Chinese Internet Data Centre Sector Quarterly Chartbook - Issue #4: Q126: chip constraints weighed on move-ins

研报英文原文证据摘录

Chinese Internet Data Centre Sector Quarterly Chartbook - Issue #4: Q126: chip constraints weighed on move-ins

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Chinese Internet Data Centre Sector Equities

ChinaQuarterly Chartbook - Issue #4

Telecommunications

Q126: chip constraints weighed on move-ins

Sara Wang

Analyst

sara.wang@ubs.com

Pipeline-to-operating ratio is declining, suggesting continued supply discipline +852-2971 7280

According to UBS Evidence Lab data center monitor, China's total IT power in service Jasmine Huang

reached 21.4GW as of Q126, largely flat QoQ, with a 74.2% average utilization rate. Analyst

Total IDC capacity, including in service, under construction, and planned, remained S1460523060001

largely stable (Figure 1TotalChinaIDCcapacityremainedstableigure1). Total China IDC capacity remained stable after an increase in jasmine-za.huang@ubs.com

Q125 driven by AI demand, and thus pipeline coverage ratio (total IDC capacity / +86-21-3866 8947

capacity in service) is declining in China, vs. increasing in other markets globally, Navin Killa

supporting our view that new power quota release is conditional on chip supply as the Analyst

central NDRC is trying to avoid overbuild. That said, we expect pricing to remain stable navin.killa@ubs.com

(with early signs that pricing increased in certain locations), as leading IDC operators +852-2971 7594

reported to secure meaningful new power quotas in early 2026 to fulfil future demand.

Demand skews towards Northern China

UBS Evidence Lab data shows 347MW net adds in IT power utilized in Q126, slowing

down from 935MW in Q425 and 709MW in Q325 (full-year utilization net adds at

3.5GW in 2025), mainly due to chip supply uncertainties. New IDC demand mainly