CITIC Securities said that although the current market is cautious about big models, we are still firmly optimistic about the long-term commercial value and valuation growth space of the Sino-US model. Currently, the RSI closed loop and model iteration are accelerating, and the combined ARR growth of OpenAI and Anthropic is still steady. The model is highly unbalanced in payment and usage, showing early commercialization characteristics similar to the mobile internet era. Even if we only consider the spread of demand to more companies, scenarios, and regions, there is still plenty of room for commercialization. On the domestic side, demand for data labeling has exploded, and post-training data bottlenecks tend to ease. After domestic models, post-training will eventually break through the gap.

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