CSC Financial: In 2027, we are optimistic about the application opportunities brought by AI moving from model capabilities to scenario implementation.

CSC Research Report states that in 2027, it is optimistic about the application opportunities brought by AI moving from model capabilities to scenario implementation. For large models, continued Scaling in pre-training and acceleration in post-training are expected, and the progress curve of domestic models is expected to accelerate again, with token volume set to drive ARR over the long term; on the computing power side, overseas CSP capital expenditure continues to grow, and domestically, the share of Alibaba Cloud's high-gross-margin PaaS and MaaS is rising, with attention to return on investment. Applications are unfolding around "fast, large, and new": fast implementation, large market size, and new application scenarios. AI content is moving from short to long, with platforms benefiting first; programmatic advertising continues to enjoy algorithm dividends. On the platform side, competition in e-commerce and local life services is marginally easing, platforms are placing more emphasis on investment efficiency, and profit recovery is viewed favorably.