Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report highlights the rapid growth of the industry, driven by the deployment of AI capabilities and the continuous high growth of cloud services. The release of new models with enhanced multi-modal understanding capabilities is expected to further stimulate demand [8] - The report emphasizes the significant increase in token usage, indicating deepening downstream applications. As of December, the daily token usage of the Doubao large model has surpassed 50 trillion, a 67% increase from September, positioning it as the leader in China and third globally [8] - The report notes the continuous upgrade of model capabilities, including improved multi-modal understanding, enhanced agent capabilities for complex task execution, and flexible context management, which are crucial for driving demand expansion in the AI industry [8] Investment Recommendations and Targets - The report recommends investing in technology giants with a full-stack AI approach, including Alibaba (09988, Buy) and Google (ALPHABET-A, GOOGL.O, Not Rated) [3] - It suggests focusing on multi-modal products that cater to both B2B and B2C users, with clear commercialization scenarios and high growth certainty, recommending Kuaishou (01024, Buy) and Meitu (01357, Buy) [3] - The report also highlights the importance of other companies with model capabilities and related industry chains, recommending Tencent Holdings (00700, Buy), Tongdao Liepin (06100, Not Rated), and Beisen Holdings (09669, Not Rated) [3]