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<Research>Citi: CN RMB2T AI Buildout Major Boost to Domestic Infra; LENOVO GROUP, ZTE to Benefit
The Chinese government plans to invest approximately RMB2 trillion (about USD295 billion) over the next five years to build a nationwide data center network, Citi said in a researc...
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<Research>Citi: CN RMB2T AI Buildout Major Boost to Domestic Infra; LENOVO GROUP, ZTE to Benefit
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The Chinese government plans to invest approximately RMB2 trillion (about USD295 billion) over the next five years to build a nationwide data center network, Citi said in a research report, citing Bloomberg. The plan, led by the National Development and Reform Commission, will be primarily operated by large SOE telecom operators and mandates that reliance on local AI accelerators must reach at least 80%.

The broker believed this will serve as a major catalyst for China’s digital infrastructure. Among beneficiaries, GDS-SW (09698.HK)  +0.480 (+1.489%)    Short selling $28.74M; Ratio 38.160%   and VNET Group, Inc. (VNET.US)      are capturing momentum with record wholesale bookings in 1Q26, while SOE telecom operators are set to solidify their positions as foundational operators in China’s AI economy.

Related News UBS: China Reportedly to Launch RMB2T AI Infrastructure Plan; SMIC (00981.HK), HUA HONG GRACE (01347.HK) to Benefit
Under the strategic directive requiring at least 80% reliance on local suppliers for key technologies, such as AI chips from Huawei, domestic semiconductor growth will accelerate rapidly. Citi viewed IEIT (000977.SZ)  +0.820 (+1.418%)   , LENOVO GROUP (00992.HK)  +0.360 (+1.573%)    Short selling $709.65M; Ratio 37.478%   , and ZTE (00763.HK)  -0.260 (-0.992%)    Short selling $16.38M; Ratio 3.780%   as key beneficiaries within the localized AI server ecosystem. The mandatory use of domestic chips will drive demand for AI servers in their supply-constrained server businesses.

In addition, the initiative will create a substantial addressable market for CHINASOFT INT'L (00354.HK)  -0.020 (-0.538%)    Short selling $8.61M; Ratio 18.104%   in domestic computing power and token-based AI services, as the company is an ITS and ISV partner of Huawei.
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