High-Quality Application Companies Have Started to Show Performance

English summary

### High-Quality Application Companies Have Started to Show Performance Time: 2026-07-31 16:58:10 Content: Investment in the AI downstream certainly cannot stop at logical narratives, but what we can see now is that not only have Tencent's workbuddy and ByteDance's Doubao paying users been growing strongly, but companies such as Kingsoft Office, Meitu, and Maifushi actually have tangible data in their earnings forecasts, such as total revenue and net profit, rather than staying at the stage of thematic speculation on "AI revenue and AI PS valuation." We suggest paying attention to... Due to limited space, we remain firmly bullish on the entire AI chain. Researching the downstream is to better invest in the upstream, while also reserving downstream opportunities. …