Chinese domestic computing power is seeing clear growth, with leading companies expected to accelerate their performance. Meituan recently launched a trillion-parameter model trained entirely on a domestic 50,000-card computing cluster, indicating a shift in domestic capabilities from inference to training. DeepSeek V4 is set to introduce a peak-and-valley pricing model in mid-July, potentially doubling API call costs during peak times, which suggests continued supply constraints in domestic computing power. CITIC Securities believes that companies with strong customer orders and production capacity will benefit most from this trend, anticipating robust growth across the domestic computing power supply chain, including advanced manufacturing, packaging, and storage. AI
IMPACT Highlights the growing capabilities and potential supply constraints in China's domestic AI computing power, impacting hardware providers and AI model developers.
RANK_REASON Analysis of domestic AI computing power supply chain and market trends, including specific company developments and pricing strategies. [lever_c_demoted from significant: ic=1 ai=0.7]
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