According to a research report by CITIC Securities, Doubao officially released visual understanding models, 3D generation models, and fully upgraded Doubao general model pro, music model, and literary model. As Doubao's large model capabilities continue to improve and costs continue to decline, the use of models has increased dramatically. The average daily token usage of Doubao's large model in December exceeded 4 trillion, an increase of more than 33 times compared to its release in May. OpenAI officially released o3, and its reasoning performance is 3 times higher than o1. Domestic and foreign manufacturers have maintained a relatively fast upgrade and iteration of large models, and model capabilities have been rapidly improved. More application scenarios will be unlocked, and the explosion of applications has driven the demand for computing power infrastructure. It is expected that in 2025, various technology giants will still maintain a high capital expenditure intensity. It is recommended to pay full attention to the overseas and domestic computing power industry chain, including GPUs, switching chips, optical modules, switches, liquid cooling, power supplies, connectors and other links.