CITIC Securities: Bullish on investment opportunities in companies with large-scale capabilities and practical applications.

Zhongtai Securities pointed out that the global and Chinese large-scale market is growing rapidly, with significant economic driving effects. Domestic AI is expected to build high cost-effective Token pricing barriers based on its advantages in energy and computational costs, with continued improvements in competitiveness. In addition, the rising demand for AI to B/C applications such as AI Agents and multimodal applications, the investment opportunities for companies with large-scale capabilities and application scenarios are promising.