[CITIC Securities: What signals does the CDS spread reveal amid the AI ​​financing boom? 】On October 25th, CITIC Securities released a research report stating that the scale of AI capital expenditures continues to increase, and the financing costs of related entities are increasingly high. Superimposed on the changes in the macro environment in the third quarter, investors' attention to the credit risks of AI technology companies and the hedging demand have increased simultaneously, driving the AI ​​technology company credit default swap market to show a trend of both rising transaction volume and spreads. Although changes in market sentiment have driven the CDS spreads of related companies to generally widen, it has not yet evolved into a comprehensive increase in industry credit risks. The CDS spreads of major AI-related companies have shown gradient differentiation. In the context that AI infrastructure construction and bond financing are still in the expansion stage, the cross-sectional differentiation and dynamic evolution of CDS spreads may become an important indicator for observing the accumulation and transmission of credit risks in this round of AI capital expenditure cycle.