According to the Huatai Securities Research Report, the basic model competition is gradually moving from product exploration to commercialized competition driven by high-value scenarios, corporate markets, and usage. In the early days, OpenAI relied on a relatively bottom-up product innovation mechanism to establish large-scale C-side entrances through ChatGPT; Anthropic continued to focus on model capabilities, coding, and enterprise APIs, and gradually reflected the advantages of resource concentration as the coding scenario matured. At the same time, Smart Spectrum and MiniMax are gradually converging towards APIs, coding, and agents. Huatai Securities believes that the competitive dimension of the basic model industry is being further expanded from model capability and user scale to high-value token consumption, enterprise penetration, unit economy, and product distribution capabilities.

According to the Huatai Securities Research Report, the basic model competition is gradually moving from product exploration to commercialized competition driven by high-value scenarios, corporate markets, and usage. In the early days, OpenAI relied on a relatively bottom-up product innovation mechanism to establish large-scale C-side entrances through ChatGPT; Anthropic continued to focus on model capabilities, coding, and enterprise APIs, and gradually reflected the advantages of resource concentration as the coding scenario matured. At the same time, Smart Spectrum and MiniMax are gradually converging towards APIs, coding, and agents. Huatai Securities believes that the competitive dimension of the basic model industry is being further expanded from model capability and user scale to high-value token consumption, enterprise penetration, unit economy, and product distribution capabilities.