CITIC Securities: Domestic computing power sector clear main trend, leading companies' performance expected to accelerate realization.

The research report from CITIC Securities pointed out that on June 30, 2026, Meituan released the first trillion-parameter model that completed the full process of training and inference on a domestically made computing power cluster of 50,000 cards. The current domestic computing power system has upgraded from inference to training capabilities. In addition, after the official release of DeepSeekV4 in mid-July, the "peak-valley pricing" mechanism will be introduced, with the price of peak API calls doubling. The supply constraint of domestic computing power is still strengthening. We believe that at the current stage, the clarity of domestic computing power orders has significantly increased, and companies with the design of customer order and capacity priority allocation rights are expected to benefit first. We continue to be optimistic about the domestic computing power industry chain, from scarce advanced process capabilities to a variety of design companies, to super nodes that will all see opportunities for volume expansion. At the same time, advanced processes, advanced packaging, advanced storage, and supporting industrial chains are expected to bring strong growth momentum.