CITIC Securities Computer Industry 2027 Investment Strategy: Suggests focusing on four directions: domestic computing power.

CITIC Securities Computer Industry 2027 Investment Strategy suggests focusing on four directions: domestic computing power. The high growth momentum of the AI industry is maintained, with domestic AI chips continuously increasing their penetration rate on both training and inference sides. Model ARR and token growth are exponential. Looking ahead to 2027, the main investment theme in the AI industry will shift from input expectations to ROI realization. The core variables of the industry are the speed of domesticization and the commercial validation of applications.