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<Research>UBS: AI Agent Adoption To Accelerate This Yr; Alibaba, Baidu, Tencent, Kuaishou Favored
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As model capabilities continue to iterate, 2026 may become a pivotal year of scaled adoption of AI agents, where AI usage shifts from chat to action, UBS said in a report. However, the broker observed a divergence in application scenarios, with the US increasingly focusing on enterprise-level applications, and China amplifying investment in consumer-facing services. Major Chinese internet companies launched red envelope campaigns during the Spring Festival to drive traffic to their AI services, including TENCENT (00700.HK)'s Yuanbao Red Envelope totaling RMB1 billion, BABA-W (09988.HK)'s Qianwen Red Envelope totaling RMB3 billion, BIDU-SW (09888.HK)'s Ernie Red Envelope totaling RMB500 million, and ByteDance's Doubao Red Envelope. In the short term, the broker believed this will accelerate AI adoption among users, particularly in lower-tier cities, and promote the use of more AI and intelligent agent functions in these native AI applications, such as image and video generation, quick commerce, and other transaction booking services. In the long term, the broker expected the Chinese AI chatbot market to see consolidation trends akin to the US market landscape of ChatGPT. Combined with a well-established user base and comprehensive ecosystems of internet incumbents, this will help foster consumer-facing AI super applications, becoming a new traffic gateways in the Chinese market. UBS initiated coverage on MINIMAX-WP (00100.HK), considering the company well-positioned to benefit from AI tailwinds in both the Chinese and global markets. The broker also viewed that the AI disruption risk in China is lower than in the US. Among internet giants, the broker favored Alibaba and Baidu's full-stack AI capabilities, as well as Tencent and KUAISHOU-W (01024.HK)'s potential in AI applications. AASTOCKS Financial News Website: www.aastocks.com |
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