Morgan Stanley highlights that China is at the forefront of the world in terms of consumer-centric AI adoption. This achievement can be attributed to its robust ecological distribution system and a diverse range of application scenarios. In fact, the adoption rate of AI in China has even outpaced that of the mobile internet during its corresponding growth phase. It is projected that by 2030, the monetizable market size for consumer-centric AI in China will reach approximately RMB 300 billion. By 2040, this figure is expected to skyrocket to RMB 1.6 trillion, with a staggering 99% of the revenue generated from intent monetization, which is funded by merchants. Among the AI-native applications, Doubao stands out in terms of scale. However, users' tendency to utilize multiple platforms simultaneously restricts the potential for any single application to establish a monopoly. Consequently, future competition in this space will primarily hinge on key performance indicators such as task completion rates. In contrast, 'in-app AI' integrated within existing platforms offers a higher return on investment. Vertical platforms like Alibaba, Tencent, and Meituan, which possess distribution advantages, are poised to be the primary beneficiaries of this trend. Meanwhile, companies such as Baidu, Tencent Music, and iQiyi may encounter direct repercussions, prompting a more cautious investment rating.