[CITIC Securities: The Potential of AI Browsers and Emotional Companion Applications Continues to Be Worth Watching] CITIC Securities' research report points out that overseas AI applications are still accelerating as of July 2025. On one hand, Google's token processing volume in July reached 980 quadrillion, doubling compared to May, while Microsoft's Azure AI Foundry processed 310 quadrillion tokens in Q2, a quarter-on-quarter increase of 210%. On the other hand, driven by leading applications such as ChatGPT and Claude, the total annual recurring revenue (ARR) of the top 100 overseas AI applications reached $39.3 billion in July, up 17.3% from May, with revenue continuing to materialize. At the application level, AI coding and multimodal applications remain the hottest directions, with products like Lovable, Replit, Pixverse, and Nano Banana gaining traction. Additionally, the potential of AI browsers and emotional companion applications, which are being continuously developed by major players, is worth paying attention to.