According to the CITIC Construction Investment Research Report, overseas security discussions have not changed the pace of high-frequency model iteration, and RSI gradually became the consensus of leading model companies such as OpenAI and Anthropic; domestic Ali and Zhipu completed about HK$80 billion and $5 billion respectively, with large-scale investments to support model capacity to catch up, and Tencent has also increased overseas computing power procurement. In terms of commercialization, cooperation among overseas companies has deepened, and the annual revenue operating rate of ChatGPT advertising has reached 1 billion US dollars. Muse is driving the broadening of consumer-side monetization paths; domestic agents are still expected to drive token calls and a new round of ARR growth by increasing the density of single-user tasks. The overall trend in the domestic AI sector is upward. It is recommended to focus on computing power services, domestic chips and supernodes, and B-side AI application vendors with the ability to deliver scenarios, data, and enterprises.

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