CITIC Securities: Advances in AI technology drive terminal prosperity, with significant potential for AIDC demand

China Merchants Securities released a research report stating that DeepSeek has suspended API service recharges due to tight server resources. The short-term supply-demand imbalance has led to resource constraints, but in the long term, the improvement in AI efficiency will drive the popularization of end applications. Low-cost models will help expand the domestic computing power industry chain. Overseas AI capital expenditures are strong, with companies like Meta and Amazon exceeding expectations in their 2024 financial reports. Trump plans to invest $500 billion in AI infrastructure, and France will also invest €109 billion. Risk warnings include AI terminal demand falling short of expectations