Zhaojin International: WAIC shifts focus from the digital world to the physical world, optimistic about the development prospects of TENCENT (00700) and others.

Zhaojin International released a research report summarizing three core trends of the 2026 World Artificial Intelligence Conference (WAIC): 1. Continuously deepening the exploration of AI infrastructure optimization; 2. Continued advancement of the exploration of AI from the digital world to the physical world; 3. Continuous implementation of AI from applications to terminals, exploring a comprehensive range of scenarios. The report points out that in terms of AI infrastructure, Huawei exhibited the Ascend 950 super node offline, while BABA-W (09988) Panton Gu Long AL128 super node integrated 128 M890 chips in a single cabinet. In terms of embodied intelligence, Ant Group's LingBot-VLA 2.0 has been adapted to more than 20 configurations from 17 manufacturers including Leju, Zhiyuan, and Yushu; JD-SW (09618) JoyInside has cooperated with nearly 200 brands and plans to connect more than 10 million terminal devices by 2026. In terms of large models, Dark Side of the Moon released the open-source basic model Kimi K3, with a total of 28 trillion parameters; Step Star showcased the Step series base model matrix; MiniMax-W (00100) showcased the flagship model M3. In terms of AI applications, TENCENT (00700) launched the independent app WorkBuddy; Alibaba released the team version of Second Insight; SENSETIME-W (00200) released the AI video generation application Seko 3.0. The bank continues to be optimistic about the development prospects of Tencent, Alibaba, KNOWLEDGE ATLAS (02513), and MiniMax under the AI theme.