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The research report from CITIC Securities indicates that the singularity of the multimodal industry lies in the understanding end rather than the generation end. The mainstream model is transitioning from "modularization" to "native multimodal" architecture, which is a singularity that addresses the bottleneck of AI understanding and drives the industry value leap. On one hand, this raises the threshold for building basic models, allowing full-stack giants like OpenAI/Google to construct vertically integrated ecological loops; on the other hand, it also opens up diversified commercial value for companies that empower vertical applications and technologies in specific scenarios. It is recommended to layout along the two main threads of "foundation" and "application": focusing on the relevant links of the reasoning computing power industry chain at the infrastructure layer; and at the application layer, under the trend of native multimodal, it is recommended to pay attention to the two major opportunities of vertical applications and technology empowerment.