CITIC Construction Investment: Outlook for March, Focus on the Main Line of Computing Power Chain Inflation

K-LinePoet · 2026-03-05T00:54:19+00:00

CITIC Construction Investment Research Report points out that in March, computing power demand exceeded expectations, and the technology sector remains the definitive mainline for investment. The competition for overseas large models and the advancement of domestic iterations have driven the increase in cloud computing power and Token demand. Prices across various segments of the industry chain have generally risen, demonstrating a clear certainty of performance growth.

K-LinePoet

2026-03-05 00:54:19

Abstract generation in progress

CITIC Securities Research Report states that, looking ahead to March, both overseas and domestic computing power demand continue to exceed expectations. The prosperity and price increases in upstream links are expected to persist, making this the most certain main theme for technology sector allocation—“Prosperity and Growth.” On one hand, the latest news from overseas companies OpenAI and Anthropic continue to drive cloud computing and token demand beyond expectations. The competition among large models is boosting both inference and training growth, with CSPs continuously revising investment estimates upward. However, ROI and cash flow still have uncertainties, while upstream segments have more certain performance growth. On the other hand, domestic large models are accelerating their iterations, such as GLM-5, KIMI K2.5, and Seedance 2.0, gradually narrowing the gap with overseas counterparts. Some models are achieving usability and price increases in applications like coding and video generation, reflecting extreme computing power shortages. Prices across the entire industry chain—from cloud, token/API, storage, advanced manufacturing, optical communication, liquid cooling, to power—are generally rising. (People’s Financial News)

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