According to the CITIC Securities Research Report, the listing of Anthropic will provide a key anchor for the AI industry. Compared with the Anthropic in-depth report released earlier, the company's model capabilities have reached a higher level, but the market's differences over the competitive landscape and pace of commercialization have increased. For the first time, the prospectus fully disclosed the revenue structure, cost structure, and computing power commitments of cutting-edge model companies: 26Q2 computing power fee rate was reduced to 48%, adjusted operating profit margin was 19%, and the total promises related to computing power under disclosure caliber were about 850 billion US dollars, verifying the possibility that leading model manufacturers can achieve large-scale profits under computing power constraints, which is expected to reduce market differences over AI input and output, and provide pricing references for the subsequent listing of cutting-edge laboratories such as OpenAI. I am optimistic about leading model manufacturers with SOTA capability premiums and investment opportunities in AI infrastructure and AI applications. The future focus will be on tracking commercial product forms, the evolution of the competitive pattern of model manufacturers, the pace of implementation of computing power promises, and the revenue and profit growth curve.

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