According to a research report by CITIC Securities, multimodal models in the global AI field are being released intensively, new models such as Llama4 are leading technological innovation, and domestic AI applications are showing the rise of the "New Five Little Dragons". Domestic applications such as AliQuark, Doubao, and DeepSeek have performed outstandingly in the global market. At the same time, industries such as games, film and television, and publishing have shown strong domestic demand and development potential, especially driven by AI technology, and the domestic content consumption market is very resilient. The movie box office and game market have performed strongly, short drama production has developed towards high-quality products, and educational publishing has benefited from favorable policies, and the overall industry is booming.