Drawing insights from field research conducted at WAIC 2025, Huatai Securities' research report outlines the following four pivotal observations on the AI large model industry chain: Firstly, the industry has transitioned into a new era fueled by token growth, marked by a surge in the application of AI agents across diverse verticals including offices, healthcare, and finance. The potential for these applications to be implemented has garnered substantial interest. Secondly, there is a persistent surge in demand for server computing power, with vendors proactively advancing post-training and inference computing power services built on large models. These technological advancements present new opportunities for market reevaluation. Thirdly, the evolution of generative AI demonstrates a clear trend where business-to-business (2B) applications precede business-to-consumer (2C) applications, and application-driven advancements lead terminal innovations. Notably, the commercialization of B-end products is progressing at a significantly faster pace than that of C-end consumer products. Lastly, a healthy competitive landscape among domestic and international vendors has been instrumental in driving the overall progress of the industry.