According to a research report by CITIC Securities, since 2025, domestic AI big models have accelerated technological leaps through algorithm and engineering innovation. The low-cost DeepSeek -R1 has comparable reasoning capabilities to OpenAI o1; Alibaba has released the 100 billion-level MoE architecture model Qwen2.5-Max; Doubao has relied on ByteDance's ecological advantages to improve model capabilities; Tencent's Hunyuan big model has been deeply integrated into WeChat and other business scenarios. The progress of AI models + the explosion of AI demand have driven the overall improvement of Capex of domestic cloud giants. AIDC is the core foundation of AI computing power. At present, the scarcity of AIDC in first-tier cities is prominent, and leading companies with a large reserve of high-quality resources are expected to usher in explosive growth in demand.