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<Research>BofAS Prefers GDS-SW, KINGSOFT CLOUD; Price Hikes Reflect Strong AI Demand
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BofA Securities listed in its report several eye-catching developments in China's AI industry it observed this week. ByteDance released Seedance 2.0, a next-generation video generation model with advanced multimodal capabilities. KNOWLEDGE ATLAS (02513.HK) launched its flagship GLM-5 model, which delivers improved programming and reasoning performance. Due to strong demand, the company has also raised prices for new users of its GLM programming solutions by at least 30%. In the public cloud sector, UCLOUD (688158.SH) announced price hikes for all product and service renewals as well as new orders. From BofA Securities' perspective, these developments have key implications for China's data center sector, including accelerated iteration of domestic AI foundation models and stronger data center demand driven by model training. Enhancements in programming, reasoning, and multimodal capabilities may speed up adoption among enterprises and developers, boosting demand for inference-side data centers. Meanwhile, public cloud providers raising prices could further stabilize IDC leasing price trends, and robust AI demand may continue to support cloud service pricing and facilitate the pass-through of rising hardware and memory costs. Overall, BofA Securities is bullish on VNET (VNET.US) and GDS-SW (09698.HK) in the data center sector, as well as KINGSOFT CLOUD (03896.HK) in the public cloud sector. Stock | Investment Rating | Target Price VNET (VNET.US) | Buy | USD15.1 → USD17.9 GDS-SW (09698.HK) | Buy | HKD49.1 → HKD55.6 KINGSOFT CLOUD (03896.HK) | Buy | HKD 8.8 AAStocks Financial News |
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