CITIC Securities Construction Investment: Still firmly bullish on investment opportunities in the AI industry trend.

Guosen Securities AI Application Industry Outlook: Still optimistic about investment opportunities in the AI industry trend. Guosen Securities believes that AI is reshaping various industries, including workflow at the operational level, as well as competitive landscape and business models. Companies with a full-stack AI layout have obvious advantages; companies with deeper moats and a proactive embrace of AI have relatively larger survival space; and start-up companies are entering an excellent era of quickly realizing creative ideas into reality.