CITIC Securities: Acceleration of AI Commercialization, Technology Market Volatility and Differentiation

The report from CITIC Securities pointed out that at the current stage, the progress of the AI industry is in its early stages, and the opportunities brought by AI outweigh the challenges. In terms of industry trends, new directions and paradigms such as video generation models, world models, and physical AI continue to emerge. Technological innovations such as the fusion of video understanding and generation, language models and multimodal models, and continuous model learning will continue to lead the trend of model innovation. It is expected that the model iteration cycle will continue to shorten, with model companies like Anthropic continuously increasing ARR, and gradually landing in more high-value enterprise scenarios such as finance, law, and healthcare. Looking ahead to the second half of 2026, the current biggest challenge is the high valuation and crowded holding of global technology stocks, while the upcoming listings of SpaceX, Anthropic, and OpenAI in the next six months to a year may also have an impact on market liquidity. Therefore, considering that macro liquidity may tighten marginally compared to the second half of 2025, market interpretation will increasingly rely on the continued realization and verification of performance. As long as the industry trend remains bullish, if a liquidity shock leads to a valuation correction, the opportunities brought by that will outweigh the risks.