Open Source Securities: Continue to layout large models, physical AI, core AI applications, and computing power leasing

According to a research report by Open Source Securities, in terms of reasoning ability, Zhipu GLM-5.2 is currently one of the strongest open source models, with multiple core indicators equaling or even surpassing Claude Opus 4.8 and GPT-5.5. In addition, the Volcano Engine Force Powertrain Conference will be held in Beijing from June 23rd to 24th. The conference will include new product launches, technical main forums, and 11 product and 13 industry sub forums, including AI content/Sedacne film and television/AI applications/AI short dramas. In terms of physical AI, Alibaba's Qianwen big model family has launched the complete embodied intelligent big model Qwen Robot series for the first time. The performance of domestic models has further advanced to the top of the world, even surpassing it, and continues to break through in world models and physical AI. The positive cycle of "large-scale financing+model performance leap+Token/ARR high increase+valuation leap" for top model manufacturers will continue. While their own income is increasing rapidly, they may continue to drive high demand for upstream and downstream computing power, 3D data, and vertical applications. It is recommended to continue to layout around the core AI direction. (First Financial)