Group 1 - Bank of America has raised the target price for GDS Holdings (GDS.US) by 6%, from HKD 49.7 to HKD 52.8 for Hong Kong stocks, and from USD 50.6 to USD 53.8 for US stocks, maintaining a "Buy" rating [1] - Alibaba recently announced at the 2025 Alibaba Cloud Summit that its token consumption doubles every 2 to 3 months, indicating an increase in AI workloads [1] - Alibaba plans to invest over RMB 380 billion in AI and cloud computing over the next three years, reflecting a strong commitment to these sectors [1] Group 2 - The report highlights that the progress of domestic AI chips is good, supporting the growth of data center orders [1] - Based on the improved outlook, Bank of America has adjusted GDS's EBITDA forecast for 2026 to 2027 upwards by 1% to 3% [1]

Group 1 - Bank of America has raised the target price for GDS Holdings (GDS.US) by 6%, from HKD 49.7 to HKD 52.8 for Hong Kong stocks, and from USD 50.6 to USD 53.8 for US stocks, maintaining a "Buy" rating [1] - Alibaba recently announced at the 2025 Alibaba Cloud Conference that its token consumption doubles every 2 to 3 months, indicating an increase in AI workloads [1] - Alibaba plans to invest over RMB 380 billion in AI and cloud computing over the next three years, reflecting a strong commitment to these sectors [1] Group 2 - The report highlights that the progress of domestic AI chips is good, supporting the growth of data center orders [1] - Based on the improved outlook, Bank of America has adjusted GDS's EBITDA forecast for 2026 to 2027 upwards by 1% to 3% [1]

Summary of Key Points from the Conference Call Industry and Companies Involved - **Industry**: Data Center and Cloud Services - **Companies**: Alibaba, GDS Holdings, VNET Group Core Insights and Arguments 1. **Alibaba's AI Investment Commitment**: Alibaba's CEO, Eddie Wu, emphasized a commitment to AI investments, with a target of Rmb380 billion over three years, and plans to increase global data center capacity by 10 times by 2032 to support anticipated global AI investments of US$4 trillion in the next five years [1][3] 2. **Expansion Plans**: Alibaba plans to build data centers in Brazil, France, and the Netherlands, while expanding capacity in Mexico, Japan, Korea, Malaysia, and Dubai [1] 3. **Beneficiaries of Alibaba's Investments**: GDS Holdings is identified as a key beneficiary of Alibaba's increasing AI investments, particularly in overseas and domestic data center build-outs. VNET is also expected to benefit from domestic orders [1] 4. **Potential Catalysts for Growth**: The anticipated B30 server updates and shipments in Q4 2025 and Q1 2026, along with new orders in Q4 2025, are seen as positive catalysts for GDS and VNET [1] 5. **Valuation Metrics for Alibaba**: The target price for Alibaba's H-shares is set at HK$183, based on a 12x P/E on FY2026E Ecommerce Group net profit and various P/S ratios for other segments [3] 6. **Risks for Alibaba**: Key risks include failure in executing retail strategy, investment spending pressures, user traffic slowdowns, integration risks from acquisitions, economic slowdowns, and regulatory risks [4] 7. **Valuation for GDS Holdings**: The target price for GDS is set at US$51.2 per share, based on a SoTP valuation of 15x FY26E EV/EBITDA for GDS China and 23x for DayOne [5] 8. **Risks for GDS Holdings**: Risks include revenue fluctuations, potential over-capacity due to government policies, execution risks in delivering data center pipelines, increasing competition, rising utility costs, and interest rate hikes impacting earnings [6] 9. **Valuation for VNET Group**: The target price for VNET is set at US$20.0, based on 16x 2026E adjusted EBITDA, reflecting a premium above the historical average [7] 10. **Risks for VNET Group**: Risks include slower-than-expected demand recovery, intensified competition affecting margins, and lower-than-expected pricing impacting cash flows [8] Other Important but Potentially Overlooked Content - The conference highlighted a broader trend in the industry where peers may follow Alibaba's lead in AI investments, potentially leading to accelerated order growth and stock re-ratings across the sector [1] - The report emphasizes the importance of monitoring macroeconomic conditions and regulatory environments, particularly in the context of US-China trade relations and their impact on the Chinese economy [4]

Group 1 - UBS reports that Alibaba's CEO Wu Yongming announced additional investments in AI infrastructure on top of the previously disclosed three-year capital expenditure plan of 380 billion yuan [1] - It is projected that Alibaba Cloud's global data center electricity consumption will increase tenfold by 2032 compared to 2022 levels [1] - UBS estimates that if Alibaba Cloud's total data center capacity was 1.5 gigawatts in 2022, it will reach 15 gigawatts by 2032, implying a net increase of approximately 13 gigawatts over ten years, or at least a net increase of 1 to 2 gigawatts per year [1] Group 2 - The firm estimates that each gigawatt of data center demand corresponds to approximately 100 billion yuan in IT equipment capital expenditure, indicating an annual capital expenditure of at least 100 billion to 200 billion yuan, which is higher than market expectations [1] - There is a lack of confidence in the sustainability of the AI capital expenditure cycle and the capital expenditure intensity of large-scale cloud service providers [1] - UBS continues to favor GDS Holdings as the industry leader, optimistic about its potential new orders in China and overseas, as well as the valuation of its DayOne Series C financing [1]

Market Performance - On September 24, all three major U.S. stock indices opened high but closed lower, with the Dow Jones down 0.37% at 46,121.28 points, the S&P 500 down 0.28% at 6,637.97 points, and the Nasdaq down 0.33% at 22,497.86 points [2] Chinese Stocks - The Nasdaq China Golden Dragon Index surged by 2.83%, with notable gains in stocks such as Daqo New Energy up 14.26%, Century Internet up over 10%, Alibaba and Global Data up over 8%, and others like EHang and Baidu also showing significant increases [4] Commodity Prices - Gold prices fell slightly, with spot gold down 0.74% at $3,735.805 per ounce and COMEX gold futures down 1.24% at $3,768.5 per ounce [5][6] - In contrast, oil prices increased, with light crude oil futures for November delivery rising by $1.58 to $64.99 per barrel, a gain of 2.49%, and Brent crude oil futures up $1.68 to $69.31 per barrel, a rise of 2.48% [6] Trade Policy - The Trump administration announced the implementation of a trade agreement with the EU, confirming a 15% tariff on EU-imported cars and automotive products effective from August 1 [7]

Market Performance - The three major U.S. stock indices experienced slight declines, with the Dow Jones down 0.37%, the S&P 500 down 0.28%, and the Nasdaq down 0.33% [1] - Popular tech stocks showed mixed results, with Intel rising over 6% and Tesla nearly 4%, while Google fell over 1% and Nvidia and Apple dropped nearly 1% [1] - Chinese concept stocks saw a general increase, with Alibaba and GDS Holdings rising over 8%, Baidu and JD.com up over 5%, and NIO up over 2% [1] - European stock indices closed mixed, with Germany's DAX up 0.23%, France's CAC40 down 0.57%, and the UK's FTSE 100 up 0.29% [1] Commodity Prices - International precious metal futures generally declined, with COMEX gold futures down 1.24% at $3768.5 per ounce and COMEX silver futures down 1.11% at $44.115 per ounce [1] - International oil prices surged, with the main U.S. oil contract up 2.21% at $64.81 per barrel and Brent crude up 1.93% at $68.26 per barrel [1] Currency and Debt Markets - The U.S. dollar index rose 0.65% to 97.86, while the offshore RMB against the U.S. dollar fell by 243 basis points to 7.1379 [1] - U.S. Treasury yields collectively increased, with the 2-year yield up 3.48 basis points at 3.608%, the 3-year yield up 5.06 basis points at 3.607%, the 5-year yield up 5.95 basis points at 3.723%, the 10-year yield up 4.24 basis points at 4.149%, and the 30-year yield up 3.63 basis points at 4.752% [1] - European bond yields were mixed, with the UK 10-year yield down 1 basis point at 4.667%, France's 10-year yield up 0.5 basis points at 3.567%, Germany's 10-year yield down 0.1 basis points at 2.746%, Italy's 10-year yield up 2.1 basis points at 3.562%, and Spain's 10-year yield up 0.4 basis points at 3.297% [1]

Core Points - The US stock market experienced a collective decline, with the Dow Jones falling by 0.37%, the Nasdaq by 0.33%, and the S&P 500 by 0.28% [1] - Major technology stocks showed mixed performance, with Intel rising over 6% and Tesla nearly 4%, while Google dropped over 1%, and Nvidia and Apple fell close to 1% [1] - The Nasdaq Golden Dragon Index, which tracks Chinese stocks, increased by 2.83%, with popular Chinese concept stocks seeing significant gains, including Alibaba and Global Data rising over 8%, Baidu and JD.com over 5%, and NIO over 2% [1]

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]

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） ...