万国数据-为人工智能驱动的上行做准备；DayOne 增长持续加速，维持增持评级

J P M O R G A N Asia Pacific Equity Research 21 August 2025 GDS Holdings Prepping for an AI-driven uptick; DayOne growth continues to accelerate; stay OW GDS 2Q results were largely in-line, with FY25 EBITDA and revenue guidance maintained (despite some deconsolidation of datacenter assets that have been injected into the ABS and C-REIT during 2025), indicating stronger underlying growth. For now, GDS appears to be still taking a more guarded approach to AI projects as customers are still awaiting final cla ...