CICC Securities: Accelerating iteration of domestic models, continued prosperity in computing power.

CITIC Construction Investment Securities believes that domestic models continue to iterate, with GLM-5.2, Kimi K2.7 Code strengthening 1M context, long-range Agent, Agentic Coding, and real engineering delivery capabilities, driving domestic models from general question answering to developer tools and enterprise-level workflows. Kimi reinforces its international operational capabilities, DeepSeek financing strengthens the industrialization expectations of leading models, and WeChat AI grayscale testing shows that the AI entry is shifting from independent apps to super app ecosystems, potentially increasing model invocation frequency and reasoning token consumption. Overseas, Anthropic's revenue, number of large customers, and financing scale continue to be revised upward, and enterprise workflows and Agentic Coding needs are still expanding channels. On the computational power side, AI cloud vendors' backlogs are growing, GPU rental prices are rising, CPU, DRAM/NAND supply constraints are spreading, and the prosperity of computational power, storage, and rental services is expected to continue.