[CITIC Securities: Overall Upward Trend in Domestic AI Sector] CITIC Securities' research report states that overseas security discussions have not altered the high-frequency iteration pace of models, and RSI is gradually becoming a consensus among leading model companies such as OpenAI and Anthropic. Domestically, Alibaba and Zhipu have respectively completed financing rounds of approximately HKD 80 billion and USD 5 billion, with large-scale investments supporting model capability catch-up. Tencent has also increased its procurement of overseas computing power. In terms of commercialization, overseas corporate collaborations are deepening, with ChatGPT's annualized advertising revenue run rate reaching USD 1 billion, and Muse broadening monetization paths on the consumer side. Domestically, Agents are still expected to drive a new round of ARR growth by increasing task density per user and boosting token calls. The overall trend in the domestic AI sector is upward. It is recommended to focus on computing power services, domestic chips, and supernodes, as well as B-end AI application providers with capabilities in scenarios, data, and enterprise delivery. (Jiemian News)