CITIC Securities: Bullish on the trend of domestic computing power and data factor industries.

CICC Research Report pointed out that by 2025, the total shipment of AI accelerator cards in China is expected to reach approximately 4 million units, with domestic AI accelerator cards accounting for over 40% of the market share, mainly through differentiation such as non-GPU chips to promote catching up. Domestic model acceleration breakthrough, according to OpenRouter data, the top five API calls from March 30 to April 5 were all domestic models; In the first quarter of 2026, the price of Zhipu API increased by up to 83%, still facing a situation of supply shortage; Alibaba has released three heavyweight models consecutively, which is expected to further promote the demand for domestic computing power. The national unified data property registration system has officially launched, and the data element industry is expected to usher in a period of accelerated development.