通信行业周专题：IDC产业链中报复盘，重视智算需求及产业链延伸机会！

Investment Rating - The report maintains a "Positive" outlook on the industry, indicating that it is expected to outperform the overall market performance [3][24]. Core Insights - The report emphasizes the importance of AI-driven computing needs and the opportunities for extending the industrial chain, particularly in the context of the construction of intelligent computing centers in China [3][4][10]. - Operators are accelerating the construction of computing networks, with significant investments in national computing networks and intelligent computing scale [3][6]. - The IDC sector is evolving, with AIDC emerging as a new growth driver, leading to a shift in demand towards high-density computing solutions [4][10]. Summary by Sections Operators - Operators are focusing on the rapid development of computing networks, particularly in the context of the "East Data West Computing" initiative, with significant investments in nationwide computing networks and intelligent computing scales [3][6]. - In the first half of the year, mobile computing scale reached 8.2 EFLOPS (FP32), while intelligent computing scale reached 19.6 EFLOPS (FP16), exceeding annual construction targets [3][6]. IDC Sector - AIDC is identified as a new growth pole for the industry, with traditional IDC resources undergoing transformation due to the increasing demand for high-density computing [4][10]. - The report notes that the majority of existing data centers cannot meet intelligent computing demands, necessitating new constructions that align with power density and temperature control requirements [10][12]. - Companies like Runze Technology and Aofei Data are effectively leveraging their IDC capabilities to attract AI companies and enhance their service offerings [7][9]. Industrial Chain Extension - The report highlights the critical need for liquid cooling and DCI networks in the context of rising computing demands [4][15]. - The liquid cooling market is projected to experience significant growth, with a compound annual growth rate of 59% from 2023 to 2027, driven by the need for efficient cooling solutions in high-density computing environments [15][17]. - DCI networks are also expected to see increased demand as multiple data centers require efficient interconnectivity to form computing clusters [15][17]. Related Companies - Key players in the IDC segment include Baoxin Software, Aofei Data, Runze Technology, and Guanghuan New Network, while upstream players include Yingweike, Kehua Data, and Zhongtian Technology [5][18].