China Securities Co., Ltd.: The rise of domestic models surpasses multimodal scenarios, focusing on high-growth areas such as computing power, cloud industry, etc.

China Securities Co.,Ltd. released a research report stating that in 2026, the computer sector is experiencing a resonance turning point in fundamental repair and AI paradigm shift, with the ability of models iterating endlessly, the penetration rate of Claw-type applications rapidly increasing, the sharp increase in domestic computing power demand, and AI infrastructure entering a new stage. Domestic large models are entering an intensive outbreak period, with high-level convergence of capabilities, and advancing into the global first echelon. The enhancement of large model capabilities increases penetration rates, driving the Token index to grow exponentially. In the second half of the year, it is recommended to focus on: 1) For the AI industry, it is recommended to focus on the demand side, pay attention to the direction of rising prices and shortages of computing power, efficiency-improving infrastructures and cloud industries, and applications in high-demand sectors. 2) For non-AI industries, investment recommendations should focus on digital currency 2.0 catalyzed by policies, smart driving, commercial spaceflight, and other policy-driven opportunities. The major points of China Securities Co.,Ltd. are as follows: Overseas models are divided into three pillars with a layered commercialization strategy The overseas large model landscape has basically concentrated on OpenAI, Anthropic, and Google. Among them, OpenAI, with its GPT-5.5, is focusing more towards B-side commercialization, accelerating the construction of a system-level Agent ecosystem. Anthropic, on the other hand, is consolidating its B-end barriers and aiming to break through the smart upper limit of models. Google is relying on its underlying computing infrastructure and high-quality video data ecosystem to maintain the most complete model matrix. OpenAI: The GPT series is gradually optimizing the B-side scenario applications, with Image-2 enhancing its multimodal capabilities. Anthropic: The Claude series continues to iterate, with Mythos exploring the intelligent upper limit. Google: The Gemini 3.1 Pro's core reasoning capabilities have been upgraded, solidifying its advantages in all modes and solving complex tasks. Based on the applications of these companies, they are focusing on various aspects within the AI industry, with a competition to provide the best services and capabilities to customers. The field is constantly evolving and expanding, with companies in China also making significant progress and competing neck-and-neck with global giants in terms of AI technologies and models.