Huaxi Securities says 2025–26 is the industry’s key commercialization window —
whether firms secure sustainable monetization then will shape the sector’s
long-term structure. The foundation-model market is in rapid expansion, with
China’s growth materially above the global average, and Chinese open-source
models have moved from peripheral participants to global core players. The
report highlights three investible themes: compute and infrastructure — the
clearest, highest-certainty beneficiaries; vertical foundation-model vendors
with industry data barriers and scenario know‑how — most likely to close early
commercial loops; and platform firms with large user bases and
application-distribution capability — platform effects should strengthen as
commercialization matures.
