CITIC Securities: It is expected that the penetration rate of domestic CPU in the domestic commercial market will rapidly increase from single digits to double digits.

CITIC Securities research report pointed out that it is expected that AI agents will significantly drive CPU demand, leading to a reevaluation of the value of CPUs. We believe that in an optimistic scenario, the CPU-to-GPU ratio will reach 8:1, and the long-term market size is expected to reach 2 trillion US dollars, higher than the current GPU market size. 2026 will also be the year of accelerated penetration for domestic CPUs, and we expect the penetration rate of domestic CPUs in the domestic commercial market to rapidly increase from single digits to double digits. We recommend paying attention to leading domestic CPU and GPU companies such as Hygon Information, as well as industry-related super node leading companies such as Inspur Information.