[Lyon: The rise of China’s Agentic AI, with Tencent and Alibaba as the top choice] On September 21, Lyon published a research report stating that Agentic AI is moving from experiments to enterprise workflows and becoming a new generation of infrastructure layer. Chinese AI models are rapidly narrowing the performance gap and seizing global share with cost-effectiveness; enterprises are shifting from purely pursuing model capabilities to taking into account performance, cost and deployment flexibility. Multi-model adoption will become a future trend. It is expected that ultra-large-scale cloud players in the chip, model, computing power and application layers can seize the greatest opportunities. Lyon expects that the surge in AI applications will ignite the next round of global cloud super cycle. The global public cloud market will double to US$2.3 trillion by 2028, bringing annual revenue opportunities of more than US$1 trillion. The market is more optimistic about full-stack cloud and AI providers because they can form a strong moat by combining their own chips, models, cloud infrastructure, development tools and applications. It is expected that areas such as software, video streaming, in-store services, recruitment and online travel will be relatively fragile, with Tencent and Alibaba being the first choices. The bank gave Tencent a "highly confident outperform" rating and Alibaba an "outperform" rating.