CITIC Securities proposes that the computing power industry is still growing but will return to rationality

CITIC Securities stated in a research report that the computing power industry is still growing but will return to rationality. This judgment was released on October 26, 2026, and the research report believes that the China and U.S. computing power sectors are in a highly prosperous construction cycle. Among them, North American computing power construction faces the dilemma of whether investment can recoup its costs and whether financing can be sustained; China's computing power capital expenditure has greater room for growth, with the key lying in the performance and production capacity ramp-up of domestic computing power chips, and 2028 may see a supply release node. CITIC Securities also cautioned that the scale of U.S. stock market computing power is highly concentrated, with valuations comparable to the "dot-com" era, and that net "liquidity injection" on the funding side is narrowing, so adjustment risks must be guarded against. At present, this judgment has no subsequent factual developments.

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1. Report date Oct 26· 1 reports

   CITIC Securities states that the computing power industry is still growing but will return to rationality

   Source:East Money