中信建投：大模型产业化应用周期才开始 带来的算力投资方兴未艾

Group 1 - The current user penetration rate of AI large models is still low, indicating that the development of large models is in the early to mid-stage [1] - The industrial application cycle of large models has just begun, leading to significant investments in computing power [1] - Capital expenditures are expected to grow alongside the revenue from large models, suggesting a high potential ceiling for investments [1] Group 2 - Both the North American and domestic supply chains for computing infrastructure are worthy of attention [1]