Hong Kong stock concept tracking | Cloud service providers raise prices and enter the computing power leasing market (with concept stocks)

Morgan Stanley released a research report on the Chinese cloud and data center industry on May 3, 2026. Based on field visits and exchanges with leading data center operators and emerging cloud vendors in the domestic market, the core judgment is that the industry demand outlook is significantly optimistic and the market has underestimated the current industry prosperity. The computing power leasing market has shown significant characteristics of a seller's market, and supply chain capacity has become the core competitive barrier for vendors. To secure computing power capacity, customers are willing to provide more favorable cooperation terms, including raising prices to expand vendor gross profit margins and making advance payments, etc. To control operational risks, computing power leasing vendors usually require customers to sign leasing contracts covering the entire lifecycle of the equipment. Although many domestic cloud vendors have announced price increases, the price adjustments will be a rolling process, and the pace of implementation depends on the scale of new contracts signed and the renewal of existing contracts. As most contracts in the industry have a one-year cycle, the revenue generated from this round of price increases will mostly be realized in 2026. Sealand's research report mentioned that the inflection point for AI inference has arrived, and the computing power leasing market has entered a cycle of simultaneous growth in quantity and price, which is a core track with strong certainty in the current AI industry chain. They maintain a "recommended" rating for the industry. CITIC SEC believes that in the cloud industry chain, demand is pushing up price levels, leading the cloud industry chain into a cycle of simultaneous growth in quantity and price. In terms of computing power leasing, the supply of high-quality computing chips is slightly tight, and the leading computing power leasing vendors have prominent competitive advantages, with high leverage improving high-growth certainty. They suggest paying attention to cloud industry chain and computing power leasing related stocks. Hong Kong stocks related to cloud vendors + computing power leasing: GD-HKGBA HLDGS(01396): The company has officially completed the acquisition of Tiandun Data to achieve business restructuring. Shenzhen Tiandun Data Technology Co., Ltd. is one of the first-class intelligent computing construction operating companies in China. It is one of the earliest enterprises to layout A-level national standard third-party data centers in China and can provide "green intelligent computing" full lifecycle services. It operates more than 30,000 equipment racks nationwide, with a total computing power scale exceeding 50,000P. Since its establishment, Tiandun Data's revenue has continued to grow rapidly, reaching 174 million Yuan in the first quarter of 2025. It also has orders exceeding hundreds of billions Yuan and has initiated a "dual-market development strategy in China and internationally". It plans to build multiple intelligent computing data centers in overseas markets in the future. GDS-SW (09698): China's leading high-performance data center operator, covering first-tier cities in China and Southeast Asian markets, providing hosting services to large Internet companies, cloud service providers, and financial institutions. The growth in mainland entrants continues, mainly benefiting from the speed of entry of large Internet companies. SUNEVISION (01686): The leading data center company in Hong Kong, with the support of SHK PPT, leading market share in Hong Kong and continuously expanding data center capacity. The demand for AI inference has become a new growth point, with MEGA IDC being the future focus. The company stated that international and mainland China demand for ultra-large scale customers is increasing, significantly increasing inquiries around AI inference and high-density deployments. KINGSOFT CLOUD(03896): Public cloud services are one of the main drivers of revenue growth for KINGSOFT CLOUD, with its AI-related business growing for six consecutive quarters, becoming a key driver of public cloud growth. The ecosystem ratio of cooperation with Xiaomi has increased to 25% of total revenue. With the growth in Xiaomi's car sales, the order size is expected to continue to expand. Weichai Power(02338): Weichai Power achieved double-digit growth in performance in the first quarter, with profit growth outpacing revenue growth. The sales of large-bore engines in the first quarter exceeded 3,000 units, an increase of 21% year-on-year. The sales of large-bore engines for data centers have climbed to over 500 units, a year-on-year increase of over 240%, with overall delivery speed increasing, and it is expected that the shipping volume will maintain rapid growth in the coming quarters.