Summary of Conference Call Notes Industry Overview - The AIDC sector is influenced by BBAT financial reports and GPU resource supply, leading to short-term volatility, but the long-term outlook remains optimistic, with indications of a potential reversal of adverse factors, affirming AIDC as a core direction in AI [1][3] - The IDC industry is driven by CAPEX, order fulfillment, pricing logic, and blockbuster products, with current valuations nearing a low of approximately 10 times EV/EBITDA for 2025, presenting investment opportunities in Q2 due to supply-demand catalysts and policy understanding [1][5] - Supply-side tightening is expected to lead to rapid price recovery, alleviating market concerns over oversupply, as new regulations restrict the construction of large data centers outside eight key computing nodes [1][6] Key Points and Arguments - Demand from cloud vendors in Q2 and Q3, along with AI model drivers, is expected to boost demand for multi-modal products like Clean 2.0 video models, which significantly enhance computing power requirements, transitioning AI video from tool-level to film-level applications [1][9][10] - Multi-modal products require over 300 times the computing power compared to text generation, with blockbuster products consuming computing power comparable to DeepMind's large models, supporting high capital expenditure from cloud vendors [1][10] - The tightening supply side is anticipated to bring forward price increases, with cloud vendor tenders and product launches driving demand growth, leading to adjustments in EBITDA valuations for leading IDC companies [1][11] Additional Insights - The IDC industry's cyclical nature is influenced by four main trading logic factors: CAPEX and operator capital expenditures, order fulfillment, pricing logic, and the emergence of blockbuster products [4] - The current valuation levels of IDC companies are around two times, returning to low levels of approximately 10 times for 2025, indicating potential investment value [5] - The eight key computing nodes include regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau, with expectations for improved project listing rates in these areas [7] - The demand side is catalyzed by significant tendering periods for cloud vendors, with major companies like Alibaba, ByteDance, and Tencent expected to initiate data center tenders in May and June [9] - The domestic engine manufacturing sector is seeing increased participation in the cloud vendor supply chain, with a projected tightening of supply in 2025-2026, enhancing price certainty [2][12] - Companies to watch include Runze, Guanghuan Xinnet, and Aofei Data, with Aofei Data showing strong Q1 performance, alongside domestic engine and OEM manufacturers, and temperature control equipment suppliers like Yingwei, Gaolan, and Jialitu [16]