CITIC Securities: Domestic Computing Power Sector's Leading Firms Poised for Accelerated Performance
CITIC Securities has released a research report highlighting a clear upward trajectory for the domestic computing power sector, with leading companies expected to see accelerated performance realization. The report notes that on June 30th, Meituan successfully completed the full process of training and inference for a trillion-parameter model on a domestic computing power cluster comprising 50,000 cards. This achievement signifies a crucial advancement, moving the capabilities of domestic computing power systems from inference to training. Furthermore, the official release of DeepSeekV4 in mid-July will introduce a "peak-valley pricing" mechanism, which will double API call prices during peak hours, indicating a continued tightening of supply constraints within the domestic computing power market. CITIC Securities observes a significant enhancement in the clarity of domestic computing power orders at this stage. Companies that possess priority access to customer orders and production capacity are anticipated to be the first to benefit. The firm maintains a positive outlook on the entire domestic computing power industry chain, with expectations of robust growth momentum for advanced manufacturing processes, advanced packaging, advanced storage, and their supporting industries.
The development of domestic computing power infrastructure in China, exemplified by Meituan's model training and DeepSeekV4's pricing strategy, indicates a strategic push towards technological self-sufficiency. The shift from inference to training capabilities on large-scale domestic hardware suggests a maturing ecosystem capable of supporting more complex AI workloads. The introduction of peak-valley pricing by DeepSeekV4 signals market dynamics influenced by supply constraints and demand management, potentially incentivizing off-peak usage and optimizing resource allocation. For companies within this sector, securing priority access to orders and production capacity will be a key differentiator, driving competitive advantage and financial performance. The broader implications point to a long-term trend of increasing investment and innovation in advanced semiconductor manufacturing, packaging, and storage, driven by national strategic priorities and the burgeoning demand for AI-driven applications.
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