A research report from CITIC Securities highlights that FDE, serving as an end-to-end delivery mechanism—spanning from customer scenario identification to production deployment—has garnered widespread consensus among key industry stakeholders, including model vendors, cloud service providers (CSPs), and software vendors. It has emerged as the foremost practical solution for bridging the divide between AI foundational model capabilities and real-world enterprise scenarios. Under the FDE framework, the competitive edge of model vendors, CSPs, and software vendors is projected to strengthen continuously, with the industry's underlying operational logic gradually converging with that of traditional cloud computing and SaaS models. As FDE delivery efficiency improves, it is anticipated that the performance of leading CSPs and platform application software providers will reap the benefits, with valuation and pricing dynamics expected to shift significantly from current pessimistic outlooks.