According to a research report by Huatai Securities, in the first half of 2026, China’s computing-related capital expenditures are set to focus heavily on AI infrastructure development. Cloud Service Providers (CSPs) will play a pivotal role by enhancing both training and inference computing capabilities, while telecommunications operators are expected to restructure their computing network investment strategies, with infrastructure projects expanding to include energy support systems within industrial parks. To capitalize on these trends, Huatai Securities advises investors to focus on key segments within the domestic computing infrastructure chain, following the workflow of “computing power provision → cluster architecture → high-speed networking → optical interconnection.” Particular attention should be given to factors such as order fulfillment progress, energy consumption efficiency in industrial parks, chip supply chain stability, and the materialization of downstream customers’ capital expenditure commitments.