世纪互联：入驻与订单量改善推动估值重估

VNET Group (VNET.US, Buy, on CL) Move-in and order volume improvements to drive re-rating Oct 2025 Timothy Zhao Goldman Sachs (Asia) L.L.C. +852 2978-2673 timothy.zhao@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC ...