According to the CITIC Securities Research Report, FDE, as an end-to-end delivery mechanism for identifying customer scenarios to production and deployment, has reached basic consensus in major industries such as model vendors, CSPs, and software vendors, and has now become the main and practical way to bridge the gap between basic model capabilities and enterprise scenarios in the AI era. Under the FDE model, the relative competitiveness of model vendors, CSPs, and software vendors is expected to continue to improve, and the underlying operating logic of the industry is also expected to gradually move closer to traditional cloud computing and SaaS models. Along with improvements in FDE delivery efficiency, it is expected that the performance of leading CSPs and platform application software manufacturers will follow suit, and the valuation pricing logic is also expected to improve significantly based on current pessimistic expectations.

According to the CITIC Securities Research Report, FDE, as an end-to-end delivery mechanism for identifying customer scenarios to production and deployment, has reached basic consensus in major industries such as model vendors, CSPs, and software vendors, and has now become the main and practical way to bridge the gap between basic model capabilities and enterprise scenarios in the AI era. Under the FDE model, the relative competitiveness of model vendors, CSPs, and software vendors is expected to continue to improve, and the underlying operating logic of the industry is also expected to gradually move closer to traditional cloud computing and SaaS models. Along with improvements in FDE delivery efficiency, it is expected that the performance of leading CSPs and platform application software manufacturers will follow suit, and the valuation pricing logic is also expected to improve significantly based on current pessimistic expectations.