[CITIC Construction Investment Computer Industry Investment Strategy in 2027: It is recommended to focus on four directions including domestic computing power] On November 10, CITIC Securities Research Report stated that in 2026, the A-share AI industry will be based on the popularity of "crayfish", rapid model iteration and global Capex investment continues to increase, the computer sector will go out of the market in the first half of the year, "increased capital expenditures will drive hardware demand expectations to continue to rise", and in the second half of the year, "application expectations will heat up". Currently, the construction of domestic intelligent computing centers is accelerating, the penetration rate of domestic AI chips on the training and inference sides continues to increase, AI applications are moving from concept verification to vertical scenario implementation, model ARR and token growth are exponential, computing power service prices are rising, and the development of the AI ​​industry is maintaining a high prosperity. Looking forward to 2027, the main line of investment in the AI ​​industry will shift from investment expectations to ROI realization. The core variables of the industry are the speed of localization improvement and application commercialization verification. It is recommended to focus on the four directions of domestic computing power, AI applications and models, information innovation and future industries.