Agentic AI tools drive a token consumption frenzy, and AI native applications enter a period of expansion (Goldman Sachs)
The Goldman Sachs report pointed out that Agentic AI tools and AI applications in China’s software industry are developing rapidly.
The Goldman Sachs report pointed out that Agentic AI tools and AI applications in China’s software industry are developing rapidly. Agentic AI can cover the entire workflow, and AI functions are continuing to empower software from productivity to entertainment. The path to commercialization of AI is gradually becoming clearer: the decline in token costs is driving user adoption, and the charging model is migrating to a hybrid model of "subscription fee + usage fee". Ratings favor SenseTime (0020.HK) and Meitu (1357.HK) on the AI application side. The market's investment in AI focuses more on infrastructure, but the report believes that the importance of the explosion in token consumption and the commercialization of software applications brought about by AI may be underestimated. One sentence conclusion: The second half of AI is application and commercialization. Agentic AI is detonating Token consumption. The transformation of software companies from "selling software" to "selling computing power" will create huge investment opportunities. Good/bad: Good for AI application targets such as SenseTime (0020.HK), Meitu (1357.HK), and Hundsun Electronics (600570.SH). The market is highly hyped about AI infrastructure, but the explosion of AI applications and changes in business models may not yet be fully priced. Catalysts: 1) Token consumption and user payment data of various AI application companies; 2) AI function penetration rates and performance guidance of SenseTime, Meitu, etc.