According to a research report by CITIC Securities, on August 21st, OpenAI reduced the price of GPT-5.6 by over 20%, further lowering the cost of calling high-performance models. This is expected to drive an increase in the usage of high-demand scenarios such as agent and code generation, and continue to boost the demand for computing power on the inference side. Alibaba's latest quarterly AI Cloud and computing service revenue amounted to approximately 48.4 billion yuan, a year-on-year increase of 45%. Revenue from AI related products has grown in three digits for 12 consecutive quarters, verifying that the demand for AI is accelerating its commercialization. CITIC Securities continues to be optimistic about opportunities in the industrial chains of optical modules, servers, liquid cooling, and cloud computing, which are driven by the commercialization of large models and the increasing demand for computing power.