en.Wedoany.com Reported - According to a CITIC Securities research report, with the explosion of Agent applications and multimodal ecosystems, there is a mismatch between capital expenditure and computing power demand, and global token usage is ushering in a new round of accelerated growth. CITIC Securities believes that in the next two years, the cloud industry chain is expected to enter a major development year with simultaneous growth in volume and price. This judgment is based on three factors: the increase in AI inference demand, the upward cycle of cloud providers' capital expenditure, and the structural tightness in computing power supply.
Regarding the cloud industry chain, CITIC Securities points out that demand is pushing up price levels, and the cloud industry chain is entering a cycle of simultaneous growth in volume and price. Specifically, the explosion of AI applications is driving a continuous rise in inference computing power demand, improving the resource utilization rate of cloud service providers. At the same time, the depreciation cost of new computing power infrastructure is relatively fixed, leading to improved marginal returns. Additionally, the capital expenditure guidance for major overseas cloud providers in 2025 indicates a year-on-year increase of about 25% to 30%, and leading domestic cloud providers have also raised their annual capital expenditure budgets, directly driving shipments in upstream segments such as servers, data centers, and optical modules.
Regarding computing power leasing, the supply of high-quality computing power chips is tight, and leading computing power leasing companies have prominent advantages in securing positions. According to CITIC Securities analysis, affected by advanced process capacity limitations and export controls, the spot delivery cycle for high-performance GPUs like the H100 and B200 remains above 12 weeks, and leasing prices have accumulated an increase of about 18% since the first quarter of 2025. Leading computing power leasing companies, with their stable chip procurement channels and large-scale computing power clusters, can achieve higher leverage, thereby enhancing the certainty of performance growth. CITIC Securities recommends focusing on targets related to the cloud industry chain and computing power leasing, including cloud service providers with large-scale data center resources, leasing companies with advantages in securing scarce GPU positions, and platform-based companies providing software services for computing power scheduling.
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