CSC Securities research report expresses optimism about the application opportunities that will emerge as AI transitions from model capabilities to scenario implementation by 2027. On the large model front, pre-training continues to scale while post-training accelerates; domestic models are expected to see their progress curve steepen once again, and token volume is poised to drive ARR over the long term. On the computing power side, overseas CSP capital expenditure keeps growing, and the share of high-gross-margin PaaS and MaaS at Alibaba Cloud is on the rise—investors should therefore keep an eye on returns on investment. Applications are unfolding along three dimensions: "fast, large, and new"—fast implementation, large market size, and new application scenarios. AI content is shifting from short-form to long-form, with platforms benefiting first; programmatic advertising continues to reap algorithm dividends. On the platform side, competition in e-commerce and local life services is easing at the margin, platforms are placing greater emphasis on investment efficiency, and the profit recovery outlook is viewed favorably.