策略点评：从“算力竞赛”到“应用落地”

Core Insights - The AI industry is transitioning from a "computing power competition" phase to a focus on "application landing," indicating a maturation of business models within the sector [1][3][4] - The successful listings of Zhizhu AI and MiniMax on the Hong Kong Stock Exchange signify that the large model industry has reached a relatively mature business model, with stable customer bases and clearer compliance boundaries [3][4] - The acceleration of AI application commercialization is expected to catalyze a new wave of software market activity, driven by the evolving business models in the AI sector [5][6] Market Trends - Since 2025, the AI industry chain has experienced a rotation from overseas computing power to domestic computing power, and now to storage and electricity, with AI applications showing limited growth compared to overseas computing power [6] - The AI market is entering its second half in 2026, with AI applications becoming a core focus for investors, offering high configuration cost-effectiveness [6] - Historical patterns indicate that hard technology follows a cyclical framework, while soft technology trends are more influenced by changes in business models, suggesting that the current AI application commercialization could drive significant market activity [5][6] Performance Indicators - The performance of AI application companies has shown signs of recovery, as evidenced by notable reversals in earnings reported in Q3 2025, indicating that the business models for AI applications are beginning to materialize [4][5] - The increasing performance of large models is expected to enhance the efficiency of downstream applications, creating a closed-loop commercial logic that is crucial for the sustainability of the AI industry [4][5]