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Guosen Securities research report states that the recent release of GPT-5 by OpenAI has attracted attention from the capital market. The model's reasoning ability has significantly improved, and its cost-effectiveness is on par with mainstream models such as Gemini 2.5 Pro. In niche scenarios such as programming and healthcare, GPT-5 also demonstrates good evaluation performance, showing great potential for expanding into new scenarios. The rapid updates and iterations by model manufacturers such as OpenAI have had various impacts, including a arms race among tech giants in the frontier model field, continuous explosive growth in computing power due to reasoning, scaling law, and multimodality, and the unlocking of complex application scenarios brought about by improved reasoning abilities. It is recommended to continue focusing on infrastructure, AI applications, and other aspects in the technology sector in the US stock market, with a key emphasis on AI computing chips, HBM, AI network devices, IDC, basic and application software, internet services, and other areas.