According to a research report by CICC, data centers play a key role in supporting the development of the digital economy. Data center service providers mainly provide hosting services for server physical computer room environments, which have gradually evolved from simple data storage in the early stage to core infrastructure supporting cloud computing, big data analysis and artificial intelligence applications. Since the 1990s, it has experienced the germination period of technology, the cultivation period of industrialization, and the transformation period of cloud computing. It has now entered a new stage after the rapid growth of intelligent computing. Industry demand will reach a turning point in 2024. Intelligent computing has brought about changes in demand. The demand for data centers is highly correlated with the capital expenditure of cloud vendors. The increase in server purchases by cloud vendors will be transmitted to the increase in demand for data centers. Looking forward to 2025, the capital expenditure of downstream cloud vendors and the Internet will show an upward trend, leading to the emergence of many large orders in the third-party IDC market. The recovery in demand is expected to bring about the stabilization of the price of newly signed orders year-on-year.