每经AI快讯，万国数据-SW(09698.HK)再涨超6%，截至发稿，涨5.84%，报31.92港元，成交额8011.2万 港元。 ...

Core Viewpoint - The recent financial performance of GDS Holdings Limited (万国数据) shows a positive growth trajectory, with significant revenue and profit increases, alongside strategic financial maneuvers to support future expansion and technological development [1] Financial Performance - For the third quarter, GDS reported a net revenue of 2.8871 billion RMB, representing a year-on-year growth of 10.2% [1] - The net profit for the same period was 728.6 million RMB, with a net profit margin of 25.2% [1] Strategic Initiatives - The company successfully issued the first public REITs for data centers in the country, generating approximately 2.248 billion RMB in net cash proceeds, which bolsters liquidity for future business expansion, technology research, and AI infrastructure development [1] Market Outlook - According to Bank of America Securities, GDS management indicated that the acceleration of customer onboarding driven by large-scale orders led to an increase in internal growth area of 23,000 square meters in Q3, with expectations to maintain similar levels in Q4 [1] - The company anticipates a year-on-year decline of 3% to 4% in service revenue per square meter for the fiscal year 2026, primarily due to contract renewal pricing adjustments and dilution effects from new orders [1] - Despite the expected decline in service revenue, the bank noted that the decreasing costs of data center construction are likely to keep the internal rate of return for new projects resilient, with strong order growth anticipated in 2026 driven by AI demand [1]

Core Viewpoint - The recent financial performance of GDS Holdings Limited (万国数据-SW) shows a positive trend with significant revenue growth and strategic financial maneuvers to support future expansion and technology development [1] Financial Performance - For the third quarter, GDS reported a net revenue of 2.8871 billion RMB, representing a year-on-year increase of 10.2% [1] - The net profit for the same period was 728.6 million RMB, with a net profit margin of 25.2% [1] Strategic Initiatives - The company successfully issued the first public REITs for data centers in the country, generating approximately 2.248 billion RMB in net cash proceeds, which bolsters liquidity for future business expansion, technology research, and AI infrastructure development [1] Market Outlook - According to Bank of America Securities, GDS management indicated that the delivery of large-scale orders has accelerated customer onboarding, with an internal growth area of 23,000 square meters in Q3, and expectations to maintain similar levels in Q4 [1] - The company anticipates a year-on-year decline of 3% to 4% in service revenue per square meter for the fiscal year 2026, primarily due to contract renewal pricing adjustments and dilution effects from new orders [1] - Despite the expected decline in service revenue, the bank noted that the decreasing costs of data center construction will keep the internal return rates of new projects resilient, with strong order growth anticipated in 2026 driven by AI demand [1]

11月19日，中国领先的高性能数据中心运营商和服务商万国数据（GDS.US），发布2025年第三季度财 报。在人工智能基础设施需求快速增长与国内"十五五"规划政策红利的双重驱动下，万国数据展现出扎 实的经营基本面和强劲的战略执行力，进一步巩固了其在数字经济基础设施领域的领先地位。 基于良好的发展前景，万国数据在财报中维持公司2025年总收入为112.9-115.9亿元、调整后EBITDA为 51.9-53.9亿元的指引。 AI需求成为核心增长引擎，订单能见度高 人工智能浪潮正推动数据中心需求结构发生深刻变化。伴随"十五五"规划对芯片自给自足的战略推动， 以及国内芯片企业在性能与产能上的持续突破，AI基础设施行业迎来确定性增长机遇。 万国数据董事长兼首席执行官黄伟，在电话会议中明确指出，国内科技产业已迎来关键转折点，行业巨 头正以前所未有的资金投入布局AI基础设施。这标志着数据中心行业即将迎来强劲复苏，公司所有主 要客户也已全力投入这场投资热潮，资本支出计划高达数千亿美元，已有客户开始讨论千兆瓦级的新需 求。 从业务表现来看，AI需求已成为万国数据的重要增长引擎。2025年前三季度，公司数据中心业务新订 单总量 ...

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-SW(09988) | 50.60 亿元 | 16.47% | 0.65% | | 腾讯控股(00700) | 16.18 亿元 | 11.62% | -4.42% | | 小米集团-W(01810) | 11.68 亿元 | 12.85% | -4.31% | | 优必选(09880) | 11.28 亿元 | 36.13% | 29.30% | | 地平线(N24028) | 9.86 亿元 | 53.57% | 33.16% | | 快手-W(01024) | 9.32 亿元 | 20.47% | -1.99% | | 泡泡玛特(09992) | 8.03 亿元 | 39.76% | 15.72% | | 华虹半导体(01347) | 7.86 亿元 | 14.10% | 5.58% | | 建设银行(00939) | 7.30 亿元 | 22.60% | -2.68% | | 中国平安(02318) | 6.71 亿元 | 29.10% | 2.36% | 前十大沽空偏离值排行 ...

Core Viewpoint - JPMorgan's research report indicates that GDS Holdings' Q3 performance largely met expectations, including a one-time gain from the spin-off of data centers to C-REIT [1] Financial Performance - GDS Holdings' management anticipates challenges in 2026 due to weaker-than-expected new order performance since Q2 of this year, and potential further declines in Monthly Service Revenue (MSR) as existing contracts are renewed [1] - The firm expects an acceleration in order momentum for GDS Holdings in 2026, driven by improvements in the supply of domestic AI chips in China [1] Growth Drivers - Approximately 65% of new orders this year are AI-related, which is expected to drive double-digit revenue growth in 2027 [1] - The company's international investment performance remains strong, with robust growth in the commitment to power purchase agreements from major clients [1] Target Price Adjustment - JPMorgan has lowered the target price for GDS Holdings' U.S. stock from $46 to $40 while maintaining an "Overweight" rating [1]

（文章来源：每日经济新闻） 每经AI快讯，11月24日，港股人工智能股持续走强，创梦天地(01119.HK)涨超7%，美图(01357.HK)涨近 5%，阅文集团(00772.HK)、万国数据(09698.HK)、百度(09888.HK)涨超4%。 ...

万国数据-SW(09698)涨近4%，截至发稿，涨4.65%，报22.52港元，成交额2196.74万港元。 美银证券指出，万国数据-SW管理层在业绩会议上透露表示，受超大规模订单交付所带动，第三季客户 入驻加快，内生增长总面积达2.3万平方米，预期第四季将保持相若水平。公司目前预期2026财年每平 方米服务收入将按年下降3%至4%，主要受到合约续签定价下调以及新订单稀释效应的影响，但该行指 出，计及数据中心建设成本下降，预期新项目的内部回报率仍保持韧性，并看好AI需求将推动2026年 订单强劲增长。 消息面上，近日，万国数据-SW发布2025年第三季度业绩，该集团取得净收入人民币28.87亿元(单位下 同)，同比增长10.2%；净利润7.29亿元，同比扭亏为盈；经调整EBITDA为13.42亿元，同比增长 11.4%。万国数据主席兼首席执行官黄伟先生表示："于2025年第三季度，公司持续交付积压订单，并实 现高迁入率。公司已做好充分的战略准备以把握人工智能领域日益增长的需求，未来将人工智能视为业 务长期增长的重要催化剂。" ...

每经AI快讯，万国数据-SW(09698.HK)涨超4%，截至发稿，涨4.65%，报22.52港元，成交额2196.74万 港元。 ...

消息面上，近日，万国数据-SW发布2025年第三季度业绩，该集团取得净收入人民币28.87亿元(单位下 同)，同比增长10.2%；净利润7.29亿元，同比扭亏为盈；经调整EBITDA为13.42亿元，同比增长 11.4%。万国数据主席兼首席执行官黄伟先生表示："于2025年第三季度，公司持续交付积压订单，并实 现高迁入率。公司已做好充分的战略准备以把握人工智能领域日益增长的需求，未来将人工智能视为业 务长期增长的重要催化剂。" 美银证券指出，万国数据-SW管理层在业绩会议上透露表示，受超大规模订单交付所带动，第三季客户 入驻加快，内生增长总面积达2.3万平方米，预期第四季将保持相若水平。公司目前预期2026财年每平 方米服务收入将按年下降3%至4%，主要受到合约续签定价下调以及新订单稀释效应的影响，但该行指 出，计及数据中心建设成本下降，预期新项目的内部回报率仍保持韧性，并看好AI需求将推动2026年 订单强劲增长。 智通财经APP获悉，万国数据-SW(09698)涨近4%，截至发稿，涨4.65%，报22.52港元，成交额2196.74 万港元。 ...