[CITIC Securities: AI Applications and Cloud Business Resonance, Remain Optimistic About the Computing Power Industry Chain] DeepTech TechFlow reports that on August 25, CITIC Securities' research report stated that on August 21, OpenAI reduced the price of GPT-5.6SolAPI by over 20%, further lowering the cost of high-performance model usage. This is expected to drive growth in high-token scenarios such as Agents and code generation, continuously boosting inference-side computing power demand. Alibaba's latest quarterly AI Cloud and Compute Services revenue reached approximately 48.4 billion yuan, a year-on-year increase of 45%. Revenue from AI-related products has achieved triple-digit growth for 12 consecutive quarters, confirming that AI demand is accelerating toward commercial realization. We remain optimistic about opportunities in the industry chain driven by the commercialization of large models and the increasing demand for computing power, including optical modules, servers, liquid cooling, and cloud computing. (Jin10)