AI TRENDS | Citic Securities Sees Clearer Domestic Computing Power Demand as Supply Constraints Tighten

Citic Securities said China’s domestic computing power theme has become clearer, and leading companies’ performance may accelerate. According to Jin10, a Citic Securities research note said Meituan released its first trillion-parameter model on June 30, 2026, completing end-to-end training and inference on a domestic computing power cluster with 50,000 cards. The note said domestic computing power systems have now expanded from inference capabilities to training capabilities. The report also said that after the official release of DeepSeek V4 in mid-July, it will introduce a “peak-valley pricing” mechanism under which peak-time API call prices will double. Citic Securities said supply constraints for domestic computing power are still intensifying. Citic Securities said order visibility for domestic computing power has strengthened significantly at the current stage. It said design companies that have customer orders and priority rights in capacity allocation are expected to benefit first. The firm said it remains broadly optimistic about China’s domestic computing power industry chain, from scarce advanced process capabilities to a wide range of design companies and super nodes, which it said will all face opportunities for volume growth. It added that advanced processes, advanced packaging, advanced storage, and related supporting industry chains are expected to see strong growth momentum.