According to the CITIC Construction Investment Research Report, since 2026, the AI industry's investment logic is gradually shifting from a competition between model capability and capital expenditure to commercialized verification of orders, revenue, and profits. Overseas agent products took the lead in generating revenue growth, and the intensive computing power investment of cloud vendors was still supported by cloud revenue and on-hand orders; the capacity gap between domestic models in coding and agent tasks narrowed rapidly, and inference efficiency, token calls, and product revenue increased simultaneously. Looking ahead to the next one to two quarters, domestic model iteration, agent product upgrades, and flagship model repricing are expected to advance together. It is recommended to continue to focus on computing power services, domestic chips and supernodes, and B-side AI application vendors with scenario, data, and enterprise delivery capabilities.

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