CICC highlights that the Automatic Identification and Data Capture (AIDC) industry is progressively recovering, accompanied by an improvement in valuation efficiency. The existing order book is robust, providing a solid foundation for performance growth over the forthcoming 1-2 years. While new contract prices remain stable, project return rates are anticipated to edge up. Amidst robust demand, capital expenditures have surged, and diversified financing strategies have paved the way for industry expansion. The capital investments of domestic cloud providers significantly influence the performance and valuation of third-party data centers. Furthermore, a bottom-up assessment of computing power is set to optimize the supply-demand dynamics within the industry. Despite market jitters over the pace of overseas construction and potential policy shifts, domestic cloud vendors' capital expenditures persist, driving the industry towards an overall upward trajectory.