CITIC Securities: Intensive iteration of large models at home and abroad continue to be bullish on the AI industry chain.

CITIC construction fund research report stated that AI is developing rapidly, with large models continuously iterating and upgrading, and the demand for computing power is very strong. For example, the programming capabilities of Zhipu's new models have greatly improved, leading to a significant increase in computing power demand, and Seedance's video capabilities have performed very well, attracting the attention of industry leaders. The research report believes that the commercial realization path of large models is unobstructed, moving from the "low-price/free enclosure" stage to the "pay for high quality" stage, and the demand for computing power driven by it is very strong. During the holidays, the overall performance of U.S. AI computing and light communication stocks was impressive. Huang Renxun stated that a "world-first" chip will be released at the GTC conference in March. We continue to be optimistic about the AI industry chain, including large models, AI computing power chain, etc.