传媒：GenAI系列之五十-国内云价值重估，AI游戏、AI社区、AI医疗、AI教育仍有低估

Investment Rating - The report maintains a "Positive" investment rating for the domestic cloud computing and AI application sectors, particularly highlighting AI gaming, AI community, AI healthcare, and AI education as undervalued opportunities [2]. Core Insights - The report emphasizes that the current market for Hong Kong internet stocks and A-share media is experiencing a revaluation driven by low valuations and improving fundamentals, alongside a reassessment of domestic AI value [3]. - The integration of AI technologies, particularly through platforms like DeepSeek, is expected to reshape the search landscape and enhance user engagement, benefiting companies like Tencent [4][5]. - The report identifies a "Davis Double" effect for domestic cloud providers, suggesting that AI advancements will lead to improved profitability and market growth for these companies [7]. Summary by Sections AI Gaming - AI gaming is anticipated to enter a new phase by 2025, focusing on original gameplay innovations driven by AI agents and advancements in 3D world modeling [24]. - Companies like Giant Network and Electric Soul are highlighted for their innovative AI gameplay and upcoming releases, which are expected to significantly impact their financial performance [39][40]. AI Community - The report notes that AI tools are enhancing community content creation and advertising efficiency, with platforms like Pinterest and Snapchat seeing substantial revenue growth due to AI integration [44][52]. - Domestic platforms such as Bilibili and Kuaishou are recommended for their strong community engagement and AI-driven content strategies [54][56]. AI Healthcare - AI is transforming healthcare through advancements in drug discovery, diagnostics, and personalized medicine, with companies like Jingtaikong and JD Health being recommended for their strong positions in this sector [3]. AI Education - The report highlights the potential of AI in education, particularly through companies like Vision Source, which are integrating AI technologies into their products [3]. Cloud Computing - The domestic public cloud market is showing signs of recovery, with significant growth in the GenAI IaaS segment, which saw a year-on-year increase of 203.6% [8]. - Major players like Alibaba and Tencent are expected to benefit from the increasing demand for AI-driven cloud services, with their AI-related revenues growing significantly [19][20].