CICCAI computing power continues to be prosperous, model iteration drives the expansion of inference demand.

The CITIC Securities research report stated that the mid-year forecast of A-share computer companies and overseas model iterations jointly confirmed the continued prosperity of the AI industry chain: on one hand, the performance elasticity of hardware chains such as AI servers and intelligent computing infrastructure is prominent, and software and AI application companies are also beginning to show operational recovery and income realization; on the other hand, overseas models such as OpenAI, xAI, Meta, etc. continue to strengthen Agent, Coding, multi-modal, and office entries, shifting from ability verification to high-frequency scenario implementation, and it is expected that the consumption of inference computing power, infrastructure investment, and commercialization of AI applications will continue to resonate.