CITIC Securities: GPT-5 released, suggesting investment layout in areas such as AI computing chips in the US technology sector.

A research report from CITIC Securities stated that the recent release of GPT-5 by OpenAI has attracted attention from the capital market. The model's reasoning ability has significantly improved, with pricing on par with mainstream models such as Gemini 2.5 Pro, leading to a significant increase in cost-effectiveness. In specific verticals such as programming and healthcare, GPT-5 has also shown good evaluation performance, demonstrating promising potential for expansion in various scenarios. The rapid updates and iterations by model manufacturers such as OpenAI have had various impacts, including arms races among tech giants in the field of cutting-edge models, continued explosive growth in computing power driven by reasoning, scaling laws, and multimodal capabilities, and unlocking possibilities for complex application scenarios driven by improved reasoning abilities. In the US tech sector, it is recommended to continue focusing on infrastructure, AI applications, AI computing chips, HBM, AI networking devices, IDC, basic and application software, internet services, etc.