Investment Rating - The report assigns a "Buy" rating for the computer industry, consistent with the previous rating [2]. Core Insights - The report highlights the significant growth in the usage of the Doubao large model, with daily token usage surpassing 50 trillion, reflecting a 417-fold increase since its launch [14][47]. - The competitive landscape is shifting from business model innovation to hard technology capabilities, emphasizing the importance of foundational research and engineering in AI development [5]. - The integration of AI capabilities into various applications, such as travel planning and local services, is expected to benefit companies involved in AI chips, servers, and foundational software tools [24]. Summary by Sections 1. Doubao Large Model Token Growth - The Doubao large model's daily token usage has exceeded 50 trillion, marking a significant increase from 30 trillion in September 2025, with a monthly growth rate of 22% [14][15]. - The model's commercial viability is improving as the cost of reasoning decreases, with the latest version, Doubao 1.8, optimizing for multi-modal tasks and reducing redundant computational costs [15][20]. 2. Performance Enhancements of Doubao Large Model - The Doubao 1.8 model has shown substantial improvements in multi-modal understanding and task execution, outperforming competitors like Qwen3 in various metrics [27][32]. - New models such as Seedance 1.5 Pro and Seedream 4.5 have been introduced, enhancing capabilities in video generation and image creation, respectively [33][43]. 3. Integration of Qianwen APP with Gaode - The Qianwen APP has integrated with Gaode, enabling it to transition from understanding user intent to executing real-world services, significantly enhancing user experience in travel and local services [56][58]. - The app's public testing has resulted in rapid user adoption, with over 3 million active users within 23 days of launch [53]. 4. Investment Recommendations - Companies expected to benefit from the increase in reasoning-side computational power include AI chip and server firms like Cambricon, Inspur, and Unisoc, as well as foundational software companies like Fourth Paradigm and StarRing Technology [24].