[CITIC Securities: March Outlook, Focusing on the Mainline of Computing Power and Inflation] CITIC Securities' research report states that looking ahead to March, under the backdrop of sustained higher-than-expected demand for computing power both overseas and domestically, the prosperity and price increases in upstream sectors are expected to continue, remaining the most certain mainline direction for the current 'prosperous growth' allocation in the technology sector. On one hand, the latest updates from overseas players like OpenAI and Anthropic continue to drive higher-than-expected demand for cloud computing power and tokens. The competition in large models is boosting growth in both inference and training, with CSPs (Cloud Service Providers) continuously revising investments upward. However, ROI and cash flow still present variables, making upstream sectors more certain in terms of performance growth. On the other hand, domestic large models are accelerating iterations, such as GLM-5, KIMI K2.5, Seedance2.0, gradually narrowing the gap with overseas counterparts. Some models have achieved usability and price increases in application areas like coding and video generation, reflecting extreme tightness in computing power. Across the entire industry chain, from cloud, tokens/API, to storage, advanced manufacturing, optical communication, liquid cooling, and electricity, prices are generally rising. (People's Financial News)