According to the CITIC Securities Research Report, the computing power sector in China and the US is in a high-boom construction cycle. Under rapid growth, North American computing power construction is facing difficulties on both sides of investment and finance: First, can the investment pay back? Second, can financing be accepted? There is plenty of room for growth in China's computing power capital expenditure. The state-owned assets system, credit costs, and infrastructure carrying conditions are favorable. The key is the performance and production capacity volume of domestic computing power chips. 2028 may welcome a supply release point. Taken together, CITIC Securities believes that the industry is still growing but will return to rationality. Considering that the volume is highly concentrated, valuations are comparable to the “science network,” and capital “pumping” is picking up while net “water injection” is narrowing, the US stock market must be wary of adjustment risks.

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