此外，天顿数据自主研发的量子湃算力云服务调度平台(「平台」)(https://asiai.cloud)已正式上线，依托 天顿数据在AI基础设施、算力调度与智能运维领域的深厚积累，实现跨地域、跨芯片、跨云环境的算 力统一管理与资源池化调度。用户可按需获取算力、私有云服务，或在平台上通过一站式AI推理部署 平台构建行业垂类模型，实现训练、推理、微调、部署的全流程自动化，亦可快速接入大模型API与镜 像市场，为业务赋能。该平台集成了天顿数据自研的算力调度引擎、资源管理与可视化运营系统，具备 灵活的企业定制与管道虚商接入能力，帮助合作夥伴快速构建自有品牌的智算服务。该平台可服务于教 育科研、AI生物制药、AIGC内容生产、自动驾驶等多行业客户，为AI产业智能化升级提供坚实算力支 撑。 天顿数据致力于成为行业顶尖的开放式绿能智算资源和技术服务商，通过AI硬件基础设施、算力资源 整合与生态化服务的协同发力，服务于千行百业智能化升级。在完成上述收购後，集团将有机会积极参 与AI行业及相关领域，从而实现集团业务的多元化。未来，集团将发展「基建与AI业务」的双业务发 展战略 格隆汇12月1日丨粤港湾控股(01396.HK)公告 ...

Core Viewpoint - The company has completed the acquisition of Wisdom Knight Holdings Limited, a provider of full lifecycle services in "green energy intelligent computing," primarily engaged in AI business, which is expected to diversify the company's operations and enhance its presence in the AI industry [1][2] Group 1: Acquisition Details - The acquisition of Wisdom Knight Holdings Limited was disclosed in the company's announcement dated October 23, 2025, and includes all issued share capital of Wisdom and its subsidiaries [1] - Wisdom Group has signed AI computing cloud service contracts with various clients, including telecom operators and major internet companies, with contract durations ranging from one to five years, which will provide a stable and continuously growing revenue source [1] Group 2: AI Cloud Service Platform - Wisdom Group has launched its self-developed quantum computing cloud service scheduling platform, enabling unified management and resource pooling across regions, chips, and cloud environments [2] - The platform allows users to access computing power and private cloud services on demand, facilitating the construction of industry-specific models and automating the entire process of training, inference, fine-tuning, and deployment [2] - The platform integrates a self-developed computing scheduling engine and resource management system, offering flexible customization and rapid integration capabilities for partners to build their own intelligent computing services [2] Group 3: Future Strategy - Wisdom Group aims to become a leading open green energy intelligent computing resource and technology service provider, focusing on AI hardware infrastructure and resource integration to support intelligent upgrades across various industries [2] - Following the acquisition, the company will actively participate in the AI industry and related fields, implementing a dual business development strategy of "infrastructure and AI business" [2]

GUANGDONG – HONG KONG GREATER BAY AREA HOLDINGS LIMITED 粵港灣控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1396） 自願公告 本公告乃由粵港灣控股有限公司（「本公司」，連同其附屬公司，統稱 「本集團」）自願作出，旨在向本公司股東及潛在投資者提供有關本集團 人工智能業務（「AI業務」）的近期業務發展的資料。 如 本 公 司 於 2025 年 10 月 23 日 的 公 告 所 披 露 ， 本 公 司 已 完 成 對 Wisdom Knight Holdings Limited（「Wisdom」，連同其子公司，統稱「Wisdom 集團」或「天頓數據」）的全部已發行股本的收購。天頓數據是一家「綠 能智算」之全生命週期服務供應商，主要從事AI業務。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承 擔任何責任。 – 1 – 牌的智算服務。該平台可服務於教育科研、AI生物制藥、AIGC內容生產、 自動 ...

Core Insights - The company is a new type of "industrial-city ecological service provider" focusing on the Guangdong-Hong Kong-Macao Greater Bay Area, aiming to transform from a traditional real estate developer to a digital ecological operator through strategic acquisitions and business model upgrades [1] Summary by Sections Company Overview - Guangdong-Hong Kong-Macao Holdings Limited is recognized as a top 100 real estate company in China, with a strategic focus on the Greater Bay Area [1] Strategic Transformation - The company is undergoing a strategic transformation to become an "industrial-city ecological service provider," moving away from traditional real estate development [1] Major Acquisition - On October 23, 2025, the company completed a significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., a leading operator in intelligent computing and green energy services in China [1] Financial Restructuring - The company successfully completed a debt-to-equity swap of USD 440 million on May 7, 2025, reducing its interest-bearing debt ratio from 45% to 7%, allowing traditional business operations to become a growth driver rather than a burden [1] Business Model and Growth Potential - The dual business model of Tiandun Data, focusing on multi-source computing power services and AIDC construction operations, has been commercially validated, enhancing operational efficiency and profitability [1] New Growth Opportunities - The integration of the "green energy computing" model with the company's existing capabilities is expected to create new growth avenues by transforming idle factory and land resources into high-performance computing centers [1] Revenue Diversification - The company aims to diversify its revenue streams through AI computing services, energy management, and intelligent computing space operations, significantly enhancing its risk resilience and profitability [1] Profit Forecast - The projected net profit for the company from 2025 to 2027 is expected to be CNY 718 million, CNY 579 million, and CNY 789 million, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41% respectively, with corresponding PE ratios of 9x, 11x, and 8x [1]

Core Viewpoint - Northeast Securities initiates coverage of Guangdong-Hong Kong Bay Holdings (01396.HK) with a "Buy" rating, highlighting the company's strategic shift towards becoming a digital ecosystem operator through the acquisition of TianDun Data, a leading computing power enterprise [1] Group 1: Company Overview - Guangdong-Hong Kong Bay Holdings was listed on the Hong Kong Stock Exchange on October 31, 2013, and emphasizes long-termism while strengthening its industrial foundation and enhancing technological empowerment [1] - The company plans to implement a dual-driven business development strategy focusing on infrastructure and AI following the acquisition of TianDun Data on October 23, 2025 [1] Group 2: Strategic Acquisition - The acquisition of TianDun Data aligns with the company's capabilities in urban development, transforming idle factories and land resources into high-performance intelligent computing centers and AI computing infrastructure [1] - This strategic move is expected to fundamentally change the profitability logic of traditional industry operations [1] Group 3: Growth Potential - The integration of high-value B-end resources from major cloud service providers and leading AI companies into TianDun Data's client base opens new growth avenues for Guangdong-Hong Kong Bay Holdings [1] - The acquisition is anticipated to reconstruct capital logic, creating a dual-driven model of "industrial operation asset securitization + computing power operation revenue," which will reshape the company's valuation [1]

Core Viewpoint - Northeast Securities initiates a "Buy" rating for Guangdong-Hong Kong Bay Holdings (01396), highlighting its successful entry into the AI computing sector through acquisitions, marking a strategic upgrade from a traditional real estate developer to a "digital ecosystem operator" [1] Group 1: Strategic Transformation - The company is positioned as a new type of "urban-rural ecological service provider" deeply rooted in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1] - The strategic transformation from a traditional real estate developer to an "urban-rural ecological service provider" has been ongoing, with a significant acquisition planned for October 23, 2025, to convert idle factory and land resources into high-performance computing centers [1] Group 2: Major Asset Acquisition - On October 23, the company announced the completion of the acquisition of Wisdom Knight Holdings Limited for a total price of HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., Ltd., a leading operator in AI computing and green energy computing services in China [2] Group 3: Business Model and Financial Health - The traditional business has become a driver for growth, with the company completing a USD 440 million debt-to-equity swap on May 7, 2025, significantly reducing its interest-bearing debt ratio from 45% to 7% [3] - The dual business model of Tiandun Data, focusing on "multi-source computing power services + AIDC construction operations," has been commercially validated, enhancing operational efficiency and profitability [3] Group 4: New Growth Opportunities - The "green energy computing" model developed by Tiandun Data aligns perfectly with the company's urban development capabilities, transforming idle resources into high-performance computing centers and fundamentally changing the profitability logic of traditional industries [4] - The influx of high-value B-end resources from major cloud service providers and leading AI companies opens up new growth avenues for the company [4] - The company aims to establish a diversified income structure through AI computing services, energy management revenues, and computing space operation income, significantly enhancing its risk resistance and profitability resilience [4] Group 5: Profit Forecast and Investment Recommendation - The company is projected to achieve net profits attributable to shareholders of RMB 718 million, RMB 579 million, and RMB 789 million for 2025-2027, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41%, respectively [5] - Corresponding price-to-earnings ratios are expected to be 9x, 11x, and 8x, with a first-time coverage and a "Buy" rating recommended [5]

Core Viewpoint - Northeast Securities has initiated a "buy" rating for Guangdong-Hong Kong-Macau Holdings (01396), highlighting its successful entry into the AI computing sector through acquisitions, marking a strategic upgrade from a traditional real estate developer to a "digital ecosystem operator" [1] Group 1: Strategic Transformation - The company is positioned as a new type of "urban and industrial ecological service provider" deeply rooted in the Guangdong-Hong Kong-Macau Greater Bay Area, focusing on residential and urban renewal projects [1] - The strategic transformation from a traditional real estate developer to an "urban and industrial ecological service provider" has been ongoing, with a significant acquisition planned for October 23, 2025, to convert idle factory and land resources into high-performance computing centers [1][2] Group 2: Major Acquisition - On October 23, the company announced the completion of its acquisition of Wisdom Knight Holdings Limited for a total price of HKD 977 million, which controls Shenzhen Tiandun Data Technology Co., Ltd., a leading operator in AI computing and green energy computing services in China [2] Group 3: Business Model and Financial Health - The traditional business has become a driver for growth, with the company achieving a 98.33% approval rate for a USD 440 million debt-to-equity swap, significantly reducing its interest-bearing debt ratio from 45% to 7% [3] - The dual business model of Tiandun Data, focusing on "multi-source computing power services + AIDC construction operations," has been commercially validated, enhancing operational efficiency and profitability [3] Group 4: New Growth Opportunities - The "green energy computing" model developed by Tiandun Data aligns perfectly with the company's urban development capabilities, transforming idle resources into high-performance computing centers and fundamentally changing the profitability logic of traditional industries [4] - The influx of high-value B-end resources from major cloud service providers and leading AI companies opens up new growth avenues for the company, enhancing its revenue structure and resilience against risks [4] Group 5: Profit Forecast and Investment Recommendation - The company is projected to achieve net profits attributable to shareholders of RMB 718 million, RMB 579 million, and RMB 789 million for 2025-2027, reflecting year-on-year growth rates of +139.13%, -19.41%, and +36.41%, respectively, with corresponding P/E ratios of 9x, 11x, and 8x [5]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company is transforming into a "digital ecosystem operator" by leveraging its resources in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on residential and urban renewal projects [1][2]. - A significant acquisition of Wisdom Knight Holdings Limited for HKD 977 million positions the company strategically in the AI and green energy computing sectors [2]. - The traditional business model is now a growth driver, with a successful debt-to-equity conversion plan reducing the interest-bearing debt ratio from 45% to 7% [2]. - The integration of AI computing services and energy management is expected to enhance operational efficiency and profitability [3]. Financial Summary - The company forecasts net profits for 2025, 2026, and 2027 to be CNY 718 million, CNY 579 million, and CNY 789 million, respectively, with growth rates of +139.13%, -19.41%, and +36.41% [3][4]. - Revenue projections show a significant increase from CNY 801.54 million in 2025 to CNY 6,432.54 million in 2027, reflecting a growth rate of 470.13% [4]. - The company’s earnings per share (EPS) is expected to improve from -CNY 3.32 in 2024 to CNY 0.70 in 2027 [4]. Strategic Development - The company’s "urban ecosystem" strategy aims to convert idle factories and land into high-performance computing centers, aligning with its capabilities in urban development [3]. - The acquisition of high-value B-end resources from major cloud service providers and leading AI companies is anticipated to open new growth avenues [3]. - The dual business model of AI computing services and lifecycle management is validated commercially, enhancing the company's resilience and profitability [3].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 粵港灣控股有限公司 呈交日期: 2025年11月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01396 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股 ...

Core Viewpoint - Yue Gang Wan Holdings (01396) announced a change in the trading unit of its shares on the Hong Kong Stock Exchange, reducing the minimum trading lot from 8,000 shares to 2,000 shares, effective from November 24, 2025 [1] Summary by Category - **Company Announcement** - The company has officially announced the adjustment of its trading unit on the main board of the Hong Kong Stock Exchange [1] - The new trading unit will be 2,000 shares, down from the previous 8,000 shares [1] - This change will take effect starting at 9:00 AM on November 24, 2025 [1]