Citic Securities: Acceleration of the Global Commercialization Process of Large-scale Models, Continuous Increase in Pricing for Computing Power Hardware such as CPUs.

CICC research report indicates that the global demand for large models is expected to increase for the 11th consecutive week, with domestic models leading the way in terms of cost-effectiveness and overseas top manufacturers raising revenue expectations. Domestic manufacturers are accelerating their commercialization process, with DeepSeek set to launch time-based pricing, and DouBao has already launched multiple levels of membership. Anthropic is tightening access restrictions for Claude, highlighting the substitution logic for domestic products under compliance and geopolitical considerations. Compute hardware prices are on the rise across the board, with Intel raising prices for consumer and server CPUs, and AMD set to raise prices in the second half of the year; it is expected that contract prices for DRAM and NAND will continue to rise in the third quarter, and the shortage of server storage capacity will continue until 2027. Agent AI is changing the cost structure of computing power, with a surge in demand for CPUs and storage, and hardware price hikes spreading from GPUs to the entire data center industry chain.