万国数据(GDS.US)盘前涨3.09%，报32.38美元。消息面上，瑞银发研报指，由于GenAI需求前景持续以 及踏入AI DC行业门槛更高，预期万国数据开发收益率将至少维持在14%或资本支出的7倍，直至 EBITDA成熟。该行预料，万国数据的7倍开发成本将转化为高单位数百分比的无杠杆10年期内部收益 率，这意味着在没有强劲执行力的情况下，净利润率较低，因此租金进一步下跌的空间有限。该行将其 目标价由45美元上调至50美元，其评级为"买入"。(格隆汇) | GDS 万国数据 | | 507 | | --- | --- | --- | | 31.4104-0.430 -1.35% | | 收盘价 08/15 16:00 美东 | | 32.380 ↑ 0.970 +3.09% | | 盘前价 08/18 05:36 美东 | | 雪 5 24 4 5 8 9 同 ♥ 郎 秒 郎 出 | | ● 快捷交易 | | 最高价 32.800 | 开盘价 32.100 | 成交量 265.67万 | | 最低价 31.370 | 昨收价 31.840 | 成交额 8427.4万 | | 平均价 31.721 | 市空率 ...

8月15日，万国数据(GDS)开盘上涨2.17%，截至21:31，报32.53美元/股，成交229.36万美元，总市值 67.13亿美元。 本文源自：金融界 作者：行情君 8月20日，万国数据将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，万国数据控股有限公司(纳斯达克股票代码:GDS;港交所股票代码:9698)是中国及东南亚地区 领先的高性能数据中心运营商和服务商。公司的数据中心分布于对高性能数据中心需求广泛的中国核心 经济枢纽地区。为了满足客户更广泛的需求,公司还根据客户的选择在非一线城市地区建设和运营数据 中心。公司的数据中心规模大,电力供应充沛、密度高且高效,所有关键系统均具备多重冗余。公司中立 于运营商及云服务提供商,客户可自由选择与主要电信运营商连接,以及接入托管于公司数据中心的多家 云服务提供商。万国数据可为客户提供托管和管理服务,包括与领先的公有云进行直接私有连接、独特 创新的混合云管理服务平台,以及在需要时转售公有云服务。公司拥有23年安全可靠的数据中心托管及 管理服务经验,成功满足国内大型客户对于外包数据 ...

根据万国数据年报，ST Telemedia持有万国数据将近34%的A类股份，在总投票权中约占20%。 消息人士表示，万国数据股价近期的上涨，可能使ST Telemedia难以找到买家出售所持股份，又称该公 司可能会分批减持，亦有可能决定不出售股份，指目前讨论尚处于初期阶段。 格隆汇8月14日｜媒体引述消息人士称，新加坡淡马锡控股旗下ST Telemedia考虑悉数出售万国数据 (9698.HK)的持股。消息指，ST Telemedia正在向潜在买家探讨对其手中所有万国数据持股的兴趣。 ...

ST Telemedia is considering selling its holding in Chinese data center operator GDS https://t.co/hnOR5XziU1 ...

Core Insights - The Southern Universal Data Center REIT was officially listed on the Shanghai Stock Exchange on August 8, raising a total of 2.4 billion yuan, marking it as one of the first new infrastructure REITs in the country and the first on the Shanghai Stock Exchange [1] Group 1 - The listing ceremony highlighted the transformation of Huqiao from an agricultural town to a business new city, with Universal Data establishing itself as an industry benchmark over the past 16 years [3] - Universal Data is the leading third-party data center operator in China, having ranked first in the China Academy of Information and Communications Technology's service provider list for five consecutive years [3] - The underlying asset of the Southern Universal Data Center REIT is the Guojin Data Center located in the Huqiao Economic Development Zone, which serves as a critical "computing power base" for the digital economy [3] Group 2 - The Guojin Data Center consists of two buildings with a total of 4,192 server cabinets, providing data center space and hosting services, achieving a 100% average signing rate over the past three years [4] - The successful listing of the Southern Universal Data Center REIT represents Huqiao's continued efforts to integrate with the capital market, following the earlier issuance of the AVIC Easy Business Warehousing Logistics REIT [5] - Huqiao aims to leverage its advantages of over 850 investment institutions and more than 110 billion yuan in managed capital to create a digital financial cluster near Shanghai, enhancing investment and financing mechanisms in the new infrastructure sector [5]

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Current Stock Price**: US$36.37 (as of August 8, 2025) - **Market Capitalization**: Rmb51,663 million - **Price Target**: US$52.00, indicating a 43% upside potential Key Points Positive Developments 1. **C-REIT Performance**: GDS's C-REIT gained 30% on its first trading day, establishing a new valuation benchmark with an EV/EBITDA multiple of approximately 22x, leading to a dividend yield of around 4% [2][1] 2. **MSCI China Index Inclusion**: GDS was re-added to the MSCI China Standard Index after 18 months, which is expected to attract passive and long-only investors, potentially reducing share price volatility [3][1] 3. **NV H20 Licensing**: The US Government granted a license for NV H20, with indications that new orders are being placed with TSMC, suggesting ongoing production and inventory management [4][1] Future Expectations 4. **Strong Order Growth**: Anticipation of strong new orders for DayOne's international business in the upcoming 2Q25 earnings report, supported by solid 2Q earnings from US hyperscalers and upward capex revisions [5][1] 5. **Revenue and EBITDA Growth**: Expected revenue growth of 9-10% YoY, with EBITDA growth tracking similarly, despite the deconsolidation of private REIT assets [5][1] Financial Projections 6. **2Q25 Earnings Preview**: Forecasted revenue growth of 8.7% YoY to Rmb2.8 billion and EBITDA growth of 9.5% YoY to Rmb1.4 billion [9][1] 7. **Long-term Projections**: For 2026, GDS's China business is projected to have an EV/EBITDA multiple of 15x, while the international segment is expected to have a multiple of 17.5x [12][1] Risks and Considerations 8. **Market Risks**: Potential risks include reduced capex from hyperscalers, increased competition, and a reversal of the downward trend in interest rates [12][1] Additional Insights 9. **Management's Strategy**: Management indicated readiness to inject a second batch of assets into the REIT, with a project size of Rmb2 billion and Rmb4 billion, contingent on market conditions [2][1] 10. **Analyst Ratings**: GDS is rated as "Overweight" by Morgan Stanley, reflecting a positive outlook on the company's performance relative to its peers [7][1] This summary encapsulates the critical insights and projections regarding GDS Holdings Ltd, highlighting both the positive developments and potential risks in the current market landscape.

Group 1 - The core viewpoint of the news is the successful listing of the Southern GDS Data Center REIT on the Shanghai Stock Exchange, which saw a first-day limit-up increase of 30% [1] - The REIT was priced at 3 yuan per share and raised a total of 2.4 billion yuan, with a public investor subscription multiple of 456 times and an offline investor subscription multiple of 166 times [1] - According to Industrial Securities, the valuation of the GDS Data Center REIT significantly exceeded market expectations, leading to a substantial increase in the valuation anchor for the IDC industry [1] Group 2 - The issuance of public REITs is encouraged by current policies, benefiting IDC companies with many mature projects to accelerate expansion [1] - HSBC noted that the spin-off is advantageous for the company to deleverage, maintaining a net debt to adjusted EBITDA ratio below 6.5 times for the year, with pricing above the current 14 times adjusted enterprise value multiple, indicating potential for valuation re-rating [1]

8月11日，万国数据(GDS)开盘上涨5.25%，截至21:30，报38.28美元/股，成交423.87万美元，总市值 79.00亿美元。 财务数据显示，截至2025年03月31日，万国数据收入总额27.23亿人民币，同比增长11.96%；归母净利 润7.63亿人民币，同比增长320.64%。 大事提醒： 本文源自：金融界 作者：行情君 8月20日，万国数据将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，万国数据控股有限公司(纳斯达克股票代码:GDS;港交所股票代码:9698)是中国及东南亚地区 领先的高性能数据中心运营商和服务商。公司的数据中心分布于对高性能数据中心需求广泛的中国核心 经济枢纽地区。为了满足客户更广泛的需求,公司还根据客户的选择在非一线城市地区建设和运营数据 中心。公司的数据中心规模大,电力供应充沛、密度高且高效,所有关键系统均具备多重冗余。公司中立 于运营商及云服务提供商,客户可自由选择与主要电信运营商连接,以及接入托管于公司数据中心的多家 云服务提供商。万国数据可为客户提供托管和管理服务,包括与领先的公 ...

Group 1 - The core viewpoint of the article highlights the significant market interest and positive performance of the Southern Data Center REIT, which successfully listed on the Shanghai Stock Exchange, achieving a 30% increase on its first day [1] - The Southern Data Center REIT raised 2.4 billion yuan through its issuance, with a public investor subscription multiple of 456 times and an offline investor subscription multiple of 166 times, indicating strong demand [1] - The valuation of the data center REIT is significantly higher than market expectations, which has led to an increase in the valuation anchor for the IDC industry [1] Group 2 - The issuance of REITs is encouraged by current policies, benefiting mature IDC companies and facilitating their expansion [1] - The spin-off of the REIT is advantageous for the company to deleverage, maintaining a net debt to adjusted EBITDA ratio below 6.5 times within the year [1] - The pricing of the REIT is higher than the company's current adjusted enterprise value multiple of 14 times, reflecting potential for valuation re-rating [1]

Core Insights - The launch of the first public REITs for data centers, namely Southern Runze Technology Data Center REIT and Southern Wanguo Data Center REIT, marks a significant expansion of public REITs' underlying assets, filling a gap in the data center sector [1][3] - Both REITs experienced a strong debut, with each reaching a 30% increase on their first trading day, indicating robust market interest and active trading [1][2] Fundraising and Asset Details - Southern Runze Technology Data Center REIT issued 1 billion shares, raising 4.5 billion yuan, with proceeds primarily allocated for the construction of the Chongqing Runze (Southwest) International Information Port project [2] - Southern Wanguo Data Center REIT issued 800 million shares, raising 2.4 billion yuan [2] - The underlying asset for Southern Runze is an A-18 data center in Langfang, Hebei, with projected service fee income of 540 million yuan and a net profit of approximately 257 million yuan for 2024 [2] - Southern Wanguo's underlying asset is the Guojin Data Cloud Computing Data Center in Kunshan, with projected service fee income of 164 million yuan and a net profit of about 47.33 million yuan for 2024 [2] Investor Interest and Market Dynamics - The issuance of the first public data center REITs saw enthusiastic investor participation, with the public offering for Southern Runze closing within a day and a low confirmation ratio of effective subscription applications [2] - The strong demand for these REITs is seen as a precursor to their successful market performance [2] Policy Support and Future Outlook - The successful launch of these REITs is attributed to strong policy support from regulatory bodies, which have encouraged the development of new infrastructure projects, including data centers [3] - The China Securities Regulatory Commission has expressed ongoing support for technology companies to utilize new asset classes for asset securitization and REITs [3] - The emergence of more data center public REITs is expected to evolve into a broader industry phenomenon, promoting a shift from mere scale expansion to value creation in the data center sector [3][4] Expansion of Public REITs - The public REITs market has been expanding, with a growing range of asset classes being included, from industrial parks to data centers [4] - The issuance of public REITs is seen as a vital tool for empowering the real economy, with potential future expansions into additional asset types such as elder care facilities [4][5]