The Zhitong Finance App learned that Zhongyuan Securities released a research report stating that it gave the industry a better investment rating than the big market. Currently, AI applications are rapidly penetrating into fields such as programming, video games, mathematical research, and cybersecurity, and the breakthrough process of physical AI is also accelerating. The autonomous implementation of agents means that the frequency of model calls has also increased dramatically, causing the supply of computing power to continue to be insufficient, and the rental price of computing cards continues to rise. Relatively speaking, due to the lack of cores, domestic computing power is more tight. With the release of domestic card production capacity in 2027 and the introduction of new cards, domestic computing power demand is expected to be better met. We continue to be optimistic about the development of the domestic AI computing power industry, but considering that external technology stocks rank high overall, and may be affected by factors such as Anthropic's listing and 2027 capital raising concerns, the A-share AI computing power sector may still face great confidence challenges if it wants to interpret the independent market.
The main views of Zhongyuan Securities are as follows:
Localization
In the first nine months of 2026, the import and export unit prices of integrated circuits continued to rise. At the same time, the export unit price overtook the unit price of imported products for 4 consecutive months, and the performance of domestic chip products continued to improve. The localization rate of AI chips increased further to 64% in the first half of 2026, and the performance of manufacturers continued to increase in 2026Q3. DeepSeek and Shengteng are becoming more and more closely integrated, and the domestic chip replacement process is being accelerated through open source methods. Ali's next-generation self-developed chip V900 will be launched in 2027Q1, two quarters ahead of the original plan. The Shengteng 960, which will be launched in 2027, is also planned ahead of schedule. Due to the support of logical folding, the Kirin 2026's NPU power consumption decreased by 66%, the GPU by 58%, and the performance-core CPU by 41% in the benchmark test. As of October 21, 2026, the number of Hongmeng operating system terminals has exceeded 95 million, and Huawei expects to exceed 100 million users in 2026.
AI
The Dark Side of the Moon released Kimi K3.1 Pro in October. It has 2.8 trillion parameters. Through enhanced post-training and intensive learning with data from more fields, it has once again returned to the top model ranks. Other domestic models are mainly in the second tier. Judging from the operating price of Opus 5.5 of Anthropic's strongest model in the US, its input and output prices are all about twice that of the Kimi-K3.1 Pro model of the same class. Against the backdrop of the impact of domestic models and increased user cost sensitivity, there is a clear trend of price reduction in the US closed source model recently. According to OpenRouter's model call data, DeepSeek's share is 26%, ranking as the number one model manufacturer for 12 consecutive weeks. At the same time, the share of Chinese model manufacturers reached 46%, temporarily leading the US model manufacturers (44% share). In October, Microsoft opened a voluntary separation program for about 60,000 employees (accounting for more than 25%) to reduce costs and allocate resources to increase AI, and layoffs at major technology companies showed signs of acceleration. In September, the US corporate model adoption rate reached 55.9%, and Anthropic once again surpassed OpenAI (40.6%) with a 43.8% share.
Risk warning: market shock brought about by IPOs of domestic and foreign technology giants; uncertainty in the international situation; changes in the competitive pattern of the overseas AI industry bring about the risk of market adjustment