Svmuu News: CITIC Securities believes that as domestic models continue to evolve, GLM-5.2 and Kimi K2.7—with enhanced 1M context, long-range agents, agentic coding, and real-world engineering capabilities—are driving domestic models to shift from general-purpose question-answering toward developer tools and enterprise-level workflows. Kimi is strengthening its international operational capabilities, while DeepSeek’s funding round has bolstered expectations for the commercialization of leading models. Meanwhile, WeChat AI’s limited beta testing indicates that AI entry points are shifting from standalone apps toward a super-app ecosystem, which is expected to increase model invocation frequency and inference token consumption. Overseas, Anthropic’s revenue, number of major clients, and funding scale continue to be revised upward, while demand for enterprise workflows and Agentic Coding remains on an expansionary trajectory. On the computing power front, AI cloud providers’ order backlogs are growing, GPU rental prices are rising, and supply constraints for CPUs, DRAM, and NAND are spreading; the favorable market conditions for computing power, storage, and rental services are expected to continue. (Jin Shi)