CITIC Securities: Leading model companies establish FDE teams, software companies may.

CITIC Securities released a research report stating that with the penetration of AI Coding, the establishment of a new AI commercialization mainline is crucial. Model companies like OpenAI and Anthropic, which have achieved fruitful results in the Coding field, are beginning to form FDE teams to seek a deep integration of model capabilities with real business scenarios. The firm believes that software companies, as important players with customer positioning, delivery capabilities, and accumulated industry know-how, are likely to become significant partners for model companies, seizing value leap opportunities brought by FDE. At the same time, drawing inspiration from Palantir, restructuring business models, establishing AI engineering delivery capabilities, and exploring outcome-based billing are important indicators of the successful transformation of software companies into FDE. It is recommended to pay attention to the following types of companies with potential and foundation for FDE business development: 1) model vendors; 2) enterprise software vendors; 3) IT service vendors; 4) vertical industry vendors.