[Kaiyuan Securities: AI Applications Expected to Drive Sustained Growth in Inference Demand] Kaiyuan Securities pointed out that attention should be paid to the commercialization of AI and the expansion of application scenarios. As AI applications evolve from Chat to Agent, it is expected to drive deeper inference and longer invocation chains, thereby leading to a significant increase in underlying token consumption. With the continuous improvement of open-source model capabilities, the demand for AI cloud is expected to be consistently validated, and AI applications are expected to drive sustained growth in inference demand.