How has the focus of large-model development changed?

  • Bohai Securities said large models are now approaching human levels on traditional benchmarks, and practical tasks with strong agent characteristics are becoming a focus of development.
  • The brokerage noted that from 2025 to 2026, the pace of iteration of frontier AI systems on agent-based computer-use tasks such as OSWorld accelerated markedly. Token calls in China's model-as-a-service market reached 1941 trillion in 2025.

How are model advances driving competition in applications?

  • Guosen Securities believes that continued improvements in model capabilities and falling inference costs are extending competition from model development to application scenarios, product experience, and commercialization capabilities.
  • In the brokerage's view, agents could reshape office work, marketing, and enterprise workflows; advances in video generation could improve content production efficiency and expand content formats. Model providers are also exploring various monetization methods, and commercialization models continue to be tested.

How are related companies connecting models with application scenarios?

  • Tianyu Digital Technology is developing three types of platforms around enterprise large models: AI marketing SaaS, mobile application distribution PaaS, and spatial intelligence MaaS. It uses the data and traffic aggregated by these platforms to connect model deployment with industry applications.
  • ArcSoft focuses on its independently developed BlackEye multimodal large model and is extending into spatial intelligence and robotics applications; its BlackEyeVision targets robot manufacturers and industry customers, embedding multimodal understanding and generation capabilities into robotic workflows.