Huatai Securities has highlighted that, commencing from 2025, the industry's focal point has transitioned from a competitive race in large-scale model technology to a deeper integration of scenario-based applications. Internet platform enterprises are harnessing their inherent resource strengths to actively probe into commercialization routes within their advantageous scenarios. It is advisable to keep a close eye on two principal themes: Initially, basic cloud infrastructure service providers, which are poised for substantial growth owing to the robust demand emanating from downstream scenarios. Secondly, the advertising and vertical application sectors, where content platforms and e-commerce platforms inherently possess suitable application scenarios. AI technology is markedly boosting advertising efficacy, while vertical applications are capitalizing on upstream workflow requirements by amalgamating scenario advantages, thereby ushering in fresh revenue growth avenues for the industry.