CITIC Construction Investment: Continues to be optimistic about the domestic computing power industry chain.

CICC research report stated that DeepSeek-V3.1 has been released, using a hybrid reasoning architecture that supports both "thinking" and "non-thinking". The new large model has been significantly improved in performance on programming, search, and other agents after training and optimization. DeepSeek-V3.1 uses UE8M0 FP8 Scale parameter precision, tailored for the next generation of domestically produced chips. CICC believes that domestically produced large models like DeepSeek have strong competitiveness, which is expected to drive the growth of computing power demand, and continues to be optimistic about the domestically produced computing power industry chain.