CITIC Securities: It is recommended to focus on the demand dimension in the AI industry, paying attention to the direction of rising prices and shortages of computing power, improving efficiency in the infrastructure and cloud industries, and certain high-demand application directions.

CITIC Securities' research report stated that in 2026, the computer sector is experiencing a resonance turning point of fundamental restoration and AI paradigm shift. The iterative ability of models has no upper limit, and the penetration rate of Claw-type applications is rapidly increasing, leading to a steep increase in domestic computational power demand and a new stage in AI infrastructure development. In the second half of the year, it is recommended to focus on: 1) For the AI industry, it is recommended to start from the perspective of demand, focusing on the direction of computational power with rising prices and shortages, improving infrastructures and cloud industries, and applications with high prosperity. 2) For non-AI industries, investment recommendations should focus on policy-driven opportunities in areas such as digital currency 2.0, intelligent driving, and commercial aerospace.