中信建投：国产模型加速迭代，算力景气度持续

Odaily Odaily Planet Daily News China Securities Construction Investment believes that domestic models are continuously iterating. GLM-5.2 and Kimi K2.7 Code strengthen 1M context, long-range Agent, Agentic Coding, and real engineering delivery capabilities, pushing domestic models from general Q&A towards developer tools and enterprise-level workflows. Kimi enhances its international operation capabilities, DeepSeek's financing strengthens expectations for leading model industrialization, and WeChat's AI gray-scale testing shows that AI entry points are moving from independent apps to super app ecosystems, which is expected to increase model call frequency and inference token consumption.

Overseas, Anthropic's revenue, number of major clients, and financing scale continue to be revised upward, with demand for enterprise workflows and Agentic Coding still in an expansion phase. On the computing power side, AI cloud vendors' backlog is growing, GPU rental prices are rising, CPU and DRAM/NAND supply constraints are spreading, and the boom in computing power, storage, and rental services is expected to continue. (Jin Shi)