CITIC Securities research note: Cambricon and CHINA'S CPU MAKER HAIGUANG posted
Q3 revenue growth and QoQ gross-margin improvement. Domestic allocations and
higher rental rates for overseas high-end GPUs are keeping compute-service
demand and pricing firm. Integration of general-purpose large models with
execution frameworks is improving robot operational capabilities; leading
vendors are expanding capacity, and demand for high-quality interactive data,
simulation/synthetic datasets and evaluation systems should broaden physical-AI
industry demand. Recent PHP and LiteLLM supply-chain incidents underscore needs
for exploit mitigation, credential management and runtime protection; model
firms are advancing code verification and execution isolation, accelerating
adoption of AI-security products. CITIC highlights physical-AI data and
simulation, AI security, domestic chips, supernodes and compute-service
providers as key investment focus areas.
