According to the CITIC Securities Research Report, demand for domestic computing power is being released at an accelerated pace, and driven by continued increases in capital development support, the industrial chain is entering a period of performance realization. On the cloud vendor side, the total capital expenditure of Tencent and Ali in 2026Q2 exceeded 120 billion yuan, doubling from month to month. Tencent management said at the second quarter results meeting that capital expenditure growth will expand further in the second half of the year as domestic ASIC chips are delivered month by month. On the operator side, on November 6, China Mobile made it clear that computing power is the biggest increase in the company's investment. In 2027, the computing power investment will exceed 100 billion yuan, and the capital expenditure structure of the three major operators has been systematically shifting to computing power. Driven by the two-wheel drive of “operator+cloud vendor” capital expenditure, the pace of construction of domestic intelligent computing centers and supernode clusters is accelerating across the board; demand for domestic computing power is rising marginally, and performance delivery windows for various card slots are opening one by one, focusing on core aspects of domestic computing power such as IDC, connectors, and switches.

According to the CITIC Securities Research Report, demand for domestic computing power is being released at an accelerated pace, and driven by continued increases in capital development support, the industrial chain is entering a period of performance realization. On the cloud vendor side, the total capital expenditure of Tencent and Ali in 2026Q2 exceeded 120 billion yuan, doubling from month to month. Tencent management said at the second quarter results meeting that capital expenditure growth will expand further in the second half of the year as domestic ASIC chips are delivered month by month. On the operator side, on November 6, China Mobile made it clear that computing power is the biggest increase in the company's investment. In 2027, the computing power investment will exceed 100 billion yuan, and the capital expenditure structure of the three major operators has been systematically shifting to computing power. Driven by the two-wheel drive of “operator+cloud vendor” capital expenditure, the pace of construction of domestic intelligent computing centers and supernode clusters is accelerating across the board; demand for domestic computing power is rising marginally, and performance delivery windows for various card slots are opening one by one, focusing on core aspects of domestic computing power such as IDC, connectors, and switches.