CSC Financial: Focus on physical AI data and simulation, AI security, domestic chips and super nodes, and computing power services

CSC Financial's research report states that Cambricon and Hygon saw revenue growth in the third quarter, with gross margins improving quarter-on-quarter; rents for some domestic configurations and overseas high-end GPUs are rising, and the prosperity of computing power services continues. General-purpose large models and execution frameworks work in concert to enhance robot manipulation capabilities, leading manufacturers are advancing capacity construction, and the building of high-quality interaction data, simulation synthesis, and evaluation systems is expected to expand demand in the physical AI industry. The PHP vulnerability and the LiteLLM supply chain incident highlight the need for vulnerability exploitation, credential management, and runtime protection, while model companies are advancing code verification and execution isolation, driving the deployment of AI security products. Attention should be paid to directions such as physical AI data and simulation, AI security, domestic chips and super nodes, and computing power services.