A research report by CITIC Securities states that during the 2026 Spring Festival, the volume of token calls for domestic large language models surged dramatically. In the week leading up to February 22, the top three models in global token usage were all domestic large language models. CITIC Securities believes that this explosive growth in token usage essentially reflects the exponential expansion of AI inference demand. With their cost advantages and an increasingly robust ecosystem, domestic computing power is expected to gradually dominate the infrastructure layer. The report recommends focusing on valuation re-rating opportunities driven by increased interconnection density among supernodes, including sectors such as optical communications, high-speed line modules, switching chips and switches, and IDCs.