[CITIC Securities: The computing power industry is still growing but will return to rationality] On October 26, a CITIC Securities research report stated that the computing power field in China and the United States is in a highly prosperous construction cycle. Under rapid growth, North American computing power construction faces dilemmas at both ends of investment and financing: First, can the investment be repaid? Second, can financing be undertaken? China's computing power capital expenditure has a large space for growth, and the state-owned assets system, credit costs, and infrastructure carrying conditions are favorable. The key lies in the performance and production capacity of domestic computing power chips. 2028 may be the year when supply is released. On the whole, CITIC Securities believes that the industry is still growing but will return to rationality. Considering that the volume is highly concentrated, the valuation is comparable to that of "Science and Technology", and the "water withdrawal" of funds has rebounded while the net "water injection" has narrowed, the US stock market must be alert to the risk of adjustment.