乌兰察布数据中心用电量及万国数据调研更新

isage：+xh%MoMinYang.Liu@morganstanley.comOGaryyuCGary.Yu@morganstanley.comAsiaSummer NET Group Inc zacowasap.ocmwonay2o2oberoreaccoanengrorGreaterChina TeDased on our estates.stook Ratingdicates still solidmove-inwithintheregion.IndustryViewtricity usago pou assounts for G 7% of total cesial usago in thePrice targetetthertyasagehowaccounesforo.roortotatsociatusagefthesbrgricesilesepnce(uw) uno pano usmkt.cap,.cunmy25%P comnaniesceyResearch.InvResearcn as o Base case,10-year discounted cash flow (DCF)model. Our assumption of weighted average cost of capital (WACC) is 8.7%, with a 4.0% cost of debt, 14.0% cost of equity and 50% debtweighting.We assume a terminal growth rate (TGR) of 3%. Meet theAuthorsFurther interest rate cuts in China or the USProgress in asset monetization via REITs at accretive valuations GauravSrivastavaJamesCerkovnik The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (which accepts the responsibility for its contents) and/or MorganStanley Asia (Singapore)Pte. (Registration number199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibilty for its contents and should be contacted with respect to any matters arising from, orin connection with, Morgan Stanley Research),and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Colnternational plc, SeoulBranch,and/or Morgan Stanley Australia Limited(A.BN.67 003 734 576,holderof Australian financialservices license No. 233742, which accepts responsibility forits contents),and/or Morgan Stanley Wealth Management Australia Pty Ltd (A.B.N. 19 009 145 555,holder of Australian financialservices license No. 240813, which accepts responsibility for its contents), and/or Morgan Stanley India Company Private Limited having Corporate Identification No (CIN)U22990MH1998PTC115305,regulated by the Securities and Exchange Board of India (CSEBI) and holder of licenses as a Research Analyst (SEBI Registration No.INH000001105); Stock Broker(SEBI Stock Broker Registration No. INZ000244438),Merchant Banker (SEBI Registration No.INM000011203),and depository participant with National Securities Depository Limited (SEBIRegistration No.IN-DP-NSDL-567-2021)having registered office at Altimus, Level 39 &40,Pandurang Budhkar Marg, Worl, Mumbai 400018,India Telephone no.+91-22-61181000; ComplianceOfficer Details: Mr. Tejarshi Hardas, Tel. No.: +91-22-61181000 or Email: tejarshi.hardas@morganstanley.com; Grievance officer details: Mr. Tejarshi Hardas, TeL No.: +91-22-61181000 or Emailmsic-compliance@morganstanley.comwhichacceptstheresponsibilityforitscontentsandshouldbecontactedwithrespecttoanymattersarisingfrom,orinconnectionwith,Morgan StanleyResearch, and their affliates (collectively, "Morgan Stanley). Morgan Stanley India Company Private Limited (MSICPL) may use AlI tools in providing research services. All recommendationscontained herein are made by the duly qualified research analysts.For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY,10036 USA.Forvaluationmethodologyand risks associated with anyrecommendation,rating orprice targetreferenced in this research report,please contact the Client Support Teamas follows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management),New York,NY10036USAAnalystCertification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Yang Liu; Tom Tang: Gary Yu. Global Research Conflict Management PolicyMorgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. A Portuguese version of the policy can be found at www.morganstanley.com.br Important RegulatoryDisclosures on SubjectCompaniesAs of May 29,2O26, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: China Communication Service Co Ltd, Far Eastone, GDS Holdings Ltd, VNET Group IncWithin the last 12 months,