CITIC Securities released a research report saying that it is expected that strong demand for AI model training and inference will still drive the business performance of cloud computing companies upward. Although scarce computing power supply limits the acceleration momentum to a certain extent, with continued investment by major manufacturers and gradual delivery of data centers, the level of supply shortages is expected to continue to improve marginally in 2026, and the pace of order fulfillment is expected to become more stable. Overall, judging from the pace of order fulfillment and the data center reserves of various cloud vendors, the year-on-year growth rate of cloud computing revenue in 2026 is expected to accelerate further compared to 2025. Continue to be optimistic about the investment opportunities of first-tier cloud vendors in 2026.

CITIC Securities released a research report saying that it is expected that strong demand for AI model training and inference will still drive the business performance of cloud computing companies upward. Although scarce computing power supply limits the acceleration momentum to a certain extent, with continued investment by major manufacturers and gradual delivery of data centers, the level of supply shortages is expected to continue to improve marginally in 2026, and the pace of order fulfillment is expected to become more stable. Overall, judging from the pace of order fulfillment and the data center reserves of various cloud vendors, the year-on-year growth rate of cloud computing revenue in 2026 is expected to accelerate further compared to 2025. Continue to be optimistic about the investment opportunities of first-tier cloud vendors in 2026.