Heishi: The scale construction of computing power facilities is expected to become a significant investment theme.

Blackstone's investment outlook for 2026, as stated in its publication, emphasizes that AI remains a decisive force reshaping the investment landscape. Currently, data centers and the power generation sector are going through a prolonged capital spending cycle. At the same time, the application of AI in the real economy is laying the foundation for productivity growth. The private equity market is gaining advantages and is able to fill the funding gap between rising demand and limited supply. Structural supply shortages in computing power, electricity, and physical infrastructure have created a plethora of high-quality investment opportunities. In these areas, scale advantages and execution capabilities are crucial.