核心结论：AI是"发动机"，芯片是"短期考题" AI大爆发的背后，谁在默默"扛住压力"？答案藏在数据中心里。 9月16日，美银在香港亚太会议期间对话世纪互联、万国数据等行业头部公司，随后抛出了一份重磅研报：AI正推着中国数据中心走进"长期刚需时代"， 但短期芯片供应的不确定性，可能成为制约市场的重要因素。 数据中心堪称AI时代的"数字基础设施"——大模型训练、智能驾驶、工业互联网等场景，都需要高功率密度的服务器和海量算力支撑，而这一切都得靠数 据中心落地。 美银通过与前数码港亚太区CEO达里尔杜纳尔等专家的交流发现，超大规模科技公司(如互联网巨头、云服务商)对AI的持续砸钱，已让数据中心的长期需 求板上钉钉。仅单机柜功率密度就从传统服务器的4-6千瓦，飙升至AI服务器的20千瓦以上，电力需求直接翻几番。 但短期来看，市场藏着一个"隐忧"：先进AI芯片(如英伟达H20)的供应中断，可能拖慢新订单落地节奏。不过好消息是，国内芯片厂商已经"接棒"——华 为、寒武纪、摩尔线程、壁仞科技等玩家的技术快速突破，国产化芯片的部署正加速推进，替代能力持续增强。 | Coverage Universe | Count | Pe ...

（原标题：美银证券：料AI成软件股主要增长动力 首选金蝶国际(00268)及美图公司(01357)） 智通财经APP获悉，美银证券发布研报称，在日前举行的投资者活动中与金蝶国际(00268)、美图公司(01357)、金山办公(688111.SH)、用友网络 (600588.SH)等中国软件公司、数据中心及云计算企业管理层交流，发现软件公司AI变现进展稳健，AI相关合同价值持续上升;同时AI代理及AI编 码部署正推动软件公司营运效率提升。 该行预期，金蝶及美图等订阅收入占比较高的软件公司，将展现更高增长可见性;认为AI发展驱动数据中心需求强劲增长，国产AI芯片研究进展正 面，可支持订单增加;AI亦驱动公有云业务强劲增长。目前较偏好具有稳健下游需求及高经常性收入占比的高能见度增长企业，软件股中首选股为 金蝶及美图，均予"买入"评级，目标价分别为20.7及13.5港元。 在数据中心及公有云领域，该行更看好万国数据(09698,GDS.US)、世纪互联(VNET.US)及金山云(03896,KC.US)，受到强劲AI需求推动，全部业绩 均胜预期，评级均为"买入"。美银证券并将明源云(00909)目标价从3.7港元升至 ...

智通财经APP获悉，美银证券发布研报称，在日前举行的投资者活动中与金蝶国际(00268)、美图公司 (01357)、金山办公(688111.SH)、用友网络(600588.SH)等中国软件公司、数据中心及云计算企业管理层 交流，发现软件公司AI变现进展稳健，AI相关合同价值持续上升;同时AI代理及AI编码部署正推动软件 公司营运效率提升。 该行预期，金蝶及美图等订阅收入占比较高的软件公司，将展现更高增长可见性;认为AI发展驱动数据 中心需求强劲增长，国产AI芯片研究进展正面，可支持订单增加;AI亦驱动公有云业务强劲增长。目前 较偏好具有稳健下游需求及高经常性收入占比的高能见度增长企业，软件股中首选股为金蝶及美图，均 予"买入"评级，目标价分别为20.7及13.5港元。 在数据中心及公有云领域，该行更看好万国数据(09698,GDS.US)、世纪互联(VNET.US)及金山云 (03896,KC.US)，受到强劲AI需求推动，全部业绩均胜预期，评级均为"买入"。美银证券并将明源云 (00909)目标价从3.7港元升至4港元，维持"中性"评级。 ...

（原标题：港股异动 | AI概念股午后涨幅扩大 香港施政报告多次提及人工智能 机构看好AI应用落地持 续加速） 智通财经APP获悉，AI概念股午后涨幅扩大，截至发稿，百度集团-SW(09888)涨17.84%，报133.4港 元；商汤-W(00020)涨14.47%，报2.61港元；金山云(03896)涨8.9%，报8.93港元；万国数据-SW(09698) 涨5.1%，报37.1港元；阿里巴巴-W(09988)涨5.15%，报161.4港元。 消息面上，9月17日，香港特区行政长官李家超在立法会发表2025年《施政报告》。在产业发展和革新 方面，李家超重点提及人工智能（AI），包括推进AI科研和人才优势、强化AI资金优势、强化AI数据 优势、拓展AI应用等。李家超表示，政府早前宣布推出30亿港元的"前沿科技研究支援计划"，将会短期 内接受申请，支持本地资助院校吸引AI等方面的国际科研顶尖人物来港，带领前沿科技基础研究。此 外，政府同时已预留十亿港元，于2026年成立"香港人工智能研发院"，促进AI上游研发、中下游成果转 化及开拓应用场景。 值得一提的是，今年8月，国务院印发的《关于深入实施"人工智能+"行动 ...

值得一提的是，今年8月，国务院印发的《关于深入实施"人工智能+"行动的意见》进一步为推动人工智 能规模化应用和商业化落地提供了政策支撑。此外，全球算力投资高景气，甲骨文4550亿美元订单超预 期；阿里重申三年内AI资本开支达3800亿。海通国际表示，看好国产算力浪潮下AI应用落地持续加 速。大和研报则指出，AI变现已开始为腾讯、阿里、金山云等领先企业带来成果。 AI概念股午后涨幅扩大，截至发稿，百度集团-SW(09888)涨17.84%，报133.4港元；商汤-W(00020)涨 14.47%，报2.61港元；金山云(03896)涨8.9%，报8.93港元；万国数据-SW(09698)涨5.1%，报37.1港元； 阿里巴巴-W(09988)涨5.15%，报161.4港元。 消息面上，9月17日，香港特区行政长官李家超在立法会发表2025年《施政报告》。在产业发展和革新 方面，李家超重点提及人工智能（AI），包括推进AI科研和人才优势、强化AI资金优势、强化AI数据 优势、拓展AI应用等。李家超表示，政府早前宣布推出30亿港元的"前沿科技研究支援计划"，将会短期 内接受申请，支持本地资助院校吸引AI等方面的国际 ...

该行预期金蝶及美图等订阅收入占比较高的软件公司，将展现更高增长可见性；认为AI发展驱动数据 中心需求强劲增长，国产AI芯片研究进展正面，可支持订单增加；AI亦驱动公有云业务强劲增长。目 前较偏好具有稳健下游需求及高经常性收入占比的高能见度增长企业，软件股中首选股为金蝶及美图， 均予"买入"评级，目标价分别为20.7港元及13.5港元。在数据中心及公有云领域，该行更看好万国数 据、世纪互联及金山云，受到强劲AI需求推动，全部业绩均胜预期，评级均为"买入"。美银证券并将明 源云目标价从3.7港元上调至4港元，维持"中性"评级。 美银证券发表研究报告，在日前举行的投资者活动中与金蝶、美图、金山办公、用友等中国软件公司、 数据中心及云计算企业管理层交流，发现软件公司AI变现进展稳健，AI相关合同价值持续上升；同时 AI代理及AI编码部署正推动软件公司营运效率提升。 ...

智通财经APP获悉，富瑞发布研报称，上周五(12日)，发改委发布更新《关于进一步做好基础设施领域 不动产投资信托基金(REITs)常态化申报推荐工作的通知》，以加速IPO流程并扩大市场。新上市REIT 可在IPO后六个月申请资产注入，这意味着任何收购(最早IPO后12个月)可加速。这对万国数据 (09698,GDS.US)和世纪互联(VNET.US)均有增量正面影响。富瑞均喜好上述两间公司，但偏好世纪互 联。 富瑞认为，由于内地政府热衷于看到股票市场中REIT规模的快速增长，相信万国数据的REIT首次资产 收购将更大。对世纪互联，其REIT申请仍在处理中，相信这一新政策将有助加速。但富瑞的理解是世 纪互联将在未来12个月并行追求私人REIT，以对冲公开REIT流程耗时超过预期的风险。富瑞对万国数 据和世纪互联的基本面展望保持看好，基于SOTP方法予万国数据美股目标价67.12美元，意味着22.7倍 报告EV/EBITDA。 ...

Core Viewpoint - The article discusses the recent surge in the A-share market, particularly focusing on the structural changes and opportunities within the data center and AI sectors, driven by significant capital expenditures from major companies like Tencent and Alibaba [5][9]. Group 1: Market Movements - A-share market has seen notable movements in the computing power concept stocks, with companies like Data Port and Ronglian Technology experiencing sharp increases, including a limit-up on Ronglian Technology [3][6]. - The computing power sector is compared to the previous liquid cooling sector, indicating it is on the verge of a breakout, with significant gains observed in related stocks [6]. Group 2: Capital Expenditure Trends - Major companies are ramping up capital expenditures, with Tencent and Alibaba reporting increases of 119% and 220% respectively in Q2 this year, and Alibaba planning to invest over 100 billion yuan in AI infrastructure and products [5][9]. - The report highlights that the capital expenditure (CAPEX) for major cloud service providers like Microsoft, Amazon, and Google is expected to grow significantly, with projected CAGR of 33.74% from 2021 to 2024 [9]. Group 3: AI and Data Center Dynamics - The rapid development of AI technology is reshaping the data center industry, with increasing demand for AI-driven services expected to be the main growth driver [6][9]. - The Chinese AI cloud market is projected to reach 22.3 billion yuan by the first half of 2025, supported by favorable policies aimed at avoiding redundant construction in the industry [7]. Group 4: Policy and Industry Outlook - The "East Data West Calculation" initiative is expected to provide a clear direction for the scalable and intensive development of data centers, combining low-cost resources in the west with high market demand in the east [9]. - The "dual carbon" policy context is pushing for a transformation in data centers towards greener practices, which may lead to increased capital expenditure pressures in the short term [10].

（文章来源：每日经济新闻） 每经AI快讯，部分中概股盘前走强，百度涨超4%，哔哩哔哩、万国数据涨超3%；豪华家具公司RH大 跌9%。 ...

Group 1 - Evergrande Property (06666) resumed trading and rose over 28% as Evergrande and liquidators plan to sell shares, with potential transactions in preliminary stages [1] - Alibaba-W (09988) increased by over 5% and Baidu Group-W (09888) rose over 8% as both companies began using internally designed chips to train their AI models, replacing some NVIDIA chips [1] - China Merchants Energy (01138) saw a rise of over 5% after announcing plans to issue A-shares to raise no more than 8 billion yuan for fleet upgrades, with increased oil production expected to boost shipping demand [1] - Kangfang Biologics (09926) increased by over 4% after presenting excellent clinical data for its drug at WCLC, highlighting its global market value [1] - NIO-SW (09866) rose over 3% as it plans to publicly issue $1 billion in shares, with Goldman Sachs expecting the funds to support the company's product strategy [1] - WanGuo Data-SW (09698) surged over 15% as AI drives data center demand, with the company fully engaging in partnerships with cloud service providers [1] - Jiajian Ankang-B (02617) rose over 32%, with its market capitalization exceeding 50 billion HKD after receiving approval for a Phase II trial of its drug [1] Group 2 - Meitu (01357) increased by over 6% after announcing a partnership with Alibaba's Tongyi Laboratory to enhance its products with advanced AI models [2] - Robotics concept stocks mostly rose, with UBTECH (09880) up over 3%, ShouCheng Holdings (00697) up over 3%, Yuejiang (02432) up over 4%, and Jizhi Jia-W (02590) up over 6%, as domestic and international catalysts for humanoid robot commercialization are expected [2] - Bilibili-W (09626) rose over 2% as it revealed its new strategy card game "Three Kingdoms: Hundred Generals Card," with institutions optimistic about the company's growth potential with AI integration [2] Group 3 - Alibaba (BABA.US) rose 8.00% after the launch of the "Gaode Street Ranking," which attracted over 40 million users on its first day, becoming the largest food ranking in China [3] - XPeng Motors (XPEV.US) increased by 2.39% after receiving a special flight permit for its "land aircraft" (X3-F) in the UAE [3] - Trip.com (TCOM.US) rose 3.21% after forming a five-year strategic partnership with Cityline, marking its first collaboration with a major ticket supplier in Hong Kong and Macau [3] - NIO (NIO.US) increased by 6.21% after completing a $1 billion equity issuance, marking its second public financing plan this year [3] - Kingsoft Cloud (KC.US) rose 5.60% as Citigroup raised its target price to $20, citing strong AI-related demand from Xiaomi [3] - NetEase (NTES.US) continued to rise by 2.98%, reaching a historical high after launching its first sci-fi shooting mobile game based on the "Destiny" IP [3] Group 4 - Adobe (ADBE.US) rose 0.11% after launching its first AI agent product suite to help customers streamline workflows across various applications [4] - Hesai (HSAI.US) increased by 0.90% as sources reported its Hong Kong IPO priced at HKD 212.8 per share, raising at least HKD 3.62 billion with oversubscription nearly 120 times [4] - Tesla (TSLA.US) rose 6.04% as the Model Y L is set to launch in the domestic market on September 19, with orders extending to November [4] - Online real estate platform Opendoor (OPEN.US) surged 79.52% after appointing Kaz Nejatian as the new CEO, with co-founder Keith Rabois returning to the board [4]