Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - The "Spring Festival 30 Billion Free Order" event launched by Qianwen App led to a surge in orders, causing system crashes and highlighting the current shortage of computing power resources among major AI companies like Alibaba. This event indicates a growing demand for computing power, which is expected to increase as companies compete for AI application traffic during the Spring Festival [2][4][8] - Major companies, including Tencent, ByteDance, and Baidu, are expected to engage in a "traffic war" during the Spring Festival, collectively investing approximately 4.5 billion to secure AI entry points, further driving the demand for computing power [8] - The report suggests focusing on domestic computing power chip manufacturers, particularly industry leaders like Cambricon and Haiguang Information, as well as companies involved in computing power leasing and IDC [2][8] Summary by Sections Event Description - On February 6, Qianwen App launched a promotional event that resulted in a significant increase in orders, with over 1 million orders placed within 9 hours, setting a new record for the beverage industry. The system faced a peak request processing rate 30 times higher than normal, leading to a complete server crash [2][4][8] Market Dynamics - The report notes that the computing power demand is expected to continue to grow, especially with the increased capital expenditures (CapEx) from major overseas cloud service providers (CSPs) like Amazon, Google, Meta, and Microsoft, which are projected to exceed 600 billion USD in total for 2026 [8]