The Research Reports from China Securities Co.,Ltd. indicate that AI applications are rapidly iterating, continuously recommending computing power infrastructure. Doubao has officially released a visual understanding model, a 3D generation model, and a fully upgraded Doubao universal model pro, music model, and text-to-image model, among others. As the capabilities of Doubao's large model continue to improve and costs keep decreasing, the usage of models has surged, with Doubao's large model averaging over 4 trillion tokens per day in December, an increase of more than 33 times since its release in May. OpenAI has officially released o3, with a 3-fold improvement in inference performance compared to o1. Major industry players domestically and internationally have maintained rapid upgrades to large models, with model capabilities quickly enhancing and more application scenarios being unlocked. The surge in applications is driving demand for computing power infrastructure, and it is expected that by 2025, major technology companies will continue to maintain high levels of capital expenditure intensity. It is recommended to pay close attention to both overseas and domestic computing power Industry Chain, including GPU, Switch Chip, optical modules, Switch, liquid cooling, power supply, connectors, and other aspects.