The Global Point

Research evidence excerpt

The Global Point

Point |

Monday, 22 June 2026

Asia | CEEMEA | Latin America | Western Europe | Key Rating and Target Price Changes

Asia

China Data Centers - Riding China’s AI Infrastructure Buildout

China’s data center (DC) space is structurally pivoting. In this cross-sector analysis

covering China’s DCs and C-REITs, we delve into the convergence of AI capex,

structural DC demand, and an emerging REIT capital recycling mechanism to

highlight what we think is a compelling infrastructure investment thesis. In 2025,

DC supply was 34.3GW with a 68% utilization rate, a market still absorbing the

last wave of capacity buildout. Looking ahead, China’s Rmb2trn AI infrastructure

initiative and surging hyperscaler capex will drive supply to 52.8GW by 2028E, we

estimate, with utilization of over 70%.

Kyna Wong | Yiming Li, CFA | Griffin Chan | Cindy Li | Zhiwei Zhang

China Sportswear - Takeaways from Citi Consumer Corp Day; Updated sector

pecking order

Per mgt of Anta, Li Ning & Topsports on Citi Consumer Corp Day (on Jun 17-18),

China sportswear retail sales in April-May appeared to be slowed vs 1Q26 amid

uncertain macro backdrop and some consumption shift from April-May to CNY.

While remaining long-term positive on China sportswear sector, we anticipate

increased stock volatility in July, when most companies report 2Q26 retail sales

with likely updated color on 26E guidance. For Anta, we expect mgt to maintain its

both topline and margin 26E guidance, given its strong 1Q sales beat and relatively

low 26E guidance (since inception of 2026). For Li Ning, despite its likely

reiteration of 26E NPM guidance (at HSD, widely ranged at 6.5%–9.4%), we

anticipate its increased challenges for 26E topline guidance (+HSD YoY). Our