【兴证计算机】算力：GTC有望引领产品迭代，模型出海带来新机会

Group 1 - The core viewpoint of the article emphasizes that the cost-performance ratio of the sector is improving, and the computing power industry remains in a state of prosperity [1] - The upcoming National People's Congress is expected to provide policy support, which could lead to increased investments in companies with strong competitive advantages [1] - Concerns about software being replaced by large models are present, but companies with high data barriers and deep scenario moats are expected to become more scarce [1] Group 2 - The domestic large model is gaining global traction, with the launch of the computing power partner program by Zhipu, leading to a rapid increase in the token call volume of domestic large models [1] - Nvidia's latest fiscal report indicates that its revenue is expected to exceed $200 billion by 2026, with a 75% year-on-year growth in data center business, reinforcing the high prosperity of the computing power industry [1] - The article suggests that investment opportunities in the computing power chain should be continuously seized [1]