Since the dawn of this year, the AI industry has fostered a virtuous cycle, encompassing investments in computing power, cloud service consumption, commercial revenue generation, and subsequent reinvestment in computing power. Notably, the exponential growth of AI applications stands as the cornerstone propelling this cycle forward. On July 31, the State Council Executive Meeting endorsed the "Opinions on Deepening the Implementation of the 'AI+' Action," a strategic move aimed at vigorously catalyzing the widespread commercial deployment of AI. Several fund managers have emphasized that while computing power traditionally serves as a bellwether for the AI industry, this year marks a pivotal shift into a commercial closed-loop phase for AI. The proliferation of numerous AI applications globally has sparked a surge in token invocations, while the accelerated annual recurring revenue (ARR) growth rate for core products underscores that AI is now entering the latter stages of its application explosion.