<p>（第一财经）4 月 7 日——计算能力的紧缺正在迅速蔓延至信息技术产业链的上下游，重塑中国 IT 分销商的商业模式，同时带来了现金流压力和与领先互联网公司合作的新机会。</p>
<p>对人工智能计算能力的需求激增显著延长了关键设备的交付周期，渠道合作伙伴告诉第一财经，高端 AI 服务器和核心组件通常需要提前几个月预约。“高端 AI 服务器和核心组件基本上都需要排队，有些项目需要提前几个月才能确保资源，” 他们表示。</p>
<p>在传统 IT 市场中，分销商的核心竞争力在于流通效率。他们通过批量采购获得价格优势，并通过分销网络迅速转售产品。高产品标准化和稳定供应使分销商能够通过这种模式产生稳定的利润。</p>
<p>然而，AI 时代打乱了这种动态。根据一家 IT 渠道分销商的高管介绍，自去年以来，图形处理单元和高带宽内存等关键组件面临周期性短缺。“对于某些型号来说，问题不在于价格高，而是缺货，” 该人士表示。</p>
<p>为了确保供应，许多分销商被迫提前建立库存，锁定了大量资本。由于需要大量资金来储备芯片和内存等关键产品，数字中国集团的经营现金流在去年出现了暂时的净流出，该公司高管在本月早些时候的 2025 年财报发布会上表示。</p>
<p>短缺为新企业客户打开了大门</p>
<p>尽管面临运营压力，上游组件的短缺也创造了新的市场机会，并为与之前难以接触的主要客户的合作打开了大门。</p>
<p>“我们的内存产品之前主要面向消费者市场。赢得企业市场的主要客户需要较长的验证周期。然而，在普遍短缺的情况下，我们公司最近开始向领先的互联网公司供货，” VSTECS Holdings 的一位经理告诉第一财经。</p>
<p>供应链不确定性的上升也增加了企业对国内计算能力解决方案的接受度。VSTECS 表示，去年来自国内计算能力相关业务的收入比前年增长了 27%，主要得益于与本地计算能力提供商的深入合作。</p>
<p>数字中国还披露，去年其来自互联网行业的合同价值超过 600 亿元人民币（87 亿美元），比前一年增长了九倍多，成为一个重要的新收入来源。</p>
<p>“去年，电子元件分销业务实现了 40% 的增长，其中很大一部分来自与顶级互联网客户的突破，” 数字中国首席财务官李静表示，并补充说该部门将继续成为重要的收入贡献者。</p>
<p>根据数字中国首席执行官李颖的说法，企业对 AI 的需求已从早期的 “技术探索” 转向 “流程重构”。在这一转变中，计算能力、模型和数据不再是单独采购，而必须围绕特定应用场景进行整体设计。这一转变也为分销商参与完整项目开发提供了机会，而不仅仅是作为硬件供应商。</p>
<p>因此，数字中国开始向领先的互联网公司提供综合服务，涵盖供应链、设备交付、计算能力租赁和运营维护服务，并正在探索进入计算能力基础设施建设，李颖表示。</p>
<p>数字中国目前持有近 50 亿元人民币（6.9 亿美元）的订单，并对国内计算能力的未来充满信心，李补充道。</p>
<p>编辑：唐诗华，艾米·莱恩</p>

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<p>计算能力的紧缺正在重塑中国 IT 分销商的商业模式，带来了现金流压力和新的机遇。人工智能需求的激增延长了关键设备的交付周期，迫使分销商提前建立库存。尽管面临运营挑战，短缺现象为新企业客户打开了大门，像神州数码这样的公司报告了来自互联网行业的显著收入增长。分销商正从硬件供应商转变为提供综合服务，反映出对计算能力和项目开发的整体性思考</p>

<p>(Yicai) April 7 -- A tight supply of computing power is spreading rapidly across the upstream and downstream of the information technology industry chain, reshaping the business models of China’s IT distributors while creating both cash flow pressure and new opportunities to work with leading internet companies.</p>
<div class="lb-trans"><p>（第一财经）4 月 7 日——计算能力的紧缺正在迅速蔓延至信息技术产业链的上下游，重塑中国 IT 分销商的商业模式，同时带来了现金流压力和与领先互联网公司合作的新机会。</p>
</div><p>The surge in demand for artificial intelligence computing power has significantly extended delivery cycles for key equipment, with channel partners telling Yicai that high-end AI servers and core components often require advance reservations months ahead. “High-end AI servers and core components basically all need to wait in line, and some projects need several months in advance to secure resources,” they said.</p>
<div class="lb-trans"><p>对人工智能计算能力的需求激增显著延长了关键设备的交付周期，渠道合作伙伴告诉第一财经，高端 AI 服务器和核心组件通常需要提前几个月预约。“高端 AI 服务器和核心组件基本上都需要排队，有些项目需要提前几个月才能确保资源，” 他们表示。</p>
</div><p>In the traditional IT market, distributors’ core competitiveness lies in circulation efficiency. They secured pricing advantages through bulk procurement and quickly resold products through distribution networks. High product standardization and stable supply allowed distributors to generate steady profits through this model.</p>
<div class="lb-trans"><p>在传统 IT 市场中，分销商的核心竞争力在于流通效率。他们通过批量采购获得价格优势，并通过分销网络迅速转售产品。高产品标准化和稳定供应使分销商能够通过这种模式产生稳定的利润。</p>
</div><p>However, the AI era has disrupted this dynamic. Since last year, key components such as graphics processing units and high bandwidth memory have faced periodic shortages, according to an executive at an IT channel distributor. “For some models, it’s not a matter of high prices but out of stock,” the person said.</p>
<div class="lb-trans"><p>然而，AI 时代打乱了这种动态。根据一家 IT 渠道分销商的高管介绍，自去年以来，图形处理单元和高带宽内存等关键组件面临周期性短缺。“对于某些型号来说，问题不在于价格高，而是缺货，” 该人士表示。</p>
</div><p>To secure supply, many distributors have been forced to build inventory in advance, tying up significant capital. Due to the heavy capital required to stock key products such as chips and memory, Digital China Group’s operating cash flow recorded a temporary net outflow last year, company executives said at the firm’s 2025 earnings briefing earlier this month.</p>
<div class="lb-trans"><p>为了确保供应，许多分销商被迫提前建立库存，锁定了大量资本。由于需要大量资金来储备芯片和内存等关键产品，数字中国集团的经营现金流在去年出现了暂时的净流出，该公司高管在本月早些时候的 2025 年财报发布会上表示。</p>
</div><p>Shortages Open Doors to New Enterprise Clients</p>
<div class="lb-trans"><p>短缺为新企业客户打开了大门</p>
</div><p>Despite the operational pressure, shortages of upstream components have also created new market opportunities and opened doors to cooperation with major clients that were previously difficult to access.</p>
<div class="lb-trans"><p>尽管面临运营压力，上游组件的短缺也创造了新的市场机会，并为与之前难以接触的主要客户的合作打开了大门。</p>
</div><p>“Our memory products were previously mainly targeted at the to-consumer market. It took a long validation period to win major clients in the to-business market. However, amid widespread shortages, our company has begun supplying leading internet companies in recent months,” a manager at VSTECS Holdings told Yicai.</p>
<div class="lb-trans"><p>“我们的内存产品之前主要面向消费者市场。赢得企业市场的主要客户需要较长的验证周期。然而，在普遍短缺的情况下，我们公司最近开始向领先的互联网公司供货，” VSTECS Holdings 的一位经理告诉第一财经。</p>
</div><p>Rising supply chain uncertainty has also increased corporate acceptance of domestic computing power solutions. VSTECS said revenue from domestic computing power-related businesses rose 27 percent last year from the year before, mainly due to deeper cooperation with local computing power providers.</p>
<div class="lb-trans"><p>供应链不确定性的上升也增加了企业对国内计算能力解决方案的接受度。VSTECS 表示，去年来自国内计算能力相关业务的收入比前年增长了 27%，主要得益于与本地计算能力提供商的深入合作。</p>
</div><p>Digital China also disclosed that its contracted value from the internet sector exceeded CNY60 billion (USD8.7 billion) last year, rising more than ninefold from the previous year and becoming an important new revenue source.</p>
<div class="lb-trans"><p>数字中国还披露，去年其来自互联网行业的合同价值超过 600 亿元人民币（87 亿美元），比前一年增长了九倍多，成为一个重要的新收入来源。</p>
</div><p>“Last year, the electronic component distribution business achieved 40 percent growth, with a significant portion coming from breakthroughs with top internet clients,” said Li Jing, chief financial officer of Digital China, adding that the segment will remain an important revenue contributor.</p>
<div class="lb-trans"><p>“去年，电子元件分销业务实现了 40% 的增长，其中很大一部分来自与顶级互联网客户的突破，” 数字中国首席财务官李静表示，并补充说该部门将继续成为重要的收入贡献者。</p>
</div><p>According to Li Ying, chief executive of Digital China, enterprise demand for AI has shifted from early-stage “technology exploration” to “process reconstruction.” In this transition, computing power, models, and data are no longer procured separately but must be designed holistically around specific application scenarios. This shift also gives distributors opportunities to participate in full project development rather than acting solely as hardware vendors.</p>
<div class="lb-trans"><p>根据数字中国首席执行官李颖的说法，企业对 AI 的需求已从早期的 “技术探索” 转向 “流程重构”。在这一转变中，计算能力、模型和数据不再是单独采购，而必须围绕特定应用场景进行整体设计。这一转变也为分销商参与完整项目开发提供了机会，而不仅仅是作为硬件供应商。</p>
</div><p>Digital China has therefore begun providing integrated services to leading internet companies, covering supply chains, equipment delivery, computing power leasing, and operation and maintenance services, and is now exploring entry into computing power infrastructure construction, Li Ying said.</p>
<div class="lb-trans"><p>因此，数字中国开始向领先的互联网公司提供综合服务，涵盖供应链、设备交付、计算能力租赁和运营维护服务，并正在探索进入计算能力基础设施建设，李颖表示。</p>
</div><p>Digital China currently holds nearly CNY5 billion (USD690 million) in orders and remains confident about the future of domestic computing power, Li added.</p>
<div class="lb-trans"><p>数字中国目前持有近 50 亿元人民币（6.9 亿美元）的订单，并对国内计算能力的未来充满信心，李补充道。</p>
</div><p>Editors: Tang Shihua, Emmi Laine</p>
<div class="lb-trans"><p>编辑：唐诗华，艾米·莱恩</p>
</div>

人工智能计算的紧缺正在重塑中国 IT 分销商的商业模式