According to the CITIC Securities Research Report, we believe that North American CSP companies use advantages such as computing power resources, technology stacks, and customer service to play a central role in the global AI industry, and the second quarter report further strengthens our optimistic view of CSP companies. On the one hand, the acceleration of cloud business revenue, profit margins, and on-hand orders indicates that demand for AI continues to spread; on the other hand, leading CSPs are not sacrificing profitability due to large-scale capital expenditure, but instead achieve simultaneous improvements in capital expenditure and profit growth by dynamically adjusting the pace of investment and improving resource utilization efficiency. This is also an important reason for the capital market to re-evaluate the value of cloud vendors. Considering production capacity delivery and demand expansion in the second half of the year, the revenue growth rate of CSP manufacturers is expected to accelerate in the second half of the year. We continue to be optimistic about the relative allocation value of CSP companies in the North American technology sector.

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