According to the CITIC Securities Research Report, the next generation of large-scale models will essentially benefit complex reasoning scenarios. The AI industry is moving towards large-scale implementation, and the business model is gradually evolving from AI project delivery, AI empowers existing applications, and AI functional applications. Compared with the domestic market, the overseas market is ahead of the domestic market in terms of technological progress, payment environment, business model, and market space. ARR data for overseas AI applications continues to grow and is being implemented at an accelerated pace. We value the investment opportunities brought about by AI application companies' overseas revenue growth: for example, if overseas revenue accounts for 10% or more, the company's overall revenue growth rate can increase by 5%. In line with the original endogenous growth of around 15%, the growth rate is expected to increase to 20%, achieving a systemic increase in value.

According to the CITIC Securities Research Report, the next generation of large-scale models will essentially benefit complex reasoning scenarios. The AI industry is moving towards large-scale implementation, and the business model is gradually evolving from AI project delivery, AI empowers existing applications, and AI functional applications. Compared with the domestic market, the overseas market is ahead of the domestic market in terms of technological progress, payment environment, business model, and market space. ARR data for overseas AI applications continues to grow and is being implemented at an accelerated pace. We value the investment opportunities brought about by AI application companies' overseas revenue growth: for example, if overseas revenue accounts for 10% or more, the company's overall revenue growth rate can increase by 5%. In line with the original endogenous growth of around 15%, the growth rate is expected to increase to 20%, achieving a systemic increase in value.