Group 1 - The Nasdaq China Golden Dragon Index rose by 2.5% in early trading, with notable performances from Chinese concept stocks such as Alibaba (BABA.US) increasing nearly 9%, GDS Holdings (GDS.US) rising over 9%, and other companies like Kingsoft Cloud (KC.US), Baidu (BIDU.US), and JD.com (JD.US) gaining nearly 4%, while Pinduoduo (PDD.US) increased over 2% [1] - The Shanghai Composite Index increased by 0.83% and the Hang Seng Index rose by 1.37% [1] - Recent comments from Chen Dong, Chief Strategist and Head of Research at Swiss wealth management firm Pictet, indicated signs of easing tensions between China and the U.S., with both sides aiming for a trade agreement, which is expected to lower the risk premium on Chinese stocks [1] Group 2 - The market anticipates that a formal agreement between China and the U.S. may be reached in the coming months, reducing the likelihood of a return to 100% tariffs [1] - The People's Bank of China has provided liquidity support measures for the stock market, contributing to the positive sentiment [1] - The AI theme has also driven technology stocks higher, leading to a revaluation of Chinese stocks and increasing foreign interest in Chinese assets, particularly among investors familiar with the Chinese market [1]

Core Points - Chinese concept stocks in the US market experienced a collective surge, with the Nasdaq Golden Dragon China Index rising nearly 3% [1] - Notable gainers included Century Internet and GDS, both rising over 9%, while Alibaba increased by over 8% [1] Group 1: Stock Performance - Century Internet (VNET) saw a rise of 9.79% [2] - GDS (万国数据) increased by 9.38% [2] - Alibaba (BABA) rose by 8.47% [2] - Daqin New Energy (DQ) experienced a gain of 7.29% [2] - Elong Power (ELPW) increased by 6.51% [2] - Niu Technologies (NIU) rose by 6.71% [2] - New Oxygen (SY) saw a rise of 6.45% [2] - JD (京东) increased by 5.45% [2] - Kingsoft Cloud (KC) rose by 5.17% [2] - Zhihu (ZH) increased by 5.18% [2] - JinkoSolar (JK) saw a rise of 4.61% [2] - Atour (ATAT) increased by 4.41% [2] - Viomi Technology (VIOT) rose by 4.08% [2] - Weibo (WB) saw an increase of 4.05% [2]

Group 1 - The Hang Seng Index closed up by 1.37% [1] - Technology stocks led the gains, with GDS Holdings rising approximately 7% and Kuaishou increasing around 4% [1] - Semiconductor stocks also saw an increase, with SMIC up about 6% and Hua Hong Semiconductor rising around 4% [1]

每经AI快讯，9月24日，港股万国数据-SW(09698.HK)今日低开高走，午后涨超4%。截至发稿，涨 4.83%，报39.52港元，成交额5.17亿港元。 （文章来源：每日经济新闻） ...

Group 1 - The stock of GDS Holdings Limited (09698) opened lower but rose over 4% in the afternoon, currently up 4.83% at HKD 39.52 with a trading volume of HKD 517 million [1] - The National Development and Reform Commission recently issued a notice to enhance the regular reporting and recommendation of real estate investment trusts (REITs) in the infrastructure sector, focusing on market expansion and project vetting [1] - According to Jefferies, newly listed REITs can apply for asset injection six months post-IPO, which could accelerate acquisitions, positively impacting GDS Holdings and 21Vianet [1] Group 2 - Huatai Securities reported that GDS Holdings shared key insights at a strategy meeting, highlighting an increase in the on-shelf rate of domestic data center services and a rise in new orders [1] - The data center industry is currently experiencing a favorable supply-demand cycle [1] - DayOne is actively launching new projects in Europe and Southeast Asia, aiming to sign contracts for 1GW capacity within three years [1] - GDS Holdings successfully issued the first batch of domestic data center REITs, receiving significant market attention and demonstrating capital market recognition of quality digital infrastructure assets [1]

Group 1 - The stock of GDS Holdings Limited (09698) opened lower but rose over 4% in the afternoon, reaching a price of HKD 39.52 with a trading volume of HKD 517 million [1] - The National Development and Reform Commission has issued a notice to further promote the normalization of Real Estate Investment Trusts (REITs) in the infrastructure sector, which includes specific measures to expand the market and support fundraising [1] - According to Jefferies, newly listed REITs can apply for asset injection six months post-IPO, which could accelerate acquisitions, positively impacting GDS Holdings and Century Internet [1] Group 2 - Huatai Securities reported that GDS Holdings shared key investor concerns at a strategy meeting, highlighting continuous improvement in the domestic data center business and an increase in new orders [1] - The data center industry is currently experiencing a cycle of supply and demand improvement [1] - DayOne is actively launching new projects in Europe and Southeast Asia, aiming to achieve a target of signing 1GW capacity within three years [1] - GDS Holdings successfully issued the first batch of domestic data center REITs, receiving significant market attention and reflecting capital market recognition of high-quality digital infrastructure assets [1]

Core Insights - Three IT services stocks, Ibex Ltd., 9F Inc., and GDS Holdings Ltd., have entered the top 10th momentum percentile rankings, indicating strong technical signals and increasing investor demand in the IT services sector [1][6]. Momentum Percentile Overview - Momentum percentile ranks a stock's price strength and volatility against peers, with higher percentiles indicating greater momentum, serving as a signaling tool for traders and investors [2]. Company Performance - **Ibex Ltd.**: Momentum percentile increased from 86.34 to 92.45, a rise of 6.11 points. The stock has risen 88.66% year-to-date and 103.78% over the past year, showing strong price trends across all time frames [7]. - **9F Inc.**: Momentum percentile advanced from 89.29 to 92.66, gaining 3.37 points. The stock is up 88.49% year-to-date, maintaining a strong price trend despite a poor growth ranking [7]. - **GDS Holdings Ltd.**: Momentum percentile jumped from 86.57 to 90.38, an increase of 3.81 points. The stock has advanced 68.08% year-to-date and 89.96% over the past year, indicating climbing investor appetite [7]. Sector Trends - The collective rise of these three companies into the momentum top decile reflects a growing trend of sector-specific strength, potentially driven by robust earnings, sectoral growth, or increased institutional interest [6].

Core Viewpoint - GDS Holdings (GDS.US) saw a nearly 2% pre-market increase, reaching $39.7, amid the upcoming 2025 Cloud Summit in Hangzhou, which will focus on AI, cloud computing, and industry applications [1] Group 1: Event Highlights - The 2025 Cloud Summit will take place from September 24 to 26 in Hangzhou, themed "Cloud Intelligence Integration · Carbon and Silicon Symbiosis" [1] - The summit will feature three main forums: "Cloud Summit Outlook," "Cloud Technology," and "Incalculable Value," focusing on the latest trends in AI and cloud computing [1] Group 2: Industry Insights - Huawei recently announced its Ascend AI chip technology roadmap at the recent Connect Conference, indicating advancements in AI capabilities [1] - CITIC Securities' report expresses optimism regarding the downstream AI computing power demand represented by the internet sector, suggesting that domestic computing power is expected to enhance product competitiveness in terms of single-card performance and cluster performance [1] - The report recommends attention to the domestic computing chip industry, server sector, and OCS optical device supply chain companies [1]

Core Insights - AI is driving the demand for data centers into a "long-term essential" phase, while short-term uncertainties in chip supply may hinder market growth [1][2] - The competition in the data center industry has shifted, with rapid delivery and green energy becoming critical factors for securing orders [10][11] Data Center Demand and Supply - Data centers are considered the "digital infrastructure" of the AI era, supporting high-power servers and massive computing needs for applications like large model training and industrial internet [2] - The power density of AI servers has increased significantly, with single rack power density rising from 4-6 kW to over 20 kW, leading to a substantial increase in electricity demand [2] - Short-term supply issues with advanced AI chips, such as Nvidia's H20, may slow down new order placements, but domestic chip manufacturers are rapidly advancing to fill the gap [2] Competitive Landscape - The ability to quickly deliver capacity is becoming a "pass" for securing orders, as clients are increasingly demanding timely responses amid supply chain uncertainties [10] - Reliable and low-cost renewable energy sources are becoming a key competitive advantage for third-party data center operators in China, aligning with carbon neutrality goals and controlling operational costs [11] Technological Advancements - Liquid cooling technology is becoming standard in AI data centers due to the high heat generated by high-power density servers, with three main cooling solutions being adopted [11][12] Investment Opportunities - Preferred investment targets in the domestic data center sector include Century Internet (VNET) and GDS Holdings (GDS), due to their advantages in capacity delivery and energy acquisition [11] - The long-term value of data centers is just beginning to emerge, as they are essential for AI innovations to move beyond conceptual stages [11]

Core Viewpoint - The report from Bank of America Securities highlights the robust progress in AI monetization among Chinese software companies, with increasing contract values related to AI and improvements in operational efficiency driven by AI deployment [1] Group 1: Software Companies - Companies like Kingdee International (00268) and Meitu (01357) are expected to show higher growth visibility due to their significant subscription revenue [1] - The development of AI is driving strong demand for data centers, with advancements in domestic AI chip research supporting increased orders [1] - The report favors companies with stable downstream demand and high recurring revenue, recommending Kingdee and Meitu as top picks with target prices of HKD 20.7 and HKD 13.5, respectively [1] Group 2: Data Centers and Public Cloud - In the data center and public cloud sectors, the report is optimistic about companies like GDS Holdings (09698, GDS.US), CenturyLink (VNET.US), and Kingsoft Cloud (03896, KC.US), all benefiting from strong AI demand [1] - All these companies are expected to exceed performance expectations, with a "buy" rating assigned to each [1] - The target price for Mingyuan Cloud (00909) has been raised from HKD 3.7 to HKD 4, maintaining a "neutral" rating [1]