CITIC Construction Investment’s latest research report highlights a pivotal shift in the AI industry’s investment landscape starting in 2026: the focus is transitioning from competing on model capabilities and capital expenditures to achieving commercial validation through tangible metrics such as order volumes, revenue growth, and profitability. Leading the charge, overseas Agent-based products have already demonstrated revenue acceleration, while cloud service providers’ high-intensity investments in computing power are now underpinned by robust cloud revenue streams and a healthy pipeline of backlog orders. Notably, the performance gap between domestic AI models and their overseas counterparts in coding and Agent-driven tasks is narrowing rapidly, with concurrent advancements in inference efficiency, Token utilization, and product monetization. Looking ahead over the next one to two quarters, the industry is poised for accelerated growth driven by iterative upgrades of domestic models, enhanced Agent product offerings, and re-pricing strategies for flagship models. Against this backdrop, prudent investors are advised to maintain a close watch on three key areas: computing power service providers, domestic chip manufacturers and supercomputing node developers, as well as B2B AI application vendors that possess strong scenario expertise, proprietary data assets, and proven enterprise delivery capabilities.