通信行业点评报告：国内AIDC需求或加速回暖

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights strong growth in AIDC demand driven by significant capital expenditures from Alibaba, which reported a 34% year-on-year revenue increase in Q2 FY2026 and an 80.10% increase in total capital expenditures [3] - Century Internet's IDC business shows robust growth with a 21.7% year-on-year revenue increase in Q3 2025, indicating a positive trend in AIDC demand [4] - The potential approval of the H200 chip is expected to boost domestic AIDC demand, enhancing the AI ecosystem in China [5] Summary by Sections AIDC Demand and Growth - Alibaba's capital expenditures reached 31.5 billion yuan in Q2 FY2026, up 80.10% year-on-year, with a focus on AI cloud computing infrastructure [3] - Century Internet's operational capacity increased to 783 MW, with a quarterly growth of 109 MW, reflecting a strong demand for IDC services [4] Chip Supply and Market Impact - The U.S. government's potential approval for the H200 chip could significantly enhance domestic AIDC demand and support the growth of the AI ecosystem in China [5] Investment Recommendations - Recommended stocks in AIDC data centers include Guanghuan New Network, Aofei Data, and others, while beneficiaries include WanGuo Data and Century Internet [6] - For AIDC cooling solutions, recommended stocks include Yingweike, with beneficiaries like Yinlun Co. and others [6] - In AIDC power supply, beneficiary stocks include Kehua Data and others [6]