According to the Guoxin Securities Research Report, from Kimi's upgrade to Ali's release of Tongyi Qianwen to Step Star's release of a trillion-parameter multi-modal large model, the continuous iteration of the domestic AI model is expected to drive the overall level of the big model industry to improve. The entry threshold for the industry will also be raised, and capital, talent, etc. will also be concentrated on leading companies. As the processing capacity of many large models continues to rise, demand for computing power will also show exponential growth. Localization of computing power is the main line of China's technological self-reliance and self-improvement trend, and leading domestic enterprises related to IDC, servers, and computing power algorithms are expected to benefit.