CITIC Securities says Meituan completed end-to-end training on June 30, 2026 and
inference of a trillion-parameter model on a 50,000-card China domestic compute
cluster, marking a capability shift from inference to training. DeepSeekV4
final, due mid‑July, will introduce peak‑valley pricing with peak API call
prices doubling, and domestic compute supply constraints are intensifying. CITIC
says order visibility for domestic compute has materially improved; chip design
firms with confirmed customer orders and priority capacity allocation should be
first beneficiary. The broker remains constructive on the China domestic
compute supply chain, citing scale-up opportunities from scarce advanced process
capacity to diverse design companies and super‑node operators, and expectations
strong growth momentum for advanced process, advanced packaging, advanced memory
and supporting suppliers.
