6月24日，2025世纪互联投资者大会在乌兰察布举行。会上，世纪互联宣布，将在未来10年建设总规模 达10GW Hyperscale 2.0的超大规模数据中心集群，通过构建电算融合的新型电力系统和区块链驱动的电 粒交易体系，成为一个1000亿度绿电的AI新型电力系统开放生态平台，让绿色直流从数据中心走进千 家万户。这一重大举措不仅能让世纪互联进阶为与客户联动联产，也将助力其最大机构股东山高控股 在"绿电+算力"赛道上持续领跑。 基于这些稀缺资源，山高控股和世纪互联此前已落子乌兰察布，总投资210亿元建设源网荷储一体化项 目。数据显示，该项目PUE值为1.15，较行业平均水平优化23%，是少有的把发电、电网、用电、储能 四个环节协同整合，跑通了全流程的深度融合标杆。据中泰证券的研报，100%山高新能源供电的乌兰 察布三期总计1GW容量数据中心项目完全达产时，预计每年约可产生增量经济效益13亿元。 值得一提的是，今年6月，绿电直连项目在国家层面获得政策支持。国家发改委、国家能源局联合发布 《关于有序推动绿电直连发展有关事项的通知》，首次明确允许光伏、风电等绿色能源项目，可通过专 线直接输送给特定用户。这也意味着， ...

AI发展浪潮下，山高控股（00412.HK）拟加码电算一体化产业布局。 分析人士指出，这一举措不仅能让世纪互联进阶为与客户联动联产，也代表山高控股将持续深耕"绿电 +算力"赛道，加码电算一体化的产业布局。 山高控股2021年下半年起启动战略转型，经过几年的投资布局后，山高控股已基本完成了"绿电"+"算 力"的产业布局。 在新能源领域，2022年，山高控股通过参控股山高新能源，深度布局风电、光伏等新能源领域，2024年 12月，山高控股再增持山高新能源，持股比例由43.45%提升至56.9%，深化在新能源领域的行业布局。 在算力领域，2023年，山高控股战略入股世纪互联，成为其最大的机构股东，旨在构建"绿电+算力"的 创新产业（300832）生态体系，为未来多元化发展奠定基础，而世纪互联中国领先的第三方中立数据中 心服务商。 6月24日，2025世纪互联投资者大会在乌兰察布举行。会上，世纪互联宣布，将在未来10年建设总规模 达10GW Hyperscale2.0的超大规模数据中心集群，通过构建电算融合的新型电力系统和区块链驱动的电 粒交易体系，成为一个1000亿度绿电的AI·新型电力系统开放生态平台，让绿色直流 ...

山高控股（00412.HK） 增持-B(首次) "新能源+新基建"双赛道耐心资本，打造电算一体化生态典范 2025 年 6 月 20 日 公司研究/深度分析 公司近一年市场表现 投资要点： | 年 月 基础数据：2024 | 12 | 日 31 | | | --- | --- | --- | --- | | 每股净资产（元）： | | | 1.02 | | 每股资本公积（元）： | | | 0.66 | | 每股未分配利润（元）： | | | 0.45 | | 资料来源：最闻 | | | | 叶中正 执业登记编码：S0760522010001 邮箱：yezhongzheng@sxzq.com 刘聪颖 执业登记编码：S0760524110002 邮箱：liucongying@sxzq.com 算力电力协同是绿色算力发展的必然选择和进阶路径。据国家能源局数 据，2024 年我国可再生能源新增装机同比增加 23%，占电力新增装机的 86%； 发电量同比增加 19%，占全部发电量的 35%；未来新型电力系统中可再生能 源供电占比预计将超过 70%，随着新能源逐渐成为供能主体，新能源发电消 纳问题的严峻性日益凸显。随着 ...

Core Viewpoint - The capital market's attention on Shango Holdings (00412.HK) is increasing, with multiple institutions issuing initial coverage reports and giving "buy" ratings, recognizing the company's strategic positioning in the "green electricity + computing power" emerging sector [1][2]. Group 1: Industry Positioning and Growth - Shango Holdings has achieved over 200% growth in total asset scale within three years, with the overall scale of the computing power industry exceeding 50 billion [2]. - The company plays the role of an "industry organizer," effectively integrating assets and creating value through a "1+1>2" synergy, distinguishing itself from traditional financial investments [2][3]. - The "source-network-load-storage integration" project in Ulanqab is expected to generate approximately 1.3 billion annually once fully operational, showcasing the company's ability to create economic benefits through green electricity [3]. Group 2: Strategic Collaborations and Ecosystem Development - Shango Holdings is collaborating with major players like Huawei to develop a "green computing + clean energy" model, enhancing its integrated computing power infrastructure [6][7]. - The partnership aims to create a digital ecosystem that integrates transportation, energy, and data, aligning with national strategies such as "East Data West Computing" [6][7]. - The company is positioned to expand its business radius beyond Huawei, aiming to become a key player in China's AI technology revolution and the foundation of the "AI ecosystem alliance" [7]. Group 3: Market Trends and Future Outlook - The integration of computing power and green electricity is becoming a standard for data center operators, driven by policy requirements and market demands for renewable energy [4][5]. - Shango Holdings is expected to benefit from the dual engines of green electricity and computing power, with optimistic profit forecasts of approximately 216 million, 456 million, and 555 million for the years 2025-2027 [7][8]. - The company is strategically positioned at the intersection of the digital economy and energy transition, making it a core leader in the evolving landscape of new productivity [8].

各省级能源(电力)主管部门牵头组织开展分布式光伏接入电网承载力评估信息公开工作，组织供电企业 针对性制定提升措施，促进配电网与分布式新能源协调发展。促进绿电消费。供电企业建立健全宣传和 推广长效服务机制，鼓励引导重点用能单位使用绿电，激发全社会绿电消费潜力。服务绿色出行。 6月5日，国新办举行新闻发布会，介绍"深化提升'获得电力'服务水平全面打造现代化用电营商环境"有 关情况。国家电网有限公司总经理庞骁刚介绍，将认真履行好电网企业的投资责任，按照文件最新要 求，巩固拓展"三零"服务，不断深化"三省"服务，着力降低企业办电成本。深化提升能效诊断、节能咨 询等"供电+能效"服务，为企业提出节能建议，支持购买绿证、使用绿电，帮助企业降低用能成本、提 高用能效率。 中信证券研报指出，《关于有序推动绿电直连发展有关事项的通知》为国家层面首个涉及绿电直连的政 策许可及规范；推出绿电直连政策，有助于新能源就近消纳、满足用户实际绿电需求以及实现终端用户 降本等多重目的；政策兼顾公平及效率，直连项目需要承担输配电费及系统运行费用等，但也可通过减 少并网容量需求等方式降低项目运行成本；绿电直连项目电源和负荷可由不同投资方实施建设 ...

山高控股积极推动旗下绿色能源与数据中心产业协同发展。2024 年3 月15 日乌兰察布市人民政府与世 纪互联和山高控股三方合作的绿色算力项目签约仪式在乌兰察布成功举办。根据协议，乌兰察布市人民 政府与世纪互联和山高控股三方以共同推进直流驱动的绿色电力与智能算力深度融合重大示范项目开发 建设为契机，结合各自优势，在算力中心、源网荷储一体化、绿色直流、虚拟电厂、新型电力系统等 SPEAR 能源科技创新工程等领域全面合作，实现电力网和算力网的有效融合，推动国家"东数西算"战 略深入实施。项目总投资约210 亿元，建设内容包括智算中心及配套新能源源网荷储一体化项目，打造 绿色直流驱动的集群化算力电力融合重大示范，同时联合清华大学和相关能源智库共同建设电粒世界 （乌兰察布）节点产学研联合实验室。2024 年10 月23 日，世纪互联申报源网荷储一体化项目并成功获 批。依托乌兰察布丰富的风能、太阳能资源，项目构建"源（新能源发电）—网（绿色专线）—荷（数 据中心综合节能技术）—储（储能系统）"一体化运行模式。同时，项目自主研发算力、电力智慧协同 系统，可以有效匹配数据中心用电负荷和新能源发电，大幅提升新能源消纳水平、降低 ...

智通财经APP获悉，截止6月4日收盘，有109只股票创52周新高，其中嘉鼎国际集团(08153)、中国抗体 －Ｂ(03681)、升华兰德(08106)创高率位于前3位，分别为37.84%、32.89%、32.26%。 52周新高排行 | 股票名称 | 收盘价 | 最高价 | | 创高率 | | --- | --- | --- | --- | --- | | 嘉鼎国际集团(08153) | 0.405 | 0.510 | 37.84% | | | 中国抗体－Ｂ(03681) | 2.850 | 2.990 | 32.89% | | | 升华兰德(08106) | 0.142 | 0.164 | 32.26% | | | 亿都（国际控股） | 1.980 | 2.740 | 24.55% | | | (00259) | | | | | | 倍搏集团(08331) | 0.131 | 0.241 | 23.59% | | | 美丽田园医疗健康 | 24.300 | 24.300 | 22.23% | | | (02373) | | | | | | 金马能源(06885) | 1.080 | 1.080 | 21.3 ...

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and projected to further decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, aiming to create a digital economy ecosystem that integrates AI computing power, data assets, and application scenarios [7][15][23] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66%, enhancing its control and position in the renewable energy market [12][15] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its own group and additional support from national clean energy subsidies, which has improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][12] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][12] - A significant project in Ulanqab City aims to integrate green power with intelligent computing, with a total investment of approximately CNY 21 billion [5][12] 4. Financial Performance and Projections - The company has shown a strong revenue growth trajectory, with projected revenues of CNY 58.84 billion, CNY 67.85 billion, and CNY 74.99 billion for 2025 to 2027, respectively [7][27] - The net profit is expected to grow significantly, with projections of CNY 1.38 billion, CNY 2.24 billion, and CNY 3.47 billion for the same period, reflecting a robust growth rate [7][27]

Investment Rating - The report assigns an "Accumulate" rating to the company [7] Core Views - The company is transitioning from a financial investment strategy to an industrial investment holding group, focusing on new energy and new technology sectors, aligning with national policy directions and market trends [4][12][15] - The company has successfully restructured its capital and improved its financial health, with a significant reduction in debt-to-asset ratio from approximately 78% in 2021 to about 65% in 2023, and further projected to decrease to around 60% in 2024 [4][6][24] - The company has established a strong synergy between its green energy and data center businesses, enhancing operational efficiency and reducing costs [7][15] Summary by Sections 1. Transition to Industrial Investment Holding Group - The company has shifted its focus from short-term financial investments to long-term industrial investments, particularly in new energy and technology sectors, which are expected to drive future growth [4][12] - The company has increased its stake in Shandong High-speed New Energy to 60.66% by 2025, reinforcing its control and commitment to the renewable energy market [12][23] 2. New Energy Sector - The company has received significant funding, including approximately HKD 47 billion from its parent group and additional government subsidies, which have improved the capital structure of its subsidiary, Shandong High-speed New Energy [4][5] - The company is actively involved in various renewable energy projects, including wind and solar initiatives, with a total capacity exceeding 1GW planned for the next two years [4][5] 3. New Infrastructure and Data Center Development - The company has strategically invested in Century Internet, a leading digital infrastructure provider, to enhance its capabilities in the data center sector [4][7] - A significant project in collaboration with Ulanqab City aims to integrate green energy and data computing, with a total investment of approximately CNY 21 billion [5][7] 4. Financial Performance and Forecast - The company has shown a robust growth trajectory, with projected revenues of CNY 58.84 billion in 2025, and net profits expected to reach CNY 1.38 billion, reflecting a year-on-year growth rate of 155% [7][27] - The company’s net profit margin has improved significantly, with a forecasted net profit of CNY 3.47 billion by 2027, indicating strong operational efficiency [7][32]

52周新低排行 | 股票名称 | 收盘价 | 最低价 | | 创低率 | | --- | --- | --- | --- | --- | | 声通科技(02495) | 113.800 | 101.900 | -15.79% | | | 百德国际(02668) | 0.163 | 0.155 | -10.92% | | | INTL GENIUS(00033) | 0.700 | 0.700 | -5.41% | | | 中国铸晨８１(00810) | 0.126 | 0.126 | -4.55% | | | 派格生物医药－Ｂ | 10.200 | 10.000 | -4.21% | | --- | --- | --- | --- | | (02565) | | | | | 中国前沿科技集团 | 0.580 | 0.570 | -3.39% | | (01661) | | | | | 吉宏股份(02603) | 9.710 | 9.630 | -3.31% | | 透云生物(01332) | 0.084 | 0.083 | -2.35% | | 超智能控股(01402) | 0.170 | 0.166 | - ...