Lyon released a research report saying that China's AI development cycle is shifting from technological breakthroughs to large-scale commercial returns. In terms of infrastructure, supernodes are becoming the preferred architecture for trillion-parameter AI models. The scale expansion extends from a single server to a cabinet-level system, and creates a new investment cycle in the field of AI networks, switching and system integration. The bank's preferred stock is Tencent Holdings, which gave it a “Highly Confident Outperform” rating, believing that Tencent's AI ToC business path is becoming more and more clear; Alibaba-W has the most mature AI ToB commercialization model among Chinese internet platforms, and has received a “Outperform Market” rating.

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