CITIC Securities: Meituan Trained 1T-Parameter Model on 50,000-Card Domestic Compute Cluster; DeepSeek V4 to Add Peak-Off-Peak Pricing

A CITIC Securities research note said Meituan on June 30 released its first trillion-parameter model trained and run end-to-end for inference on a 50,000-card domestic computing-power cluster, according to 36Kr. The note said China-made computing systems are moving from inference capability toward full training capability. CITIC Securities also said that after the official release of DeepSeek V4 in mid-July, the model will introduce a peak-and-off-peak pricing mechanism under which peak-time API call prices will double, while supply constraints for domestic computing power are still tightening. The brokerage said visibility on domestic computing-power orders has improved significantly, and chip design companies with customer orders and priority allocation rights for capacity could benefit first. It reiterated a bullish view on China’s domestic computing-power supply chain, adding that advanced process nodes, advanced packaging, advanced memory, and related supporting supply chains may see strong growth momentum.