GUOTAI HAITONG SECURITIES·2026-03-01 10:20Investment Rating - The report maintains an "Overweight" rating for the computer sector [1][6]. Core Insights - In February, China's model invocation volume surpassed that of the United States for the first time, indicating a significant shift in the AI landscape [3][6]. - Major companies are competing fiercely for consumer-facing entry points, with Alibaba and ByteDance validating the "dialogue to action" loop [6]. - The report highlights the rapid advancement of domestic models such as Kimi, GLM-5, and MiniMax M2.5, which are overcoming engineering bottlenecks [6]. - The collaboration between domestic models and local computing power is forming a synergistic leading edge in the market [6]. Summary by Sections Model Invocation and Market Position - From February 9-15, China's model token invocation reached 41.2 trillion, exceeding the U.S. models' 29.4 trillion for the first time; this further increased to 51.6 trillion in the following week, marking a 127% rise over three weeks [6]. - In the global top five models, four are from China, showcasing the rapid growth and competitive edge of domestic AI models [6]. Technological Advancements - Grok's video model has topped the Arena, while Google's Nano Banana 2 has been released, enhancing multi-modal generation capabilities [6]. - Grok Imagine 1.0 supports the generation of 10-second 720p HD videos, achieving the highest score in blind tests, emphasizing quality, latency, and cost balance [6]. Software Industry Transformation - The expansion of the Claude Cowork plugin system indicates both risks and new opportunities in the software industry amid the large model era [6]. - The integration of enterprise-level agents with existing SaaS systems is becoming clearer, driving the commercial viability of agents [6]. Recommended Stocks - The report recommends stocks including Rilian Technology, Kingsoft Office, Haiguang Information, Inspur Information, and Hehe Information, all rated "Overweight" [6][7].