China's AI large models account for 40% of the global total, and investors warn that the large model industry is facing a reshuffle. According to data from CLSA, China has launched at least 130 large language models, accounting for 40% of the global total, second only to the United States' 50%. Investors and analysts believe that most large models have yet to find a viable business model, suffer from severe homogenization, and are struggling with soaring costs. The market predicts that only the strongest large models will survive. Giants like Alibaba, Tencent, and Baidu are participating in the battle of the hundred models, and the market may see consolidation and price wars.