UBS(US:UBS) Xin Lang Cai Jing·2026-01-14 12:27Core Viewpoint - The probability of an AI bubble in China is significantly lower compared to the United States, with no clear signs of an "AI bubble" in the short term, alleviating concerns in the capital markets [1][3] Group 1: AI Industry Analysis - Chinese model manufacturers are less prone to circular financing compared to their foreign counterparts, relying on healthy and sustainable cash flows from their parent companies to support AI research and investment [3] - China's capital expenditure strategy in the AI sector is more pragmatic and cautious, focusing on the return on investment and emphasizing research and development efficiency [3] Group 2: Data Center Management - Regulatory measures in China are controlling the excessive construction of data centers, with major companies adopting a steady and gradual approach to building their own data centers [3] - The average utilization rate of data centers in China has remained high and stable since the second half of 2024, supported by genuine AI-related workloads [3] Group 3: Future Outlook - The year 2025 is anticipated to be a pivotal year for the development of the AI industry in China, with early successes like DeepSeek significantly increasing global attention on Chinese AI [3] - The positive impact on the industry is expected to influence capital markets, prompting foreign investors to reassess Chinese assets, particularly in the technology sector [3] - The entire AI industry chain in China is projected to continue developing positively in 2026, building on the solid foundation established in 2025 [3]