Morning Trend | GDS main force is silent, when will capital return under the cooling of AI?

GDS had a lackluster performance yesterday, with significant main capital remaining cautious and trading volume shrinking for several consecutive days. Recently, the cooling demand for AI servers has become the core focus of the industry, with various messages repeatedly emphasizing the logic of 'cost reduction and efficiency improvement' and the factors of weak overseas demand, leading to a decline in the capital activity of the entire data center sector and a strong atmosphere of caution. From a technical perspective, the stock price has repeatedly found support at HKD 24.6 in the short term, while the resistance level at HKD 26.8 has not been effectively broken, and it continues to oscillate at low levels. On the industry level, there are no significant cooperation or expansion announcements, with the only market focus being the progress of overseas competitors in expansion, but the driving effect is limited, further highlighting the market's cautious sentiment. The MACD indicator remains bearish, with moving averages continuously exerting pressure and bullish momentum lacking. Most right-side trading funds are holding positions and waiting for new information, with 'volume-less rebounds' becoming the current market consensus. In terms of strategy, attention should be paid to intraday fluctuations in the industry and significant order movements. If there is a sudden increase in AI demand or a warming of policy, the main capital may take the opportunity to replenish. Participation should be cautious when there are no clear incremental signals during the trading session, and dynamic adjustments to risk exposure are necessary. In the short term, the focus remains on defense, responding flexibly to short-term changes based on trading data and news