Organization: computational power demand will remain high

Recently, domestic GPU companies such as Mol Thread and Muxi Group have been listing intensively. In addition, the two unicorns in the field of text-based and multimodal models, Zhipu and Minimax, are expected to be listed on the Hong Kong Stock Exchange in 2026. Guotou Securities pointed out that Zhipu is one of the teams in China that started research on large models early, and developed the GLM series model based on self-regressive filling for national production pre-training architecture, adapting to more than 40 domestic chips, making it one of the most widely used models in the industry; Minimax has a complete stack ecology layout of "model-multimodal-application". The technological iteration and product innovation in the field of large models are accelerating, and the demand for computing power will continue to be high. CITIC Securities believes that the continuous iteration and upgrading of AI large models, the competition is far from over, the demand for computing power is strong, and it continues to be optimistic about the AI computing power sector. In addition to being optimistic about the North American chain, it also suggests paying attention to the domestic chain. On the one hand, there have been many adjustments in the early period of domestic chain companies, while North American chain companies in the light module sector have recently reached new highs. On the other hand, with the improvement of domestic GPU capabilities and supply as well as the opening of H200, it is expected to accelerate the deployment pace of domestic AI computing power infrastructure.