世纪互联：有望进一步扩大算力储备以捕捉 AI 需求；维持买入评级

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 VNET Group (VNET): Internet trip takeaways: Potential for more capacity reserve expansion to capture AI demand; Buy We hosted VNET's Investor Relations Director on Mar 23 in Beijing as part of our China Internet trip. Key topics discussed: i) industry supply/demand dynamics; ii) unit capex and pricing trends; iii) Capacity expansion and location strategy; iv) Financing and capital recycling strategies. We are Buy rated with a 12m-fwd target price of US$15.5. Also read VNET 4Q25 ...