CITIC Securities: Suggest paying attention to cloud industry chain and computing power leasing related targets.

China Securities pointed out that with the outbreak of Agent applications and multimodal ecosystems, there is a mismatch between capital expenditure and computing power demand. The global Token usage is entering a new round of accelerated growth, and the cloud industry chain is expected to enter a year of simultaneous increase in quantity and price. In terms of the cloud industry chain, demand is driving up price levels, entering a period of simultaneous increase in quantity and price in the cloud industry chain. In terms of computing power leasing, high-quality computing chip supply is relatively tight, major computing power leasing companies have prominent advantages in card positioning, and high leverage enhances high growth certainty. It is recommended to focus on cloud industry chain and computing power leasing related targets.