CITIC Securities: Optimistic about investment opportunities in domestic computing power chips and domestic system-level manufacturers.

CITIC Securities research report states that looking forward to 2026, the development of computing power has high certainty, and super-node technology is experiencing a turning point opportunity. The verification of demand logic for Capex by major factories, combined with the improvement of the competitiveness of domestic computing power manufacturers, is optimistic about investment opportunities in domestic computing power chips and domestic system-level manufacturers. Against the background of rapidly improving model capabilities, AI applications are blossoming, and it is recommended to focus on AI applications represented by office, coding, agent, and multimodal. Meanwhile, with the support of overseas expansion and domestic demand policies, AI applications are expected to usher in a turning point opportunity.