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1、EQUITYRESEARCH
2、August31,2017PiyushMubayi+852-2978-1677piyush.mubayi@gs.comGoldmanSachs(Asia)L.L.C.ElsieCheng+852-2978-0820elsie.cheng@gs.comChina'sRiseinGoldmanSachs(Asia)L.L.C.HeathP.Terry,CFA+1-212-357-1849Arti?cialIntelligenceheath.terry@gs.comGoldmanSachs&Co.LLCTheNewNewChinaAndrewT
3、ilton+852-2978-1802Chinahasemergedasamajorglobalcontenderinthe?eldofAI,theapexandrew.tilton@gs.comGoldmanSachs(Asia)L.L.C.technologyoftheinformationera.Inthisreport,wesetoutChina’sambitioustop-downplans,thefactors(talent,dataandinfrastructure)TinaHouthatmakeChinauniqueandthecompanies(Ba
4、idu,AlibabaandTencent)+86(21)2401-8694thataremakingithappen.Webelievethedevelopmentofan‘intelligenttina.hou@ghsl.cneconomy’and‘intelligentsociety’by2030inChinahasthepotentialtoBeijingGaoHuaSecuritiesdriveproductivityimprovementandGDPgrowthinthenexttwodecades.CompanyLimitedGoldmanSachsdo
5、esandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveacon?ictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandotherimp
6、ortantdisclosures,seetheDisclosureAppendix,orgotowww.gs.com/research/hedge.html.Analystsemployedbynon-USaf?liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.TheGoldmanSachsGroup,Inc.August31,2017China:Technology:InternetTableofcontentsAIrisesintheEast2ChinaAIlaunches:An
7、ewnationaldevelopmentplan4ChinahasmademajorstridesinAIvs.therestoftheworld6KeydriversofvaluecreationinChinaAI9Talent:Chinaattractingtheworld’sbestminds9Data:44zettabytestobeexploitedinbenignregulatoryenvironment10Infrastructure10Silicon12Baidu.comInc(BIDU):“AllinAI”13Scientistsandresear
8、chteamatBaidu13DataatBaidu13AIatBaidu14BaiduvaluedatUS$326by2020E19Alibaba(BABA):Aworld-leadingusecaseforAI20Apsara:AliCloud’sindependentlydevelopedsupercomputationalsystem20DataatAlibaba23“Fullyloaded2020valuation”24Tencent(0700.HK):AIsignificantpotentialtomonetizeportfolio26A
