[Huatai Securities: Domestic AI Chips Are Entering a Price Increase Window] Huatai Securities' research report states that driven by the dual factors of rising upstream costs and an imbalance in domestic computing power supply and demand, domestic AI chips are entering a price increase window. Huatai Securities believes that under the backdrop of rigid demand for independent controllability and the upward shift in bargaining power, domestic AI chip companies still possess the ability to pass on costs, and profit elasticity is expected to manifest under scale advantages: 1. Cost transmission driver: Costs across all upstream segments, including HBM, substrates, packaging, and foundries, are rising comprehensively. It is estimated that HBM procurement costs may increase by more than 50% in the second half of the year, having the most significant impact on costs. 2. Supply-demand gap driver: The accelerated development of multimodal large models and AI Agents is rapidly increasing the token invocation volume of domestic models, driving rapid growth in inference-side computing power demand. From 2025 to 2027, there will be a significant supply-demand gap for domestic AI chips. Potential catalysts for the domestic computing power sector include: the release of next-generation products and results of testing and adaptation; and the implementation of price increases. (People's Financial News)