HK Stock Concept Tracker | AI-Driven Computing Power Investment; BofA Expects Global Data Center Spending to Double by 2028; AIDC Industry Chain Momentum to Continue (with Concept Stocks)

Title context: HK Stock Concept Tracker | AI-Driven Computing Power Investment; BofA Expects Global Data Center Spending to Double by 2028; AIDC Industry Chain Momentum to Continue (with Concept Stocks) Text: Driven by growing demand for AI services, BofA Global Research estimated in a report released on Friday (October 23) that global data center spending will reach US$1 trillion (about RMB6.67 trillion) in 2026, and will double to US$2.1 trillion (about RMB14 trillion) by 2028. BofA Global Research said in the report that the global data center market was worth US$275 billion in 2022 and could reach US$2.93 trillion by 2030, with the entire market's compound annual growth rate from 2025 to 2030 reaching 37%, with AI the core DRIVE behind this round of expansion. Chipmakers and server developers have become the main beneficiaries of the data center construction boom. The large-scale deployment of AI large-model training and inference applications is reshaping the demand boundaries of computing power infrastructure. Zhong Xin, deputy director of the Guangdong Telecommunications Planning and Design Institute, said during the Smart China Expo that in the first half of this year, domestic token calls were about 1,000 times those of 2024, and the average annual growth rate of intelligent computing scale over the past three years reached 80%. With the explosion in demand, AIDC single projects are rapidly jumping to the gigawatt level, with single-rack power rising from the traditional 8 kilowatts to the hundred-kilowatt level. At the capital level, computing power infrastructure is ushering in a new round of investment peaks. Taking Alibaba as an example, during this year's Apsara Conference, it concentrated on disclosing the latest progress in three major directions: AI models, AI chips, and AI cloud: Alibaba's T-Head released "Zhenwu V900," its self-developed AI chip with the strongest computing performance in China to date, with computing power raised to 3 times that of the previous generation Zhenwu M890, and a single cluster can scale to 500,000 cards; the Qwen4 large model based on the new-generation architecture is already in training, and future versions such as Qwen4.5 and Qwen5 will expand to a parameter scale of 5 trillion to 10 trillion. Alibaba further explicitly stated that its goal is for the scale of global data centers operated by Alibaba Cloud to exceed 20GW by 2032. Competition among leading enterprises is also intense. Huawei's Ascend ecosystem continues to expand, Baidu's Kunlun Core third generation is advancing toward mass production, and internet giants such as ByteDance and Tencent are also making large-scale purchases of computing power infrastructure. Overseas, the 2026 capital expenditure guidance of the four major cloud vendors Microsoft, Google, Amazon, and Meta shows year-on-year growth of about 30%, with the vast majority directed toward AI computing power infrastructure. Industry analysis points out that the global AI infrastructure expansion process continues to accelerate, the computing power industry chain is in a highly prosperous construction cycle, and domestic core computing power-related enterprises are expected to fully benefit from the global AI infrastructure wave, with a clear long-term industrial growth logic. A Sinolink research report believes that there is a timing mismatch between computing power construction and power infrastructure construction. Data centers can be completed from planning to commissioning in a relatively short cycle, while substations, transmission lines, grid connections, and the delivery of large power equipment often require multi-year cycles, and power availability has become a core bottleneck constraining AIDC expansion. Related concept stocks: GBA AI COMP (01396): GBA AI COMP (01396) released its interim results for the six months ended June 30, 2026, with revenue growing tenfold: it achieved operating revenue of approximately RMB2.56 billion, a year-on-year surge of approximately 1,020.9%, taking revenue to a new level in one step, with surging growth momentum. Profit leapt by leaps and bounds: profit for the period was approximately RMB281 million, reaching 5 times last year's full-year net profit (approximately RMB56 million), with profitability achieving a leapfrog rise and reaching a new historical high. Computing power scale firmly ranks at the top of the industry: FP16 dense computing power scale exceeds 50,000 PFLOPS, firmly ranking at the top of the industry, forging the underlying strength of a 100,000-card-level ultra-large computing power cluster. VSTECS (00856): On August 20, VSTECS released its interim results for the six months ended June 30, 2026, with revenue of HK$52.61 billion, up 15.59% year on year; profit attributable to equity holders of the company was HK$915 million, up 49.87% year on year; basic earnings per share were 65.95 HK cents. The announcement said that due to growing demand across all segments, especially demand for consumer electronics and cloud computing brought by the AI boom and the popularity of electronic products, the group achieved considerable revenue during the period. The group will continue to implement strategies to increase market share and the types of products and services offered. This will help the group continue to focus on product types and development across all business segments. The group will continue to drive development with its broad product portfolio and network. LEOCH INT'L (00842): LEOCH INT'L released its 2026 interim results. The group achieved turnover of RMB6.952 billion (same unit below), down 17.61% year on year; profit attributable to owners of the parent was RMB138 million, up 32.29% year on year; earnings per share were RMB0.1, and it proposed an interim dividend of 1.8 HK cents per share. The announcement disclosed that revenue from the power solutions business decreased by 8.4% from RMB7.349 billion for the six months ended June 30, 2025 to RMB6.732 billion during the period, while revenue from the lead recycling business decreased by 79.8% from RMB1.0895 billion for the six months ended June 30, 2025 to RMB220 million during the period. CICC earlier pointed out that regardless of whether the power supply technology adopts UPS or HVDC, the guarantee of uninterrupted power supply for data center equipment comes from battery backup systems, which have a certain degree of demand rigidity. MORIMATSU INTL (02155): MORIMATSU INTL provides a variety of solutions such as containerized data centers, indoor integrated data centers, and large modular data centers in a modular manner, flexibly meeting customers' different needs. In addition, through continuous iterative self-developed software R&D and accumulation of engineering data, while improving its own production, management, and engineering service efficiency, the company has also gained the ability to build digital factories and provide agency operation services for customers. CHONGQING M&E (02722): Benefiting from the explosion in data center demand, the power systems businesses of overseas manufacturers such as Cummins have seen continued rapid growth in revenue and profit margins. It is worth noting that CHONGQING M&E's cooperation with Cummins began in 1981. As cooperation between the two sides continued to deepen, in October 1995, the two sides invested 50% each to jointly establish Chongqing Cummins Engine Co., Ltd. On October 28, 2026, Cummins, a global power technology leader, officially released the much-anticipated S29 mining engine. The launch event was held at Chongqing Cummins Engine Co., Ltd. This is another important milestone for the product after Cummins first disclosed information about the S29 at its Analyst Day in May 2026.