高盛：中国人工智能服务器：中国云资本支出将支持未来增长；首次覆盖华勤和灵逸，评级为买入；浪潮评级为中性
高盛·2025-04-21 03:00
14 April 2025 | 12:15AM HKT China AI servers China Cloud capex to support growth ahead; Initiate Huaqin and Lingyi at Buy; Inspur at Neutral We initiate on the China AI servers supply chain: Inspur (brand), Huaqin (ODM), and Lingyi (component), and expect the supply chain to be driven by demand from their home market, China. In our global server report, we expect China Cloud capex to grow at 26% YoY in 2025E, and to stay at a similar high level in 2026E. As local foundation models enhance, we expect more ap ...