[CITIC Securities: Computing Power and Power-Related Industry Chains Hold Mid-to-Long-Term Allocation Value] Jin10 News, June 24 – A research report by CITIC Securities states that in recent years, the momentum of investment driven by real estate and traditional infrastructure has continued to weaken. Meanwhile, the massive demand for AI Tokens has opened up long-term growth potential for computing power. Companies in both China and the U.S. are simultaneously increasing capital expenditures, and there is still significant room for growth in domestic computing power investment. On the policy front, the implementation of the 'Six Networks' is driving trillion-yuan investments in computing power. Domestic chips, storage, and optical communications are ushering in large-scale opportunities for domestic substitution. At the same time, China's advantages in power supply and green electricity costs are prominent, with accelerated progress in green electricity direct connections and integrated source-grid-load-storage systems, fostering a unique industrial advantage through the synergy of computing and electricity. On the industry chain side, the construction of computing power is significantly boosting demand for AI metals such as copper and tin. The tight supply and demand for chips are impacting upstream raw materials and downstream consumer electronics. Coupled with the heavy asset nature of computing power, IDC REITs are continuously expanding funding sources to support industry capacity expansion. CITIC Securities anticipates that industrial metals, semiconductors, and terminal electronic products will experience sustained price increases. Computing power and power-related industry chains hold mid-to-long-term allocation value.