CITIC Securities: Continuous bullish on the supply chain opportunities benefiting from overseas computing power demand.

According to the research report from Citic Securities, overseas AI applications have shown an accelerating trend this year. From the demand side, token consumption is maintaining rapid growth, with large model calls and income levels increasing quickly. From the supply side, on the one hand, general applications such as AI search, AI coding, and agents based on the LLM model have exploded, while on the other hand, multimodal model capabilities continue to iterate, with image and video generation applications having explosive potential. In addition, there is a constant stream of applications in various verticals such as marketing, customer service, recruitment, education, healthcare, and law. It is recommended to continue to be optimistic about the supply chain opportunities benefiting from overseas computing power demand, and to focus on domestic cloud and internet companies with AI infrastructure, model capabilities, and application scenarios, as well as investment opportunities brought about by the implementation of applications such as coding, agents, and image/video generation.