高盛：中国数据中心-去杠杆化及订单可见性改善支撑股价表现；买入 GDS_VNET

China Data Centers Deleveraging and improved order visibility to support share price performance; Buy GDS/VNET 4 July 2025 | 8:20AM HKT We maintain our constructive view on the China data center sector, and reiterate our Buy ratings on GDS/VNET with our 12m target prices at US$37/HK$36 for GDS/9698.HK (20%/20% upside) and US$12 for VNET (69% upside), respectively. Share prices of GDS/VNET underperformed the market for three consecutive months from Mar to May amidst dilutive convertible note/equity financing ...