解读中国互联网：后续方向与核心焦点- 财报季之后的讨论；中国互联网出行要点-Navigating China Internet_ What to do from here & key focuses_debates post results season; China Internet Trip takeaways

8 December 2025 | 12:19AM HKT Equity Research NAVIGATING CHINA INTERNET What to do from here & key focuses/debates post results season; China Internet Trip takeaways We lift the Cloud & Data Centers sub-sector to our top preferred (to #1, from #3) post 3Q results/after our recent China Internet Trip, given our expectations of sustained AI growth momentum on the back of AI training/inference demand, hyperscalers' multi-chip approach and data centers' positive order volume outlook, capex expansion and capital ...