CITIC Securities's comprehensive observation of WAIC2026 suggests following the following four layout with clear catalytic direction, focusing on industrial chain links with core technical barriers and large-scale delivery capabilities: 1) Domestic computing power and supernodes: scale-up interconnection is the most deterministic incremental link in localization of computing power, and the interconnection flexibility between switching chips and backboards is greater than that of a single chip; 2) MaaS: Computing power scarce superposition model. Neutral third-party platforms enter a double-click phase of high revenue growth and profit climbing; 3) Enterprise and vertical agents: industrial office and vertical data Barrier formation Scenario moat. It is recommended to focus on companies with scenarios and customer barriers that have taken the lead in completing the closed loop of commercialization and barrier verification; 4) Robovan: Shipments continue to increase, and it is recommended to focus on the catalysis brought to the industry after the introduction of industry regulations.

CITIC Securities's comprehensive observation of WAIC2026 suggests following the following four layout with clear catalytic direction, focusing on industrial chain links with core technical barriers and large-scale delivery capabilities: 1) Domestic computing power and supernodes: scale-up interconnection is the most deterministic incremental link in localization of computing power, and the interconnection flexibility between switching chips and backboards is greater than that of a single chip; 2) MaaS: Computing power scarce superposition model. Neutral third-party platforms enter a double-click phase of high revenue growth and profit climbing; 3) Enterprise and vertical agents: industrial office and vertical data Barrier formation Scenario moat. It is recommended to focus on companies with scenarios and customer barriers that have taken the lead in completing the closed loop of commercialization and barrier verification; 4) Robovan: Shipments continue to increase, and it is recommended to focus on the catalysis brought to the industry after the introduction of industry regulations.