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《大行》瑞銀:中國互聯網數據中心行業處於需求拐點 首選萬國數據及世紀互聯
瑞銀發表研究報告指出,基於強勁的需求信號,隨着高端計算供應潛在緩解,預計中國互聯網數據中心(IDC)行業將從2026年下半年開始顯著加速。中國擁有高度集成的全國性電網和電信網絡,該行認為這將為AI驅動的需求提供支撐,並視萬國數據(GDS.US)與世紀互聯(VNET.US)為行業首選。該行因應更好的供需能見度上調行業預測,將2026至2028年的已利用IT電力...
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《大行》瑞銀:中國互聯網數據中心行業處於需求拐點 首選萬國數據及世紀互聯
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瑞銀發表研究報告指出,基於強勁的需求信號,隨着高端計算供應潛在緩解,預計中國互聯網數據中心(IDC)行業將從2026年下半年開始顯著加速。中國擁有高度集成的全國性電網和電信網絡,該行認為這將為AI驅動的需求提供支撐,並視萬國數據(GDS.US)      與世紀互聯(VNET.US)      為行業首選。

該行因應更好的供需能見度上調行業預測,將2026至2028年的已利用IT電力淨新增預測分別上調4%、25%及22%,至4.0吉瓦、5.8吉瓦及6.7吉瓦,預計到2028年總已利用IT電力將達到31吉瓦,意味着複合年均增長率達25%以上。瑞銀數據顯示,IDC利用率上升趨勢保持韌性,在token需求強勁及國產芯片產量提升的指引下,大型雲服務商的訂單積壓已延伸至2027年下半年。

該行提到,主要AI直接受益者的交易價格低於歷史平均水平及同行。由於市場對訂單執行和計算供應的信心疲軟,對中國增長較快的IDC運營商給予了較低估值,該行認為現時提供了極具吸引力的週期早期投資機會。(ad/u)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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