中国数据中心：2026 年增速放缓，2027 年重拾动能-China Data Centres_ 2026 slowdown, regain momentum in 2027

1 December 2025 China Data Centres Equities 2026 slowdown, regain momentum in 2027 2026 slowdown; potential acceleration in 2027: 3Q25 new wholesale order hasn't seen significant pick-up after 2Q's slowdown. We believe this is due to large wholesale clients delaying their capex before seeing more clarity on chip resolution – whether to wait for Nvidia's GPU greenlight, or make a full pivot to domestic chips. We think underlying demand remains intact, but growth will likely decelerate into 2026 due to high b ...