[Huaxi Securities: China's AI 'Spring Festival Blockbuster' Explodes, Accelerating Vertical Productivity and Agent Implementation] Huaxi Securities' research report states that China's AI large models have recently experienced a 'Spring Festival blockbuster' explosion, with the technological trend shifting comprehensively from general chat tools to vertical productivity tools and real-world agent implementation. Key developments are reflected in industrial-grade video generation (e.g., Seedance 2.0's multimodal storytelling and audio-visual synchronization), engineering-grade programming (e.g., Zhipu GLM-5's cross-file reconstruction and system engineering capabilities), and consumer office scenarios. At the current juncture, facing recent liquidity concerns and changes in overseas OpenAI capital expenditure expectations, the market reflects a growing focus on the cost-effectiveness ratio of current AI development. It is expected that the market will remain volatile, and the sector is advised to adopt a relatively cautious and neutral allocation strategy. The current stage of AI development is still in the critical acceleration period of Scale up and Scale out. With the supply system of related computing power chips gradually becoming more robust, application development continues to drive an accelerating demand for tokens, and the expansion of underlying computing power infrastructure remains ongoing. We remain firmly optimistic about the opportunities for domestic manufacturers in Scale up cabinet optical upgrades, power supply, liquid cooling, and other industrial fields, as well as the increased demand for domestic computing power, including chips, switches, servers, and the accelerated capital expenditure of CSP manufacturers, which brings opportunities in computing power leasing and AIDC-related markets. (Yicai Global)