Huatai Securities: bullish on the strong growth trend of image applications in overseas life scenarios.

Huatai Securities research report pointed out that in the short term, AI technology's complementary role in image life scene applications is greater than its substitutive role. In the long term, competitiveness lies in the refinement of AI models under vertical data and in product power based on user understanding. Traditional application vendors have a relative advantage. At the same time, under the empowerment of AI, related applications can construct new paths for user growth and expand subscription walls, enhancing the potential for paid content in life scenarios. They are optimistic about the strong growth trend of image application in life scenes going global and recommend related applications that already have market competitive advantages, excellent model capabilities, and rich data accumulation.