Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The global computing power construction is entering a new acceleration phase driven by expanding inference demand, innovative financing models, and increased capital expenditure from cloud service providers [1][4][21] - In the AI era, inference demand is driven by three variables: user count, usage duration, and usage depth, which are all expanding simultaneously [2][8][13] - Supply-side cooperation is deepening, with major cloud providers increasing their capital expenditures significantly, indicating a robust growth outlook for computing power infrastructure [3][20] Summary by Sections Demand Side - Inference demand is expanding due to increased user count, with OpenAI's monthly active users surpassing 800 million, indicating rapid penetration of AI applications [2][8] - The depth of usage is evolving as AI products transition from general Q&A tools to complex reasoning models, significantly increasing the frequency of inference calls [9][13] - Usage duration is extending as AI moves from passive response to proactive operation, with products like OpenAI Pulse enabling continuous reasoning, thus enhancing computing power utilization [13][15] Supply Side - Major collaborations are accelerating the pace of data center construction, with OpenAI partnering with leading computing power manufacturers like NVIDIA and AMD for large-scale projects [3][17] - Capital expenditure from North American cloud providers reached $113.4 billion in Q3 2025, reflecting a year-on-year increase of 78.42% and a quarter-on-quarter increase of 19.31% [20][23] - New financing models such as "computing power leasing" and "computing power debt financing" are emerging, alleviating the mismatch between large upfront investments and long-term returns, thus accelerating computing power cluster construction [4][19] Overall Outlook - The combination of sustained growth in inference demand and accelerated construction of computing power clusters is expected to lead the global computing power industry into a new expansion cycle, with a positive outlook for industry prosperity [21]