[CITIC Securities: Optimistic About AI Industry Chain and Computing Power Network Construction] Jin10 Data, May 25 – CITIC Securities' research report pointed out that NVIDIA released its FY27Q1 earnings, which exceeded market expectations. Customer demand has gradually shifted from simple GPU procurement to full-stack solutions encompassing switching and interconnection. It is expected that Vera Rubin cabinet products will begin mass delivery in Q3, with the value of CPU, interconnection, and switching segments increasing simultaneously. Future AI infrastructure upgrades will focus on all aspects of the ecosystem. The computing power network is positioned as a national-level infrastructure, with annual construction investment expected to exceed one trillion yuan, covering multiple aspects such as computing power construction, management, scheduling, and operations. Telecom operators, as the main force in computing power network construction, have already launched token packages and are exploring token-based operations for consumer applications. Google I/O 2026 revealed that Google's AI industry layout has entered a full-stack phase of 'computing power infrastructure + models + application entry points + edge devices.' TPU8t/8i validation indicates that training and inference computing power demand will continue to rise in the long term, while Gemini 3.5 Flash and Gemini Omni enhance model speed, cost efficiency, and multimodal capabilities.