CICC notes that following the "DeepSeek Innovation Boom," global model vendors are poised to accelerate the rollout of more powerful products in the second quarter of 2025. On the consumer side, the escalating rate of token utilization is fueling a sustained surge in demand for computing power. Anticipating the highly anticipated launch of GPT-5 in the third quarter of 2025, the world's foremost large-scale models are set to enter a period of intensive release, propelling market sentiment to new heights. Amidst this backdrop, CICC reaffirms its optimistic stance on investment opportunities within the computing power industry chain.