CITIC Securities Research Report indicates that the next generation of large models (such as GPT-5) is expected to become a key variable in determining the prospects of this round of AI industry. Based on the existing achievements and research directions in academia and industry, an attempt is made to establish a research framework for the next generation of large models, and to analyze from the perspectives of model base, performance, ecology, and industry. It is expected that it will be able to achieve nearly 10 times the intelligence level with 2-3 times the parameter scale, and significantly improve the cost-effectiveness of reasoning. At the same time, the next generation of large models will achieve breakthroughs in key capabilities such as logical reasoning, native multimodality, and memory systems, which will accelerate the implementation of high-value and complex industry scenarios. On the industrial side, the two main lines of Agent and multimodality are expected to continue to lead. It is recommended to pay attention to leading companies in the fields of enterprise management, education, and medical care, and the computing power industry opportunities driven by massive reasoning.