CITIC Securities: OpenAI's landing advertising monetization, commercialization of large models accelerating.

CITIC Construction Investment pointed out that the first batch of ChatGPT advertisements will go live in early February 2026, targeting only free and Go subscription users, with initial fees based on CPM. CITIC Construction Investment believes that OpenAI's advertising monetization is more restrained, and responses do not give weight to advertisements, thus balancing user experience better. Unlike the era of mobile internet, the marginal costs of large models will not decrease with user growth; instead, costs such as computing power will increase with user growth and increased dialogue volume. Exploring the commercial value of free users is a necessary step in opening up the business loop, and various monetization methods such as advertising are essential for large model companies with strong To C attributes.