CITIC Securities' research report highlights that the upcoming generation of large-scale AI models (e.g., Gemini 3.0, GPT-5) is poised to significantly enhance complex reasoning capabilities, thereby driving the AI industry into a phase of extensive deployment. Business models are undergoing a gradual transformation, shifting from AI project-based deliveries and AI-enhanced existing applications to AI-driven functional applications. In comparison to the domestic market, overseas markets are at the forefront in terms of technological advancements, payment ecosystems, business model innovation, and market potential. The Annual Recurring Revenue (ARR) metrics for AI applications abroad continue to exhibit robust growth, accompanied by accelerated adoption rates.

The report underscores the importance of focusing on investment prospects stemming from the revenue expansion of AI application companies in international markets. Specifically, if a company's overseas revenue constitutes over 10% of its total revenue and demonstrates a growth rate exceeding 50%, its overall revenue growth can experience a 5 percentage point uplift. When combined with an inherent endogenous growth rate of around 15%, the total growth rate is projected to reach 20%, thereby fostering a systematic enhancement in value.