[CITIC Securities: It is recommended to pay attention to the development potential of base model manufacturers such as Kimi and the AI ​​application ecosystem] On September 23, CITIC Securities Research reported that on September 17, Dark Side of the Moon released the Kimi financial industry solution, integrating more than 10 authoritative data sources, 9 financial skills and 5 compliance security measures, with institutional-level data modeling and report delivery capabilities. Currently, dozens of financial institutions have carried out business innovation or jointly built financial solutions based on products such as Kimi model, Kimi Enterprise Edition and Kimi Work. CITIC Securities believes that AI competition is expanding from model capabilities to competition in scenario implementation. Industry solutions have precipitated general model capabilities into professional financial workflows. There have been cases that have proven efficiency improvements on the order of days to hours, supporting intelligent agents to enter real business processes. Behind this is the improvement of base model capabilities and the rapid expansion of commercialization. The business model is moving from standardized API services to in-depth realization of vertical industries. Financial scenarios are expected to become the key to improving income quality and customer stickiness. It is recommended to pay attention to the development potential of base model manufacturers such as Kimi and the AI ​​application ecosystem.