CITIC Securities: AI Computing Power Chain Shows Strong Growth; After Valuation Digestion, Focus Shifts to Performance Delivery

36Kr reports that a CITIC Securities research note states that in the first three quarters of 2026, revenue and net profit attributable to shareholders for the communications sector grew by 6.78% and 8.32% year-on-year respectively, with growth rates accelerating further in the third quarter. Net profits for the test instrument, GPU/ASIC, and cable sectors increased by 1160%, 720%, and 214% respectively in the first three quarters, while the upstream PCB sector saw a 661% surge in the third quarter as demand for AI computing power and related infrastructure continues to be released. As of October 30, the communications index PE-TTM stood at 34.1x; after significant digestion of earlier valuation premiums, market attention has shifted to performance delivery. North American CSPs continue to increase investments in AI infrastructure. CITIC Securities maintains a long-term bullish outlook on both North American and domestic AI computing power industry chains, focusing on high-speed optical interconnects, GPU/ASIC, and supporting infrastructure.