CITIC SEC's Research Reports suggest that ByteDance's steadfast investment in AI is likely to lead the development of the Industry. With Doubao representing the rapid enhancement of domestic model capabilities, the ecological environment is accelerating its prosperity. The outlook for 2025 is Bullish, with AI applications across various fields rapidly being implemented, which is expected to drive several times the new demand for computing power in the medium to long term. It is recommended to focus on investment opportunities related to the entire AI Industry, and the following investment themes are summarized: 1) AI Computing Power: The rapid implementation of AI applications drives new demand for inference computing power. 2) AI Infra: The scene and industry-based development of models generates demand for data services and model platforms, with high certainty in Industry development. 3) AI Applications: With the upgrade of model capabilities, application forms like Agent are expected to accelerate implementation, driving companies in sectors such as office, Education, management, edge computing, and embodied intelligence to swiftly realize performance elasticity.