Demand for domestic computing power is accelerating, capital expenditure continues to rise, and the industrial chain has entered a period of performance realization. On the cloud vendor side, in the second quarter of 2026, Tencent and Alibaba together recorded capital expenditures exceeding RMB 120 billion, doubling quarter-on-quarter; Tencent stated that in the second half of the year, as domestic ASIC chips are delivered month by month, the growth rate of capital expenditure will further expand. On the telecom operator side, China Mobile has made it clear that computing power is the largest investment increment, with computing power investment expected to exceed RMB 100 billion in 2027. The capital expenditure structure of the three major operators has systematically shifted toward computing power. Driven by the capital expenditure of both telecom operators and cloud vendors, the construction of domestic intelligent computing centers and ultra-node clusters is comprehensively accelerating, demand for domestic computing power is improving at the margin, and the performance realization window for each positioned segment is opening in sequence. Focus can be placed on core domestic computing power segments such as IDC, connectors, and switches.