According to the CITIC Construction Investment Research Report, OpenAI launched three GPT-4.1 series models, as well as the new inference models o3 and o4-mini, which have achieved significant optimizations in terms of multi-modal processing, code capability, instruction compliance, reasoning, and cost. At the same time, the inference side scaling law continues during the O3 model development process to verify the correctness of the expansion direction of the reinforcement learning paradigm. The average daily token call volume of the Doubao Big Model has exceeded 12.7 trillion dollars, which is three times that of December 2024. After the launch of the Doubao 1.5 Deep Thinking Model, it is expected to further promote user use. Alibaba AI Open Source Community Magic launched the new MCP Plaza on April 15, exclusively launching new MCP services such as Alipay and MiniMax, and continues to accelerate the expansion of the MCP ecosystem. CITIC Construction Investment believes that MCP accelerates the development of the AI industry. 1) It benefits software companies with data, customers, and scenarios. AI products are expected to drive companies to increase ARPU and increase project unit prices; 2) Increased demand for model privatization will benefit all-in-one computers, hyperconvergence, and B-side service outsourcing companies.

According to the CITIC Construction Investment Research Report, OpenAI launched three GPT-4.1 series models, as well as the new inference models o3 and o4-mini, which have achieved significant optimizations in terms of multi-modal processing, code capability, instruction compliance, reasoning, and cost. At the same time, the inference side scaling law continues during the O3 model development process to verify the correctness of the expansion direction of the reinforcement learning paradigm. The average daily token call volume of the Doubao Big Model has exceeded 12.7 trillion dollars, which is three times that of December 2024. After the launch of the Doubao 1.5 Deep Thinking Model, it is expected to further promote user use. Alibaba AI Open Source Community Magic launched the new MCP Plaza on April 15, exclusively launching new MCP services such as Alipay and MiniMax, and continues to accelerate the expansion of the MCP ecosystem. CITIC Construction Investment believes that MCP accelerates the development of the AI industry. 1) It benefits software companies with data, customers, and scenarios. AI products are expected to drive companies to increase ARPU and increase project unit prices; 2) Increased demand for model privatization will benefit all-in-one computers, hyperconvergence, and B-side service outsourcing companies.