[CITIC Securities: Maintaining a Long-Term Positive Outlook on North American and Domestic AI Computing Power Industry Chain] According to DeepFlow TechFlow, on November 8th, CITIC Securities released its 2027 Investment Strategy Report for the Communications Industry, stating that large-scale model commercialization expanded rapidly in 2026. As of the end of September 2026, OpenAI and Anthropic's combined ARR (Average Revenue Per Hour) reached approximately $124 billion. The four major North American CSP vendors' combined capital expenditure in the third quarter of 2026 was approximately $208.7 billion, a year-on-year increase of 84.2%, indicating continued high-intensity investment in AI infrastructure. Recursive Self-Improvement (RSI) is expected to drive a leap in model capabilities. The demand for AI continues to expand, and AI programming has formed a relatively clear commercialization path. "General programming" fields such as design, modeling, and simulation, as well as AI4Science and robotics, further open up long-term growth potential. China Securities remains optimistic about the industry outlook, bullish on the computing power demand driven by AI development, and maintains its long-term positive outlook on the North American computing power and domestic AI computing power industry chain. (Jinshi)