[CITIC Securities: The AIGC creation platform track has a market potential of 100 billion U.S. dollars] On October 29, a CITIC Securities research report stated that the AIGC creation platform is one of the fastest commercialized native AI application tracks. According to late reports, Yanyu Technology’s ARR will reach 300 million U.S. dollars in May 2026, and the popularity of the track continues to rise. The market focuses on three core points: the incremental value of the platform based on model aggregation; long-term competitiveness and the risk of being swallowed up by model manufacturers; industry chain bargaining power and profit margin improvement potential. CITIC Securities believes that this track has a market potential of hundreds of billions of dollars. The core value of the platform lies in aligning model supply and creator intentions. The core relies on the two major strengths of model-neutral scheduling routing and in-depth product engineering capabilities. Currently, model manufacturers focus on iteration of model capabilities, while the AIGC creation platform relies on lightweight organization to quickly iterate, seize first-mover advantages, and rely on the Harness data flywheel to build long-term barriers. In the long term, with the decline in API procurement costs, improvement in pricing capabilities, increase in the proportion of enterprise business and the implementation of self-developed proprietary models, the gross profit margin of the platform has room for upward growth. Recommended attention: native AIGC creation platform; Internet companies.