发布会产品以新旧产品融合组成，部分产品如Sora、高级语音、o1、Canvas等曾分别在2月、5月、9月、10月初次亮相，在此次发布会迎来迭代升级，并正式向大部分用户开放；而强 化微调、Project、o1 API等则为首次全新亮相，同样为即日或短期内上线。从模型能力来看，我们认为，OpenAI或难以为继长期领先优势，后来者可沿着成功路径加速赶上。例如，谷歌在Sora上新之后重磅推出Veo 2，更好地理解现实世界物理和运动的细微差别，理解电影摄影语言的能力，分辨率高达4K，而Sora最高分辨率仅为1080p，同时通过人类评估，Veo 2模型在与几大顶尖视频模型的对比中脱颖而出；而从应用场景来看，OpenAI或凭借“现货”发布的完善AI开发工具箱，降低AI应用开发门槛，实现产品从开发→引流→留存→价值兑现与新品开发的完整闭环，加快AI应用落地与低门槛使用。

豆包大模型攀升至国内 AI 应用第一。截至 2024 年 12 月中旬，豆包大模型日均 tokens 使用量超过 4 万亿，较 5 月发布时增长超过 33 倍。根据量子位数据，截至 11 月底，豆包 APP 在 2024 年的累计用户规模已成功超越 1.6 亿，每 日平均新增用户下载量稳定维持在 80 万，成为全球排名第二，国内排名第一的 AIAPP。11 月份，豆包 APPDAU 接近 900 万，增长率超过 15%。

微软公司在2024年持续发力人工智能领域，通过调整业务架构、升级AI应用产品和推出自研大模型等措施，显著提升了其在AI领域的竞争力。微软的AI产品如Copilot和GitHub Copilot等获得了显著的用户增长和市场认可，同时公司也在不断优化其AI模型和工具，以适应不同行业和用户的需求。此外，微软还推出了新的AI模型Phi 3.5系列，并与GitHub合作，将AI技术应用于编程和软件开发领域。

RFID technology uses radio waves to identify devices automatically. Vehicle RFID tags are those that are placed on windshields and license plates for functions such as electronic toll collection, electronic vehicle registration, and vehicle access and payment. RFID tags include memory chips, integrated circuits (ICs), and antennas to receive and send data to the reader. The growing demand for the reduction of traffic congestion and time to pay tolls is scaling the adoption of wireless communication technologies such as RFID in the automotive industry. The use of these technologies reduces the time spent to pay toll amounts, which improves the efficiency and productivity of the toll booths.

Vendor management software is a software application that helps organizations manage their supplier relationships and expedite the procurement process. It makes contract management, order processing, performance tracking, and vendor selection easier. Organizations may improve sourcing and procurement efficiency, reduce costs, assure compliance, and optimize their supply chains with the use of vendor management software. Organizations that are interested in efficiently handling their vendor ecosystem, increasing efficiency, reducing risks, and getting the most out of their supplier relationships must have this software.

A Wi-Fi hotspot refers to a wireless access point that provides Internet connectivity using Wi-Fi technology. It enables users to connect their Wi-Fi-enabled devices, such as smartphones, tablets, or laptops, to access the Internet wirelessly. Wi-Fi hotspots are commonly found in public places such as cafes, airports, hotels, or libraries, allowing users to connect to the Internet and enjoy online activities conveniently without the use of physical cables.

A self-service kiosk is an interactive device that empowers customers to conduct transactions or access services conveniently. For instance, customers can purchase train or bus tickets, check-in at hotels, manage office inventories, or check in for flights without waiting in long lines or seeking assistance. The global self-service kiosk market is expected to grow at a CAGR of 8.71% over the forecast period. North America and Europe, followed by APAC, are expected to witness significant self- service kiosk demand. However, the Middle East and Latin America are likely to develop opportunities with the opening of new business projects of branded retail shops and expansion of established firms in these areas, especially in the retail and food & beverage industries.

Profession AV solutions or pro AV equipment are systems involved in transmitting multiple high-quality live audio and video signals, among other transmissions, uncompressed in nature, to multiple devices. The pro AV systems are broadly used in live events, broadcast facilities, commercial installations, recording, and post- production. Sound reinforcement equipment and solutions form the backbone of any pro AV system, installed or portable.

电子行业：持续关注端侧AI产业趋势及自主可控方向-中泰证券

美股投资主线延续 2023 年趋势，继续围绕科技成长展开，纳指年初至今 (12 月 20 日收盘，下同)累计涨幅 32.55%，估值水平达历史 91%分位的 35.01x。高估值背后是 AI 带来的业绩兑现与乐观预期——这也构成了本篇 报告的出发点。我们详细梳理了美股软件标的的 AI 布局，基于此探讨并展 望海外 AI 的技术发展趋势与应用落地节奏;也从映射视角出发，对 A/H 股 相关标的进行了梳理。