According to the CITIC Securities Research Report, it is expected that agents will significantly drive CPU demand and lead to a revaluation of CPU values. We believe that under optimistic circumstances, the ratio of CPU to GPU will reach 8:1, and the long-term market size is expected to reach 2 trillion US dollars, which is higher than the current GPU market. 2026 will also be the year of accelerated penetration of domestic CPUs. We expect the penetration rate of domestic CPUs in the domestic commercial market to rapidly increase from single digits to double digits. We recommend paying attention to Haiguang Information, a leading domestic CPU & GPU company, and leading supernode companies related to the industry chain, such as Inspur Information.

According to the CITIC Securities Research Report, it is expected that agents will significantly drive CPU demand and lead to a revaluation of CPU values. We believe that under optimistic circumstances, the ratio of CPU to GPU will reach 8:1, and the long-term market size is expected to reach 2 trillion US dollars, which is higher than the current GPU market. 2026 will also be the year of accelerated penetration of domestic CPUs. We expect the penetration rate of domestic CPUs in the domestic commercial market to rapidly increase from single digits to double digits. We recommend paying attention to Haiguang Information, a leading domestic CPU & GPU company, and leading supernode companies related to the industry chain, such as Inspur Information.