The CITIC SEC Research Reports indicate that in the short term, due to macro factors and market discrepancies regarding actual demand, Global IDC Assets are experiencing significant volatility. Overseas companies rely on network effects and cautious, prudent capital expenditure investments, ensuring relatively healthy balance sheets and steady performance growth. Domestic IDC, as a capital-intensive business, has a long transmission cycle from capex investment to performance realization, and the market needs more reasonable expectations. It is expected that the second half of 2025 will be an important observation window for the performance of domestic IDC companies, and it is recommended to continuously pay attention to the medium- and long-term investment opportunities in first-tier IDC companies at home and abroad.