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　　美图公司（01357）盘中涨超6%，截至发稿，股价上涨5.31%，报4.56港元，成交额2.55亿港元。

　　华泰证券指出，DS等底层大模型进步使得AI应用公司的竞争要素重要性或由算法、算力向产品力转移。美图AI模型技术除自研之外，与DeepSeek、豆包、可灵均有测试合作，美图在产品、工作流、美学垂类领域积累的优势或在通用大模型进阶下得到进一步赋能，当前公司AI应用已形成较好商业闭环，代表产品美图设计室付费率超6%。国内产品成熟的同时公司积极推出生产力产品出海，生产力全球化经营数据进展或带来催化。

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