CITIC Securities: The industrial application cycle of large-scale models is just beginning, bringing a surge in computational power investment.

CITIC Securities research report stated that the current user penetration rate of AI large models is still low, and the development of large models is still in the mid to early stages. The industrial application cycle is just beginning, and the investment in computing power brought by large models is still booming. Capital expenditures will increase with the growth of large model income, and the potential for investment is high. Currently, both the North American chain and the domestic chain are worth paying attention to in terms of the computing power infrastructure industry chain.