Core Viewpoint - GDS Holdings (GDS.US) shares fell over 1.5% pre-market, trading at $33, following a report from JPMorgan indicating that the company's Q3 performance was in line with expectations, including a one-time gain from the spin-off of data centers to C-REIT [1] Financial Performance - The Q3 results were generally in line with JPMorgan's expectations, which included a one-time gain from the data center spin-off [1] - Management anticipates challenges in 2026 due to weaker-than-expected new order performance since Q2 of this year [1] Revenue Outlook - Monthly Service Revenue (MSR) may decline further as existing contracts are renewed [1] - JPMorgan has lowered the target price for GDS shares from $46 to $40 while maintaining an "Overweight" rating [1]

Market Overview - The Hong Kong stock market showed a significant recovery on November 24, with all three major indices ending a streak of declines[9] - Large tech stocks performed strongly, with Kuaishou rising over 7%, and NetEase and Bilibili increasing over 5%[9] - The Hang Seng Tech Index closed at 5,546, up 2.78% for the day and 24.11% year-to-date[3] Sector Performance - Innovative pharmaceuticals and outsourcing concepts saw notable gains, with companies like Innovent Biologics rising over 6%[9] - Military stocks also performed well, with China Shipbuilding Defense up over 13%[9] - Oil stocks were weak, with China National Offshore Oil Corporation and China Oilfield Services both declining over 1%[9] U.S. Market Insights - On the same day, U.S. markets saw all three major indices close higher, driven by increased bets on a Federal Reserve rate cut[9] - The "Magnificent Seven" tech stocks, including Google and Nvidia, all rose, with Google gaining over 6%[9] - The S&P 500 index is projected to achieve double-digit annual growth according to HSBC strategists[14] Economic Indicators - The Federal Reserve is expected to cut rates in December, with market predictions showing a 70% probability[14] - The U.S. economy's third-quarter GDP report has been delayed due to a government shutdown, affecting economic analysis[14] Investment Trends - The Nasdaq Golden Dragon China Index rose by 2.82%, indicating a positive trend for Chinese concept stocks[13] - Significant inflows into semiconductor stocks were noted, with companies like Broadcom surging 11%[13]

Core Viewpoint - Ramsay Health Care Limited has completed a strategic review regarding its majority shareholding in Ramsay Générale de Santé, with plans to execute one of the options considered and provide an update by February 2026 [1][2][3]. Group 1: Strategic Review - Ramsay Health Care Limited announced the completion of its strategic review with the assistance of Goldman Sachs [2]. - The Board and Management of Ramsay Health Care Limited are committed to executing one of the options from the strategic review [3]. - An update on the strategic options will be provided no later than the first half results publication in February 2026 [3]. Group 2: Company Overview - Ramsay Santé is the European leader in private hospitalization and primary care, employing 40,000 staff and 10,000 practitioners [4]. - The group serves 13 million patients annually across 492 facilities in five countries: France, Sweden, Norway, Denmark, and Italy [4]. - Ramsay Santé's mission encompasses a wide range of healthcare services, including medicine, surgery, obstetrics, rehabilitation, mental health, and primary care, focusing on innovation and equitable access to quality care [5].

Group 1 - The stock of GDS Holdings Limited (09698.HK) has increased by over 6%, currently trading at HKD 31.92, with a trading volume of HKD 80.112 million [1]

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]

Core Insights - GDS Holdings (GDS.US) reported solid financial performance in Q3 2025, driven by rapid growth in AI infrastructure demand and favorable domestic policies under the "14th Five-Year Plan" [1][2] Financial Performance - The company achieved a net revenue of 2.8871 billion RMB, reflecting a year-on-year growth of 10.2% [2] - Net profit reached 728.6 million RMB, with a net profit margin of 25.2% [2] - Adjusted EBITDA was 1.3422 billion RMB, up 11.4% year-on-year, with an adjusted EBITDA margin of 46.5% [2] - GDS raised approximately 2.248 billion RMB through the issuance of public REITs, enhancing liquidity for future expansions and AI infrastructure development [2] - The company maintains guidance for total revenue in 2025 to be between 11.29 billion and 11.59 billion RMB, and adjusted EBITDA between 5.19 billion and 5.39 billion RMB [2] AI Demand and Growth Drivers - The demand for AI is transforming the data center landscape, with significant capital expenditures planned by major clients, amounting to several hundred billion USD [3] - GDS's new order volume for data center business reached 240 MW in the first three quarters of 2025, with expectations to approach 300 MW for the full year, marking a significant increase from previous years [3] - The majority of new orders are focused on AI applications, particularly in inference and combined inference-training solutions [3] - The company has secured approximately 900 MW of power supply land in major cities to meet AI demand [3] REITs and ESG Initiatives - GDS is enhancing its competitive edge through asset securitization and sustainable development, positioning itself as a leader in the data center industry [4] - The company launched its public REITs in August 2025, marking a new phase in asset securitization for the industry [4] - Future plans include injecting more quality assets into the REITs platform, targeting a value of 4-6 billion RMB for the asset pool [4] - GDS has made significant strides in ESG, with 40% renewable energy usage and 42 data centers certified as green buildings, optimizing PUE to an industry-leading 1.24 [6] - The company achieved an MSCI rating upgrade to A and received a B rating in its first CDP assessment, reflecting its commitment to sustainability [6] Future Outlook - GDS is entering a new growth cycle driven by AI, with its strategic land reserves and REITs plans set to enhance capital structure and support the expansion of AI-related data centers [7] - The company aims to integrate technology, capital, and location resources to maximize value in the upcoming AI-driven industry growth phase [7]

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.44%, the S&P 500 up 1.55%, and the Nasdaq Composite up 2.69% [1] - Large-cap tech stocks saw significant gains, with Tesla and Google both rising over 6% [1] Sector Highlights - Semiconductor stocks performed strongly, with Broadcom's stock increasing by 11%, marking its largest gain since April, adding $178 billion to its market capitalization [1] - The Philadelphia Semiconductor Index rose by 4.6%, with Micron Technology up nearly 8%, AMD up over 5%, and Nvidia up over 2% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index increased by 2.82%, with notable gains in popular Chinese concept stocks [1] - Key performers included WeRide up 14.72%, Pony.ai up 12.51%, and Canadian Solar up 10.16% [1] - Other significant increases were seen in Daqo New Energy up 8.89%, Global Data up 8.38%, Baidu up 7.44%, and Bilibili up 6.80% [1]

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]

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。" ...