Huatai Securities Outlook for 2026: AI capability leap driving commercialization to accelerate comprehensively.

Huatai Securities released its outlook for 2026, stating that the leap in AI capabilities is driving the acceleration of commercialization. The global AI industry is at the intersection of a leap in capabilities and an acceleration in commercialization. In terms of models, top manufacturers in China and the US will continue to dominate the global landscape of large models, with the US maintaining its lead in computing power and post-training advantages, while domestic manufacturers are making differentiated breakthroughs in architecture optimization and attention acceleration. The trend of iteration differentiation driven by Scaling Law 2.0 is becoming more pronounced. In terms of computing power, the comprehensive upgrade of the inference paradigm is bringing about a profound change in the structure of computing power demand, with continuous inference, multi-modal generation, and other high-value scenarios becoming core sources of future increments. At the same time, the upward revision of Capex by cloud manufacturers and the diffusion of super-large-scale cooperation models are driving global data center construction into a new acceleration point. In terms of applications, 2026 is expected to be a key turning point for the commercialization of AI, as the simultaneous maturity of model capabilities, engineering systems, and business models will propel AI applications from "tools available" to "value redeemable," with a positive outlook on the acceleration of commercialization of AI applications.