智通财经网·2025-05-19 03:14Group 1 - UBS analysts believe that market concerns regarding the sustainability of AI investments in China's data center industry are "excessive" and that the sector's valuation has become attractive after a 40%-60% pullback from its peak in February [1] - UBS maintains a "Buy" rating on GDS Holdings Limited (GDS.US) and Century Internet Group (VNET.US) due to strong fundamentals and potential catalysts from data center REITs that may boost stock prices [1] - The report indicates that despite macroeconomic uncertainties, UBS has lowered the target price for GDS from $58 to $45 and for VNET from $23 to $12.80, while reaffirming GDS as its preferred stock [1] Group 2 - UBS expects GDS to benefit from new AI-driven orders and its core infrastructure layout, while VNET's wholesale business is projected to achieve a 56% growth in EBITDA by 2026 [1] - Key conclusions from industry research include manageable impacts from U.S. chip bans, optimization of data center site selection around first-tier cities, and an increase in demand for high-power density racks [1] - UBS also notes that the progress of GDS's REIT approval may support its valuation, predicting that the industry's EBITDA compound annual growth rate (CAGR) will reach 20% by 2026 [2]