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The analysts note the companies' tangible AI revenue conversion across cloud, advertising and AI-native applications. Both Baidu and Alibaba delivered faster AI cloud growth, while Tencent's AI continued to improve its advertising business performance, they add in a research note. \"Token consumption, advertising conversion and enterprise workflow execution are likely to become more important indicators of AI commercialization than headline model launches,\" the analysts say. Tencent, NetEase, Baidu, Bilibili and Alibaba are Daiwa's top sector picks. 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Reuters has not verified these stories and does not vouch for their 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