[CITIC Securities: Domestic large models exceed expectations, emphasizing investment opportunities in domestic computing power] Jinshi Data, February 25 – CITIC Securities' research report states that during the 2026 Spring Festival, the token usage of domestic large models surged. As of the week ending February 22, the top three global large model token usage rankings were all occupied by domestic large models. CITIC Securities believes that the explosive growth in token usage essentially reflects the exponential expansion of AI inference demand. With cost advantages and an increasingly refined ecosystem, domestic computing power is expected to gradually dominate the infrastructure layer. It is recommended to focus on value re-evaluation opportunities brought by the enhanced interconnection density of supernodes, including optical communication, high-speed cable modules, switching chips and switches, IDC, and other segments.