Group 1 - The core viewpoint of the news highlights that GDS Holdings has completed significant capital operations, including a private placement of $300 million in convertible preferred shares to Huatai Capital, aimed at expanding data center capacity and general corporate operations [1] - The conversion price for the private placement is approximately $54.43 per GDS American Depositary Share, representing a premium over the previous market price [1] - GDS's DayOne data center platform completed a $2 billion Series C financing to accelerate AI-ready infrastructure expansion in Europe and Asia-Pacific [1] Group 2 - Institutions are optimistic about GDS's AI data center prospects, with JPMorgan raising its target price for GDS shares due to expected acceleration in AI data center projects in China, driven by increased domestic chip supply and clearer NVIDIA H200 GPU availability [2] - Bank of America Securities noted that advancements in China's AI industry, such as model iteration and cloud service pricing adjustments, could support data center demand, expressing a positive outlook on GDS and similar companies [2] Group 3 - GDS's stock price has shown mixed performance recently, with the Hong Kong stock closing at HKD 45.58, up 7.70% over five days, but down 0.78% on a single day; meanwhile, the US stock closed at $45.40, down 2.32% over five days and 3.07% on a single day [3] - Trading volume indicates active trading, with approximately HKD 970 million in turnover for the Hong Kong stock over the past five days [3] - Technical indicators suggest that the Hong Kong stock price is near the upper Bollinger Band, with a negative MACD histogram indicating potential short-term volatility [3]

智通财经APP获悉，美银证券发布研报称，本周观察到中国AI行业多项瞩目进展。字节跳动发布 Seedance 2.0具备先进多模态能力的次世代视频生成模型。智谱(02513)推出旗舰级GLM-5，编程及推理 性能提升，同时由于需求强劲，将其GLM编程方案对新用户加价至少30%。另外，DeepSeek更新模 型，上下文窗口延长且知识更即时。MiniMax M2.5于其海外代理平台开放测试。公有云方面，优刻得 (688158.SH)宣布所有产品及服务的续约及新订单加价。 总体而言，该行看好数据中心领域的世纪互联(VNET.US)及万国数据(09698)，以及公有云领域的金山云 (03896)。 该信息由智通财经网提供 该行认为这对中国数据中心板块带来关键影响，包括国内AI龙头大模型迭代加速，模型训练带动数据 中心需求增强；编程、推理及多模态能力提升，或会加快企业及开发者采用，带动推理端数据中心需求 上升；云服务商上调公有云价格，或进一步稳定IDC租赁定价趋势。公有云方面，AI需求强劲或进一步 支撑云服务价格，并推动硬件/记忆体成本上升的转嫁。 ...

视频生成模型引爆算力需求，字节跳动与智谱领跑 本周中国AI领域的进展令人目不暇接，各大厂商都在争夺技术高地。美银证券研报强调，字节跳动发布的Seedance 2.0不仅仅是一次迭代，它展示 了先进的多模态能力，特别是下一代视频生成技术。 与此同时，智谱AI推出了旗舰模型GLM-5，在编程和推理性能上实现了显著增强。DeepSeek更新了模型以支持更长的上下文窗口和更新的知识 库，MiniMax也在其海外平台上发布了M2.5版本进行测试。 这些模型的发布不仅仅是新闻通稿，它们直接催生了巨大的算力缺口。研报援引Fal.ai联合创始人的数据指出，生成一个5秒钟的视频片段（24帧/ 秒）所需的算力，大约是生成200个token（约150个字符）文本所需的12万倍。这一数据极具震撼力，意味着如果字节跳动的Seedance 2.0能够成功 推动视频生成的广泛应用，整个市场对Token消耗和算力基础设施的需求将出现数量级的飞跃。这对于拥有大量储备资源的IDC厂商来说，是基本 面的重大利好。 美银指出，中国AI行业本周迎来了极其关键的转折点。这不再仅仅是关于技术参数的军备竞赛，而是实打实的商业化落地与需求爆发。随着字节 跳动 ...

总体而言，该行看好数据中心领域的世纪互联(VNET.US)及万国数据(09698)，以及公有云领域的金山云 (03896)。 该行认为这对中国数据中心板块带来关键影响，包括国内AI龙头大模型迭代加速，模型训练带动数据 中心需求增强；编程、推理及多模态能力提升，或会加快企业及开发者采用，带动推理端数据中心需求 上升；云服务商上调公有云价格，或进一步稳定IDC租赁定价趋势。公有云方面，AI需求强劲或进一步 支撑云服务价格，并推动硬件/记忆体成本上升的转嫁。 美银证券发布研报称，本周观察到中国AI行业多项瞩目进展。字节跳动发布Seedance2.0具备先进多模 态能力的次世代视频生成模型。智谱(02513)推出旗舰级GLM-5，编程及推理性能提升，同时由于需求 强劲，将其GLM编程方案对新用户加价至少30%。另外，DeepSeek更新模型，上下文窗口延长且知识 更即时。MiniMax M2.5于其海外代理平台开放测试。公有云方面，优刻得(688158.SH)宣布所有产品及 服务的续约及新订单加价。 ...

基于公开信息，截至2026年2月，万国数据-SW(09698.HK)有以下值得关注的事件： 近期事件 经济观察网万国数据-SW近期完成3亿美元可转换优先股配售，并获机构看好其AI数据中心建设将加速 推进。 股票近期走势 机构观点 未来订单交付计划：公司在2025年第三季度财报中展望，2026年预计交付超过70,000平方米的数据中心 订单，以把握AI需求增长机遇。 以上内容基于公开资料整理，不构成投资建议。 完成3亿美元可转换优先股配售：公司于2026年2月6日完成向华泰资本投资有限公司的私募配售，募集 资金将主要用于数据中心容量扩充及一般企业运营。该可转换优先股的转换价约为每股GDS美国存托股 54.43美元，较此前收市价有溢价。 AI数据中心建设预计加速：摩根大通在2026年2月的研报中预期，公司在中国的人工智能数据中心建设 项目将于2026年加速推进，原因包括国产芯片供应增长、英伟达H200GPU供应状况明朗化以及AI应用 部署增加。该行据此上调了美股目标价。 公司项目推进 国际业务平台融资与扩张：2026年1月，万国数据旗下DayOne数据中心成功完成20亿美元C轮融资，资 金将用于加速在欧洲(如芬兰 ...

股票近期走势 经济观察网万国数据近期完成3亿美元可转换优先股配售，旗下国际平台完成20亿美元融资，同时其人 工智能数据中心建设预计将加速。 根据近期公告和市场分析，万国数据-SW(09698.HK)将有以下值得关注的事件。 公司项目推进 公司于2026年2月6日完成向华泰资本投资有限公司的私募配售，募集资金将主要用于数据中心容量扩充 及一般企业运营。 机构观点 摩根大通在2026年2月的研报中预期，公司在中国的人工智能数据中心建设将于2026年加速，因国产芯 片供应增长、英伟达H200GPU供应明朗化及AI应用部署增加。 公司状况 2026年1月，万国数据旗下DayOne数据中心成功完成融资，资金将用于欧洲和亚太市场的AI就绪基础设 施扩张。 以上内容基于公开资料整理，不构成投资建议。 ...

Summary of GDS Holdings Conference Call Company Overview - **Company**: GDS Holdings (GDS.OQ) - **Industry**: Data Center Operations in China - **Market Position**: Leading carrier-neutral IDC player in China, providing colocation, managed hosting, and consulting services to various sectors including cloud service providers and financial institutions [13][24] Key Points Domestic Market Expansion - GDS is poised for domestic expansion, with expectations of accelerated demand for AI data centers (AIDC) in FY26F due to improved chip supplies [1] - Anticipated alleviation of GPU chip supply bottlenecks for domestic cloud service providers (CSPs) is expected to enhance new bookings for independent data center operators [1][2] Financial Performance and Projections - GDS has raised a total of USD 685 million year-to-date through share sales and private placements, which will support capacity expansion in the domestic market [2] - The forecast for annual new contract commitments has been increased from 100,000 to 115,000 square meters for FY26-27F, which is expected to bolster EBITDA growth in FY27F [2] - Revenue projections for FY26F and FY27F have been revised upwards by 1.7% to 5.1%, reflecting improved order intake [3] Valuation and Target Price - The target price has been raised to USD 54.50 from USD 41.50, based on a sum-of-the-parts (SoTP) valuation methodology [3][5] - The domestic business is valued at 14x FY27F EV/EBITDA, while the international business (DayOne) remains at 20x [3][14] - Current valuation of 14x FY27F EV/EBITDA is considered undemanding, presenting a favorable risk-reward scenario as a domestic AI play [3] Risks and Challenges - Potential risks include lower-than-expected demand for data centers related to AI, slower overseas expansion, intensified competition, and supply chain disruptions due to geopolitical tensions [15][19] Financial Metrics - **Revenue Projections**: - FY24: CNY 10,322 million - FY25F: CNY 12,691 million - FY26F: CNY 14,796 million [4] - **Net Profit**: - FY24: CNY 1,931 million - FY25F: CNY 592 million - FY26F: CNY -74 million [4] - **EBITDA**: - FY26F: CNY 5,366 million - FY27F: CNY 6,445 million [10] Market Performance - GDS's stock has shown strong performance with a 64.5% increase over the past 12 months [9] - The implied upside from the current price of USD 42.69 to the target price is +27.7% [5] ESG Initiatives - GDS is committed to energy conservation and has implemented renewable energy systems in its data centers, aiming to reduce greenhouse gas emissions [16] Conclusion GDS Holdings is strategically positioned for growth in the domestic data center market, supported by increased demand for AI-related services and improved chip supply. The company's financial outlook is optimistic, with revised revenue and EBITDA forecasts, although it faces several risks that could impact its performance. The raised target price reflects a positive assessment of its market position and growth potential.

Group 1 - The core viewpoint of the report emphasizes the transition of computing power demand towards inference, marking a golden period for AIDC retail services in Beijing [6][9] - The AIDC market in China is experiencing rapid growth, with a projected market size of 135.6 billion yuan in 2025, expected to rise to 288.6 billion yuan by 2028, driven by the proliferation of AI inference demand, model upgrades, and supportive policies [17][21] - Retail models in AIDC are more profitable than wholesale models, with retail vendors expected to achieve a net profit margin of 15% in 2024, compared to 6% for wholesale vendors, due to their focus on diverse industries and high-value services [22][25] Group 2 - The report constructs a quantitative evaluation model focusing on growth drivers (55% weight) and operational capabilities (45% weight) to assess AIDC retail service vendors in Beijing [2][31] - Century Internet ranks first in the evaluation model with a score of 4.30, followed by Qishang Online and WanGuo Data, highlighting the strengths and weaknesses of retail and wholesale vendors [42][44] - The future core value of AIDC will shift from resource supply to empowering AI application scenarios, with retail vendors playing a crucial role in building a self-controlled intelligent computing ecosystem [2][11] Group 3 - Beijing is identified as the core area for AIDC, with plans to expand computing power to over 200,000 P by 2027, representing a 3.4 times increase from the end of 2025 [25][26] - The scarcity of resources in Beijing, coupled with high demand from financial and governmental clients, creates a strategic advantage for AIDC vendors operating in this region [27][28] - The evaluation model assesses vendors based on their growth potential and operational resilience, emphasizing the importance of resource acquisition and customer management in a competitive environment [31][33]

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結 算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，概不就因本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何 損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意 投資不同投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東 整體利益一致，而不論其他股東如何投票，不同投票權受益人會對股東決議案的結果 有重大影響。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達 克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司 * （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 本公司特別股東大會使用的更新委託投票表格 經參考(i)本公司於2026年1月26日刊發的特別股東大會委託投票表格（「原委託投票表 格」）；及(ii)本公司日期 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結 算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，概不就因本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何 損失承擔任何責任。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意 投資不同投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東 整體利益一致，而不論其他股東如何投票，不同投票權受益人會對股東決議案的結果 有重大影響。我們的美國存託股（每股美國存託股代表八股A類普通股）於美國納斯達 克全球市場上市，股份代號為GDS。 GDS Holdings Limited 萬國數據控股有限公司 * （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 本公司特別股東大會更新委託投票說明書╱通函 經參考(i)本公司於2026年1月26日刊發的特別股東大會委託投票說明書（「原委託投票 說明書」）；及(ii)本公 ...