Huaxi Securities says 2025–26 is the industry’s key commercialization window — whether firms secure sustainable monetization then will shape the sector’s long-term structure. The foundation-model market is in rapid expansion, with China’s growth materially above the global average, and Chinese open-source models have moved from peripheral participants to global core players. The report highlights three investible themes: compute and infrastructure — the clearest, highest-certainty beneficiaries; vertical foundation-model vendors with industry data barriers and scenario know‑how — most likely to close early commercial loops; and platform firms with large user bases and application-distribution capability — platform effects should strengthen as commercialization matures.(金十数据)