中信证券：重视AI应用公司海外收入增长带来的投资机遇

Group 1 - The core viewpoint of the article highlights that the next-generation large models (Gemini 3.0/GPT-5) significantly benefit complex reasoning scenarios, indicating that the AI industry is moving towards a phase of large-scale implementation [1] - The business model of AI is evolving from project delivery to empowering existing applications and functional applications, with overseas markets leading in technological advancement, payment environments, business models, and market space compared to the domestic market [1] - Overseas AI application ARR data continues to grow and is accelerating in implementation, presenting investment opportunities for companies with over 10% of their revenue from overseas, where a 50% increase in overseas revenue can enhance overall revenue growth by 5% [1]