[Guojin Securities: Domestic AI-Related Industries May Have Entered a Resonance Period] According to a report by Jinse Finance, on June 30, Guojin Securities researcher Liu Gaochang stated that domestic AI-related industries may have entered a resonance period. Based on some recent developments, Zhipu GLM-5.2 can stably support long-cycle operations with a 1 million token context. GLM-5.2 shows significant improvements over GLM-5.1 in long-cycle and code tasks such as FrontierSWE, PostTrainBench, and Terminal-Bench 2.1. The adaptation of Cambricon with GLM-5 Day 0 highlights the collaborative ecosystem between domestic computing power and models. AI infrastructure has also redefined demand, with mature processes transitioning from a supporting role to becoming core beneficiaries. The global mature process sector has entered a supply-constrained cycle, reopening profit elasticity. Domestic FABs have also entered the performance realization phase, with advanced process equipment scaling up, leading to simultaneous increases in revenue and profit for domestic semiconductor equipment. Domestic FABs have completed the 'demand validation' phase and are now entering the 'performance realization' phase.