According to the Huatai Securities Research Report, financing from overseas AI giants has moved from internal source coverage to debt accumulation and multi-tiered capital stacks. The overall share of debt financing in China's AI chain is still low, and the financing needs of major domestic companies have increased since Q2 '26. The impact of AI financing unfolds step by step through balance sheets, capital markets, and physical transmission, and potential risks need to be tracked from the application side, return, depreciation, and physical bottlenecks. According to our assumptions of the 26-30 Capex compound growth rate of 2%, 10%, and 20%, the total domestic AI financing demand in 2026-2030 is 1.27-3.5 trillion yuan, corresponding to the additional supply of domestic bonds of 913-2608 billion yuan, with an average annual supply of 183-52.2 billion yuan. The key is how to solve bottlenecks in use, currency, term, etc. to release AI-related bond supply. Short-term AI financing or more will bring about structural changes in bond supply, affecting varieties such as science and innovation bonds, panda bonds, REITs, and offshore bonds .

According to the Huatai Securities Research Report, financing from overseas AI giants has moved from internal source coverage to debt accumulation and multi-tiered capital stacks. The overall share of debt financing in China's AI chain is still low, and the financing needs of major domestic companies have increased since Q2 '26. The impact of AI financing unfolds step by step through balance sheets, capital markets, and physical transmission, and potential risks need to be tracked from the application side, return, depreciation, and physical bottlenecks. According to our assumptions of the 26-30 Capex compound growth rate of 2%, 10%, and 20%, the total domestic AI financing demand in 2026-2030 is 1.27-3.5 trillion yuan, corresponding to the additional supply of domestic bonds of 913-2608 billion yuan, with an average annual supply of 183-52.2 billion yuan. The key is how to solve bottlenecks in use, currency, term, etc. to release AI-related bond supply. Short-term AI financing or more will bring about structural changes in bond supply, affecting varieties such as science and innovation bonds, panda bonds, REITs, and offshore bonds .