According to a research report by CICC, data centers stand as the cornerstone of the burgeoning digital economy. Initially serving as mere repositories for data storage, providers of server hosting services have now transformed into vital infrastructure supporting cloud computing, big data analytics, and AI applications. Since the 1990s, data centers have traversed through phases of technological inception, industrial maturation, and cloud-driven transformation, now embarking on a new era of accelerated intelligent computing expansion. Projections indicate that industry demand will hit a pivotal point in 2024. The surge in intelligent computing has sparked a shift in demand dynamics, with data center requirements closely tied to the capital expenditures of cloud service providers. An uptick in server procurement by these providers is poised to propel data center demand. Looking ahead to 2025, the anticipated increase in capital investments by downstream cloud vendors and internet firms is set to catalyze substantial orders in the third-party IDC market, with demand recovery expected to stabilize new order pricing.