[Dongwu Securities: The Trend of Domestic Computing Power is Irreversible, AI Indigenous Innovation Industry is Forming Five Core Main Lines] Dongwu Securities' research report states that the token-driven economic revolution powered by intelligent agents has opened a strategic opportunity period for domestic substitution. Since 2026, the commercial value of the AI industry has undergone structural transformation. DeepSeek V4's first use of domestic computing power for training marks the entry of AI indigenous innovation into a strategic opportunity period and serves as a critical turning point where domestic computing power shifts from being policy-driven to industry-validated. The AI indigenous innovation industry is forming five core main lines: GPU chips, CPU chips, the Ascend (昇腾) industrial chain, computing power leasing, and indigenous innovation large models, covering the complete chain from underlying hardware to upper-layer applications. The construction of domestic computing power infrastructure has basically been completed or even exceeded the goals of the "14th Five-Year Plan." During the "15th Five-Year Plan" period, core technology autonomy and controllability, along with computing power infrastructure construction, will remain the common main lines of policy, capital expenditure, and industry implementation. The substitution of domestic computing power exhibits characteristics of advancing first on the inference side, breaking through on the training side, and achieving synergy on the ecosystem side.