The CICC research report points out that in the past six months, leading technology companies represented by major domestic Internet companies have unleashed a stronger will and confidence in AI models and commercial innovation based on big models. DeepSeek has further triggered a profound restructuring of the global perception of “Chinese AI” capabilities. Supported by this opportunity, leading domestic CSP vendors have set off a wave of investment. We expect their capital expenditure to enter a new upward cycle driven by AI. Judging from the data center investment structure, we judge that mainstream domestic suppliers in the fields of servers, switches, optical modules, etc. are expected to benefit from this upward wave of capital expenditure.

The CICC research report points out that in the past six months, leading technology companies represented by major domestic Internet companies have unleashed a stronger will and confidence in AI models and commercial innovation based on big models. DeepSeek has further triggered a profound restructuring of the global perception of “Chinese AI” capabilities. Supported by this opportunity, leading domestic CSP vendors have set off a wave of investment. We expect their capital expenditure to enter a new upward cycle driven by AI. Judging from the data center investment structure, we judge that mainstream domestic suppliers in the fields of servers, switches, optical modules, etc. are expected to benefit from this upward wave of capital expenditure.