金吾财讯 | 交银国际认为，微信、百度搜索与DeepSeek结合，印证了该行在DeepSeek算法创新将进一步加快AI普惠及应用落地中对应用端判断的逻辑，随着AI底层基础设施逐渐完善，投入成本可控，应用端获取流量更加容易，标志着AI+应用或已经具备大规模落地条件。后续，该行应关注AI+应用的商业化模式。对于2B端，AI变现以API接口调用训练垂直行业模型，以及针对行业的解决方案落地；对于2C端，流量广告变现、用户订阅付费变现、增值服务变现模式、电商是互联网行业的商业化主流方式，短期或许仍以大模型辅助或基于现有变现模式提效，长期仍需探索创新变现形式。对于DeepSeek的开源模式，该行认为其标志着不久的将来，有一定规模算力的大模型均可以基于DeepSeek更新迭代并在现有模型上有较大突破，未来或可能陆续推出新一代自研大模型，并加速探索AI商业化模式，该行维持该行此前观点，看好垂类大模型，在办公、零售、客服、金融、营销、教育、文娱领域场景落地，云服务提供商BAT价值重估的机会，以及软件行业在已有应用产品的迭代更新。
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