[CITIC Securities: Overseas AI Narrative May Return to Optimistic Scenario] CITIC Securities' research report states that recently, there has been strong demand for inference and training computing power overseas, with both Amazon Cloud and Google Cloud raising prices. On the inference side, Agent products such as MoltBot (formerly ClawdBot) and Claude Code are accelerating their deployment, significantly increasing the demand for cloud computing resources. Since early 2026, token call volumes have been growing rapidly for 2–3 consecutive weeks. On the training side, models like Grok-5 and Veo4 are continuously iterating, with the industry persistently exploring scaling limits to support the demand for training computing power. Although the large-scale commercialization of AI applications currently lacks sufficient visibility, looking ahead to the next 3–6 months, CITIC Securities predicts that computing power demand is likely to further rise, driven by the intensive rollout of inference-side AI applications combined with the continuous iteration of training-side models. Once computing power demand is confirmed during the U.S. stock earnings season, concerns over the previously suppressed sentiment and valuation of the computing power sector due to the 'computing power bubble theory' are expected to ease temporarily, potentially ushering in a new round of growth for the computing power industry chain.