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中国科技：AI 资本开支上行周期将推动 ODM 增长；上调 FIT 目标价至人民币 107.2 元；因估值偏高，下调浪潮信息至卖出 China Technology_ AI capex upcycle to drive ODM growth ahead; FII TP up to Rmb107.2; Inspur down to Sell on stretched valuation
2026-06-24 10:31
24 June 2026 | 3:11AM HKT Equity Research GREATER CHINA TECHNOLOGY AI capex upcycle to drive ODM growth ahead; FII TP up to Rmb107.2; Inspur down to Sell on stretched valuation Rising AI investments across US and China Cloud continue to drive AI servers ODM growth: GSe expectations are for US CSPs' total capex to grow at +76% / +35% YoY in 2026E / 2027E and China CSPs' total capex to grow at +80% / +20% YoY in 2026E / 2027E (see GS Server TAM updates). Among AI servers ODMs, we remain positive on Buy rated ...
