Oriental Securities: KIMI K3 performs excellently, demand for domestic computing power is rapidly increasing.

Dongfang Securities released a research report stating that the continuous iteration of performance of domestic large-scale models will effectively expand the application scenarios of domestic AI and accelerate the closure of the domestic AI ecosystem. The expansion of AI business scenarios is the core of the AI technology market, and the landing of AI Agents with long-range task capabilities is expected to drive the landing of new business scenarios. The accelerated iteration of domestic large models will drive the rapid growth of domestic computing power and exchange chip demand.