Nvidia(US:NVDA)2025-07-16 00:55Investment Rating - The report maintains a positive bias on GDS, VNET, and SUNeVision, with GDS being the top pick in the industry [3][4]. Core Insights - The resumption of the sale of NVIDIA H20 GPUs in China is seen as a major positive for the data center industry, alleviating procurement bottlenecks for Chinese hyperscalers [2][3]. - The lack of GPUs was identified as a primary reason for the subdued domestic data center bookings in Q2 2025 and the significant decline in share prices of IDCs since March [2]. - A new tender for data centers from hyperscalers is anticipated soon due to the improved GPU availability [2]. Summary by Sections Industry Overview - The report categorizes the Greater China IT Services and Software industry as cautious, while the Greater China Telecoms industry is viewed as attractive [4]. Company Ratings - GDS Holdings Ltd (GDS.O): Overweight [76] - VNET Group Inc (VNET.O): Overweight [76] - SUNeVision Holdings Limited (1686.HK): Overweight [76] Market Dynamics - The report highlights that the resumption of GPU sales is expected to stimulate demand and potentially lead to a recovery in share prices for data center operators [2][3].