ITC 板块将受益于国产链催化效应，如字节跳动发布 AI 硬件应用，有望 拉动底层算力需求，在当前底部位置、估值底部和基本面边际改善情况 下，该板块具有潜力增长空间。 综合考虑估值修复和基本面改善，预计 ITC 板块未来股价收益可达 30%-40%，回调空间有限，具备较高的投资性价比。 当前时点如何看 IDC 板块？20251202 摘要 IDC 行业在经历两个季度停滞后，四季度大厂资本开支规划乐观，预示 2026 年招标量有望创新高，百兆瓦级别大单落地，表明行业正从预期 走向兑现。 国产卡在 ITC 行业的接受度持续提升，世纪互联 50 兆瓦项目使用国产 卡，表明国产卡渗透率提高，与海外卡相关性降低，液冷项目为主的新 订单也反映了这一趋势。 IDC 项目审批权上收至国家发改委，导致新增供给减速，有助于优化当 前供大于求的市场状况，对 ITC 行业产生正面影响，首批通过审批项目 通过率不到个位数。 A 股主流 IDC 公司估值较低，如奥飞和润泽分别为 14 倍和 17 倍，低于 历史需求正常阶段的 10-20 倍估值下限，参考 REITs 估值，当前是布局 ITC 板块的较好机会。 万国和润泽 REITs 首 ...

Group 1 - The recent live broadcasts covered three main topics: domestic GPU shipment volumes, comparison of GPU chip parameters between domestic and international markets, and the hardware architecture of GB200, including the use of light and copper in GB200 [1] - The PPT content from the live broadcasts is sourced from the "Star Planet" platform, which also features financial models for SMIC and analyses of earnings reports from Amazon, Meta, and Google [3] - There is a growing demand for NVIDIA's ConnectX cards, and there are domestic alternatives available [4] Group 2 - The "Star Planet" platform is updated daily with industry information, foreign investment bank data, and selected analysis reports, with key information organized in a cloud drive for continuous updates [7]