(本文来自第一财经) 大位科技跌停，光环新网、云天励飞跌超10%，奥飞数据、网宿科技、数据港、青云科技、云赛智联、 东方国信、亚康股份、杭钢股份等跌幅居前。 ...

| | | 序 言 随着全球 AI 浪潮步入应用落地期，AIDC 已成为资本市场关注的核心赛道。本报告主要面向 关注 AI 产业的投资人，旨在通过深入研究，解决投资人在该领域的核心诉求。 首先，报告系统界定北京 AIDC 零售市场的战略价值，论证其相比批发模式在盈利弹性与抗 风险能力上的显著优势。 其次，构建量化评价模型，厘清在资源准入门槛极高的北京市场，哪些厂商具备真正的增长 动能与行业深耕能力。 以期报告可以解读重要厂商的长期竞争壁垒，为投资人提供价值判断。 2 | 北京 AIDC 零售服务市场研究报告 算力红利新纪元，北京 AIDC 零售 服务市场的崛起与核心价值 3 | 北京 AIDC 零售服务市场研究报告 第一章：算力红利新纪元，北京 AIDC 零售服务市场的崛起 与核心价值 随着 AI 技术持续掀起全球热潮，AIDC 已是投资人关注的核心赛道之一。在本章中，我们将 系统定义北京 AIDC 零售服务市场，并深度解析这一赛道为何在当前算力爆发的背景下，具 备极高的投资确定性与商业稀缺性。 算力需求大爆发，千亿市场的黄金五年 当前，算力需求正经历爆发的黄金增长期。根据科智咨询统计，2025 年中国 AI ...

Investment Rating - Industry rating: Recommended [5] Core Insights - The recent surge in China's AI models during the "Spring Festival" has shifted the focus from general chat tools to vertical productivity tools and real agent implementations, particularly in industrial video generation and engineering-level programming [1][13] - Major players like ByteDance, Alibaba, and Zhipu AI are leading the market, with competition now centered on efficiency, cost control, and scene adaptation rather than just parameter scale [1][13] - The demand for computing power is expected to boost hardware and computing rental markets, benefiting companies involved in computing leasing and third-party data centers [2][14] Summary by Sections Section 1: AI Model Developments - Multiple flagship models were released during the Spring Festival, enhancing capabilities in video and programming applications, with significant improvements in quality and efficiency [7][13] - ByteDance's Seedance 2.0 model supports multi-modal input and has shown substantial advancements in generating complex interactions and maintaining physical accuracy [8][9] - Alibaba's Qwen3.5-Plus model has achieved breakthroughs in multi-modal capabilities and cost efficiency, making it competitive with leading models globally [10][11] Section 2: Market Outlook - The current market is experiencing liquidity concerns and changing capital expenditure expectations from overseas players like OpenAI, leading to a cautious outlook for the AI sector [3][15] - The AI development phase is seen as a critical acceleration period, with increasing demand for token usage and ongoing expansion of foundational computing infrastructure [3][15] Section 3: Recommended Investment Targets - Key investment opportunities include companies in computing and communication infrastructure, such as China Mobile, China Telecom, and third-party data center firms like Huohuan New Network and Data Port [15][17] - The report highlights the potential of low-orbit satellite components and chip suppliers in the commercial aerospace sector [3][15] - Recommendations also extend to edge computing firms and those involved in satellite internet and low-altitude economy sectors [17][19]

中国经济网北京2月21日讯 光环新网（300383.SZ）2月13日披露《关于控股股东减持股份预披露公 告》。 2020年，光环新网向特定对象发行股票募集资金总额为人民币300,000.00万元，扣除发行费用 754.48万元后，实际募集资金净额为人民币299,245.52万元。以前年度累计投入募集资金293,176.97万 元，报告期投入募集资金2,564.31万元。截至2024年6月30日，募集资金累计使用295,741.28万元，尚未 使用的金额为5,425.76万元，存放于募集资金专户 根据公告，控股股东舟山百汇达创业投资合伙企业（有限合伙）（以下简称"百汇达"）计划在2026 年3月17日至2026年6月16日减持公司股份不超过53,927,700股，占公司总股本比例不超过3%，其中以集 中竞价方式减持公司股份不超过17,975,900股，占公司总股本比例不超过1%；以大宗交易方式减持公司 股份不超过35,951,800股，占公司总股本比例不超过2%。 此外，光环新网1月26日发布2025年度业绩预告。经财务部门初步测算，光环新网预计2025年年度 实现归属于母公司所有者的净利润为亏损73000万元 ...

Core Viewpoint - On February 13, there were no announcements of share buybacks, but several companies announced share reductions, indicating a trend of selling among major stakeholders [1][3]. Group 1: Companies Announcing Share Reductions - Zhaolong Interconnect: Directors Song Hongxia and Deputy General Manager Shen Fuliang plan to reduce their holdings by 0.0110% [2][4]. - Gaoc测股份: The controlling shareholder and three directors plan to collectively reduce their holdings by up to 3.19% [2][4]. - ST Yigou: Shareholder Hangzhou Haoyue intends to reduce holdings by no more than 2.5% [2][4]. - Xiandao Jidian: Shareholder Sanlin Wanye plans to reduce holdings by up to 2.05% [2][4]. - Guanghuan Xinwang: The controlling shareholder Baihuida intends to reduce holdings by up to 3% [2][4]. - Chunqiu Electronics: The controlling shareholder Xue Gewen plans to reduce holdings by up to 2% [2][4]. - New Coordinates: Shareholders plan to collectively reduce holdings by up to 0.0795% [2][4]. - Zejing Pharmaceutical: Shareholders plan to collectively reduce holdings by up to 1.0385% [2][4].

Core Insights - The company, Guanghuan Xinnet, has reported that its computing power business has exceeded 4000P, indicating significant growth in its operational capacity [1] - The annual contract value for the computing power business has surpassed 100 million yuan, reflecting strong demand and revenue generation potential [1] Company Summary - Guanghuan Xinnet's computing power business scale has reached over 4000P, showcasing its capability in the industry [1] - The annual contract amount for this business segment has exceeded 100 million yuan, highlighting its financial performance and market position [1]

Group 1: Key Highlights - Zhangyue Technology (掌阅科技) expects AI short drama business revenue to not exceed 1% of its main business revenue in 2025 [1][2] - Actual controller of Jialinjie (嘉麟杰), Li Zhaoting, has been subjected to compulsory measures [1][2] - Jindan Technology (金丹科技) increases investment in a project for an annual production of 75,000 tons of polylactic acid biodegradable materials [1][2] Group 2: Contract Awards - Qinglong Pipe Industry (青龙管业) wins the bid for the first section of the heat supply pipeline project from Pengyang County Wangwa Power Plant to the county [1][2] - Gaode Infrared (高德红外) signs a contract for a complete equipment system [1][2] - ST Xintong (ST信通) signs a server procurement contract worth approximately 400 million yuan [1][2] Group 3: Financial Performance - Hanzhong Precision Machinery (汉钟精机) reports a net profit of 470 million yuan for 2025, a decrease of 45.54% year-on-year [1][2] - Fudan Microelectronics (复旦微电) anticipates a net profit of approximately 232 million yuan for 2025, down about 59.42% year-on-year [1][2] - Ruilian New Materials (瑞联新材) expects a net profit of 311 million yuan for 2025, an increase of 23.48% year-on-year [1][2] Group 4: Equity Transactions - Gongjin Co. (共进股份) plans to transfer 21.8340% equity of Chip Material Technology to Xinchang Technology [1][2] - Shengquan Group (圣泉集团) intends to acquire 13.50% equity of Shangbo Pharmaceutical for 4.29 million USD [1][2] - Changjiang Communication (长江通信) plans to exit 4.66% equity of Hangzhou Chenxiao through a targeted capital reduction [1][2] Group 5: Share Buybacks - Hualing Steel (华菱钢铁) has repurchased 0.8109% of its shares [1][2] - SanNuo Bio (三诺生物) has completed a share buyback plan, repurchasing 2.81% of its shares [1][2] Group 6: Shareholding Changes - Chunqiu Electronics (春秋电子) plans to reduce holdings by no more than 2% [1][2] - Guanghuan New Network (光环新网) intends to reduce holdings by no more than 3% [1][2] - ST Yigou (ST易购) plans to reduce holdings by no more than 2.5% [1][2] - Changjiang Communication (长江通信) plans to sell no more than 1 million shares of Changfei Optical Fiber [1][2] Group 7: Other News - Yingjixin (英集芯) is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [1][2] - Tianfeng Securities (天风证券) has received a notice of investigation from the China Securities Regulatory Commission [1][2] - Chuangshi Technology (创识科技) reports that its controlling shareholder has received a criminal judgment [1][2]

Core Viewpoint - The company, Guanghuan Xinnet, is expanding its data center business across various regions in China and internationally, with significant growth in cabinet deployment and operational capacity [1] Group 1: Business Expansion - The company’s data center operations cover the Beijing-Tianjin-Hebei, Yangtze River Delta, and central and western regions of China [1] - There are ongoing plans for intelligent computing center projects in Inner Mongolia, Hainan, and Malaysia [1] Group 2: Capacity and Utilization - The company has planned a total of over 230,000 cabinets nationwide, with more than 82,000 cabinets already in operation [1] - The current cabinet utilization rate is approximately 60% [1]

Core Viewpoint - The controlling shareholder of Guanghuan Xinnet (300383.SZ), Zhoushan Baihuida Venture Capital Partnership (Limited Partnership), plans to reduce its shareholding in the company by up to 53.93 million shares, accounting for no more than 3% of the total share capital from March 17, 2026, to June 16, 2026 [1] Summary by Category - Shareholding Reduction Plan - The controlling shareholder intends to sell up to 53.93 million shares [1] - This reduction represents a maximum of 3% of the company's total share capital [1]

Group 1 - The controlling shareholder of Guanghuan Xinnet, Zhoushan Baihuida Venture Capital Partnership (Limited Partnership), plans to reduce its shareholding by up to 53.9277 million shares, which represents no more than 3% of the company's total equity [1]