A research report released by Huatai Securities highlights that, despite variations in the primary entities involved and the statistical scope of China's computing-related capital expenditures in the first half of 2026, investment trends are increasingly converging towards the AI infrastructure sector. Cloud Service Providers (CSPs) are rapidly expanding their training and inference resources, while telecommunications operators are revamping their investment strategies by focusing on computing networks and AI Data Centers (AIDCs). This shift has broadened the scope of engineering construction, extending beyond equipment to encompass campus infrastructure and energy support facilities.

The report recommends evaluating beneficiary segments in the following order: "computing power supply—cluster architecture—high-speed networks—optical interconnects." Key factors to monitor include progress in orders and deliveries, indicators related to on-campus power supply and energy consumption, chip supply conditions, and the actual execution of downstream customers' capital expenditures.