中信证券：重点布局AI计算芯片、HBM、AI网络设备、IDC、基础&应用软件、互联网服务等领域

Core Insights - OpenAI has released GPT-5, which has garnered significant attention in the capital markets due to its notable advancements in reasoning capabilities compared to its predecessor, GPT-3 [1] - The error rate in hallucination tests for GPT-5 has decreased to 0.7%, indicating improved reliability [1] - GPT-5's pricing is competitive with other leading models like Gemini 2.5 Pro, showcasing a significant enhancement in cost-performance ratio [1] Industry Implications - The rapid updates and iterations from OpenAI and other model developers are indicative of an arms race among tech giants in the frontier model space [1] - The advancements in reasoning, scaling laws, and multimodal capabilities are leading to exponential growth in computational power [1] - Enhanced reasoning abilities are unlocking possibilities for complex application scenarios, particularly in specialized fields such as programming and healthcare [1] Investment Recommendations - In the U.S. tech sector, it is advised to focus on infrastructure and AI applications [1] - Key areas for investment include AI computing chips, High Bandwidth Memory (HBM), AI networking equipment, Internet Data Centers (IDC), foundational and application software, and internet services [1]