Group 1 - The Nasdaq China Golden Dragon Index increased by over 2% [1] - Popular Chinese concept stocks generally rose, with Bilibili up 6.74%, Baidu up 6.59%, and GDS Holdings up 4.98% [1] - Other notable gains include Kingsoft Cloud rising by 4.14% and Miniso increasing by 4.06% [1] Group 2 - Legend Biotech experienced a significant decline, falling by 10.76% [1] - NetEase and Luckin Coffee both dropped nearly 3% [1] - Amer Sports saw a decrease of 1.63% [1]

Summary of Key Points from the Conference Call Industry Overview - The China data center sector is positioned as a crucial component in the AI ecosystem, benefiting from increased investments by internet companies in AI applications and infrastructure [1][9] - Anticipated dual-track expansion in chip supply, computing power demand, and regional capacity across East and West China [1][13] Core Insights - Order volume for China data center stocks is expected to be a primary focus for investors in 4Q25 and into 2026, with potential for earlier and larger demand due to the bidding process by internet hyperscalers [2][9] - GDS and VNET are projected to see significant growth in adjusted EBITDA, with GDS expected to grow by 12% and VNET by 23% year-over-year in 2027 [2][9] - DayOne, partially owned by GDS, is expanding its capacity with a total of 1.8GW secured by the end of 2025, including a mezzanine financing facility of €500 million to support its developments in Finland [3][9] Financial Projections - GDS's revenue is projected to reach Rmb 11.5 billion in 2025E, with an EBITDA of Rmb 5.4 billion [11][70] - VNET's revenue is expected to be Rmb 9.9 billion in 2025E, with an EBITDA of Rmb 2.9 billion [11][70] - SUNeVision's revenue is forecasted at Rmb 3.3 billion in 2025E, with an EBITDA of Rmb 2.4 billion [11][70] Capital Expenditure and Financing - GDS's organic capex is expected to reach Rmb 7 billion in 2026E, while VNET's capex is projected to exceed Rmb 8 billion [43][44] - Both companies are leveraging favorable financing channels, including private REITs, to support their capital expenditures [43][44] Market Dynamics - The data center market is expected to see a 14% CAGR in live capacity from 2025 to 2028, driven by demand from internet, cloud, and AI sectors [54][59] - Wholesale demand is projected to grow at a 19% CAGR, while retail demand is expected to grow at a lower rate due to physical constraints [54][59] Competitive Landscape - GDS and VNET are expected to account for approximately 13% of China's data center live demand by 2028, indicating ongoing industry consolidation [56][66] - The competitive environment may intensify as companies prioritize operational efficiency and wallet share in the face of rising demand [13][43] Additional Insights - The approval of Nvidia H200 chips for import into China could significantly impact the data center bidding process and chip supply dynamics [13][35] - The utilization rates of data centers are expected to improve, particularly in regions with lower power costs and favorable government incentives [43][56] Conclusion - The China data center sector is poised for growth driven by AI investments, favorable financing conditions, and increasing demand from cloud and internet services. GDS and VNET are well-positioned to capitalize on these trends, with significant projected revenue and EBITDA growth in the coming years [1][2][9][54]

Summary of Conference Call Notes Industry and Companies Involved - **Industry**: Communications Equipment - **Companies Covered**: - Accelink Technologies (002281.SZ) - Eoptolink Technology (300502.SZ) - EverProX Technologies (300548.SZ) - GDS Holdings (GDS.O) - Innolight (300308.SZ) - Suzhou TFC Optical Communication (300394.SZ) - T&S Communications (300570.SZ) - VNET Group (VNET.O) - ZTE (0763.HK) Key Points and Arguments EverProX Technologies (300548.SZ) - Target price raised to Rmb122 from Rmb63, reflecting a 46.5x 2026E EPS valuation, which is +1 standard deviation above the 5-year historical mean due to stronger earnings growth projected at a 152% 3-year CAGR [2][11] - 2025/26/27E earnings increased by 1%/26%/45% driven by robust overseas demand for MPO/AOC components, datacenter cables, and optical transceivers [2][11] - Rated as Neutral due to high current trading P/E of ~45x compared to T&S Communications at ~32x, indicating less upside potential [2][11] Suzhou TFC Optical Communication (300394.SZ) - Target price increased to Rmb222 from Rmb196, with 2026/27E earnings raised by 36%/56% due to anticipated growth in the 1.6T light engine market [3][15] - Maintained Buy rating, citing strong long-term earnings growth potential from CPO/OIO total addressable market opportunities and expected sales of FAU, ELSFP, and MT products [3][15] ZTE (0763.HK) - Downgraded to Neutral from Buy, with target price raised to HK$29.20 from HK$27.50 [4][19] - 2025/26/27E earnings reduced by 16%/14%/11% due to margin impacts from a ramping server business and memory price effects on the smartphone segment, partially offset by tighter operating expenses [4][19] - Valuation set at 15.0x 2026E P/E, which is 1.5 standard deviations above the stock's historical average, supported by positive sentiment towards AI server developments [4][19] Accelink Technologies (002281.SZ) - Coverage transferred with a maintained Sell rating and target price of Rmb24.60 [8][20] Eoptolink Technology (300502.SZ) - Coverage transferred with a maintained Buy rating and target price of Rmb472.00 [9][21] GDS Holdings (GDS.O) - Coverage transferred with a maintained Buy rating and target price of US$51.20 [12] Innolight (300308.SZ) - Coverage transferred with rating suspended [13] T&S Communications (300570.SZ) - Coverage transferred with a maintained Buy rating and target price of Rmb137.00 [16] VNET Group (VNET.O) - Coverage transferred with a maintained Buy rating and target price of US$20.00 [17] Other Important Information - The report indicates potential conflicts of interest due to the firm's business relationships with covered companies, advising investors to consider this report as one of several factors in their investment decisions [5] - The report is not for distribution in the People's Republic of China, excluding Hong Kong and Qualified Foreign Institutional Investors [5]

（文章来源：每日经济新闻） 每经AI快讯，万国数据-SW(09698.HK)涨超3%，截至发稿，涨3.3%，报43.18港元，成交额4713.47万港 元。 ...

股份购回将使万国数据得以回收其在DayOne的投资本金的约95%，投资回报率接近6.5倍。根据C轮新 发行价计算，万国数据于DayOne持有的余下股权价值超过22亿美元，相当于每股万国数据美国存托股 11.18美元。万国数据目前有意重新分配股份购回所得款项，以投资于中国核心业务中具可观回报潜力 的新兴商机。 消息面上，1月13日，万国数据-SW发布公告，其已与DayOne Data Centers Limited(DayOne，一个总部 位于新加坡的超大规模数据中心平台，公司持有其少数股权投资)订立最终协议，据此，DayOne将向公 司购回价值3.85亿美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发行超过20 亿美元的C轮可转换优先股的价格相同。 智通财经APP获悉，万国数据-SW(09698)涨超3%，截至发稿，涨3.3%，报43.18港元，成交额4713.47万 港元。 ...

Summary of Conference Call on China Data Center Sector Industry Overview - **Sector Performance**: China data center stocks, specifically VNET and GDS, showed significant gains with VNET up by 11% and GDS by 8% due to an improving demand outlook for data centers as internet/cloud companies in China initiate new project bidding processes [1][2] - **Future Outlook**: The sector is expected to see stronger new orders in 2026 compared to 2025, easing AI chip supply issues, and potential support for rental pricing due to supply tightening [1][2] Key Points Order Recovery - **Recent Trends**: The China data center sector experienced a slowdown in new orders from April to July 2025, attributed to U.S. restrictions on H20 chips. However, a recovery began in August 2025, led by ByteDance, with total demand potentially exceeding 1GW [2][3] - **Beneficiaries**: Companies with ample land and power resources, particularly in western China or around Beijing, are expected to benefit from this recovery [2] AI Chip Supply Issues - **Current Situation**: The limited availability of advanced GPUs has led Chinese cloud service providers to increasingly procure domestic AI accelerators. The listing of more domestic AI accelerator companies is expected to enhance competition in the market [3] - **Future Prospects**: The potential resumption of advanced GPU offerings from overseas could alleviate the current supply issues [3] Rental Pricing Dynamics - **Market Trends**: Data center rental pricing was on a downward trend in 2023-2024 but stabilized in 2025. The Chinese government has tightened approvals for new data center projects since Q2 2025, which may help rationalize supply and support rental pricing [4] - **Projected Changes**: By the end of 2025, a limited number of new projects are expected to receive approvals, particularly in northern and western China, which may further tighten supply and support pricing [4] Valuation Comparisons - **Valuation Metrics**: China data center stocks are trading at lower valuations compared to global peers, with VNET and GDS at 11x and 14x FY26E EV/EBITDA respectively, compared to around 20x for global counterparts [1][8] - **Price Objectives**: The price objective for VNET is set at US$15.1, while for GDS it is US$50.0 / HK$49.1, reflecting a discount for lower profitability in the China business [7][17][19] Risks Upside Risks - Faster-than-expected growth in new wholesale orders - Quicker ramp-up in utilization levels - Supportive government policies for the data center industry [18][19] Downside Risks - Increased competition leading to lower service prices - Slower client onboarding - AI chip shortages due to further overseas restrictions [18][20] Conclusion - The China data center sector is poised for a recovery with improving demand and potential support for pricing. Companies like VNET and GDS are recommended as "Buy" due to their compelling valuations and growth prospects in the evolving market landscape [1][7][19]

股份购回将使万国数据得以回收其在DayOne的投资本金的约95%，投资回报率接近6.5倍。根据C轮新 发行价计算，万国数据于DayOne持有的余下股权价值超过22亿美元，相当于每股万国数据美国存托股 11.18美元。万国数据目前有意重新分配股份购回所得款项，以投资于中国核心业务中具可观回报潜力 的新兴商机。 万国数据-SW(09698)发布公告，其已与DayOne Data Centers Limited(DayOne，一个总部位于新加坡的超 大规模数据中心平台，公司持有其少数股权投资)订立最终协议，据此，DayOne将向公司购回价值3.85 亿美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发行超过20亿美元的C轮可 转换优先股的价格相同。 ...

股份购回将使万国数据得以回收其在DayOne的投资本金的约95%，投资回报率接近6.5倍。根据C轮新 发行价计算，万国数据于DayOne持有的余下股权价值超过22亿美元，相当于每股万国数据美国存托股 11.18美元。万国数据目前有意重新分配股份购回所得款项，以投资于中国核心业务中具可观回报潜力 的新兴商机。 智通财经APP讯，万国数据-SW(09698)发布公告，其已与DayOne Data Centers Limited(DayOne，一个总 部位于新加坡的超大规模数据中心平台，公司持有其少数股权投资)订立最终协议，据此，DayOne将向 公司购回价值3.85亿美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发行超过 20亿美元的C轮可转换优先股的价格相同。 ...

万国数据(09698.HK)公告，公司已与DayOne Data Centers Limited订立最终协议，据此，DayOne将向本 公司购回价值385百万美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发行超 过20.0亿美元的C轮可转换优先股的价格相同。 本文源自：金融界AI电报 ...

股份购回将使万国数据得以回收其在DayOne的投资本金的约95%，投资回报率接近6.5倍。根据C轮新 发行价计算，万国数据于DayOne持有的余下股权价值超过22.0亿美元，相当于每股万国数据美国存托 股11.18美元。万国数据目前有意重新分配股份购回所得款项，以投资于中国核心业务中具可观回报潜 力的新兴商机。 格隆汇1月13日丨万国数据-SW(09698.HK)宣布，其已与DayOne Data Centers Limited(「DayOne」，一 个总部位于新加坡的超大规模数据中心平台，公司持有其少数股权投资)订立最终协议，据此，DayOne 将向公司购回价值385百万美元的DayOne普通股。每股普通股的股份购回价格与DayOne最近宣布新发 行超过20.0亿美元的C轮可转换优先股的价格相同。 ...