According to a research report by CITIC Securities, the development of overseas AI applications has undergone a notable acceleration since the beginning of this year. On the demand side, token consumption has demonstrated consistent growth, with a marked increase in both the frequency of large model invocations and revenue levels. On the supply side, AI search, AI Coding, and LLM-based Agent applications have emerged as frontrunners, while multimodal model capabilities continue to evolve, showing promise in the popularization of image and video generation applications. Furthermore, vertical applications across marketing, customer service, recruitment, education, healthcare, and legal sectors are proliferating rapidly. The report remains optimistic about the supply chain opportunities stemming from the surge in global compute power demand and advises investors to focus on domestic cloud and internet providers with AI infrastructure, model expertise, and diverse application scenarios. Additionally, investors are encouraged to explore investment opportunities arising from the deployment of AI applications such as Coding, Agent, and image/video generation.