[CITIC Construction Investment: Maintaining long-term optimism about North American computing power and domestic AI computing power industry chain] On November 8, CITIC Securities released the 2027 annual investment strategy report for the communications industry, stating that the commercialization of large models will expand rapidly in 2026. As of the end of September 2026, the total ARR of OpenAI and Anthropic is approximately US$124 billion. The four major CSP vendors in North America will have a total capital expenditure of approximately US$208.7 billion in the third quarter of 2026, a year-on-year increase of 84.2%, and investment in AI infrastructure remains high-intensity. Recursive self-improvement (RSI) is expected to drive a leap in model capabilities. The AI ​​demand space continues to expand, AI programming has formed a clear commercialization path, and "pan-programming" fields such as design, modeling and simulation, as well as AI4Science and robotics have further opened up long-term growth space. CITIC Construction Investment remains optimistic about the prospects of the industry, optimistic about the demand for computing power brought about by the development of AI, and maintains its long-term optimism about North American computing power and the domestic AI computing power industry chain.