CITIC Securities: Domestic Compute Demand Rising; Focus on IDC, Connectors, Switches

The notable shift here is framing: domestic compute is moving from a policy narrative to an earnings-realization story, with CITIC pointing to sequential performance windows rather than a single synchronized upturn. That sequencing matters because it implies dispersion across the supply chain, with IDC, connectors and switches named as the segments closest to monetization. The signal is a brokerage view, not reported results, so whether capex from telecom operators and cloud providers actually converts into disclosed earnings remains the open question.