中信建投：模型私有化需求增加，利好一体机、超融合和B端服务外包企业

Core Viewpoint - The official release of GPT-5 enhances AI applications through improved long text memory, reduced hallucination rates, and optimized reasoning efficiency, paving the way for further advancements in the AI sector [1] Group 1: AI Development and Market Impact - The release of GPT-5 is expected to foster growth in AI applications, with upcoming updates anticipated from Google, Anthropic, and domestic models [1] - The optimization of foundational models is likely to facilitate the tokenization of AI applications [1] Group 2: Software and Hardware Companies - Software companies with data, customers, and use cases are expected to benefit, as AI products may lead to an increase in Average Revenue Per User (ARPU) and project pricing [1] - The rising demand for model privatization is favorable for companies involved in integrated machines, hyper-convergence, and B-end service outsourcing [1] Group 3: Market Trends - The sustained high trading volume in the market is likely to benefit internet finance companies [1]