中国模型领跑全球调用量，软件吞噬情绪缓和【国泰海通计算机】计算机2026年3月研究观点

Core Viewpoint - Chinese model vendors are rapidly capturing the global AI market, with model token call volume surpassing that of the US for the first time in February, reaching 41.2 trillion tokens compared to the US's 29.4 trillion, and further increasing to 51.6 trillion tokens in the following week, marking a 127% increase over three weeks [6]. Group 1: Market Dynamics - In the week of February 9-15, Chinese model token call volume reached 41.2 trillion, exceeding the US's 29.4 trillion for the first time [6]. - By February 16-22, the call volume further increased to 51.6 trillion, while the US's volume dropped to 27 trillion [6]. - Among the top five global models, four are from China, indicating a significant shift in market leadership [6]. Group 2: Technological Advancements - Grok's video model topped the Arena, and Google's Nano Banana 2 was released, showcasing accelerated multi-modal generation capabilities [7]. - Grok Imagine 1.0 supports generating 10-second 720p videos and achieved the highest score in blind tests, emphasizing a balance between quality, latency, and cost [7]. - Google's Nano Banana 2, priced at $0.0672 per image, supports real-time internet search and multi-language text rendering, enhancing its multi-modal generation capabilities [7]. Group 3: Software Industry Transformation - Anthropic expanded its Claude Cowork plugin system, adding 10 new templates and enabling private plugin market creation for enterprise applications [8]. - The financial plugins cover essential workflows such as financial modeling and private equity scenario modeling, facilitating the transition from general Q&A to structured professional task execution [8]. - The integration of enterprise-level agents with existing SaaS systems is deepening, providing a clearer path for commercialization and positively impacting stock prices of data providers like FactSet and S&P Global [8].