCG The CEO s Roadmap on Generative AI AI GPT ChatGPT 39 AI BCG AI 1 AI C AI AI EI 40 2024 05 05 P.32 2 WiNGPT 2023 4 6 9 60 156 650 41 WiNGPT 1 BCI 2 BCI BCI BCI BCI-3 42 2023 10 24 NEO Neural Electronic Opportunity 2024 05 05 P.33 1.20 2020 43 TMS 2024 3 28 2024 05 05 P.34 44 2.2003 2024 2 26 3.+1 24 Yan Yan Transformer Attention 45 Yan InfoQ 2024 05 05 P.35 46 it 2023Q1 2024Q1 yoy 2023Q1 2024Q1 yoy 603108.SH 108.75 21.78 20.72-4.85%0.81 0.23-72.11%300430.SZ 51.69 2.45 2.68 9.36%0.22 0.31 37.71%300253.SZ 148.75 4.49 4.94 10.09%-0.64 0.17-126.16%Wind 2024 4 30 1 2 3 AI 4 5 6 AI AI 2024 05 05 P.36 6 A 300 500 15%5%15%-5%+5%5%10%-10%+10%10%8 7 7 100077 555 22 200120 021-38124100 1115 330038 0791-86281485 100 24 518033