A recent research report from CITIC Securities highlights the widespread attention garnered by OpenAI's GPT-5 model in the capital market. GPT-5 has achieved notable advancements in reasoning capabilities, offering a cost-effectiveness comparable to leading models like Gemini 2.5 Pro. This has significantly enhanced its value proposition. Furthermore, GPT-5 excels in vertical applications such as programming and healthcare, showcasing robust potential for scenario expansion. The swift and continuous updates by model developers like OpenAI have intensified competition among tech giants in the frontier model space, fueling the relentless advancement of computing power, particularly in reasoning abilities, scaling laws, and multimodal capabilities. This evolution paves the way for more sophisticated application scenarios.

With respect to the US technology sector, CITIC Securities advises investors to maintain a keen focus on infrastructure and AI applications. A strategic emphasis should be placed on key areas including AI computing chips, High Bandwidth Memory (HBM), AI networking equipment, Internet Data Centers (IDC), foundational and application software, as well as internet services. These domains are poised to benefit significantly from the ongoing advancements and expanding applications of AI technologies.