1、M FoundationInvestor Presentation:China Datacenters|Asia PacificSingapore Marketing Slides Morgan Stanley Asia Limited+Yang LiuEquity Analyst Yang.L +852 2239-1911 Tom TangEquity Analyst Tom.T +852 3963-1860 Gary YuEquity Analyst Gary.Y +852 2848-6918 Greater China TelecomsAsia PacificIndustry ViewA

2、ttractive Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research

3、as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this report.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member

4、and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.July 3,2025 04:58 AM GMTM Foundation2Where are we in the datacenter cycle?We are at a multi-year up cycle for the datacenter industrySour

5、ce:Morgan Stanley Research estimates.M FoundationMorgan Stanley Research3Inference demand seen as the key driver behind future capexSource:Company data,Morgan Stanley Research(E)estimates.We expect the top 6 companies capex to grow 62%YoY to Rmb373bnTop AI APPs in ChinaM Foundation4Implications for

6、datacenter vendorsSource:Company data,Morgan Stanley Research(E)estimates.We forecast datacenter orders of 3.7GW for the next three yearsWe project datacenter electricity will account for 2.9%of total usage in ChinaM FoundationMorgan Stanley Research5New supply was limited during the previous downcy