Guotai Haitong: Maintaining a "buy" rating on the computer sector, advanced models accelerating integration of underlying ecosystems.

Guotai Haitong released a research report stating that it maintains a "hold" rating on the computer sector. The National Development and Reform Commission has increased investment in "AI+" infrastructure, causing a surge in prices of computing power and large models. This reflects the new industry trend of possessing scarce high-end computing power and premium pricing rights. DeepSeek has initiated financing to advance the migration of V4 hardware and update the underlying Mega MoE, leading the AI competition into an independent ecosystem and a period of software and hardware reconstruction. Anthropic has released the flagship model Claude Opus 4.7, accelerating the evolution towards a full-stack AI application ecosystem, utilizing the asymmetric advantage of the model to achieve deep squeezing of third-party application layers. The main points from Guotai Haitong are as follows: The National Development and Reform Commission is increasing investment in "AI+" infrastructure, leading to a surge in computing power prices among domestic and foreign giants. The AI industry is entering a new cycle of fundamental construction and reevaluation of computing power value. This week, the National Development and Reform Commission made it clear that it will focus on expanding effective investments in areas such as "AI+" infrastructure this year. This will involve implementing a series of actions to expand investments, promoting "software construction" in central investment projects, utilizing national venture capital funds to drive social capital support for emerging industries. At the same time, Alibaba Cloud has issued three price increase announcements in just four days, with a 2%-5% increase in the pricing of large model units, a 50% increase in DDoS high defense fees, and a shift from unlimited free DataWorks API calls to pay-as-you-go charges. Overseas giant Anthropic has also changed its enterprise-level Claude subscription from a maximum of $200 to a billing system based on actual computing power consumption plus a $20 fixed fee, resulting in a doubling or even tripling of costs for heavy users. Additionally, rental contracts for B-end H100 have soared by nearly 40% from previous lows, exacerbating the global shortage of computing power. These two trends point to the fact that the business model of computing power is shifting from simply selling raw computing power to selling tokens. The core strategic resource and new battleground that AI companies are fiercely competing for is the possession of scarce high-end computing power and the right to increase prices. DeepSeek has initiated financing for the migration of V4 hardware, challenging the computing power limit with the Mega MoE, leading the AI competition into an independent ecosystem and a period of software and hardware reconstruction. This week, DeepSeek, breaking the "no financing" rule, is seeking $3 billion in funding to achieve a valuation of tens of billions of dollars. The core goal is to help the trillion-parameter, native multimodal V4 model completely detach from Nvidia and fully migrate to the Huawei CANN architecture. At the same time, its underlying infrastructure DeepGEMM has quietly updated the Mega MoE, fusing fragmented computing processes into a single Mega-kernel to achieve synchronous computing and communication, and using FP8FP4 precision to maximize efficiency. These two moves point to the fact that the battle of cutting-edge AI is extending towards the bottom layer, breaking free from hardware dependencies and achieving the ultimate optimization of infrastructure has become the decisive new battleground. Anthropic has released the flagship model Claude Opus 4.7 and is accelerating the evolution towards a full-stack AI application ecosystem. This week, Anthropic launched the Opus 4.7 version, achieving the highest scores globally in advanced software engineering and financial analysis agent testing, with a visual recognition side length of up to 2576 pixels and an upgraded tokenizer. Meanwhile, the upcoming update of Claude Code introduces a unified interface across code repositories, signaling the company's transition from wholesale API computing power towards high-profit solutions. Successfully leveraging the asymmetric advantage of the model's capabilities, the company has deeply squeezed out third-party application layer tools such as Cursor in the ecosystem. Risk Warning: Technological developments may not meet expectations, and the company's business expansion may lag behind expectations.