19 January 2026 | 12:59AM HKT Equity Research CHINA & ASEAN DATA CENTERS Dual-track expansion across chip supply, computing power demand and infrastructure capacity; Buy GDS/VNET/SUNeVision We believe the China data center sector, as a critical part on the middle layer of AI's 5-layer cake i.e. energy, chips, infrastructure, models, and applications, is set to benefit from stepped-up AI investments by China internet companies in to-C applications (opex) and AI capex (details in Navigating China Internet: Pi ...