Guojin Securities said that after the computing power cost on the inference side is reduced, "computing power equality" will hopefully accelerate the implementation of AI and Agent applications on the end side, and at the same time, the implementation of applications will also bring about the demand for network security and information innovation. It is recommended to pay attention to iFlytek, the leading domestic generative large model company; AI hardware is expected to become a new carrier for the implementation of applications, and it is recommended to pay attention to EZVIZ Network, ArcSoft, etc.; the polishing of AI-related functions can drive the monthly active volume and payment rate of C-end applications, and it is recommended to pay attention to Kingsoft Office, Wondershare, etc.