Core Viewpoint - Anthropic has announced a global ban on providing Claude services to companies controlled by Chinese entities (over 50% ownership), citing legal, regulatory, and national security risks, which may result in a loss of hundreds of millions in revenue for the company [2]. Group 1 - The ban affects major Chinese internet companies such as ByteDance, Alibaba, and Tencent, which rely on Claude services for their innovative and international applications [2]. - Domestic AI companies, like Zhizhu and its GLM-4.5 model, are quickly launching migration solutions to attract users from Claude, thereby accelerating the domestic replacement process [2][3]. - The trend towards self-sufficiency in domestic AI has shifted from a slogan to an industry consensus, with domestic chip manufacturers like Huawei, Cambricon, and Haiguang ramping up self-research efforts [3]. Group 2 - Despite the performance gap with international leaders, domestic chips are beginning to see large-scale deployment in key sectors such as government, finance, and energy [3]. - The closure of Claude services provides a "replacement window" for domestic models like Zhizhu GLM and Alibaba Qwen to rapidly capture market share through price subsidies and ecosystem binding [3].

Investment Rating - The report maintains an "Overweight" rating for the industry [2][5]. Core Insights - The ban by Anthropic on Chinese-controlled entities from using its Claude services has accelerated the domestic AI replacement process, with local companies like Zhipu quickly launching migration solutions using models such as GLM-4.5 [4][5]. - The loss of Claude services is expected to push Chinese enterprises to adopt domestic alternatives more rapidly, reshaping the market landscape and potentially strengthening the rise of domestic large models and their applications [5]. - The report highlights significant revenue loss for Anthropic, estimated at "hundreds of millions" due to the ban, affecting major Chinese internet companies that rely on Claude services for their innovative and international applications [5]. Summary by Sections - **Investment Highlights**: The report emphasizes the urgency for companies like ByteDance, Tencent, and Alibaba to migrate their services away from Claude, as their innovative business segments depend on it. New AI projects may face product iteration stagnation due to the ban [5]. - **Market Dynamics**: The domestic AI landscape is shifting towards self-sufficiency, with accelerated efforts in computing power and chip localization. Domestic manufacturers are ramping up self-research initiatives despite performance gaps compared to international leaders [5]. - **Model Replacement**: The report notes that domestic models such as Zhipu GLM, Alibaba Qwen, and emerging players like DeepSeek are quickly gaining traction in various sectors, taking advantage of the "replacement window" created by the ban [5][6].