Core Insights - The overall iteration speed of global large models is expected to slow down by 2025, with the gap between China and the US rapidly narrowing, and it is anticipated that by 2026, China may surpass in certain areas [1] - Domestic models are seeking a better balance between performance, efficiency, and cost, leading to accelerated commercialization [1] - Industry know-how is becoming a competitive advantage in AI applications, marking the software industry as an optimal investment period [1] AI Applications - Companies with AI revenue exceeding 10% are increasing, with a focus on areas such as Deep Research, AI programming, and multimodal applications [1] - Custom software remains irreplaceable by models, emphasizing the importance of tailored solutions in the market [1] AI Infrastructure - Huawei's Flex:ai technology achieves unified management of heterogeneous computing power, improving utilization rates by 30% and accelerating industry implementation [1] - The industrialization process of domestic computing power is accelerating, driven by innovations in super nodes and IDC across multiple dimensions [1] Future Outlook - By 2026, the Chinese AI industry chain is expected to develop into a self-sustaining system, with accelerated innovation and iteration across all segments [1] - Physical AI, including digital twins and embodied intelligence, is projected to become a core development direction [1] Computer ETF - The Computer ETF (512720) tracks the CS Computer Index (930651), which selects listed companies in the Chinese A-share market involved in computer hardware, software, and services [1] - The index focuses on the information technology sector, characterized by high technological content and growth potential, effectively reflecting the overall development trend of the computer industry [1]