汇丰HSBC：中国数据中心行业研究：OpenClaw带来更多上行潜力-260312（英文版）（17页）.pdf

1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ 14 to

2、16April2026Find out moreHSBC Global Investment Summit Catalyst 1:We believe OpenClaw will benefit data centre operators due to inference demand boom Catalyst 2,fund flow:gas turbine/diesel engine rally y-t-d;we think DC stocks should catch up Raise TP by c34%on GDS,preferred Buy with DayOne future f

3、inancing rounds/potential IPO catalyst;maintain Buy on VNET OpenClaws boom to benefit data centre stocks:We think OpenClaw might be the inflection point of Chinas mass market accelerated adoption of AI agents.We think recent AI model companies rally can be partially attributed to OpenClaw gaining po

4、pularity in China.Many cloud service providers like Tencent,Alibaba,and ByteDance have launched cloud-based solutions for OpenClaw.We believe this should boost AI model usage and increase inference demand,which benefits data centre operators.Rotation out of AI power to data centre operators:Gas turb

5、ine and diesel engine players have had a strong rally y-t-d:Weichai Power-H(+61%),Doosan Enerbility(+36%),GE Vernova(+24%),and Caterpillar(+20%).We believe the Middle East Conflict raises concern on energy cost and is driving rotation out of gas/diesel equipment suppliers.We think capital inflow to

6、DC operators will continue.First,data centre operators are more direct beneficiaries from OpenClaws inference boom.Second,data centre operators underperformed relative to equipment suppliers y-t-d(GDS/VNET up only 15%/23%),creating catch-up opportunity.Third,GDS/VNETs upcoming results announcements