Core Insights - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for stocks with significant discrepancies between market price and intrinsic value, particularly in the Hong Kong market [1] Group 1: Investment Strategy - The service emphasizes deep value balance sheet bargains, such as net cash stocks, net-nets, low price-to-book (P/B) stocks, and sum-of-the-parts discounts [1] - It also highlights wide moat stocks, which are characterized by strong earnings power at discounted prices, including high-quality businesses and hidden champions [1] Group 2: Research Offerings - The author provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1]

Group 1 - The core viewpoint of the news highlights a positive market reaction driven by favorable developments in US-China trade negotiations, with major US stock indices showing significant gains [1][2] - The Dow Jones Industrial Average rose by 2.44%, the Nasdaq Composite increased by 3.55%, and the S&P 500 climbed by 2.63% as of the specified time [1] - Major technology stocks experienced substantial increases, with Apple rising over 6%, Amazon up more than 7%, and Meta gaining over 5% [2] Group 2 - The Nasdaq China Golden Dragon Index surged over 5%, reflecting a strong performance among popular Chinese concept stocks [2][3] - Notable stock movements included Jia Yuda, which saw a peak increase of over 130% during trading, ultimately closing up 65.64% [2][3] - Other significant gainers in the Chinese stock market included Century Internet, which rose over 18%, and several other companies like Pinduoduo and Xpeng Motors, which saw increases exceeding 7% [4] Group 3 - The spot price of gold continued to decline, trading around $3240 per ounce, with a drop of 2.58% noted [4] - The price of gold fell below $3210 per ounce for the first time since April 14, indicating a notable downward trend [4] - Domestic gold jewelry prices also decreased, with several brands' prices falling back to around 1000 yuan [6][7]

Core Viewpoint - Century Internet (VNET) has shown significant financial growth, with a notable increase in revenue and net profit, indicating strong operational performance and market position in the digital infrastructure sector [1][2]. Financial Performance - As of December 31, 2024, Century Internet reported total revenue of 8.259 billion RMB, representing a year-on-year growth of 11.41% [1]. - The company's net profit attributable to shareholders reached 183 million RMB, marking a substantial year-on-year increase of 106.93% [1]. Business Operations - Century Internet operates over 50 data centers across more than 30 cities in China, with a base business operational capacity exceeding 480 MW and over 52,000 cabinets in urban business operations [2]. - The company has established large-scale data center industry clusters in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau, providing a robust digital infrastructure [2]. Strategic Partnerships - As a strategic partner of Microsoft, Century Internet operates international-standard cloud services including Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform in China [2]. - The company has built a solid foundation for business development for over 6,000 high-quality enterprise clients, including nearly 100 leading companies in high-growth industries [2].

财务数据显示，截至2024年12月31日，世纪互联收入总额82.59亿人民币，同比增长11.41%；归母净利 润1.83亿人民币，同比增长106.93%。 大事提醒： 5月6日，世纪互联(VNET)开盘上涨2.16%，截至21:31，报7.11美元/股，成交88.66万美元，总市值19.13 亿美元。 世纪互联在全国30多个城市运营超过50座数据中心,基地型业务运营容量超过480MW,城市型业务运营机 柜数超过52000个。在京津冀、长三角、粤港澳等区域构建了规模化的数据中心产业集群,形成了稳固、 庞大、全连接的数字化核心底座,不仅满足企业在一线城市的业务布局,更可提供一线城市向边缘城市数 据的平滑迁移。此外,作为微软的战略合作伙伴, 世纪互联蓝云在国内运营国际水准的Microsoft Azure,Microsoft 365,Dynamics 365和 Power Platform等云服务及相关云应用解决方案。 依托雄厚的资源和资本实力、强大的科技创新能力、高效的交付能力、卓越的运营能力,世纪互联已为 全球超过6000家优质企业客户打造了业务发展的稳固基石,其中包括近百家全球高增长的行业领军企业, 积累了宝贵 ...

Core Viewpoint - Century Internet (VNET) demonstrates strong financial performance with significant revenue and profit growth, positioning itself as a leading player in China's digital infrastructure sector [1][2]. Financial Performance - As of December 31, 2024, Century Internet reported total revenue of 8.259 billion RMB, representing a year-on-year growth of 11.41% [1]. - The company's net profit attributable to shareholders reached 183 million RMB, showing a remarkable year-on-year increase of 106.93% [1]. Company Overview - Founded in 1996, Century Internet is recognized as a leading digital infrastructure company in China and the first IDC company listed on the US stock market [1]. - The company operates over 50 data centers across more than 30 cities in China, with a base business operational capacity exceeding 480 MW and over 52,000 operational cabinets in urban areas [2]. Strategic Partnerships and Services - Century Internet is a strategic partner of Microsoft, operating international-standard cloud services such as Microsoft Azure, Microsoft 365, Dynamics 365, and Power Platform in China [2]. - The company focuses on providing comprehensive cloud computing services and solutions, including data centers, intelligent computing centers, and hybrid delivery services [1][2]. Market Position and Client Base - Century Internet has established a robust digital infrastructure that supports over 6,000 high-quality enterprise clients, including nearly 100 leading companies in high-growth industries [2].

Core Viewpoint - VNET Group, Inc. has published its 2024 Environmental, Social and Governance (ESG) Report, showcasing its commitment to sustainability and social responsibility as part of its long-term growth strategy [1][2]. Group 1: ESG Initiatives and Achievements - The 2024 ESG initiatives led to significant advancements in sustainability, with a fivefold increase in total energy from renewable sources, reaching 360,880 MWh, which accounts for 18% of total resources utilized by VNET [7]. - Greenhouse gas emissions (scope 1 and 2) decreased by 2%, and emission intensity decreased by 9% year over year [7]. - The average annual power usage effectiveness (PUE) at VNET's data centers was recorded at 1.27 for stabilized operations in 2024 [7]. - VNET received multiple recognitions from global ESG rating institutions, including an "A" rating from MSCI for the third consecutive year and a record high score of 70 in the 2024 S&P Global Corporate Sustainability Assessment, ranking among the top 7% of the IT Services industry globally [7]. Group 2: Social Responsibility and Governance - The company achieved 100% coverage of anti-corruption training for directors and employees, reflecting its commitment to ethical governance [7]. - The percentage of female employees in management positions increased to 33%, indicating progress in diversity and inclusion [7]. - VNET's nationwide customer satisfaction rate reached 99.63%, demonstrating strong customer engagement and service quality [7]. Group 3: Future Commitment - VNET plans to continue integrating ESG best practices across its business to support the development of China's green, digital economy while creating sustainable value for all stakeholders [2].

Core Viewpoint - VNET Group, Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC, which includes audited consolidated financial statements [1] Company Overview - VNET Group, Inc. is a leading carrier- and cloud-neutral internet data center services provider in China, offering hosting and related services such as IDC services, cloud services, and business VPN services [3] - The company operates in over 30 cities across China, serving a diverse and loyal customer base of more than 7,000 enterprise clients from various industries, including internet companies, government entities, and small to mid-sized enterprises [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F | (Mark One) | | --- | ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

中金研究 数据中心板块从24年年末开始估值提振明显，在25年2月后又经历了大幅回调，本篇报告我们对数据中心板块近期估值表现进行复盘，并对近期投资人 较为关心的问题进行梳理和分析。 点击小程序查看报告原文 Abstract 摘要 数据中心公司提供服务器托管服务，当前在手订单有望交付支撑未来1-2年业绩增速逐年提升，新签价格尚未提升，但项目回报率有望先于价格改善。 1）数据中心企业以服务器托管为核心，通过提供场地、电力、制冷及网络服务收取租金，通常不参与算力租赁与服务器采购；2）因采用租金模式，数据 中心业绩波动或小于下游资本开支波动，但受益于互联网厂商资本开支提升，具备竞争力数据中心公司AI相关订单明显增长，在手订单能够支撑未来1-2 年业绩增长且业绩增速上呈现25年高于24年、26年高于25年；3）2021-2023年行业供过于求致新签订单租金下行，当前数据中心公司议价权有所提升，我 们认为签约周期延长、优惠期缩短与上架加速有望使得项目IRR先行于行业新签价格提升出现。 受旺盛订单拉动，数据中心资本开支进入上行通道，多元融资渠道支撑资本开支扩张，REITs项目有助于资金回笼提升经营稳定性。 1）数据中心公司需 ...

Core Viewpoint - VNET Group, Inc. has successfully closed a US$430 million offering of 2.50% convertible senior notes due 2030, aimed at funding capital investments and general corporate purposes [1][7]. Summary by Sections Notes Offering - The offering consists of US$430 million in aggregate principal amount of 2.50% convertible senior notes, maturing on April 1, 2030 [1][2]. - Interest on the notes will be paid semi-annually starting October 1, 2025 [2]. Repurchase and Redemption Rights - Holders can require the company to repurchase their notes for cash on April 3, 2028, or under certain conditions related to fundamental changes [3]. - The company may redeem the notes in cash starting April 10, 2028, under specific conditions [3]. Conversion Terms - The notes are initially convertible at a rate of 72.7273 ADSs per US$1,000 principal amount, equating to an initial conversion price of approximately US$13.75 per ADS, representing a 25.0% premium over the closing price on March 12, 2025 [5]. - Conversion is restricted until 40 days after the original issuance and subject to certain conditions thereafter [4]. Regulatory Compliance - The notes are offered in offshore transactions outside the U.S. and are not registered under the Securities Act, thus cannot be sold in the U.S. without an exemption [6]. Use of Proceeds - The net proceeds from the notes offering will be utilized for capital investment in wholesale IDC projects, working capital, and general corporate purposes [7]. Company Overview - VNET Group, Inc. is a leading carrier-neutral and cloud-neutral internet data center services provider in China, offering hosting, IDC services, cloud services, and business VPN services [8]. - The company operates in over 30 cities in China, serving a diverse customer base of over 7,500 enterprise clients across various industries [9].