According to a research report from CITIC Securities, on June 30, Meituan unveiled China’s first trillion-parameter AI model trained and deployed entirely on a domestic computing cluster comprising 50,000 GPUs. This achievement signifies a critical leap in China’s computing infrastructure capabilities, transitioning from inference-focused applications to full-scale training capabilities. Furthermore, the official rollout of DeepSeekV4 in mid-July will introduce a dynamic “peak-valley pricing” model for API services, with costs doubling during high-demand periods—a clear indicator of persistent tightness in domestic computing resource supply. CITIC Securities emphasizes that the reliability of current domestic computing power orders has strengthened substantially. Design firms with secured customer contracts and priority access to manufacturing capacity are expected to be the primary beneficiaries in the coming phase. The institution maintains a bullish outlook on China’s computing power ecosystem, anticipating robust expansion in advanced semiconductor processes, high-end packaging technologies, cutting-edge memory solutions, and ancillary supply chains.