According to the CITIC Construction Investment Securities Research Report, in 2026, the A-share AI industry is based on the popularity of “crayfish,” rapid model iteration, and continued increase in global Capex investment. The computer sector emerged from the “increase in capital expenditure driving a continuous rise in hardware demand expectations” in the first half of the year, and “application expectations are heating up” in the second half of the year. Currently, the construction of domestic intelligent computing centers is accelerating, and the penetration rate of domestic AI chips on the training and inference side continues to increase. AI applications are moving from concept verification to vertical scenario implementation. Model ARR and Token are growing exponentially, the price of computing power services is rising, and the development of the AI industry is maintaining a high level of prosperity. Looking ahead to 2027, the main investment line in the AI industry will shift from investment expectations to ROI fulfillment. The core variables of the industry are the acceleration of localization and commercialization verification of applications. It is recommended to focus on the four directions of domestic computing power, AI applications and models, and innovation and future industries.

According to the CITIC Construction Investment Securities Research Report, in 2026, the A-share AI industry is based on the popularity of “crayfish,” rapid model iteration, and continued increase in global Capex investment. The computer sector emerged from the “increase in capital expenditure driving a continuous rise in hardware demand expectations” in the first half of the year, and “application expectations are heating up” in the second half of the year. Currently, the construction of domestic intelligent computing centers is accelerating, and the penetration rate of domestic AI chips on the training and inference side continues to increase. AI applications are moving from concept verification to vertical scenario implementation. Model ARR and Token are growing exponentially, the price of computing power services is rising, and the development of the AI industry is maintaining a high level of prosperity. Looking ahead to 2027, the main investment line in the AI industry will shift from investment expectations to ROI fulfillment. The core variables of the industry are the acceleration of localization and commercialization verification of applications. It is recommended to focus on the four directions of domestic computing power, AI applications and models, and innovation and future industries.