CITIC Securities: During the "14th Five-Year Plan" period, China's new intelligent computing power is expected to reach about 30 million P.

CITIC Securities stated that during the "14th Five-Year Plan" period, the computing power network is expected to become an important new infrastructure supporting the development of new productivity and accommodating the expansion of effective investment. As the country continues to promote the "Eastern Data Western Computing" initiative, the national integrated computing power network, ultra-large-scale intelligent computing clusters, and collaborative construction of computing and electricity, policy catalysis and the demand for artificial intelligence are resonating. China's computing power infrastructure is transitioning from dispersed development to a hub-based layout, large-scale increase, and unified national scheduling. We believe that during the "14th Five-Year Plan" period, the newly added intelligent computing power in China is expected to reach approximately 30 million P, with total capital expenditures projected to reach the magnitude of 10 trillion yuan. Domestic computing power will likely have attributes of both industrial products and public utilities, potentially becoming a crucial means for a new round of industrial upgrading and capital formation.