建筑装饰行业深度分析：算力需求爆发、新基建政策双轮驱动IDC景气度向上，建筑企业产业链多点开花

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The IDC industry is experiencing rapid growth driven by explosive demand for computing power and new infrastructure policies, with the market expected to exceed 750 billion yuan from 2025 to 2028 [6][9] - The IDC structure includes data centers, cloud services, and edge computing, which support various applications across multiple sectors [15][19] - The construction of data centers is primarily led by state-owned enterprises, while private companies are also participating through their technological advantages [46][47] Summary by Sections 1. Industry Data Foundation: IDC - IDC serves as the core of the digital economy, expanding its functions from basic data storage to supporting modern industrial ecosystems [15] - It provides high-performance computing and distributed computing resources essential for AI model training and data security [16] 2. Industry Chain: Upstream, Midstream, and Downstream Value Disparities - Upstream includes hardware and software suppliers, accounting for 71% of IDC construction investment [24] - Midstream involves construction companies that handle the design and construction of data centers, representing 25% of IDC investment [24] - Downstream consists of operators and service providers, with companies like China Energy Construction and China Communications Services expanding their roles [24][25] 3. Explosive Demand for Data Processing and Policy Support - The demand for IDC infrastructure is driven by the explosion of 5G data traffic and AI applications, with the market for servers expected to grow significantly [6][9] - Policies promoting regional data infrastructure development are enhancing the IDC layout, particularly in the northwest [6][9] 4. Investment Recommendations - Construction companies can leverage their resources to address energy consumption and power supply issues in IDC projects, suggesting a focus on companies like Deep Sanda A and China Construction [6][9] - Key investment targets include cloud computing companies and those involved in communication power construction [6][9] 5. Key Company Valuations and Financial Analysis - China Construction (601668.SH) has a current price of 5.35 CNY with a target value of 7.05 CNY, indicating a "Buy" rating [7] - Hainan Huatie (603300.SH) is also rated "Buy" with a current price of 12.22 CNY and a target value of 8.02 CNY [7]