In its latest research report, the Huatai Securities fixed income team pointed out that the proportion of debt financing in China's AI chain is still relatively low, but the financing demand from domestic large technology companies (big tech firms) has increased since Q2 2026. The report estimates that under different capital expenditure growth assumptions, the total domestic AI financing demand from 2026-2030 will be between 1.27-3.5 trillion yuan, corresponding to new onshore bond supply of 91.3-260.8 billion yuan, with an average annual supply of 18.3-52.2 billion yuan. The report mentioned that Tencent's capital expenditure in Q2 2026 increased by 176% year-on-year to 52.784 billion yuan, and its free cash flow turned negative for the first time; Alibaba's capital expenditure in Q2 2026 increased by 75% year-on-year to 67.678 billion yuan, and it announced a proposed placement of HKD 80 billion in new shares for AI development. Factors restricting onshore bond issuance include the procurement of high-end chips denominated in USD, institutional friction from the Red-chip VIE structure, and the relatively short maturities of onshore private enterprise bonds.