万国数据-蓄势国内扩张：重申 “买入” 评级，上调目标价至 54.5 美元

GDS Holdings GDS.OQ GDS US EQUITY: TECHNOLOGY Ready for domestic expansion Reiterate Buy with TP lifted to USD54.5 Domestic AIDC demand likely to accelerate in FY26F with improved chip supplies We expect continued momentum of AI-related capex spending by Chinese cloud service providers (CSPs) in FY26F, which should boost new bookings for independent data center operators in China, including GDS. We believe domestic CSPs' access to GPU chips, previously deemed to be a bottleneck for new AIDC (AI data center) ...