[CITIC Securities: Continues to Favor the Artificial Intelligence Industry Chain] According to a report by Jinse Finance on June 6, CITIC Securities released a report stating that as the global large model industry enters a new stage of high-quality development characterized by 'efficiency first, commercial implementation, and ecosystem reconstruction,' investment in global computing power infrastructure remains robust. The capital expenditure of the four major CSP manufacturers in North America grew by 70.25% year-on-year in the first quarter of 2026, with full-year spending expected to reach as high as $710 billion (based on median estimates). Companies like Google have also indicated significant investment growth through 2028. Multiple core segments of the computing power industry chain are expected to continue benefiting. The firm believes that the artificial intelligence industry is thriving, with large models achieving commercial self-sufficiency driven by applications such as programming. ARR is experiencing explosive growth, and it is highly likely that by 2026, we will see large model companies with ARR reaching approximately $200 billion. The firm remains optimistic about the artificial intelligence industry chain and continues to recommend large model companies and core segments of the computing power industry chain, including GPUs, optical modules, optical chips, optical communication supporting instruments and equipment, optical fibers and cables, liquid cooling, power supplies, and more. It also suggests paying attention to the potential of MicroLED as a solution for optical interconnects.